Top Crypto News of the Day Curated by CoinChapter.com Singapore ‘Not Ready’ For ETFs
Singapore Exchange (SGX) CEO Loh Boon Chye said that Singapore is not currently prepared to list cryptocurrency-based exchange-traded funds (ETFs). Loh expressed concerns about the readiness of the ecosystem for crypto ETFs in Singapore.
Despite this cautious approach to crypto ETFs, Singapore has been proactive in other areas of cryptocurrency regulation. The city-state has issued 24 digital payment token licenses, allowing businesses to provide various crypto services including trading and custody.
Crypto News: Malaysia Links Bitcoin Mining to Significant Electricity Theft
Malaysia’s government has reported substantial electricity theft linked to cryptocurrency mining operations. Energy and Water Minister Akmal Nasrullah Mohd Nasir announced on July 10 that these illicit activities have cost the country approximately 3.2 billion Malaysian Ringgits (RM) or $682 million since 2018.
The minister explained that miners often operate without proper metering, making detection challenging. However, he noted that energy companies have methods to identify unusual consumption patterns.
As part of the crackdown, authorities have seized 2,022 mining rigs valued at 2.2 million RM ($462 million).
Judge Quashed Coinbase’s Request of Subpoena SEC
In a July 11 hearing in the US District Court for the Southern District of New York, Judge Katherine Polk Failla expressed reservations about Coinbase’s request to access SEC Chair Gary Gensler’s private communications from before his tenure at the commission.
Source: X
Coinbase’s legal team cited lack of assurances from the SEC regarding his communications with market makers. The SEC sought to quash the subpoena, stating that Gensler is neither a fact witness nor an expert witness on the law in this case.
Judge Failla, while agreeing to hear Coinbase’s arguments, voiced “strong views about the disproportionate burden of inquiry into Mr. Gensler’s statements before he became chair.” She requested both parties to submit letters to the court by July 15.
Crypto News: Bahamas Mandates CBDC Distribution Despite Low Adoption
The Bahamian government is set to require commercial banks to distribute its central bank digital currency (CBDC), known as the Sand Dollar, despite low adoption rates. Currently, the CBDC accounts for less than 0.41% of currency in circulation, with usage declining over time.
Central Bank of The Bahamas Governor John Rolle indicated that regulations would be implemented to force commercial banks to distribute the CBDC. This move comes after initial incentives, such as rebates for CBDC usage, failed to significantly boost adoption.
SEC Drops BUSD Securities Claim Against Paxos
The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Paxos regarding the Binance-branded stablecoin BUSD without recommending enforcement action. The US District Court for the District of Columbia dismissed SEC’s claim that Binance conducted unregistered securities offerings of BUSD was dismissed.
Paxos viewed this decision as a victory. The SEC, following its standard practice, declined to comment on the existence or non-existence of an investigation.
The SEC’s decision not to pursue action against Paxos comes over a year after the New York Department of Financial Services ordered Paxos to stop minting BUSD. This regulatory pressure had led Paxos to terminate its relationship with Binance for the branded stablecoin.
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