According to PANews, the Basel Committee has given its approval for a risk disclosure framework and capital standards for bank cryptocurrency assets. This decision was reported by Jinshi. The market news indicates that the committee's approval will set a new standard for banks dealing with cryptocurrency assets. This move is seen as a significant step towards the integration of cryptocurrencies into the mainstream financial system. The risk disclosure framework and capital standards will provide a guideline for banks to manage the potential risks associated with cryptocurrency assets. The Basel Committee's decision is expected to bring more transparency and stability to the cryptocurrency market.

According to Odaily, Xu Zhengyu, the head of the Hong Kong Special Administrative Region's Financial Affairs and Treasury Bureau, has stated that as the cryptocurrency industry evolves, regulatory bodies will review requirements related to cryptocurrency activities as needed. Xu Zhengyu stated today that the Hong Kong Monetary Authority and the Securities and Futures Commission will 'closely monitor market developments and review regulations related to virtual asset-related activities under appropriate circumstances.' His comments came in response to a legislator's question about whether regulatory bodies would expedite the review process for cryptocurrency licenses and relax rules for intermediaries distributing crypto assets. The Hong Kong government's approach to cryptocurrency regulation reflects a growing global trend of governments and regulatory bodies adjusting their policies to accommodate the rapid growth and evolution of the cryptocurrency industry. While the specifics of any potential changes to Hong Kong's cryptocurrency regulations remain unclear, Xu Zhengyu's comments suggest that the government is open to adapting its approach to ensure that it remains relevant and effective in the face of the industry's ongoing development. This could potentially include changes to licensing procedures for cryptocurrency businesses or adjustments to rules governing the distribution of crypto assets by intermediaries.

According to BlockBeats, Mike Novogratz, the CEO of Galaxy Digital, has predicted that the United States will see favorable cryptocurrency regulation, irrespective of who wins the 2024 presidential election. Novogratz emphasized that cryptocurrency should be a bipartisan issue, and it should not be supported by one party and opposed by another. Despite opposition from some lawmakers, particularly Senator Elizabeth Warren, the majority of American politicians are inclined to support innovation in the crypto industry. Novogratz pointed out that despite the lack of transparency in regulation, it is clearly shifting towards a more favorable stance. Apart from a few, most Democrats support innovation and cryptocurrency. No matter who wins the next election, positive cryptocurrency legislation is inevitable. Furthermore, Novogratz stated that the trading price of Bitcoin will be between $55,000 and $73,000 until more market-impacting news emerges. He added that growth 'takes time' and highlighted Bitcoin's impressive rise to a historic high this year.

According to Odaily, a Texas judge has approved a request by Consensys' lawyers in their lawsuit against the U.S. Securities and Exchange Commission (SEC). The request is to expedite the decision on whether the SEC has the authority to regulate MetaMask. The ruling is expected to be made by the end of 2024 or the beginning of 2025. The information was disclosed by Fox Business reporter Eleanor Terrett. The case is significant as it could set a precedent for the regulation of other blockchain-based applications. The outcome of the lawsuit could have far-reaching implications for the cryptocurrency industry, potentially affecting the way blockchain applications are regulated in the future. The lawsuit was filed by Consensys, a blockchain software technology company, against the SEC. The company's lawyers have requested an expedited decision on whether the SEC has the authority to regulate MetaMask, a software cryptocurrency wallet used to interact with the Ethereum blockchain. The judge's decision to approve the request indicates that the court recognizes the urgency of the matter. The ruling, expected by the end of 2024 or early 2025, will provide clarity on the regulatory status of MetaMask and potentially other blockchain applications.

According to an official announcement: On June 27, 2024, Binance took a significant step towards enhancing security and compliance within the digital finance ecosystem by partnering with the Organized Crime and Triad Bureau (OCTB) of the Hong Kong Police Force. This collaboration underscores Binance's ongoing commitment to working closely with law enforcement agencies to combat financial crime and promote safety within the cryptocurrency industry. Main Takeaways: 1. Invitation by OCTB:   - The OCTB, a distinguished division within the Hong Kong Police Force known for its successful efforts in neutralizing major criminal organizations and triad groups, invited Binance to a law enforcement sharing session at the Hong Kong Police Headquarters. 2. Recognition of Binance’s Efforts:   - The invitation from the OCTB highlights the recognition of Binance’s dedication to security and compliance within the crypto industry.   - This session marks a significant step in Binance’s ongoing efforts to collaborate with law enforcement in combating threats and enhancing operational security. 3. Participation and Insights:   - During the session, Carlos Mak, a specialist from Binance’s Investigations team, emphasized Binance's commitment to protecting users and ensuring a secure online financial environment.   - A spokesperson from the OCTB appreciated Binance’s insights and highlighted the importance of this partnership in fighting organized crime and protecting the community from emerging threats. Notable Quotes: - Carlos Mak: "We are deeply grateful for the invitation from the OCTB. By deepening our cooperation with the global law enforcement community, Binance is able to further its commitment to protect users and build a secure online financial environment. We will continue to be at the forefront of combating financial crime."   - OCTB Spokesperson: "We are pleased to welcome Binance to our headquarters and anticipate their valuable insights into fighting organized crime. This partnership is essential as we continue to protect our community from emerging threats. We appreciate Binance’s dedication to fostering security and compliance in the crypto industry." Mission to Maintain Security: Binance's participation in the sharing session with the OCTB represents a milestone in the company’s journey towards maintaining and enhancing security within the digital finance ecosystem. Furthermore, it exemplifies Binance’s dedication to fostering strong relationships with law enforcement agencies worldwide. - Past Engagements: In 2023 alone, Binance participated in 120 online and offline law enforcement training sessions globally. - Upcoming Engagements: Binance has also been invited to the Hong Kong International Symposium on Cyber Policing and the Virtual Asset Investigation Course (VAIC) organized by the Cyber Security and Technology Crime Bureau (CSTCB) of the HKPF. By continuously engaging in such collaborative initiatives and training sessions, Binance aims to equip law enforcement officials with the knowledge and skills necessary to combat novel financial crimes effectively. This effort strengthens Binance’s mission to ensure a safe and transparent environment for all crypto users. The partnership with Hong Kong's OCTB and participation in the recent law enforcement sharing session are indicative of Binance’s unwavering commitment to security, compliance, and cooperation with global enforcement entities. As Binance continues to lead in these collaborative efforts, it sets a strong example for the industry, working towards a safer and more secure digital finance ecosystem for all stakeholders.

According to Odaily, a document previously disclosed on platform X reveals that the Danish Financial Supervisory Authority (DFSA) is planning to abolish non-custodial Bitcoin wallets to strengthen the regulation of crypto platform activities. The regulator emphasized the need to supervise 'interface providers' and mobile application developers to comply with MiCA regulations. However, the Danish regulator did not propose to ban self-hosted cryptocurrency wallets. It was reported that the DFSA denied false reports about the regulatory body planning to ban self-hosted wallets, also known as non-custodial wallets. The agency will clarify the regulation after the decentralized regulatory assessment under the background of the Crypto Asset Market (MiCA) regulation, which will take full effect on June 30.

According to Odaily, Singapore's Monetary Authority (MAS) has updated its terrorism financing laws, raising the risk level for cryptocurrency trading platforms from medium-low to medium-high. This update aims to prevent terrorist organizations and groups from exploiting Singapore's economic openness as an international financial, commercial, and transportation hub for terrorist purposes. With the latest update, the risk level for cryptocurrency trading platforms, known as Digital Payment Token (DPT) service providers, has been elevated from medium-low to medium-high. Cross-border online payments remain at high risk as they have been identified as potential new channels for terrorist financing activities.

On July 2, 2024, a pivotal ruling emerged from the United States District Court for the District of Columbia. Judge Amy Berman Jackson dismissed several core claims by the Securities and Exchange Commission (SEC) against Binance, the world’s largest cryptocurrency exchange by volume. This decision represents a significant moment in the regulatory landscape of the cryptocurrency market. Key Takeaways: - Rejection of Key SEC Claims: The court dismissed multiple critical arguments by the SEC, notably that crypto tokens, including BNB and Binance’s fiat-backed stablecoin BUSD, could be categorized as securities. - Secondary Market Sales: The SEC's contention that secondary market sales of BNB tokens on crypto exchanges were securities transactions was also rejected, diminishing the SEC’s capacity to assert its enforcement over these activities. - Continued Claims: Despite these dismissals, certain claims from the SEC remain active in the lawsuit, yet these face considerable hurdles for validation. Critical Findings from the Court: 1. The Meaning of “Investment Contract”: - SEC’s Broad Assertion Rejected: The SEC’s broad assertion that crypto tokens are investment contracts was deemed legally untenable. The focus, per the court's opinion, should be on the circumstances surrounding each transaction, not on the tokens themselves. - Legal Precedents: The court highlighted the SEC’s approach as inconsistent with Supreme Court precedent, emphasizing that the mere existence of a token does not classify it as a security. 2. BNB Sales on Secondary Crypto Exchanges: - Dismissed Claim on Secondary Sales: The court ruled that the SEC failed to provide sufficient facts to suggest that secondary market sales of BNB tokens were conducted with the expectation of profits, a crucial element for something to be classified as a security under the Howey Test. - Limiting SEC’s Enforcement Ability: This ruling notably restricts the SEC’s authority to impose regulations on secondary market transactions facilitated by exchanges. 3. Binance’s Stablecoin, BUSD: - Investment Contract Argument Rejected: The assertion that Binance’s BUSD is an investment contract was dismissed. The court found no evidence to suggest that BUSD was marketed with an expectation of profit due to Binance's efforts. - Consistency in Regulation: Points of inconsistency among various U.S. regulatory bodies regarding stablecoins were highlighted, illustrating the complexities and uncertainties in the crypto regulation landscape. SEC’s Remaining Claims: While several claims were dismissed, the court allowed certain aspects, such as the SEC's argument on direct sales of BNB as securities transactions, to proceed. However, proving these claims will be challenging for the SEC, as they must demonstrate that token purchases were made with investment expectations. Implications and Future Steps: - Significance for Binance and Crypto Industry: This ruling sets a significant precedent by recognizing strict boundaries on the SEC’s regulatory reach over the crypto industry. It is a substantial victory for Binance and the broader crypto sector. - Calls for Consistent Regulation: The judgment underscores the need for coherent and sensible regulation, instead of a piecemeal approach that creates ambiguity and inconsistency. - Ongoing Defense: Binance remains committed to defending against the SEC's regulatory attempts and will continue to advocate for fair and consistent oversight that fosters innovation and growth within the crypto market. The decision by Judge Amy Berman Jackson marks a crucial development in the ongoing regulatory battles within the cryptocurrency industry, signalling a call for more structured and sensible approaches to regulation. As the case progresses, it underscores the continued tension and complexities between regulatory ambitions and the rapidly evolving digital asset landscape. This ruling is a step toward establishing clearer regulatory frameworks that can support both innovation and market integrity.

According to BlockBeats, the Central Bank of the Bahamas is formulating regulations that require commercial banks to provide access to its Central Bank Digital Currency (CBDC). The move comes as the adoption of the Sand Dollar, the CBDC launched by the Bahamas in 2020, remains limited. John Rolle, the Governor of the Bahamas Central Bank, stated that the government is developing regulations to effectively compel commercial banks to issue the CBDC, in an effort to promote its widespread use. The new regulations are part of the Central Bank's strategy to increase the adoption and use of the Sand Dollar, which has seen limited uptake since its launch four years ago. The Central Bank's move to mandate commercial banks to provide access to the CBDC is seen as a significant step towards the broader acceptance and use of digital currencies in the Bahamas. The details of the regulations are yet to be released, but they are expected to provide a clear framework for commercial banks to follow in issuing the CBDC to their customers.

According to Foresight News, the Korean Digital Asset Exchange Alliance (DAXA) has announced a collaboration with 20 virtual asset exchanges in South Korea. The partnership aims to establish the 'Virtual Asset Trading Support Demonstration Case' based on the 'Virtual Asset User Protection Law' to ensure market order and user protection. The implementation is planned to commence from July 19, 2024. The alliance will conduct formal and quality reviews of new virtual assets that exchanges wish to list. In addition, virtual assets already in circulation will be reviewed again within six months after the implementation. The review will cover 1333 types of tokens. However, the possibility of a large number of delistings in a short period is relatively low.

According to PANews, 20 South Korean cryptocurrency exchanges, in collaboration with the Digital Asset Exchange Alliance (DAXA), have established self-regulatory guidelines outlining best practices for listing and delisting virtual assets. DAXA is an industry body composed of five major South Korean cryptocurrency exchanges. This move is in preparation for the 'Virtual Asset User Protection Act' set to be implemented on July 19. Once the act comes into effect, all South Korean cryptocurrency exchanges will officially enforce these guidelines. Furthermore, within six months from the date of implementation, approximately 1333 virtual assets currently being traded will be reassessed. Between January and June this year, DAXA member exchanges delisted 39 cryptocurrencies. Despite the increased scrutiny, industry insiders do not anticipate a large-scale, one-time delisting event.

According to Odaily, Alexander Grieve, the head of government relations at the venture capital firm Paradigm, has called for an update in the S-1 form of the U.S. Securities and Exchange Commission (SEC) to better accommodate the unique characteristics of cryptocurrencies. Grieve made this statement on the X platform. This call for change comes in response to a statement made by SEC Commissioner Mark Uyeda regarding the rules for index-linked annuities and registered market value adjustment annuities. In a footnote to his statement, Uyeda urged for an update to the S-1 form. This marks the first time Uyeda has publicly called for a disclosure system tailored specifically for crypto assets. Grieve suggested that if there were a change in management, the SEC could be a completely different place. This implies that the current management's approach to cryptocurrencies could be improved to better accommodate the rapidly evolving digital asset landscape.

According to BlockBeats, Silvergate Bank, known for its crypto-friendly services, is facing a lawsuit in federal court. The U.S. Securities and Exchange Commission (SEC) has reportedly filed the suit due to allegations of securities fraud. The case was initiated on July 2nd. The SEC, which is responsible for enforcing federal securities laws, has not released any specific details about the allegations against Silvergate Bank. However, the lawsuit indicates a significant development in the relationship between regulatory bodies and crypto-friendly financial institutions. This news comes as a reminder of the ongoing scrutiny faced by banks and other financial institutions that offer services to the cryptocurrency industry. It underscores the need for these institutions to ensure compliance with all relevant securities laws to avoid potential legal complications. Further information about the lawsuit and the specific allegations against Silvergate Bank is expected to be released in the coming days. The outcome of this case could have significant implications for other banks that provide services to the cryptocurrency industry.

According to Odaily, investment bank TD Cowen stated on Monday that the recent decision by the US Supreme Court to overturn the Chevron principle could complicate the work of crypto legislation. The report suggested that the ruling is generally perceived as beneficial to the cryptocurrency industry. This view is partially agreed upon as it could aid the cryptocurrency industry in challenging the rules and enforcement of the US Securities and Exchange Commission in the future. However, it does not alter any past rulings, nor will it reconsider previous decisions. The report further highlighted that the bigger issue is what this decision means for legislators who wish to enact laws to regulate the industry and stablecoins. Analysts pointed out that they are discussing details that are usually not seen in legislation, such as what happens when retail investors participate in the pledge program of trading platforms, or if tokens have ever hidden their source through a mixer, how AML/BSA controls will apply. Both parties are no longer willing to listen to the opinions of regulatory agencies, as the court may now review these decisions.

According to CryptoPotato, Ripple's ongoing lawsuit with the US Securities and Exchange Commission (SEC) over XRP sales could significantly affect the cryptocurrency's value and the wider crypto market. The SEC filed the lawsuit against Ripple over three and a half years ago, accusing it and some of its executives of conducting an unregistered security offering through the sale of XRP. The case has seen numerous developments, with some favoring Ripple. In July 2023, Judge Torres ruled that Ripple's sales to secondary trading platforms did not constitute offers of investment contracts. The regulator's intentions to appeal the decision were dismissed, and Ripple's CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all charges. The case entered its trial phase in April this year, and a resolution could be imminent. However, the complexity of the legal process and other factors could potentially prolong the lawsuit indefinitely. The SEC initially sought a $2 billion fine on Ripple, but the company insisted on no more than $10 million. Recently, the SEC lowered its demand to $102.6 million. The agency stated that Ripple avoids comparing the penalty to the gross profit of the violative conduct, which results in a much larger figure than the $10 million ceiling Ripple insists on. The lawsuit's outcome could cause significant volatility for Ripple's native token and the entire cryptocurrency market. A decisive win for Ripple could trigger an XRP rally, similar to what was observed after the company's first partial win last year. Conversely, a victory for the SEC could trigger a potential pullback for the crypto sector.

According to Odaily, Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC), has made remarks concerning the legal predicaments of several leading figures in the cryptocurrency industry. Gensler stated that some of these individuals, who were prominent in the sector a few years ago, are either already incarcerated, on the verge of imprisonment, or awaiting extradition. This statement by the SEC Chairman underscores the regulatory scrutiny and legal challenges that some key players in the cryptocurrency industry are currently facing. It also highlights the potential risks and consequences associated with non-compliance with regulatory standards in the rapidly evolving digital currency landscape. However, Gensler did not provide specific names or details regarding the individuals he was referring to. The identities of these cryptocurrency leaders and the exact nature of their legal troubles remain undisclosed. Further information is awaited.

According to Odaily, the Department of Commerce and Consumer Affairs (DCCA) and the Hawaii Technology Development Corporation (HTDC) in Hawaii have recently announced that their regulatory sandbox, the Digital Currency Innovation Lab (DCIL), ended on June 30. As a result, cryptocurrency companies will no longer require a money transmitter license issued by the state of Hawaii to operate within the state. However, they must comply with federal regulations. The DCIL was a two-year pilot project in Hawaii, established in collaboration between the HTDC and the Department of Financial Institutions (DFI) in Hawaii. It allowed participating digital currency issuers to operate in Hawaii without a state-issued money transmitter license. The announcement stated, 'This collaborative research project was launched in 2020, aiming to explore the state's digital currency activities and evaluate the regulatory framework needed for companies specifically engaged in digital currency, also known as cryptocurrency. The results of the project indicate that cryptocurrency companies will no longer need a money transmitter license issued by Hawaii to operate in the state.'

According to Odaily, the cryptocurrency community in Nigeria has expressed appreciation for the newly introduced Crypto Asset Market Authority (MiCA) in Europe, particularly its provisions on stablecoins. They believe these regulations are beneficial and emphasize the importance of integrating crypto projects with local interests to protect the national currency. In a recent conversation, Nigerian data and policy analyst Obinna Uzoije discussed potential lessons that the Economic Community of West African States (ECOWAS) could learn from Europe's MiCA. Uzoije stated that stablecoins are currently the most widely used crypto assets, especially in Africa, where the trading volume of stablecoins surpasses any other form of digital assets. Uzoije believes that a unified set of regulations will provide much-needed clarity for potential cryptocurrency investors by eliminating the need to understand various national regulations and simplifying the investment process between different countries. This clarity can reduce regulatory uncertainty, making the ECOWAS region more attractive to investors, as regulatory uncertainty is a major global obstacle to cryptocurrency investment.

According to CryptoPotato, two individuals have been sentenced for their roles in a scheme to manipulate the price of Hydrogen Technology's cryptocurrency, HYDRO, and defraud investors. This case is significant as it is the first time a federal criminal trial jury has classified a cryptocurrency as a security and determined that price manipulation of cryptocurrency constitutes securities fraud. The court documents and trial evidence showed that Michael Kane, co-founder and CEO of Hydrogen Technology, and Shane Hampton, the company's Head of Financial Engineering, collaborated with South African firm Moonwalkers Trading Limited to manipulate the price of HYDRO. From October 2018 to April 2019, the firm used an automated trading bot to create fraudulent orders on a U.S.-based cryptocurrency exchange. The group conducted approximately $7 million in 'wash trades' and placed over $300 million in 'spoof trades' for HYDRO. These actions misled retail investors into buying HYDRO at artificially inflated prices, resulting in the group profiting around $2 million over ten months. Nicole M. Argentieri, Principal Deputy Assistant Attorney General and head of the Justice Department’s Criminal Division, stated that Kane, Hampton, and their co-conspirators used a trading bot to manipulate the price of their company's cryptocurrency, thereby defrauding investors. Kane pleaded guilty in November 2023 to one count of conspiracy to commit securities price manipulation, one count of conspiracy to commit wire fraud, and two counts of wire fraud. Hampton was convicted by a federal jury on February 7 of one count of conspiracy to commit securities price manipulation and one count of conspiracy to commit wire fraud. The jury unanimously agreed that the defendants' sales of HYDRO were investment contracts, thus classifying the token as a security under federal securities law. This trial was the first criminal jury trial in which a cryptocurrency was deemed a security. Two additional co-conspirators, Andrew Chorlian and Tyler Ostern, pleaded guilty in May 2023 to one count of conspiracy to commit securities price manipulation and wire fraud. Both have been previously sentenced. Shane Hampton, 32, of Philadelphia, received a sentence of two years and 11 months in prison. His co-conspirator, Michael Kane, 39, of Miami Beach, Florida, was sentenced to three years and nine months in prison.

According to U.Today, Ripple recently achieved a significant legal victory as most claims in a class action lawsuit concerning XRP were dismissed. The ruling by the Court for the Northern District of California has reduced the case to a minor state law claim related to allegedly misleading statements. The ongoing debate's central issue is whether XRP should be classified as a security. Although the Californian ruling is a victory for Ripple, it is suggested that under certain circumstances, XRP could potentially be considered a security. This view contrasts with Judge Torres' previous ruling in New York that XRP does not qualify as a security when sold to institutional investors. Legal experts Fred Rispoli and Marc Fagel have shared their thoughts on the implications of these developments. Rispoli, a strong supporter of XRP, underscored the potential impact of California law on the definition of securities in light of the court's interpretation. On the other hand, Fagel, drawing from his SEC experience, pointed out the nuanced federal and state considerations in determining whether XRP transactions fall under securities regulation. Rispoli noted in response to the ruling, 'The court's decision leaves open the possibility that XRP could be classified as a security under California law, if not federal law.' Fagel disagreed, emphasizing that while California's adoption of federal standards such as the Howey test influences local interpretations, the broader implications for federal courts seeking guidance remain limited.