According to CoinDesk, cryptocurrency investment platform Abra and its CEO, William 'Bill' Barhydt, have reached a settlement with 25 state financial regulators over operating without the necessary money transmitting licenses. As part of the settlement, Abra has agreed to return up to $82.1 million in cryptocurrency to its U.S. customers in the settling states. The company will also cease accepting crypto allocations from all U.S. Abra Trade customers and halt all cryptocurrency transactions for these customers. Barhydt has agreed not to be involved in any money transmitting or money services business in any of the 25 settling states, except as a passive investor, for a period of five years. The settlement includes states such as Washington, Arkansas, and Connecticut. This settlement is in addition to Abra's settlements with certain state securities regulators, including New Mexico and Texas, for selling unregistered securities. The Conference of State Bank Supervisors (CSBS) announced the settlement, with CSBS Chair and Washington State Department of Financial Institutions Director Charlie Clark stating that companies not operating within state laws will be held accountable. The CSBS also revealed that state money services business regulators were alerted about Abra by state securities regulators last summer, leading to the settlement. An Abra spokesperson stated that the company is pleased to enter into a term sheet negotiated with a working group from the Money Transmitters Regulators Association regarding the Abra App. The consent orders will settle all state matters related to the Abra App in the U.S. for the period from March 2021 to June 2023. Since June 2023, 99% of assets held by U.S. retail customers of Abra using the Abra App have already been returned, amounting to over $250 million. Abra continues to operate in the United States through Abra Capital Management, an SEC-registered investment advisor, that allows clients to invest in crypto, earn yield, stake and borrow against their crypto holdings. Additional states are allowed to join in the multi-state settlement.

According to BlockBeats, the Securities and Exchange Commission (SEC) of Nigeria has issued a directive to cryptocurrency exchanges and digital asset traders. They have been given a 30-day window to re-register their businesses or risk facing enforcement action. This announcement is part of Nigeria's plan to regulate digital asset trading. The SEC has stated that the new registration is aimed at modifying its rules regarding the issuance of digital assets, platform provision, exchanges, and the custody of Virtual Asset Service Providers (VASP). The commission made this known in a statement on its website. It stated that 'All operating and potential VASPs must visit the SEC electronic portal website and complete the application process within 30 days from the date of this notice.' This move is seen as an effort by the Nigerian SEC to regulate the burgeoning cryptocurrency market in the country and ensure compliance with financial regulations. The directive is expected to bring more transparency and accountability to the digital asset trading sector in Nigeria.

According to BlockBeats, South Korea is set to implement a Virtual Asset User Protection Law, introducing a new stringent regulatory framework for the digital asset market to enhance transparency and security. The law particularly focuses on the regulation of Non-Fungible Tokens (NFTs), requiring companies issuing NFTs considered as virtual assets to adhere to strict evaluation and reporting standards. The Financial Services Commission has issued detailed guidelines, clarifying the classification standards for NFTs as virtual assets, including parameters such as issuance scale, divisibility, and transaction utility. Operators must ensure that their business activities comply with regulatory requirements to avoid criminal penalties. The new regulations will take effect on July 19, marking a new era for South Korea in the regulation of digital assets such as NFTs.

According to Foresight News, the decentralized storage network, CESS Network, has announced its membership in the Blockchain Association. The move is aimed at collaborating with industry leaders to advocate for sensible regulation and promote blockchain adoption through active participation with policymakers, regulatory bodies, and the broader community. The Blockchain Association, which boasts nearly 100 members, is committed to collectively supporting the future of the crypto economy and fostering innovative national policies and regulatory frameworks. The inclusion of CESS Network in the association is expected to further strengthen these efforts and contribute to the broader adoption of blockchain technology.

According to Odaily, the European Union's crypto asset regulation law, known as the Markets in Crypto Assets Regulation (MiCA), became law in 2023. The law sets licensing requirements for cryptocurrency issuers and service providers, with stablecoin rules coming into effect in June. However, Rowan Varrall, Deputy Director of the DTI Foundation, explained that issuers of Asset Reference Tokens (ART) and Electronic Money Tokens (EMT) must begin sustainable disclosures from June 30, 2024. Crypto asset service providers must start setting disclosure requirements before the end of the year. Despite clarifications made by the European Securities and Markets Authority (ESMA), several of the EU's crypto asset service providers (CASPs) may not be aware of the correct deadline for sustainable disclosures. The MiCA law aims to provide a comprehensive regulatory framework for crypto assets, ensuring their stability and transparency in the market. The law's implementation is expected to have significant implications for the crypto industry in the EU, particularly for issuers and service providers.

According to PANews, despite clarifications from the European Securities and Markets Authority (ESMA) on the ESG (Environmental, Social, and Governance) data disclosure requirements for Crypto Asset Service Providers (CASPs), over 80% of CASPs may still be unclear about the need to report ESG data from January 1, 2025. This was stated by Tim Zölitz, Chief Risk Officer at Crypto Risk Metrics. On Wednesday, Crypto Risk Metrics signed a Memorandum of Understanding (MoU) with the EU Crypto Asset Identifier Transparency Reporting Foundation DTI, aiming to collaborate on showcasing ESG data. The Markets in Crypto Assets Regulation (MiCA), as the EU crypto asset regulatory provision, will take effect from 2023, setting licensing requirements for cryptocurrency issuers and service providers. MiCA requires Asset Reference Tokens (ARTs) and Electronic Money Tokens (EMTs) issuers to disclose sustainability information before June 30, 2024, and CASPs must start formulating disclosure requirements before the end of this year. However, there is still confusion about the correct deadline for ESG data disclosure. Some interpretations suggest that information only needs to be disclosed when the white paper is published (expected by the end of 2027). Zölitz pointed out that this stems from the wording of the MiCA regulatory text, which was clarified in consultation document number two. MiCA stipulates that trading platform operators must write, notify, and publish a white paper before December 31, 2027. ESMA further pointed out that crypto entities need to publish all relevant crypto asset information in a prominent position on the website, regardless of whether it can be obtained from the white paper. Zölitz emphasized that CASPs must display ESG data, regardless of whether the white paper is published.

According to BlockBeats, recent regulations released in the United Arab Emirates (UAE) could potentially impose restrictions on cryptocurrency payments, as per the views of blockchain legal expert Irina Heaver. On June 5, the Central Bank of the UAE (CBUAE) board discussed the Financial Infrastructure (FIT) plan and approved regulations for payment token services. These new rules suggest that UAE's payment tokens must be backed by Dirham and cannot be pegged to any other currency. Heaver interprets these new regulations as essentially prohibiting the use of cryptocurrencies for the payment of goods and services, unless they are authorized Dirham payment tokens or registered foreign payment tokens. However, neither of these tokens currently exist. She believes this is inconsistent with the UAE's consistent policy stance of supporting business and investment, and it could negatively impact the attraction of foreign investment. Heaver also mentioned that the new regulations could hinder the development of areas such as Web3 and crypto trading, where USDT serves as a cornerstone. This could damage the UAE's image and goals in the digital economy sector. She further pointed out that the UAE lacks industry representative bodies like the Swiss Crypto Valley Association, putting the country's Web3 and crypto industry at a disadvantage when facing unfavorable policies.

According to Foresight News, Brad Garlinghouse, the CEO of Ripple, has suggested that the stance of Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), could influence the outcome of the U.S. Presidential election in November. Garlinghouse's comments were made in response to Gensler's assertion that 'all cryptocurrency executives should be jailed'. In a similar vein, billionaire Mark Cuban expressed last month that the U.S. approach to cryptocurrency regulation could impact the voters in the 2024 Presidential election. If Joe Biden were to lose, it's likely that Gary Gensler and the SEC could be 'thanked' for it, given that cryptocurrency is a pillar for young and independent voters.

According to Odaily, the Global Digital Assets and Cryptocurrency Association (Global DCA) has collaborated with the Global Blockchain Business Council, The Digital Chamber, and The Proof of Stake Alliance to establish a Steering Committee. The purpose of this committee is to propose disclosure guidelines for digital asset tokens provided in the United States. This move is seen as a significant step towards ensuring transparency and accountability in the digital assets and cryptocurrency sector. The collaboration between these major organizations is expected to bring about a unified approach to the regulation and management of digital assets. The Steering Committee will be responsible for setting the standards and guidelines for disclosure of digital asset tokens in the U.S. This is expected to provide a clear framework for businesses and individuals dealing with digital assets and cryptocurrencies, thereby promoting a more secure and transparent environment in the industry. The establishment of the Steering Committee is a clear indication of the growing importance of digital assets and cryptocurrencies in the global economy. It also underscores the need for clear guidelines and regulations to ensure the safe and responsible use of these digital assets. The collaboration between the Global DCA, the Global Blockchain Business Council, The Digital Chamber, and The Proof of Stake Alliance is expected to play a crucial role in shaping the future of the digital assets and cryptocurrency industry.

According to CryptoPotato, the ongoing lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC) began in 2020 and is currently in its trial phase. The outcome of the case, which aims to determine if XRP should be classified as a security, remains uncertain. This decision could significantly affect XRP's legal status and investor sentiment. The lawsuit has reportedly created a sense of uncertainty and negatively impacted investor confidence. If the lawsuit had not occurred, it is suggested that the market sentiment might have been more positive. Furthermore, in the absence of legal issues, Ripple might have been able to establish more partnerships with enterprises and financial institutions, leading to increased adoption. The lawsuit also led to many exchanges delisting XRP or restricting its trading. Although many have since reinstated it, this move likely affected XRP's accessibility and trading volumes. Without the lawsuit, XRP might have had more regulatory clarity, making it a more attractive investment for institutions wary of legal uncertainties. While it is speculative, experts generally believe that without the lawsuit, XRP's price would likely be significantly higher, reflecting its potential and adoption in the market without the legal overhang. However, any estimation remains speculative and would require a comparison of historical data from periods before the lawsuit with other major cryptocurrencies' performance.

According to PANews, two men have been sentenced by the U.S. Department of Justice for manipulating the price of Hydrogen Technology's cryptocurrency, HYDRO, and defrauding investors. Shane Hampton, a 32-year-old resident of Philadelphia, was sentenced to two years and 11 months in prison, while Michael Kane, a 39-year-old resident of Miami Beach, was sentenced to three years and nine months in prison. The Department of Justice stated that this is the first time in a federal criminal trial that cryptocurrency has been recognized as a security, and that manipulating the price of cryptocurrency constitutes securities fraud. Kane and Hampton manipulated the price of HYDRO from October 2018 to April 2019 through the South African company Moonwalkers Trading Limited using trading robots. They conducted approximately $7 million in 'wash trades' and over $300 million in 'fake trades'. They made a profit of about $2 million through manipulation. Kane pleaded guilty in November 2023, and Hampton was convicted by a federal jury in February 2024. In April of last year, it was reported that the U.S. Department of Justice had filed a lawsuit against five people related to the Hydrogen project, accusing them of participating in the manipulation of token prices.

According to Foresight News, Delio's CEO, Zheng Xianghao, has once again denied all allegations against him in the second criminal trial of the first-instance judgment. He stated that 'we have never promised to keep the principal.' The next trial for Zheng Xianghao is scheduled for the 23rd of next month. In September 2023, Delio was sanctioned and fined 1.896 billion Korean Won (approximately 1.44 million USD) by the Financial Services Commission (FSC) Financial Intelligence Unit (FIU) of South Korea. In response, Delio filed a lawsuit in December 2023, seeking to cancel the fine of 1.896 billion Korean Won.

According to BlockBeats, on June 26, Nebraska Republican Congressman Mike Flood successfully pushed for the approval of two significant legislative reforms in cryptocurrency policy. The 'Financial Innovation and Technology Act of the 21st Century' (FIT21), co-sponsored by Flood, and the proposal to abolish the Securities and Exchange Commission Rule SAB-121, received historic voting approval in May, garnering unexpected bipartisan support. Despite his relatively short tenure in Congress, which began in 2022 through a special election, Flood's extensive experience in the Nebraska legislative body has led him to focus on the cryptocurrency sector. He emphasized the appeal of cryptocurrencies to the younger generation and expressed his desire to ensure that state governments play a crucial role in cryptocurrency regulation. Flood also acknowledged the significant roles of Representatives French Hill and Warren Davidson in the formulation of digital asset policies. He expressed his hope that in the next Congress, through FIT21 and the Stablecoin Act, rules that stifle innovation can be prevented, and legislation promoting artificial intelligence and cybersecurity can be advanced.

According to Odaily, Meta Materials and its former CEOs, John Brda and George Palikaras, are facing a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The SEC accuses them of alleged market manipulation, fraud, and other illegal activities. The SEC alleges that Brda and Palikaras orchestrated a manipulation scheme, which included issuing preferred stock dividends immediately before a merger. They are also accused of distorting the fact that the company sold oil and gas assets and distributed the proceeds to preferred stock shareholders, giving investors a false impression of the value of the dividends. The SEC's complaint also charges Brda and Palikaras with violating federal securities laws' anti-fraud and proxy disclosure provisions. The SEC seeks a permanent injunction against the two defendants, a ban on executive and director duties, and civil penalties. The SEC also demands that Brda disgorge prejudgment interest.

According to BlockBeats, Australian cryptocurrency company NGS Crypto has been renamed as 'Hiddup'. The rebranding comes as the company is currently under investigation and legal proceedings by the Australian Securities and Investments Commission (ASIC). On June 25, NGS Crypto stated that the reason for their rebranding was due to a trademark dispute. This occurred during the ASIC's case against the company for approximately AUD 61 million (USD 41 million) in investor interest arrears. In April of this year, the assets of the company's directors Mark Ten Caten, Brett Mendham, and Ryan Brown, as well as the company's funds, were all frozen. The renaming of NGS Crypto to Hiddup is seen as a significant development in the ongoing legal proceedings.

According to Odaily, court documents reveal that Julian Assange, the founder of WikiLeaks, plans to plead guilty as part of a deal with the US Justice Department. This agreement will grant him freedom after serving a five-year sentence in a UK prison. Assange has been incarcerated in a prison on the outskirts of London for the past five years, consistently refusing extradition to the United States. As reported by CNN, the latest federal court filings show that Assange has agreed to plead guilty to a serious charge related to his alleged involvement in the largest leak of confidential US government materials. This plea is part of his agreement with the Justice Department, which will allow him to avoid imprisonment in the United States. Under the terms of the new agreement, Justice Department prosecutors will seek a 62-month sentence, equivalent to the time Assange has served in a high-security prison in London. The plea agreement will count towards his sentence, allowing Assange to immediately return to his native Australia. The plea agreement must also be approved by a federal judge.

According to PANews, Carole House, a key official who previously provided advice and co-authored President Biden's 2022 executive order on cryptocurrency and digital assets, has returned to the government. House will serve as a special advisor to the White House National Security Council, focusing on 'critical infrastructure policy' and cybersecurity. She expressed her honor to serve again in shaping the future of a secure and trustworthy digital economy. As House returns to the White House, Biden is striving to strengthen his credibility in the field of cryptocurrency, in response to former President Trump's enthusiastic embrace of the digital asset industry. House recently served as a 'resident executive' for Terranet Ventures, a venture capital firm focused on cryptocurrency. She has extensive government experience, having served as an advisor to the Commodity Futures Trading Commission and the National Security Council. Dave Grimaldi, executive vice president of the Blockchain Association, a cryptocurrency lobbying group, described House as a 'pragmatic expert'. He believes her pragmatic approach will have a positive impact on the Biden team. House has always moderately supported cryptocurrency, emphasizing its potential in international economic applications, while also stressing the need to strengthen law enforcement.

According to Odaily, the Financial Services Commission (FSC) of South Korea is planning to establish a Virtual Asset Committee. This committee will be composed of public and private experts, including professionals from the public sector, academia, legal field, and the virtual asset industry. The committee's primary responsibility will be to provide policy and regulatory guidance to the cryptocurrency market and related businesses. It has been reported that the 'Virtual Asset User Protection Act' in South Korea will come into effect on July 19. The Financial Services Commission will implement this new regulation accordingly. This move is seen as a significant step towards regulating the burgeoning cryptocurrency market in the country, providing a structured framework for businesses and users alike. The establishment of the Virtual Asset Committee is expected to bring a more balanced and informed perspective to the regulation of virtual assets. By including experts from various fields, the committee aims to ensure that the regulations are comprehensive and take into account the unique challenges and opportunities presented by the virtual asset industry.

According to Odaily, the Singapore government is taking a series of actions to strengthen regulations following the exposure of a major money laundering case involving 30 billion yuan. The regulatory loopholes exposed by this case have prompted the government to take strict measures, including stringent scrutiny of family offices and hedge funds, and a significant cleanup of inactive family offices. New regulations require family offices to invest at least 10% of their total asset management or 10 million Singapore dollars (whichever is lower) in local investments. These investments include unlisted companies, private equity, and qualified debt securities. The move is part of the government's efforts to ensure financial stability and transparency in the country's financial sector.

According to Odaily, the European Union (EU) has raised concerns that the Apple App Store may be in violation of digital market regulations. The EU has launched a new investigation into the fees charged by the App Store, scrutinizing the contractual requirements imposed on app developers. The EU's move comes amid growing scrutiny of tech giants and their potential anti-competitive practices. The investigation will focus on whether the App Store's fee structure and contractual obligations are in line with EU digital market regulations. This is not the first time that Apple has come under scrutiny for its App Store practices. The tech giant has previously faced criticism and legal challenges over its App Store policies, particularly around its fee structure and the alleged preferential treatment of certain apps. The outcome of this investigation could have significant implications for Apple and other tech giants operating in the EU. If found to be in violation of EU regulations, Apple could face hefty fines and be required to make changes to its App Store policies. The investigation is ongoing, and no further details have been released at this time.