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On November 2, staff of the U.S. Securities and Exchange Commission (SEC) published a clarification: distributing voting rights to thousands of holders does not in itself turn a token into a security. This concerns assets such as Uniswap (UNI) - the largest decentralized exchange on Ethereum.
The state Bureau of Securities withdrew the June 2023 order along with the $5 million fine. State residents will again be able to stake (lock coins in the network for a reward) through Coinbase; the company did not name an exact date.
Michael Selig, chairman of the CFTC (the US derivatives market regulator), in an interview with CNBC on October 30 called the theft from Binance an argument in favor of federal rules for crypto exchanges operating outside the US.
Intercontinental Exchange (owner of the New York Stock Exchange) has agreed with Trade[XYZ] to move its Hyperliquid-based perpetual markets into a regulated US framework. Ordinary retail clients will be able to trade round-the-clock contracts on stocks, indices, commodities, currencies and crypto - if regulators give the go-ahead.
On October 29, hackers breached Binance's hot wallets (the exchange's network-connected storage) and withdrew $6.3 billion in assets. Two days later, the story became political: Donald Trump said the administration was dealing with the incident, and letters demanding federal oversight of exchanges began arriving in Congress.
On October 29, the KuCoin crypto exchange announced the termination of services for users from Russia and Belarus. The restrictions apply to all products and services of the platform and take effect immediately, with no transition period.
The US Office of the Comptroller of the Currency (OCC, the regulator of national banks) has granted Ripple final approval to launch Ripple National Trust Bank. Now the $2.5 billion in RLUSD stablecoin reserves will be managed under federal oversight.
The AFSA regulator reported on October 20 that the court of the Astana International Financial Centre (AIFC) has banned six crypto platforms from providing and advertising services with digital assets without a license. The ban applies within the financial centre and is not nationwide.
The European regulator ESMA has clarified requirements for stablecoins that have not received authorization under MiCA. By January 8, crypto platforms in the European Union must cease related services, including custody and transfers.
FinCEN has withdrawn from consideration two major draft rules for cryptocurrencies: reporting on transfers to personal wallets from $10,000 and a separate control regime for crypto mixers. Both proposals had been under consideration for years but never came into force.
