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US CFTC Launches Listed Spot Crypto Trading Initiative
On 4 August 2025, the United States Commodity Futures Trading Commission (US CFTC) has announced the launch of an initiative to enable trading of spot crypto asset contracts listed on a CFTC-registered futures exchange, or designated contract market (DCM). The move is detailed in the announcement Acting Chairman Pham Launches Listed Spot Crypto Trading Initiative and represents the first concrete step in the agency’s “crypto sprint” to implement recommendations from the President’s Working Group on Digital Asset Markets report. US CFTC’s Chairman’s Statement and Policy Direction “Under President Trump’s strong leadership and vision, the CFTC is full speed ahead on enabling immediate trading of digital assets at the Federal level in coordination with the SEC’s Project Crypto,” said Acting Chairman Pham. “There is a clear and simple solution the CFTC can implement now... Together, we will make America the crypto capital of the world.” The Chairman’s remarks is a politically aligned...
US CFTC Commissioner Kristin Johnson Summarises 2025 Global Regulators Roundtable on AI, Digital Assets, and Market Resilience
On 05 August 2025, United States Commodity Futures Trading Commission (US CFTC) Commissioner Kristin N. Johnson issued a formal statement summarising the outcomes of the 2025 Regulators Roundtable on Financial Markets Innovation and Supervision of Emergent Technology, held on 14 July 2025 in London, United Kingdom. Convened by Commissioner Johnson, the high-level event brought together market regulators, central banks, and consumer protection authorities from the United States, the United Kingdom, and Europe. A follow-on Public–Private Roundtable on Surveillance and Supervision in the Age of AI and Digital Assets, moderated by Bénédicte Nolens of the BIS Innovation Hub (Hong Kong), further expanded on the supervisory and operational implications of technological innovation. Commissioner Johnson’s statement outlines the central themes and takeaways from the roundtables and related industry events, including key discussions on artificial intelligence (AI), operational resilience,...
US CFTC Initiates Crypto Sprint to Implement Digital Asset Market Reforms
On 1 August 2025, the United States Commodity Futures Trading Commission (US CFTC) announced the launch of a "crypto sprint" aimed at implementing the recommendations of the President's Working Group on Digital Asset Markets. The US CFTC's Acting Chairman, Caroline D. Pham, confirmed the Commission’s swift action to fulfil former President Trump's vision of making the United States the "crypto capital of the world." Pham affirmed that the US CFTC would work in close collaboration with U.S. Securities and Exchange Commission (US SEC) Chairman Paul Atkins and Commissioner Hester Peirce to achieve "Project Crypto." This initiative is part of a broader effort to provide much-needed regulatory clarity while simultaneously fostering innovation within the rapidly evolving digital asset markets. Since the start of the year, the US CFTC has made notable strides, including holding the first-ever Crypto CEO Forum, retracting outdated staff advisories, and releasing new guidance designed to...
US SEC’s Crypto Task Force Launches National Roundtable Tour to Expand Stakeholder Dialogue on Regulatory Framework
On 1 August 2025, the United States Securities and Exchange Commission (US SEC) published Release No. 2025-102 titled "On the Road: SEC Crypto Task Force to Host a Series of Roundtables Across the U.S." stating that its Crypto Task Force, led by Commissioner Hester M. Peirce, will embark on a national tour titled “Crypto Task Force on the Road.” This initiative will include a series of roundtables across major cities in the United States to engage with stakeholders, particularly those in early-stage crypto ventures who have not previously participated in policymaking discussions. As per US SEC, the national outreach effort is designed to complement the spring 2025 Crypto roundtables held in Washington, D.C., by ensuring inclusivity in the regulatory consultation process. The objective is to engage directly with crypto-related projects with limited resources specifically, those with 10 or fewer employees and under two years old to understand their operational realities, regulatory...
US SEC Approves In-Kind Creations and Redemptions for Crypto ETPs, Expanding Operational Flexibility for Digital Asset Markets
On 29 July 2025, the United States Securities and Exchange Commission (US SEC) published in Release No. 2025-101, titled “SEC Permits In-Kind Creations and Redemptions for Crypto ETPs,” the orders enable Bitcoin and Ether ETPs to adopt in-kind mechanisms for share creation and redemption. This shift from the US SEC’s previous framework, which restricted spot Bitcoin and Ether ETPs to cash-only transactions. The change brings crypto ETPs into alignment with the operational norms of other commodity-based ETPs under US SEC oversight. This is a broader policy orientation toward regulatory parity and functional consistency across asset classes, where the in-kind model, already standard for many commodity ETPs, can now be applied to crypto products. US SEC Chairman Paul S. Atkins stated: “It’s a new day at the SEC, and a key priority of my chairmanship is developing a fit-for-purpose regulatory framework for crypto asset markets. I am pleased the Commission approved these orders permitting...
Singapore Launches Criminal Investigation into Tokenize Xchange Operator AmazingTech Pte Ltd After MAS Licence Rejection
On 1 August 2025, the Monetary Authority of Singapore (MAS) and Republic of Singapore’s Commercial Affairs Department (CAD) announced an ongoing criminal investigation into AmazingTech Pte Ltd (ATPL), the operator of the cryptocurrency platform Tokenize Xchange, and its related companies. The investigation follows a referral by the MAS after the regulator rejected ATPL’s application for a Major Payment Institution licence under the SG Payment Services Act 2019 and identified potential misconduct, including possible fraudulent trading. The official statement alleges that ATPL had been operating Tokenize Xchange under a temporary exemption from licensing under the SG PS Act, pending MAS’ assessment of its licence application. Such exemptions applied to entities whose activities came under MAS oversight when the PS Act took effect. However, ATPL's exemption expired on 4 July 2025 following MAS' rejection of its licence application. In accordance with the regulatory framework, ATPL was...
US SEC Extends Review Period for Grayscale Litecoin Trust Listing on NYSE Arca: Key Details and Implications
On 29 July 2025, the US Securities and Exchange Commission (SEC) issued a notice titled Release No. 34-103574; File No. SR-NYSEARCA-2025-05 extending the review period for a proposed rule change by NYSE Arca, Inc. to list and trade shares of the Grayscale Litecoin Trust (LTC) under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares). The US SEC has extended the review period for a proposed rule change by NYSE Arca, Inc. to list and trade shares of the Grayscale Litecoin Trust (LTC), as detailed in Release No. 34-103574; File No. SR-NYSEARCA-2025-05 dated 29 July 2025. The proposal, initially filed on 24 January 2025, seeks to enable trading of the Grayscale Litecoin Trust under NYSE Arca Rule 8.201-E, which governs Commodity-Based Trust Shares. An amendment to the original filing was submitted on 3 February 2025, replacing the initial proposal in its entirety, and was published for public comment in the Federal Register on 12 February 2025. The Grayscale Litecoin Trust aims to...
US SEC Evaluates Nasdaq’s Proposal to Enable Ethereum Staking for iShares Ethereum Trust: Key Insights
On 29 July 2025, the US Securities and Exchange Commission (SEC) published a notice titled Release No. 34-103561; File No. SR-NASDAQ-2025-053 announcing a proposed rule change by The Nasdaq Stock Market LLC to amend the iShares Ethereum Trust. Filed under Section 19(b)(1) of the US Securities Exchange Act of 1934 and Rule 19b-4, the proposal aims to allow the Trust, sponsored by iShares Delaware Trust Sponsor LLC (a subsidiary of BlackRock, Inc.), to stake its etherium holdings. The Trust’s ether is custodied by Coinbase Custody Trust Company, LLC, with Coinbase, Inc. as the prime execution agent and The Bank of New York Mellon as the cash custodian and administrator. The US SEC’s notice invites public comments to evaluate the proposal’s compliance with regulatory standards, highlighting its cautious approach to cryptocurrency-based investment vehicles. The proposed rule change seeks to amend Amendment No. 2 of the iShares Ethereum Trust’s listing approval, originally filed on 23 May...
US SEC Chairman Paul S. Atkins Delivers “Statement on President Trump Signing the GENIUS Act into Law,” Advancing America’s Crypto Innovation Leadership
On 18 July 2025, the US Securities and Exchange Commission (US SEC) Chairman Paul S. Atkins issued a statement describing US President Trump's signing of the US GENIUS Act into law as a monumental step forward for crypto assets and financial markets, reiterating the potential of blockchain technologies to revolutionise US financial infrastructure, emphasising the need for clear rules to boost efficiency and lower costs, and inviting market participants to engage with US SEC staff on integrating payment stablecoins into securities markets to advance America's leadership in crypto innovation. In the statement titled "Statement on President Trump Signing the GENIUS Act into Law," US SEC Chairman Paul S. Atkins discussed the law's broader implications for the sector. "President Trump’s signing the GENIUS Act is a monumental step forward for crypto assets, financial markets, and our country. As I have stated previously, blockchain and crypto asset technologies have the potential to...
US SEC Commissioner Hester M. Peirce Releases “Smart Start: Statement on the GENIUS Act,” Highlighting Clarity and Protections for Payment Stablecoins
On 18 July 2025, the US Securities and Exchange Commission (US SEC) Commissioner Hester M. Peirce issued a statement marking the signing of the US GENIUS Act into law as an important milestone for regulatory clarity in crypto, confirming payment stablecoins are not securities, noting their broad use as payments mechanisms, and aiming to protect users and the financial system through oversight by state and federal banking regulators while urging the US SEC to provide guidance for registrants' use of stablecoins. In her statement titled "Smart Start: Statement on the GENIUS Act," US SEC Commissioner Hester M. Peirce emphasised the law's role in advancing crypto regulation. "The signing of the GENIUS Act into law marks an important milestone in the effort to bring regulatory clarity to crypto—a necessary prerequisite for innovation in our markets to flourish and for the American public to benefit from that innovation," Peirce stated. She continued: "The new law confirms that payment...
US SEC Chairman Paul S. Atkins Issues “Statement on Passage of the GENIUS Act by the House of Representatives,” Regulatory Milestone for Crypto
On 17 July 2025, the US Securities and Exchange Commission (US SEC) Chairman Paul S. Atkins issued a statement congratulating the US House of Representatives on passing the US GENIUS Act, commending the collaborative efforts of the US House and US Senate, and highlighting it as a historic milestone for crypto entrepreneurs, financial market participants, by providing clear regulatory rules for payment stablecoins to encourage innovation, efficiencies, cost reductions, transparency, and risk mitigation in financial transactions. The US GENIUS Act, formally sponsored by US Senate Banking Committee Chairman Tim Scott, US House Financial Services Committee Chairman French Hill, US Senator Cynthia Lummis, and US Senator Bill Hagerty, represents a legislative effort to establish a regulatory framework for payment stablecoins within the broader context of blockchain and crypto asset technologies. The purpose of the US GENIUS Act is to provide clear rules for innovators in payment...
U.S. SEC Brings Fraud Charges Against Georgia-Based First Liberty Building & Loan for $140 Million Ponzi Scheme
On 10 July 2025, the United States Securities and Exchange Commission (US SEC), through Release No. 2025-98, announced that it has filed a civil complaint in the U.S. District Court for the Northern District of Georgia against First Liberty Building & Loan, LLC, a Newnan, Georgia-based lender, and its founder and owner Edwin Brant Frost IV. The action seeks emergency relief in connection with an alleged $140 million Ponzi scheme that defrauded approximately 300 investors over more than a decade. The complaint alleges that, between 2014 and June 2025, the defendants offered and sold promissory notes and loan participation agreements to retail investors, promising annual returns of between 8% and 18%. Investors were told that their funds would be used to make short-term bridge loans to small businesses, often to be refinanced through Small Business Administration (SBA) or commercial loans. However, according to the US SEC’s findings, a significant portion of the funds was either...
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