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Ripple has filed a new trademark for the phrase “RLUSD,” suggesting the likely listing symbol for its proposed dollar-based stablecoin. The application was lodged with Justia, a U.S. legal database, on May 7. Although Ripple has not made a formal announcement, the crypto community speculates this move is related to the stablecoin it intends to introduce in 2024. The trademark application confirms the speculation that RLUSD is likely the ticker symbol for Ripple’s forthcoming stablecoin. It outlines RLUSD’s use in electronic financial services, specifically for monetary transactions involving receiving and distributing payments in virtual currency. This includes digital tokens pegged to a fiat currency, all conducted over a computer network—essentially a stablecoin. As of the latest update, Ripple has not yet been granted the RLUSD trademark. However, the selection of the term “RLUSD” has sparked diverse opinions among community members. Some have criticized the choice as “terrible,”...

The Hong Kong Monetary Authority (HKMA) announced the launch of a digital yuan pilot program on Friday. The digital yuan, or e-CNY, is designed to facilitate retail transactions and cross-border payments within the city, offering Hong Kong residents a digital alternative to cash payments while integrating China’s central bank digital currency (CBDC) into the local financial system. Residents participating in the pilot can create digital yuan wallets linked to their mobile numbers and fund them through 17 local banks using the Faster Payment System (FPS). This collaboration between the FPS and the Digital Currency Institute of the People’s Bank of China marks the first connection between any CBDC and a rapid payment system. As merchant adoption grows, the e-CNY wallets are expected to gain more functionalities, enabling wallet top-ups without the need for a mainland bank account. The program sets transaction and balance limits to ensure financial stability. Individual transactions and...

The Venezuelan government has joined the growing list of countries clamping down on cryptocurrency mining due to its significant electricity demands. Venezuela’s Ministry of Electric Power has announced plans to disconnect cryptocurrency mining farms from the national grid, aiming to regulate excessive energy consumption and ensure a stable power supply for the population. An announcement from Venezuela’s National Association of Cryptocurrencies on X stated that crypto mining is now prohibited in the country. This development follows a recent crackdown where authorities confiscated 2,000 cryptocurrency mining devices in Maracay as part of an anti-corruption initiative. The ministry emphasized that these measures are crucial to provide efficient and reliable electrical service across Venezuela, which has faced recurring blackouts, particularly since 2019. These power outages have severely impacted residents’ daily lives and the country’s overall economic activity. By eliminating the...

Microsoft could be fined up to 1% of its annual revenue in the European Union if it fails to respond to an information request by May 27. This threat stems from a request under the EU’s Digital Services Act concerning the company's Bing search engine and its associated generative artificial intelligence (AI) services. The European Commission, in a May 17 post on X, stated that it wants Microsoft to "provide information under the Digital Services Act on generative AI risks on Bing." The commission highlighted that Bing could pose risks linked to generative AI, such as “hallucinations,” deepfakes, and the automated manipulation of services that can mislead voters. In a blog entry on the European Commission’s official website, labeled “Daily News,” it was explained that the initial request was sent on May 14. This request pertains to specific risks stemming from Bing’s generative AI features, notably “Copilot in Bing” and “Image Creator by Designer.” Microsoft has until May 27 to...

The Depository Trust and Clearing Corporation (DTCC), the world’s largest settlement system, has partnered with blockchain oracle Chainlink to conclude a pilot program aimed at enhancing the tokenization of traditional finance funds. This pilot, named the Smart NAV Pilot, involved several major U.S. banking firms and focused on standardizing net asset value (NAV) data delivery on blockchains. The program demonstrated that structured data could be delivered on-chain, which paves the way for various applications such as tokenized funds and “bulk consumer” smart contracts. The DTCC’s report highlighted that the pilot facilitated better-automated data management, minimal disruption to existing market practices, and easier access to historical data for funds. Prominent U.S. banking firms participated in the pilot, including American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street, and U.S....

The Securities and Exchange Board of India (SEBI) has recommended that multiple regulators should oversee cryptocurrency trading in the country, according to documents recently disclosed and seen by Reuters. The proposal suggests that a division within India’s financial authorities should handle the regulatory oversight, aiming for a more specialized approach. In a separate document, the Reserve Bank of India (RBI) expressed concerns that digital currencies pose a macroeconomic risk to India. These documents were submitted by government officials to a panel tasked with advising the country’s finance ministry on policy. SEBI's proposal advocates for different regulators to collectively oversee digital assets based on their specific jurisdictions. Under this plan, SEBI would monitor digital assets classified as securities and initial coin offerings (ICOs), as well as issue licenses for financial products. The Reserve Bank of India would oversee fiat-backed stablecoins. Additionally,...

In a significant development for the cryptocurrency industry, the U.S. Senate has voted 60-38 to overturn the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin No. 121 (SAB 121). This controversial rule, which imposes regulatory burdens on digital asset custodians, has faced criticism for potentially hindering banks' ability to safeguard digital assets. The House of Representatives had previously passed the same resolution, H.J. Res. 109, aimed at eliminating regulatory obstacles that prevent highly regulated financial institutions from acting as custodians of digital assets. The Senate’s vote marks the first time Congress has passed standalone crypto legislation. Despite bipartisan support, including votes from Senate Majority Leader Chuck Schumer and several other Democrats, the resolution faces a potential veto from President Joe Biden. The White House has indicated that the President would veto the resolution, citing concerns about limiting the SEC’s ability to...

New regulations in the European Union could soon compel decentralized finance (DeFi) protocols to make significant changes. The upcoming Markets in Crypto-Assets Regulation (MiCA), set to be fully enforced by the end of 2024, will impose licensing and Know Your Customer (KYC) requirements on DeFi protocols, akin to traditional financial services firms. This poses a challenge for many DeFi protocols, which often rely on centralized front-ends and intermediaries. Rune Christensen, co-founder of MakerDAO, commented on the implications, stating, "Only fully decentralized, local, downloaded frontends or full-KYC online frontends would be possible." This situation leaves DeFi protocols with a stark choice: pivot to a "hybrid finance" (HyFi) model to comply with EU regulations or fully decentralize. According to Recital 22 of MiCA, fully decentralized protocols are exempt from these requirements: “Where crypto-asset services are provided in a fully decentralized manner without any...

The Oost-Brabant district court in the Netherlands has sentenced Alexey Pertsev, co-developer of Tornado Cash, to 64 months in prison for his involvement in creating and maintaining the crypto mixing tool. The court alleges that Tornado Cash enables “criminal activity and terrorism.” Pertsev, along with two other individuals, developed Tornado Cash, a tool for concealing the origin, ownership, and destination of cryptocurrency transactions. The court’s investigation revealed that Tornado Cash allegedly facilitated the laundering of approximately $1.2 billion in Ethereum (ETH) derived from 36 different thefts or hacks. However, the estimated amount laundered could exceed $2.2 billion when considering other parameters. The court also acknowledged the possibility of cryptocurrency laundering from other crimes. Despite Pertsev’s claim that Tornado Cash aimed to offer privacy solutions for the crypto community without intending to facilitate criminal activities, the court found the tool...

A new proposal, EIP 7706, aims to enhance how Ethereum handles transaction costs, specifically focusing on the data aspect crucial for smart contract interactions. Understanding Ethereum's current gas model is essential to grasp the significance of this update. Currently, Ethereum transactions incur two primary gas fees: execution gas and storage gas. Execution gas covers the computational efforts required for transactions, while storage gas pertains to costs associated with storing data on the blockchain in "blobs." This structured approach, although efficient, has room for improvement given the increasing complexity of Ethereum-based applications. Vitalik Buterin's EIP 7706 introduces a third type of gas fee dedicated to call data, the portion of a transaction that carries essential information to smart contracts. The proposal suggests charging separately for data transferred during transactions, distinct from charges for executing contract code or data storage. This could...

The state of Oklahoma has enacted a new law safeguarding crypto-related rights, with Governor Kevin Stitt approving HB 3594 on May 13. This legislation will take effect on November 1, as indicated on the Oklahoma State Legislature website. Under the new law, the Oklahoma state government cannot prohibit, restrict, or impair the use of cryptocurrencies for purchases or self-custody. Additionally, state and local governments are barred from imposing extra taxes or charges specifically targeting crypto, applying the same taxes as those on legal tender. HB 3594 also offers protections for home crypto mining and mining businesses, declaring participation in either type of mining as legal in Oklahoma. The bill ensures that businesses can operate crypto mining companies in industrial-zoned areas. Political subdivisions are permitted to change the zoning of a mining business with appropriate notice and comments, and mining firms have the right to appeal zoning changes. The bill prevents...

Africa-focused risk consultancy firm SBM Intelligence has issued a warning regarding the potential negative impact of bribery allegations against Binance CEO Richard Teng on Nigeria's foreign investment efforts. According to SBM Intelligence, the recent detention of Binance officials in Nigeria sends a discouraging message to foreign investors, which could undermine confidence in the country's investment landscape. On Tuesday, May 7, Cointelegraph reported allegations made by Teng that unknown persons sought a cryptocurrency bribe from Binance executives Tigran Gambaryan and Nadeem Anjarwalla before their detention on February 28, 2024. Despite the Nigerian government's denial, SBM Intelligence stresses the importance of a thorough investigation to uncover the truth and hold any guilty officials accountable. The consulting firm emphasized that perceptions of corruption among government officials can deter foreign investment, undermine the rule of law, and hinder efforts to combat...