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The Trump administration's regulators are preparing to set cryptocurrency policy through agency rules as U.S. legislation stalls in Congress. However, industry experts caution that without permanent legislation, any regulatory clarity could be reversed by future administrations.
The US Securities and Exchange Commission has cancelled a scheduled vote on new cryptocurrency exemptions, citing scheduling issues. The delay coincides with Congress recessing without advancing the Clarity Act, the crypto industry's flagship legislative initiative.
The US Senate is positioning itself to vote on the Clarity Act, landmark legislation that would establish comprehensive federal cryptocurrency regulation. The move signals Republican confidence in securing the 60 votes needed for passage.
The cryptocurrency industry is pouring nearly $200 million into US midterm elections through super PACs like Fairshake, building on previous electoral successes to push favourable legislation through Congress before August recess.
A vulnerability in Coldcard cold wallets has allowed hackers to steal approximately US$86 million in Bitcoin from more than 4,500 users. The flaw compromised the security of devices designed to be the safest storage method for cryptocurrency.
Johor authorities have dismantled a cryptocurrency mining operation that tapped into Tenaga Nasional Bhd's electricity supply without authorisation, arresting three people and confiscating 71 mining devices across multiple locations.
Cryptocurrency exchange Coinbase has resolved a Freedom of Information Act lawsuit against the US Securities and Exchange Commission, which will pay $150,000 and overhaul its record-retention policies.
Paul Grewal, the lead attorney behind Coinbase's successful defense against SEC allegations, is stepping down after six years. He secured a landmark dismissal of securities charges and championed industry-friendly legislation.