Trump’s first week in office: Will crypto regulation take a back seat?

January 17, 2025 Coin Telegraph

Crypto investors and commentators are hopeful ahead of Trump’s inauguration, anticipating innovation-friendly regulations from his first day in office.

Crypto investors are increasingly optimistic as they await the inauguration of US President-elect Donald Trump on Jan. 20, anticipating more innovation-friendly regulations in the world’s largest economy.

Investors are also eagerly anticipating Paul Atkins as Trump’s pick for the new Securities and Exchange Commission chair.

While Trump has previously highlighted his intentions to bolster crypto innovation in the US, issuing regulatory frameworks takes time, according to Anastasija Plotnikova, co-founder and CEO of Fideum — a regulatory and blockchain infrastructure firm focused on institutions.

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US Senate Banking Committee chair says crypto framework will be a priority

January 15, 2025 Coin Telegraph

Coin Telegraph

With a Republican majority having taken control of the US Senate in January, Tim Scott said the Banking Committee would have an “open-minded environment” for digital assets.

Republican Senator Tim Scott, recently elected chair of the US Senate Banking Committee, announced that developing a regulatory framework for digital assets would be one of the body’s priorities in the 119th Congress.

In a Jan. 15 notice, Senator Scott said the Banking Committee intended to focus on policies for financial inclusion that “create opportunity” in the US. The committee’s list of priorities included affordable housing, economic national security, oversight and digital assets.

“Under Chair Gensler, the SEC refused to provide clarity to the cryptocurrency industry, which has forced projects overseas,” said Scott. “Moving forward, the committee will work to build a regulatory framework that establishes a tailored pathway for the trading and custody of digital assets.”

TRUMP dips after president admits ‘I don’t know much about it’

Crypto deregulation under Trump: Promises vs reality

January 13, 2025 Coin Telegraph

Coin Telegraph

The incoming US president will have the authority to enact many policies favorable to crypto users after taking office next week.

With seven days until US President-elect Donald Trump takes office, many in the crypto industry have been monitoring his prospective staff picks and policy announcements.

Since shifting from calling Bitcoin (BTC) a “scam” in 2021 to claiming to embrace the technology during his 2024 presidential campaign, Trump has made many promises to the digital asset industry that could affect regulation and enforcement. Though there is no way to know if he intends to prioritize those promises — or fulfill them at all — after taking office, there has already been some movement in the regulatory landscape before his scheduled inauguration.

At the Bitcoin 2024 conference in July, Trump promised to fire US Securities and Exchange Commission Chair Gary Gensler on his first day in office, Jan. 20. Many speculated that Gensler would be more likely to announce his resignation ahead of any Trump presidency, despite the SEC chair’s term ending in June 2026.

TRUMP dips after president admits ‘I don’t know much about it’

CFPB proposes crypto firms refund users for funds lost to hacks

January 10, 2025 Coin Telegraph

Banking

A proposed CFPB rule could allow crypto users to have protections similar to those of US bank account holders by considering the definition of “funds.”

The US Consumer Financial Protection Bureau (CFPB) has proposed a rule that could require crypto asset service providers to reimburse users for funds stolen through illicit activities, including hacks.

In a Jan. 10 notice, the CFPB proposed a rule that could allow accounts or wallets using “emerging payment mechanisms” set up for personal use to be subject to similar protections as fiat bank accounts.

The US regulator suggested that the same rights that “guard against error and fraud” under the Electronic Fund Transfer Act (EFTA) could protect consumers transacting in stablecoins or “any other similarly-situated fungible assets that either operate as a medium of exchange or as a means of paying for goods or services.”

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Blender and Sinbad operators face US money laundering charges

January 10, 2025 Coin Telegraph

Coin Telegraph

Two Russian nationals face charges of conspiracy to commit money laundering and operating an unlicensed money-transmitting business, while one remains at large.

The US Justice Department has indicted three Russian nationals alleged to have committed money laundering due to their involvement in operating cryptocurrency mixers Blender.io and Sinbad.io.

In a Jan. 10 notice, US authorities said a federal grand jury in the Northern District of Georgia returned an indictment for Roman Vitalyevich Ostapenko, Alexander Evgenievich Oleynik and Anton Vyachlavovich Tarasov.

The indictment alleged that the crypto-mixing services operated by the three men allowed criminals to launder funds “stolen from victims of ransomware, virtual currency thefts, and other crimes,” according to US Attorney Ryan Buchanan.

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Court stays order in SEC v. Coinbase case pending appeal

January 7, 2025 Coin Telegraph

Coin Telegraph

Judge Katherine Failla granted Coinbase’s request for an interlocutory appeal, citing different courts’ interpretations of what constituted a security under the SEC’s purview.

Cryptocurrency exchange Coinbase won a small victory in its civil case against the US Securities and Exchange Commission (SEC) after a federal judge granted an order for an interlocutory appeal.

In a Jan. 7 filing in the US District Court for the Southern District of New York, Judge Katherine Failla granted an appeal for an order denying Coinbase’s motion for judgment, which she filed in March 2024. Judge Failla ordered all proceedings in the case to be stayed until the Second Circuit ruled on an interlocutory appeal over the order.

One of the crucial arguments for the SEC’s case against Coinbase was alleging that “certain transactions involving crypto-assets qualified as investment contracts within the SEC’s regulatory purview,” i.e., as securities. Judge Failla said there was a “possibility of reversal” of her interpretation of investment contracts based on the Howey test, granting Coinbase’s appeal.

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Telegram answered 900 US requests for user data in 2024: Report

January 7, 2025 Coin Telegraph

Coin Telegraph

Telegram reportedly fulfilled 900 total requests from the US for IP addresses and phone numbers affecting 2,253 users.

The messaging app Telegram fulfilled 900 inquiries from the US requesting personal information about its users, with the majority coming in after CEO Pavel Durov’s arrest in France.

According to a Jan. 7 report from 404 Media, Telegram fulfilled 14 requests for “IP addresses and/or phone numbers” from the US between Jan. 1 and Sept. 30, 2024. However, the platform reportedly responded to 900 total inquiries from the US for the year, affecting 2,253 users, suggesting that the number of requests escalated after October.

On Aug. 24, French authorities arrested Durov over allegations Telegram facilitated criminal activity. The CEO said in October that the platform had been providing IP addresses and phone numbers of alleged criminals to authorities in different countries upon request since 2018 — a policy disclosed in Telegram’s privacy policy.

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Number of Do Kwon’s victims could exceed one million — court filing

January 6, 2025 Coin Telegraph

Coin Telegraph

The Terraform Labs co-founder is in US custody after pleading not guilty to nine felony charges related to fraud at the platform.

Prosecutors with the United States government overseeing Do Kwon’s criminal case have estimated that the Terraform Labs’ co-founder could potentially have more than one million victims across the world after the collapse of the ecosystem.

In a Jan. 6 filing in the US District Court for the Southern District of New York, Acting US Attorney Daniel Gitner notified the court of the procedures to inform Kwon’s victims of their rights in his criminal case.

According to the US Attorney, the government would set up a website about public proceedings in Kwon’s case as other methods for affording victims their rights were “impracticable.”

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Do Kwon’s superseding indictment includes money laundering charge

January 2, 2025 Coin Telegraph

Coin Telegraph

The Terraform Labs co-founder was indicted on eight felony charges in 2023 but will likely face an additional count for money laundering conspiracy.

The United States Attorney’s Office revealed an additional charge for Terraform Labs co-founder Do Kwon following his extradition from Montenegro: money laundering conspiracy.

In a superseding indictment unsealed on Jan. 2 in the US District Court for the Southern District of New York, US Attorney Damian Williams alleged Kwon conspired with others to commit money laundering.

According to the US Attorney, the Terraform co-founder facilitated transactions of more than $10,000 on the platform “knowing that the property involved in certain financial transactions represented the proceeds of some form of unlawful activity.”

TRUMP dips after president admits ‘I don’t know much about it’

Members of US Congress backed by crypto PACs to take office on Jan. 3

January 2, 2025 Coin Telegraph

Coin Telegraph

Interest groups suggested that a majority of lawmakers in the US House of Representatives would be “pro-crypto” after the 2024 election.

United States lawmakers who benefitted from support from the cryptocurrency industry in their respective 2024 primaries or elections will soon be sworn into office for the 119th session of Congress.

Crypto executives and political action committees (PACs) like Fairshake and its affiliates poured millions of dollars into media buys to support “pro-crypto” candidates in the 2024 election cycle, which could have contributed to some politicians winning in certain tight races across the country.

One of the most high-profile elections saw Republican Bernie Moreno defeating incumbent Ohio Senator Sherrod Brown by roughly 200,000 votes after the Defend American Jobs PAC spent more than $40 million.

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