“European Union lawmakers voted today in favor of controversial measures to outlaw anonymous crypto transactions, a move the industry said would stifle innovation and invade privacy.
The proposals are intended to extend anti-money laundering (AML) requirements that apply to conventional payments over EUR 1,000 ($1,114) to the crypto sector. They also scrap the floor for crypto payments, so payers and recipients of even the smallest crypto transactions would need to be identified, including for transactions with unhosted or self-hosted wallets. Further measures under discussion could see unregulated crypto exchanges cut off from the conventional financial system.
The Thursday vote came in spite of objections from major industry participants, such as Coinbase, and from legal experts who warned that overly heavy handed privacy violations could face legal challenges in EU courts.
Such proposals are neither warranted nor proportionate. With this approach of regulating new technologies, the European Union will fall further behind other, more open-minded jurisdictions.
The plans must also be agreed on by both the parliament and national ministers, who meet as the EU Council, in order to pass into law. Bitcoin’s price dropped about 2% in minutes as the vote came through, falling from $47,500 to $46,400.”
“The popular go-between for crypto traders keeps its dollar peg with a mix of cash, cash equivalents and U.S. Treasuries. There are just under 52 billion USDC in circulation as of press time. The bank confirmed BNY Mellon is currently custodying the reserve assets. The pair are exploring future opportunities in custody that could include the crypto itself.
That Circle is trumpeting legacy banking partner BNY Mellon speaks to the issuer’s vested interest in building trust in its stablecoin brand. Competing stablecoin issuers have come under fire in the past for their less than transparent business practices.
But the tie-up (and the mere fact of its publicity) is no less notable for BNY Mellon, one of the financial world’s largest custodians. Lending its credibility to USDC could serve to bolster the BNY brand among crypto clients.”
See Also: US Firms Providing Custody Services Should Account for Crypto Assets as Liability, Disclose Risk, SEC Says
See Also: Newly Introduced Bill Aims to Bring Transparency to the Stablecoin Marketplace
“Several large banks are exploring making markets for clients in bitcoin (BTC) futures, with an eye towards trading forward [contracts] and other derivatives.
Michael Hsu of the Office of the Comptroller of the Currency (OCC) cited Goldman Sachs (GS) completing its first cryptocurrency-related, over-the-counter (OTC) trade with Galaxy Digital last week. The Wall Street giant and the digital-asset financial firm said the transaction demonstrates the ‘continued maturation and adoption of digital assets by banking institutions.’
Hsu said he’s working with other global regulators to find ‘a consistent, careful and cautious approach to bank involvement in crypto.‘“
“The platform will be decentralized, public and non-permissioned, said Fernandez, adding that it will be available for use by any organization, government administration or company wishing to mint verifiable identities, without needing the approval of the city.
[The motivation is] to give rise to a new paradigm in which secure transactions are agile; where verification of necessary documentation is fast, reliable and private … that people are in control of their identity, and they decide where their information is stored and who can access it.
In the next 90 days, the city will define the architecture of the platform and decide what blockchain it will be built on.”