Joined September 2017
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Jun 9
The EU's Markets in Crypto-Assets regulation, known as MiCA, ends its transition period July 1. Of the 1,200-plus virtual asset service providers registered under old national rules, only about 210 have secured the new crypto-asset service provider (CASP) license. Fewer than one in five made the switch. ๐๏ธ๐งต
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Jun 9
4/ Only Circle's USDC and EURC clear MiCA among top stablecoins. Tether didn't apply and is delisted across major venues. Kraken, Coinbase, Bitpanda, OKX, and Crypto.com passport across all 27 states.
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Jun 9
5/5 Unlicensed firms have five exits: license, stop, wind down, transfer clients, or merge. What emerges is smaller, concentrated, and run on one rulebook.
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Jun 3
The New York State Department of Financial Services (NYDFS) and the European Banking Authority (EBA) have signed a memorandum of understanding on stablecoin supervision.
It sets up a formal channel for the two regulators to exchange information on issuers operating in both New York and the EU.
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Jun 3
5/ Much of it is personal data, with handling left to each authority's own law. It can also travel further: NYDFS to US banking regulators, the EBA to the European Central Bank and other EU bodies.
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Jun 3
6/6 The MoU is not legally binding and creates no rights for the individuals whose data it moves. For firms issuing in both markets, supervisory and personal information now moves between regulators on a continuing basis, and potentially beyond them.
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May 29
Argentina's new gambling bill does something regulators elsewhere haven't done yet.
It makes crypto service providers legally liable for who they serve. ๐๏ธ๐งต
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May 29
4/ Argentina is the third jurisdiction to move in this direction in May alone, alongside the US GENIUS Act's transaction-freezing mandate for stablecoins and South Korea's decision to treat cross-border crypto flows as foreign exchange reported to the central bank.
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May 29
5/5 What's emerging isn't a crypto-specific regulatory framework โ it's existing banking, foreign exchange, and criminal law being extended to cover crypto as a matter of course.
For virtual asset service providers, client industry verification is now as material as client identity.
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May 27
The Federal Deposit Insurance Corporation (FDIC) published its Bank Secrecy Act (BSA) focusing on sanctions compliance rules for stablecoin issuers.
This is the piece of the GENIUS Act that determines whether banks can actually be in the stablecoin business. ๐๏ธ๐งต
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May 27
4/ The GENIUS Act's July 18 rulemaking deadline is 52 days away.
The FDIC, Office of the Comptroller of the Currency, National Credit Union Administration, FinCEN, and Treasury have all now issued proposed rules. The Federal Reserve remains the only major agency yet to move on prudential standards.
Comment window on this rule: 60 days after Federal Register publication.
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May 27
5/5 The architecture of a regulated digital financial system is taking shape.
By now it is clear that stablecoins issued through bank subsidiaries will carry the full compliance burden of the banking system.
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