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US Senate passes resolution overturning SEC crypto rule on banks

In a significant development for the cryptocurrency industry, a Senate resolution aimed at requiring the Securities and Exchange Commission (SEC) to establish a regulatory framework for cryptocurrencies has passed. The resolution, which underscores growing bipartisan support for regulatory clarity in the crypto space, marks a step forward in addressing key regulatory challenges facing the industry.

Published

9 months ago

May 17, 2024

Crypto News Team

The Senate resolution calls on the SEC to take action to provide clarity and certainty for market participants by establishing clear guidelines and rules for the classification and regulation of cryptocurrencies. The resolution comes amid increasing calls from industry stakeholders for regulatory clarity to foster innovation and investment in the burgeoning crypto market.

The passage of the Senate resolution signals lawmakers’ recognition of the importance of regulating cryptocurrencies to protect investors and ensure the integrity of financial markets. By urging the SEC to develop a comprehensive regulatory framework, lawmakers aim to strike a balance between promoting innovation and safeguarding against potential risks associated with digital assets.

The resolution also reflects growing bipartisan consensus on the need for regulatory clarity in the crypto space, with lawmakers from both sides of the aisle recognizing the importance of addressing regulatory uncertainties to support the growth and maturation of the industry.

The SEC, as the primary regulatory agency overseeing securities markets in the United States, plays a crucial role in shaping the regulatory landscape for cryptocurrencies. The resolution highlights the expectation that the SEC will take proactive steps to provide clarity on issues such as token classification, initial coin offerings (ICOs), and securities laws applicability to digital assets.

While the passage of the Senate resolution is a positive development for the crypto industry, it is important to note that it is non-binding and does not carry the force of law. However, it sends a strong signal to regulators and industry stakeholders about the urgency of addressing regulatory uncertainties in the crypto space.

In summary, the passage of the Senate resolution calling on the SEC to establish a regulatory framework for cryptocurrencies represents a significant step forward in addressing regulatory challenges facing the industry. With bipartisan support and increasing recognition of the importance of regulatory clarity, stakeholders are hopeful that the SEC will take action to provide clear guidelines and rules for the crypto market in the near future.

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Vitalik Buterin criticizes crypto’s moral shift toward gambling

Published

3 days ago

February 20, 2025

Crypto News Team

Ethereum co-founder Vitalik Buterin has expressed concerns over a “moral reversal” in the crypto industry, particularly regarding criticism of Ethereum’s stance on blockchain gambling. In a recent AMA, he noted that some have condemned Ethereum for not welcoming casinos, while other blockchains have embraced them. Buterin stated that if the community continues to shift its values in this direction, he may reconsider his role in the space.

Despite these concerns, Buterin emphasized that in-person interactions with the Ethereum community reassure him that core values remain intact. He urged developers to work toward a decentralized future aligned with ethical principles rather than just profit-driven ventures.

His comments coincide with the Ethereum Foundation’s shift in its funding approach. Following criticism of its Ether sales, the foundation recently allocated 45,000 ETH into DeFi platforms like Aave and Compound. This move was widely praised as a step toward supporting decentralized finance without market disruptions.

As Ethereum navigates these challenges, Buterin’s remarks highlight the ongoing debate about blockchain ethics and the industry’s future direction. The conversation around gambling applications and decentralized finance underscores the tension between financial innovation and maintaining a moral compass in crypto.

Business

UAE saw 41% increase in crypto app downloads in 2024

Published

3 days ago

February 20, 2025

Crypto News Team

Crypto app downloads in the UAE surged by 41% in 2024, reaching 15 million, with a record 2.8 million installs in December, according to AppsFlyer. This increase was largely driven by market trends and rising adoption, especially in the latter half of the year.

Donald Trump’s election win and pro-crypto stance reportedly played a role in boosting adoption, with his surprise memecoin launch further attracting first-time investors. This trend also contributed to a rise in crypto app downloads in the U.S.

Aggressive marketing campaigns accounted for 60% of traffic, though retention remained a challenge, as one in five apps was uninstalled within 30 days. Despite this, crypto app downloads in the UAE hit 3.5 million in January, surpassing half of 2023’s total.

With 2025 projected to be a record-breaking year, market experts suggest crypto companies should continue leveraging marketing strategies to expand their user base. The UAE’s rapid growth in crypto adoption highlights the region’s increasing role in the digital asset industry.

Business

Brazil approves first spot XRP ETF as local bank eyes stablecoin on XRPL

Published

3 days ago

February 20, 2025

Crypto News Team

Brazil has approved its first spot XRP exchange-traded fund (ETF), the Hashdex Nasdaq XRP Index Fund, which will soon begin trading on the country’s B3 exchange. The fund, managed by Hashdex, joins a growing list of crypto investment products in Brazil, including Bitcoin and Ethereum ETFs. The approval comes as the U.S. Securities and Exchange Commission (SEC) reviews multiple spot XRP ETF filings from major firms like CoinShares and WisdomTree.

In response to this development, XRP saw an 8% price increase, reaching $2.72, bringing it within 20% of its all-time high. This surge reflects growing investor confidence in XRP-based financial products. Meanwhile, market analysts expect the approval of additional crypto ETFs worldwide as regulators reassess their stance on digital assets.

Simultaneously, Braza Group, a financial institution in Brazil’s interbank market, announced plans to launch BBRL, a stablecoin pegged to the Brazilian real. Built on the XRP Ledger, BBRL aims to enhance international payments and digital asset accessibility in South America. Initially, the stablecoin will be available only to institutional clients, with broader adoption expected in 2025.

Braza Group’s participation in Brazil’s central bank blockchain initiative, DREX, underscores the country’s efforts to integrate digital assets into its financial system. With crypto adoption surging, Brazil’s latest moves in stablecoin and ETF approvals signal growing institutional confidence in blockchain-based finance. Read more.