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WazirX approved for hack repayments, Tornado Cash sanctions overturned

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The past week saw significant developments in the crypto regulatory space, with WazirX, one of India’s largest cryptocurrency exchanges, announcing refunds for users affected by a hack, and a major legal ruling overturning sanctions on Tornado Cash. WazirX revealed that it had identified vulnerabilities exploited by hackers in 2022 and is now compensating users who suffered losses, a move that has garnered both praise and scrutiny. The exchange emphasized its commitment to security and customer protection, positioning itself as a responsible player in India’s rapidly evolving crypto market.

In a landmark legal decision, a U.S. judge overturned the Treasury Department’s sanctions on Tornado Cash, the decentralized mixer accused of facilitating money laundering. The ruling declared the sanctions unconstitutional, marking a major victory for privacy advocates in the crypto community. Tornado Cash, which enables users to anonymize transactions, had been at the center of controversy over its alleged misuse by malicious actors. The decision is expected to have far-reaching implications for the regulation of decentralized protocols.

Meanwhile, global regulators continue to grapple with the challenges of balancing innovation and security. The overturning of Tornado Cash sanctions has reignited debates on privacy and financial freedom versus the need for oversight to combat illicit activities. Critics argue that unregulated mixers could enable criminal enterprises, while proponents see them as vital tools for maintaining user privacy in an increasingly surveilled financial landscape.

These events highlight the dynamic and contentious nature of crypto regulation worldwide. As platforms like WazirX work to rebuild trust following security breaches, and privacy-focused tools like Tornado Cash face legal battles, the industry finds itself at a crossroads. Policymakers are now under increasing pressure to craft nuanced frameworks that address security concerns without stifling innovation or undermining fundamental freedoms.

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US lawmakers advance anti-CBDC bill

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U.S. lawmakers have voted to advance a bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC), marking a major step in the political pushback against the development of a digital dollar.

The bill, which passed through the House Financial Services Committee, would prohibit the Fed from directly offering accounts or issuing a CBDC to individuals, citing concerns over surveillance, privacy, and government overreach.

Supporters of the legislation argue that a digital dollar could pose significant risks to civil liberties, enabling real-time tracking of consumer transactions and expanding federal control over personal finances. They view the bill as a safeguard against what they describe as a “surveillance-style” monetary system.

Opponents of the bill, however, argue that restricting CBDC development could hinder U.S. innovation and global competitiveness in the evolving digital financial landscape.

The legislation now moves closer to a potential floor vote in Congress. Its progress underscores growing ideological divisions over the future of money in the United States, with CBDCs emerging as a new front in the broader debate over digital governance, financial freedom, and the role of government in the digital age.

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Gemini to open Miami office after judge stays SEC case

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Crypto exchange Gemini has opened a new office in Miami, reinforcing its commitment to expanding operations despite pausing its plans for an initial public offering (IPO) amid a continuing legal battle with the U.S. Securities and Exchange Commission (SEC).

The Miami office signals the company’s long-term vision for growth in key U.S. markets, even as regulatory uncertainty clouds the broader crypto landscape. The expansion comes at a time when Gemini is facing heightened scrutiny from the SEC over its Earn program, which the regulator alleges involved unregistered securities.

While the IPO remains on hold, Gemini continues to strengthen its infrastructure and team, focusing on user growth, compliance, and regional outreach. The Miami hub is expected to play a strategic role in those efforts, leveraging the city’s growing status as a U.S. crypto hotspot.

Co-founders Cameron and Tyler Winklevoss remain vocal about the need for clear regulatory frameworks and have emphasized that Gemini will continue to fight for fair treatment while building responsibly in the U.S. and abroad.

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Coinbase Institutional files for XRP futures trading with CFTC

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Coinbase Institutional has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer XRP futures trading, marking a significant move toward expanding institutional access to Ripple’s native token.

The filing, submitted through Coinbase Derivatives, signals the exchange’s intent to list XRP futures contracts in a regulated environment. If approved, it would allow institutional investors to gain exposure to XRP through derivative products, a key step in broadening the token’s presence in traditional financial markets.

This development comes amid a gradually improving regulatory climate for XRP, following a partial legal victory for Ripple in its ongoing case with the U.S. Securities and Exchange Commission (SEC). The outcome gave XRP a degree of legal clarity, opening the door for exchanges and financial institutions to re-engage with the asset.

Coinbase’s push to expand its derivatives offerings also aligns with its strategy to build a more robust institutional platform. Approval from the CFTC would position the exchange to capitalize on growing demand for regulated crypto investment vehicles.

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