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⚖️US Markets Regulator Presses Home Bitcoin ETF Rejection Message as Global Jurisdictions Make Headway in Regulation⚖️
January 28, 2023
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In a Wednesday interview with the American Economic Liberties Project, Massachusetts Senator Elizabeth Warren praised SEC Chairman Gary Gensler’s handling of the digital assets sector.

So good has been the SEC’s work since he assumed office in April 2021 that Warren claimed shady players have been lobbying to bypass long-standing securities laws. The lawmaker praised the SEC’s stance against a Bitcoin spot exchange-traded fund (ETF) offering in the US market. She also called on legislators to provide the SEC with the necessary resources to effectively police the crypto space, particularly commending efforts to protect investors from exploitative products.

The SEC once again frowns on ARK Invest and 21Shares’ spot Bitcoin ETF filing

News of Cathie Wood’s Ark Invest teaming up with ETP issuer 21Shares to seek a spot bitcoin exchange-traded fund (ETF) came out in June 2021. After several delays in delivering an answer, the regulator rejected the application in April 2022, arguing that the BZX lacked the necessary investor protection measures against manipulation and fraud and failed to consider the public interest.

Arguments in the renewed filing rejected

Ark and 21Shares renewed their pursuit for listing on the Chicago Board Options Exchange (Cboe) BZX Exchange in another filing with the SEC in May last year. In the submission, Cboe BZX cited the existence of a “comprehensive surveillance-sharing agreement” with the Chicago Mercantile Exchange (CME) as a means of preventing market manipulation, which therefore ratifies the approval of the ARK 21Shares Bitcoin ETF listing on the exchange. The application highlighted that while many spot markets for currencies and commodities are unregulated, this should not be grounds for rejecting the ETF listing.

The SEC isn’t having any of that. In its rejection arguments to the exchange’s second application on Thursday (Jan 26), it watered down the suggestion that a surveillance-sharing agreement with the CME can prevent manipulation of spot Bitcoin price. The regulator explained that the surveillance-sharing agreement only applies to Bitcoin futures contracts traded at the CME and not to spot Bitcoin markets.

While the SEC has thus far opposed approving a spot ETF, it has given its blessing to a number of ETFs that track the market for Bitcoin futures contracts. The state securities agency added that while a surveillance sharing agreement is not always required for listing an ETF if such an agreement does not exist, the exchange must demonstrate that other means of preventing fraud and manipulation will be sufficient, which the equities exchange failed to do.

CFTC pushes for coordinated industry standards in crypto regulation

In an interview shared on Bloomberg, CFTC commissioner Caroline Pham said there are ongoing technical discussions in other countries seeking to agree on global regulatory standards for the crypto space. Pham said she had been part of at least 75 meetings exploring topics about crypto regulations. Calling for clearer policies in the US, Pham set forth that crypto financial instruments need to be regulated in the same way as other financial instruments

The CFTC commissioner also argued that regulators should be taking a proactive approach to developing a cohesive global regulatory framework for the space. Meanwhile, as US agencies strive to come up with comprehensive guidance, over in Europe, countries are already pursuing a unified regulatory framework with Markets in Crypto Assets regulation (MiCA).

France allows exchanges more time to gain full authorization

Like its fellows in the EU, France is readying up for the possible arrival of the MiCA that will establish a uniform policy for crypto assets and related activities across the 27-country trading bloc. A draft release for MiCA is set for Apr 17 following a second postponement in the final vote, which was initially planned for last November but delayed until February.

On Tuesday, lawmakers in France favored a lenient regulation strategy before MiCA comes into effect. They passed an amendment proposed by politician Daniel Labaronne allowing crypto firms to continue operating there before they have to be registered and comply with new Europe-wide standards, rather than the Oct 1 deadline proposed by Senate member Hervé Maurey back in December. The French market regulations require that crypto companies must first register as virtual asset service providers. Then they can choose to pursue full authorization (requires extensive disclosures). None of the 60 crypto asset providers in the country has opted for the latter.

The reprieve only stands for a while, as any firm that will enter the France crypto market after Jan 1, 2024, must first acquire a full license – it has additional requirements to safeguard client assets, manage conflicts of interest, and promote fee transparency. According to Labaronne, this approach is the best case for a compromise between full registration and licensing and serves as a precursor to the eventual implementation of MiCA. The MiCA regulations will be put up for a parliamentary vote this year, and if adopted, countries will have a further 18 months to implement the requirements.

Ghosts of the past helped Japan streamline its crypto policy

Earlier this month, Mt Gox’s rehabilitation trustee: Nobuaki Kobayashi, communicated a  change in the timeline for distribution of the platform’s first payments from Jan 10 to Mar 10 after obtaining permission from the court. The deadline for distribution of the first batch of payments will now be on Sept 30 from an initial date of Jul 31. The trustee said that “various circumstances, such as the progress by rehabilitation creditors in respect of the Selection and Registration”, necessitated the delay. The original January deadline was set in October 2022 to allow former customers to choose a preferred payment system, such as bank transfer, fund transfer service provider, crypto exchange, or custodian.

Speculations from the crypto community suggested that the extension could have been linked to Kraken’s decision to exit the Japanese market. Mt. Gox was one of the leading Bitcoin exchanges before its collapse early in 2014, losing approximately 850,000 Bitcoin, worth around $500 million at the time, to hackers. Reports have in the past indicated that only 150,000 of the stolen Bitcoin was recovered. Barely five years after the Mt Gox incident, Tokyo-based exchange, Coincheck, got hacked for more than $500 million in 2018. The incident spooked potential crypto businesses looking to set shop in the country.

Japan has since bounced back by enforcing strict consumer protection measures. Evidence of this is that customers of the Japanese subsidiary of the defunct exchange FTX are getting their money back while users in other countries wallow in losses.

Aiming for the reigns of Web3

With a pro-Web3 Prime Minister in Fumio Kishida, Japan has been aggressively developing regulations for crypto, aiming to take the reins of Web3 into its hands. A December 2022 proposal by Japan’s ruling Liberal Democratic Party (LDP) Web3 project team said the country “is positioned to play a unique role in the crypto industry.” First, the LDP’s tax committee in December approved the Web3 project team’s proposal of a tax change that would see crypto startups issuing their native tokens exempted from the 35% tax rate on unrealized gains on any token they would list on the active market.

The Japanese Financial Services Agency (FSA) is additionally in the process of lifting the ban on the distribution of stablecoins by June this year. It plans to introduce regulations allowing domestic investors to trade certain foreign-issued stablecoins. The FSA will, however, not be giving stablecoins free rein. They will be thoroughly evaluated before being authorized, and the regulator will only authorize stablecoins that pass through individual assessments to ensure that they protect the user.

FSA blames loose governance and lax internal controls for the FTX downfall

Japanese financial regulators on Jan 16  called for global counterparts to treat crypto in the same strict manner as traditional banks. Deputy director general at the Strategy Development and Management Bureau of the Financial Services Agency (FSA) Mamoru Yanase noted that crypto had grown massively and the sector must be held to the same standards as traditional financial institutions if regulation is to be effective.

While demanding consumer protection measures from crypto exchanges, Yanase pointed to gaps in global regulations in the crypto space for enabling the massive scale of loss seen when FTX capitulated rather than crypto technology itself. He also observed that this space is plagued with “loose governance, lax internal controls, and the absence of regulation and supervision.” Yanase said that Japan is already using its place on the Board to urge regulators in US and Europe to supervise exchanges as they do for banks and brokerages.

Following severe financial breakdowns last year, calls for more onerous regulations have been unceasing. In its December meeting, the Financial Stability Board (FSB) concluded a need to closely monitor crypto assets and the risk-concentrated crypto trading firms. The FSB intends to lay out steps for crypto regulation steps early this year, and Japan is already using its place on the Board to urge regulators in Europe and the US to treat crypto exchanges like banks.

Ireland’s Central Bank governor struggles to shake off the fretfulness about crypto

Back in Europe, Ireland’s central bank governor Gabriel Makhlouf recently showed his distaste for digital assets. In a Wednesday parliamentary session, Makhlouf, who previously advised crypto investors to be prepared to lose all their money, told legislators attending that the asset class has no social value whatsoever. The Central Bank governor minced no words stating that unbacked cryptocurrencies, which constitute a significant portion of the market, are Ponzi schemes, and those who invest in such assets are “essentially gambling.”

Makhlouf also emphasized the need for greater regulatory guardrails to protect retail investors, particularly young adults, from the potential risks associated with investing in these unbacked crypto assets. To mitigate the inherent risks, he proposed a ban on advertising cryptocurrencies to young adults if lawmakers can find a viable way. This is not the first time the Central Bank of Ireland has raised concerns about crypto advertising. Last year, it cautioned against prevalent misleading ads promoting crypto investments, mainly promoted by social media influencers.

In the UK, the Financial Conduct Authority conveyed in a Jan 19 letter that it flagged some crypto companies seeking compliance due to their links to organized crime. This week, the markets regulator noted in a Jan 25 feedback report it had received 300 applications from firms looking to register and operate in the country under its anti-money laundering regime, with only 41 of them winning approval. It has to be noted that the FCA still doesn’t have official regulatory authority over the digital assets sector rather, it is focused on ensuring crypto-related entities comply with anti-money laundering. The Financial Services and Markets Bill, under consideration, intends to change that as it will identify crypto assets as regulated financial instruments bringing them under the purview of the former and Payments Systems Regulator.

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🚀 Bitcoin Hits New All-Time High – What’s Next?

Bitcoin reached a new peak of $118,254 on July 11, 2025, driven by institutional demand, favorable macro conditions, and supportive crypto regulations. With a 100%+ year-over-year surge, what's next for BTC?

🔮 Bitcoin Outlook

📆 Short Term (6–12 Months)

  • Expect volatility post-ATH
  • Spot BTC ETFs attract significant capital
  • Potential range: $95K–$135K

🕰 Medium Term (1–3 Years)

  • 2024 halving impact continues
  • More institutions may adopt BTC as reserve/collateral
  • Global regulatory clarity boosts confidence
  • Potential range: $120K–$200K+

🌐 Long Term (5–10+ Years)

  • BTC may solidify as digital gold
  • Used in cross-border settlements and emerging markets
  • Scarcity (21M cap) drives value
  • Bullish case: $250K–$1M+
  • Bearish case: $20K–$50K (if tech/regulatory risks rise)

📌 Key Drivers

  • Institutional adoption
  • Spot ETF flows
  • Crypto regulations
  • Fed interest rate policy
  • Lightning Network & Layer 2 scaling
  • Geopolitical uncertainty

💬 TL;DR:
Bitcoin’s $118K breakout ...

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It’s time for a fair and open level playing field.

Under Gary Gensler it was quite the opposite.

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Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading
🚨 BREAKING NEWS: Ripple National Trust Bank! 🏦 🇺🇸

Ripple has officially filed an application to become a national trust bank, aiming to launch what would be called Ripple National Trust Bank.

This move is designed to bring Ripple’s crypto and stablecoin operations under direct federal regulation and marks a major step toward mainstream integration with the U.S. financial system.

🤔 What This Means:

🔹 If approved by the Office of the Comptroller of the Currency (OCC), Ripple would be able to operate nationwide under federal oversight, expanding its crypto services and allowing it to settle payments faster and more efficiently—without relying on intermediary banks.

🔹 Ripple’s RLUSD stablecoin would be regulated at both the state and federal level, setting a new benchmark for transparency and compliance in the stablecoin market.

🔹 Ripple has also applied for a Federal Reserve master account, which would let it hold reserves directly at the Fed and issue or redeem stablecoins outside normal banking hours, further strengthening ...

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From being one of the first DEXs to deploy on Babylon, to going live with the beta-mainnet & onboarding new Persisters.

Read more 👉 https://blog.persistence.one/2025/07/10/persistence-one-a-look-back-on-q2-2025-and-an-overview-of-whats-to-come-in-q3/

BTC Interop beta mainnet is back 🧡
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Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.

This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.

The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."

This action followed a series of Israeli attacks on Iranian targets.

Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.

Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

During the 2022 "Woman, Life, Freedom" protests, Starlink enabled Iranians to communicate and share footage globally despite network blackouts," she added.

MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.

Musk confirmed the activation, noting on Saturday, "The beams are on."

This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.

Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.

Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch, called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.

Starlink has been a beacon in other crises. Beyond Iran, Musk has leveraged Starlink to assist people during natural disasters and conflicts.

In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.

Similarly, during the Ukraine-Russia conflict, Musk activated Starlink to support Ukrainian forces and civilians, ensuring they could maintain contact and access vital information under dire circumstances.

The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.

Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."

"God bless you, Elon. The Starlink beams are on in Iran!" Levin wrote.

Musk, who recently stepped down from leading the DOGE in the Trump administration, has apologized to President Trump for past criticisms, including his stance on the One Big Beautiful Bill.

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GENIUS Act lets State banks conduct some business nationwide. Regulators object

The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:

“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
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Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

VARA defined:

- RWAs are classified as Asset-Referenced Virtual Assets (ARVAs)

- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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