Apart from Uphold, other major crypto exchanges, including Binance, Kraken and OKX, also tweaked their stablecoin listing policies to comply with MiCA regulations.

The Chat Control law is aimed at combating child exploitation material, but Meredith Whittaker said it’s just the latest proposed tactic to undermine encryption.

According to Foresight News, a recent statement submitted by the Financial Securities Crime Joint Investigation Department of the Southern Seoul Local Prosecutor's Office reveals that in a conversation between Do Kwon and Shin in May 2019, they discussed the possibility of creating seemingly real but fraudulent trades. The prosecutors believe that this indicates that Do Kwon and Shin had the intention to manipulate trades related to Terra from the beginning of their venture, with the aim of defrauding investors. They allegedly used these fraudulent trades to inflate trading volumes, thereby attracting investors and expanding their business. In a previous report by Foresight News, it was revealed that Judge Jed Rakoff of the U.S. District Court in New York had approved a settlement agreement of $44.7 billion between Terraform and the U.S. Securities and Exchange Commission (SEC). As per the agreement, Terraform will pay nearly $36 billion in forfeiture, $4.2 billion in civil penalties, and an estimated $4.67 billion in interest. On the basis of cooperation with Terraform, Do Kwon agreed to pay $110 million in forfeiture, $14.3 million in pre-trial interest, and $80 million in civil penalties.

According to Foresight News, the Ministry of Science and ICT in South Korea, in collaboration with the Korea Internet & Security Agency (KISA), is set to launch a blockchain support plan in 2024. The estimated investment for this year is 20 billion Korean won, approximately 14.5 million USD. The funds will be used to develop public blockchain services and promote the commercialization of products from blockchain companies. The plan will support public blockchain projects including digital coupons related to Central Bank Digital Currency (CBDC), digital badges, and online voting systems.

According to Odaily, South Korea's financial authorities are planning to reassess the status of approximately 600 cryptocurrencies traded on domestic exchanges. This rigorous review aims to ensure compliance with the new 'Virtual Asset User Protection Law' that came into effect on July 19. Recent local media reports suggest that the South Korean government has finalized a best practice plan to support virtual asset trading. The plan outlines strict new requirements for cryptocurrencies to be listed on domestic exchanges. The current system allows exchanges to conduct their internal reviews, but the authorities will establish a more stringent review process as a supplement. The core focus of the new regulations is on listing screening. Under the current system, exchanges individually review and list cryptocurrencies. However, by implementing the best practice plan, the authorities will establish standards that all listed cryptocurrencies must meet. A financial authority official explained, 'Exchanges review every six months whether to maintain support for virtual asset trading.' Subsequent reviews will take place every three months.

In a groundbreaking move, the government of El Salvador has proposed a reform of the current banking law aimed at introducing a new type of bank dedicated to offering Bitcoin and other cryptocurrency services. This initiative aligns with El Salvador's pioneering efforts to integrate Bitcoin into its financial system and the broader economy.  Details of the Proposed Reform - New Type of Banks: The proposed reform will allow the establishment of new banks specifically designed to lend Bitcoin and provide crypto services. - Private Investment: The initiative encourages private investors to form specialized banks focused on Bitcoin and stablecoin services for sophisticated investors. - Comprehensive Services: These new banks are expected to offer a range of financial services, including:  - Economic Risk Management: Tools and strategies to manage financial risks associated with investments.  - Purchase of Financial Products: Facilitation of buying a variety of financial products.  - Investment Management: Services to manage and optimize investment portfolios.  - Hedging: Techniques to protect against potential losses in investments.  - Other Financial Derivatives: Access to advanced financial instruments. Supported Currencies The services provided by these new banks would support any legal currency in El Salvador, including the U.S. dollar and Bitcoin, which was officially adopted as legal tender in the country in 2021.  Implications for El Salvador's Financial Landscape - Financial Innovation: The introduction of banks specializing in Bitcoin and cryptocurrency services marks a significant step in financial innovation, reflecting El Salvador's commitment to leveraging digital currencies. - Investment Opportunities: This reform is likely to attract sophisticated investors interested in the burgeoning crypto economy, offering them tailored banking services. - Economic Diversification: By integrating cryptocurrency services with traditional banking, the reform could contribute to a more diversified and resilient financial system. - Risk and Regulation: The initiative will require careful regulation to manage the unique risks associated with cryptocurrency, ensuring stability and protecting investors. El Salvador's proposal to reform its banking law to accommodate Bitcoin and cryptocurrency services underscores the nation's forward-thinking approach to digital finance. If approved, this initiative could set a precedent for other countries considering similar integration of cryptocurrencies into their financial systems.

According to PANews, the U.S. Securities and Exchange Commission (SEC) has dismissed the latest arguments from Ripple Labs to reduce its fines, insisting on a total penalty of nearly $2 billion. This includes $198.2 million in pre-judgment interest, $876.3 million in civil penalties, and another $876.3 million in refund amounts. Last month, Ripple attempted to seal part of its financial information, but the SEC opposed this, believing the company should disclose the revenue obtained through XRP. Last week, Ripple proposed to Judge Analisa Torres of the New York District Court a fine 'not exceeding $10 million', far less than the $876.3 million civil penalty proposed by the SEC. Ripple cited the SEC's settlement agreement with Terraform Labs as a basis. However, the SEC emphasized in its response that its settlement with Terraform was based on the company's bankruptcy, agreement to refund, and dismissal of relevant responsible persons, measures that Ripple has not taken. The SEC stated that Ripple's fine should be calculated based on the gross profit of its violations, not the total sales. If the penalty ratio of Terraform (close to 12%) is applied to Ripple, its fine should be $102.6 million. The SEC believes that such a low fine cannot meet the purpose of civil penalty regulations. Since the SEC accused Ripple of selling unregistered securities in 2020, the two parties have been arguing in court. Judge Torres has confirmed Ripple's illegal behavior, but only when selling to institutional investors. Currently, the legal battle between the two parties continues.

Democratic Representative Jamaal Bowman in New York’s 16th Congressional District has voted against three pro-crypto bills in the last 30 days.

The New York State Department of Financial Services lists 33 companies holding licenses, allowing them to offer crypto-related products and services.

Terraform Labs plans to sell key projects within the Terra ecosystem and give the community control of the Terra blockchain.