Schlagwort: crypto news

• Coinbase backs UK petition urging stablecoin rules and blockchain adoption.
• Petition tops 5K signatures; 10K triggers government reply, 100K a debate.
• Supporters warn UK risks falling behind without clear crypto strategy.

A public petition urging the United Kingdom to adopt a pro-innovation strategy for blockchain and stablecoins has gathered momentum after crypto exchange Coinbase rallied its users to support the initiative.

The petition, which has been live on the UK government’s website since July, calls for a comprehensive framework covering stablecoin regulation, blockchain adoption, and the appointment of a blockchain “czar.”

While it initially gained little attention, interest accelerated this week after Coinbase issued in-app messages encouraging users to sign.

Screenshots shared on social media showed notifications from the exchange urging customers to “help UK lead stablecoin innovation now.”

At the time of writing, the petition had surpassed 5,000 signatures.

Once it reaches 10,000 signatures, the government is required to issue a formal response.

If the total climbs to 100,000 signatures, the proposal will be considered for parliamentary debate.

The petition remains open until March 3, 2026.

Calls for regulatory clarity and innovation

The proposal outlines three specific demands: establishing a framework for stablecoins and tokenization, promoting blockchain adoption across government functions, and designating a senior official dedicated to overseeing crypto policy.

Supporters of the petition argue that stablecoins form the foundation of a tokenized economy and that regulatory clarity is essential for the UK to remain competitive.

The petition highlights that the United States has ruled out a central bank digital currency (CBDC) in favor of stablecoins, suggesting that the UK risks falling behind without a clear strategy.

“This is a question of national interest to preserve the competitiveness of the City and sterling’s global standing,” the petition states.

Advocates warn that without timely action, the UK may lose its edge to other jurisdictions pursuing more aggressive digital asset strategies.

Coinbase’s role in shaping UK crypto policy

Coinbase has been vocal in its campaign for clearer digital asset regulation in the UK.

In recent months, the exchange has stepped up efforts to influence public debate and policymaking.

On July 31, Coinbase released a satirical video titled “Everything is Fine.”

The video contrasted upbeat lyrics celebrating Britain’s financial system with visuals of inflation, poverty, and economic challenges, a pointed critique of the status quo.

Just days later, on August 5, former UK Chancellor and current Coinbase adviser George Osborne published an opinion piece in the Financial Times.

In the article, Osborne warned that the UK is falling behind in the global digital asset race and singled out stablecoins as an area where the country has ceded ground.

Coinbase’s support for the petition reflects its broader strategy of pressing for regulatory clarity and fostering a more favorable operating environment for digital assets in the UK.

With the petition already halfway to the government’s response threshold, the initiative underscores growing pressure on policymakers to provide direction on stablecoins and blockchain innovation.

The post Coinbase-backed petition pushes UK on blockchain and stablecoin policy appeared first on CoinJournal.

• Past fines include €4 million for Kraken and €2.85 million for Crypto.com.
• OKX also fined €1.1 million in Malta in April 2025.
• $504 million settlement in the US keeps OKX under oversight until 2027.

The Dutch central bank’s decision to fine OKX €2.25 million is not just a warning about regulatory oversight—it reflects how European authorities are taking a retrospective approach to compliance.

The penalty covers services offered without registration between July 2023 and August 2024, a period before the Markets in Crypto-Assets Regulation (MiCA) came into force.

By targeting past activity, regulators are making it clear that crypto exchanges will be held accountable even for legacy practices, regardless of whether they are now licensed under Europe’s new regime.

Past actions remain under scrutiny

Since 2020, the Netherlands has required crypto service providers to register under its anti-money laundering rules.

OKX, operating without approval during that timeframe, was found in breach. The DNB said such violations “will not be tolerated.”

The Netherlands has taken similar action against other major exchanges.

Kraken paid €4 million, and Crypto.com paid €2.85 million, both for offering unregistered services.

These penalties, including OKX’s latest fine, show that enforcement applies retroactively and that regulators are not letting past violations slide as the industry adapts to new frameworks.

Global fines put spotlight on compliance gaps

OKX has also been penalised in multiple jurisdictions. In April 2025, its European unit was fined €1.1 million in Malta for anti-money laundering shortcomings identified two years earlier.

The company secured MiCA approval after overhauling compliance processes.

Earlier in 2025, in the United States, OKX agreed to a $504 million settlement.

It admitted to operating as an unlicensed money transmitter and processing illicit transactions.

The settlement requires OKX to operate under strict oversight until 2027, including hiring an independent compliance consultant.

These fines show a consistent pattern: regulators are digging into earlier operations while demanding current compliance.

For exchanges, this means penalties may arrive years after the original breaches, creating prolonged uncertainty.

Dutch case treated as “legacy matter”

OKX, legally known as Aux Cayes Fintech Co., characterised the Dutch case as a “legacy matter” and said it has already resolved the issue.

Dutch customers were moved to its MiCA-licensed European entity, and the firm stressed there was no impact on customers.

The fine imposed by the DNB was lower than penalties given to other exchanges, with the regulator recognising OKX’s cooperation.

However, the action reinforces a larger trend: exchanges cannot simply comply today and ignore yesterday.

Europe’s enforcement era under MiCA

The timing of the Dutch case is significant. MiCA is now live across Europe, requiring exchanges to register, comply with reporting rules, and pass stricter anti-money laundering checks.

While OKX and others have secured licences, regulators are still pursuing earlier breaches.

This means the era of “operate first, register later” has ended, and exchanges are learning that legacy operations carry risks long after new frameworks are in place.

The Netherlands’ approach indicates that other regulators across Europe may follow, reviewing past activity while enforcing current rules.

The post OKX fined €2.25 million in the Netherlands for unregistered crypto services appeared first on CoinJournal.

• A top DOJ official says writing code “without ill intent is not a crime.”
• The promise comes after the conviction of the Tornado Cash developer.
• The DOJ vows not to use indictments as a lawmaking tool for crypto.

Standing before an anxious audience of cryptocurrency innovators in Wyoming, a senior official from the US Department of Justice delivered the precise message they were desperate to hear: the government’s perceived war on software developers is over.

In a landmark speech, he declared that the simple act of writing code, when done without criminal intent, is not a crime.

The official, Matthew Galeotti, acting assistant attorney general in the DOJ’s criminal division, made the powerful assurances on Thursday at an event hosted by the new crypto advocacy group, American Innovation Project.

His words, met with vigorous applause, represented a dramatic and deliberate shift in tone from a department whose recent actions have sent a chill through the entire developer community.

A line in the sand after the storm

Galeotti drew a firm line, promising that the DOJ would not weaponize the legal system to indirectly regulate the digital asset space. 

“The department will not use federal criminal statutes to fashion a new regulatory regime over the digital asset industry,” he said. 

The department will not use indictments as a lawmaking tool. The department should not leave innovators guessing as to what could lead to criminal prosecution.

Then came the centerpiece of his address, a clear and unambiguous declaration: “merely writing code without ill intent is not a crime.”

This was not a vague promise. Galeotti directly addressed the legal statute used to convict the developers behind both Tornado Cash and Samourai Wallet, stating that the DOJ would not press charges under that code unless prosecutors have “evidence that a defendant knew of the specific legal requirements and willfully violated it.” 

He went further, extending a shield to projects where “software is truly decentralized and solely automates peer-to-peer transactions, and where a third party does not have custody and control over user assets.”

The shadow of the Southern district

But those words of reassurance were delivered against the chilling backdrop of recent history.

The speech comes on the heels of two high-profile and deeply controversial victories for US prosecutors.

Most prominent was the conviction of Tornado Cash developer Roman Storm for running an unlawful money transmitting business, a verdict that many in the industry saw as a direct criminalization of open-source code.

This is the conflict that has haunted the industry: a seeming disconnect between the department’s top brass and its most aggressive prosecutors.

An April memo from Deputy Attorney General Todd Blanche had already signaled a more careful approach under the Trump administration, even disbanding the national cryptocurrency enforcement team.

Yet despite that memo, the powerful Southern District of New York (SDNY) pressed forward with its cases against Storm and the Samourai Wallet developers, creating a climate of profound uncertainty and fear.

A cautious sigh of relief

Galeotti’s speech was a direct attempt to quell that fear and reassert a unified, top-down policy. 

“Developers of neutral tools with no criminal intent should not be held responsible for someone else’s misuse of these tools,” he stated. 

If a third party’s misuse violates criminal law, then that third party should be prosecuted, not the well-intentioned developer.

For an industry that has felt under siege, pouring millions into lobbying efforts to protect its innovators, the speech felt like a potential turning point.

It was a public validation of their core argument.

“The fact that the DOJ acknowledged that software developers should not be held responsible for third parties’ misuse of their code affirms what we have been advocating for years,” said Amanda Tuminelli, executive director of the DeFi Education Fund, in a statement. 

Let’s celebrate this as a moment of progress and remember that there is still more work to be done to change the law permanently.

The post A new era for crypto? DOJ official says ‘well-intentioned’ developers are not a target appeared first on CoinJournal.

• Senator Lummis has introduced a bill to include crypto in mortgage approvals.
• The bill targets young buyers and aligns with FHFA’s recent crypto directive.
• Critics cite crypto’s volatility as a mortgage default risk.

US Senator Cynthia Lummis of Wyoming has proposed legislation that, if passed, would require housing finance agencies to consider digital assets in evaluating mortgage loan applications.

The bill has sparked debate on Capitol Hill, with supporters viewing it as a step toward financial modernisation and critics warning of potential risks.

Bill tied to recent Federal Housing directive

The proposed legislation, known as the 21st Century Mortgage Act, aims to codify a recent order issued by the Federal Housing Finance Agency (FHFA).

That order directed Fannie Mae and Freddie Mac, two key mortgage purchasers in the US, to factor in cryptocurrencies as part of asset evaluations for single-family mortgage loans.

Senator Lummis announced the bill shortly after the FHFA directive, stating that congressional action was needed to ensure the order becomes permanent law.

According to the senator, the bill reflects a modern approach to wealth-building, especially for younger Americans who are more likely to own digital assets than traditional property or savings.

Targeting the younger generation of buyers

Citing US Census Bureau data, Lummis noted that homeownership among Americans under 35 stood at just 36% in the first quarter of 2025.

For many in this demographic, crypto represents a significant portion of their net worth.

Therefore, the bill seeks to address a growing need to consider all forms of personal wealth — not just fiat or traditional assets — during the mortgage approval process.

The bill would allow borrowers to retain their cryptocurrency holdings without being forced to liquidate them into US dollars for mortgage consideration.

This approach, Lummis argues, keeps pace with how wealth is evolving and acknowledges the financial reality of modern young adults.

Pushback from Democratic lawmakers

Despite its potential to expand financial inclusion, the bill has faced early resistance.

Several Senate Democrats have expressed concern over the FHFA order, and by extension, the proposed legislation.

In a letter sent to FHFA Director William Pulte on July 24, they urged the agency to fully evaluate the risks and benefits of integrating crypto into mortgage evaluations.

According to the letter, a borrower who relies on volatile digital assets may struggle to convert those holdings into cash during a downturn.

That, in turn, could raise the risk of mortgage default, which would impact not only the individual borrower but also the broader financial system.

Broader crypto legislation on the horizon

The 21st Century Mortgage Act is just one of several crypto-related bills making their way through Congress.

Senator Lummis is also spearheading a separate effort to establish a comprehensive framework for digital asset markets.

Meanwhile, the Senate is reviewing another bill that would ban the Federal Reserve from launching a central bank digital currency (CBDC), following its approval in the House earlier this month.

On the House side, a similar bill has already been introduced by Representative Nancy Mace.

Known as the American Homeowner Crypto Modernisation Act, Mace’s bill would mandate mortgage lenders to consider the value of digital assets held in brokerage accounts linked to crypto exchanges during the credit evaluation process.

The post Wyoming Senator pushes bill to allow crypto in mortgage appeared first on CoinJournal.

• Ripple’s RLUSD could benefit from the new rules and expand its use in US financial systems.
• Only 14 million XRP tokens have been burned to date versus 59.1 billion in circulation.
• The pending CLARITY Act could further clarify XRP’s legal status in the US market.

Ripple’s strategic position in the evolving US stablecoin landscape received a boost last Friday after President Donald Trump signed the “Guiding and Enabling the Nationwide Innovation of US Stablecoins” (GENIUS) Act into law.

The legislation establishes a formal regulatory path for stablecoin issuers and paves the way for institutions to adopt digital dollars under federal oversight.

For Ripple, this offers new ground to promote its RLUSD stablecoin—but has limited bearing on its native XRP token.

GENIUS Act offers regulatory clarity for Ripple’s RLUSD

The GENIUS Act provides a legal framework for dollar-backed stablecoins, enabling issuers to operate under federal charters and meet specific reserve and audit standards.

The move benefits stablecoins such as USDC, PayPal USD, and RLUSD, all of which aim to be integrated into institutional finance and payment systems.

Ripple’s RLUSD, though not yet as widely adopted as rivals like Circle’s USDC or Tether’s USDT, could leverage the act’s legal clarity to position itself as a compliant, regulated stablecoin within the United States.

Unlike decentralised or offshore stablecoins, RLUSD could function as a native liquidity provider for on-shore financial transactions, potentially giving Ripple a role akin to a financial infrastructure provider in the regulated US market.

While RLUSD stands to gain traction from the GENIUS Act, this advancement is unlikely to bring meaningful price movement to XRP. The two are functionally separate, with XRP continuing to serve as a bridge token on the XRP Ledger.

XRP supply dynamics unaffected by RLUSD transactions

Although RLUSD will operate on the XRP Ledger and every transaction will burn a small amount of XRP to pay network fees, the volume is too low to materially affect the coin’s price or supply.

Since inception, only 14 million XRP tokens have been burned, while the circulating supply remains over 59.1 billion. This shows that even under heavy usage, token burns through stablecoin transactions will not significantly influence XRP’s deflation rate or valuation.

Ripple’s Chief Technology Officer, David Schwartz, has previously downplayed the impact of such burns, noting that they will not materially reduce supply in the foreseeable future.

This reinforces the view that RLUSD-related network activity will not shift XRP’s price dynamics in a meaningful way.

Ongoing SEC lawsuit adds uncertainty to XRP classification

The broader regulatory environment for XRP remains unresolved, as Ripple’s legal battle with the US Securities and Exchange Commission (SEC) continues.

A previous ruling determined that XRP is not a security when sold on public exchanges but may be classified as one in institutional placements. This duality in classification introduces lingering uncertainty about XRP’s long-term regulatory status.

The current ambiguity impacts Ripple’s ability to rely solely on XRP within the US. In this context, the GENIUS Act gives Ripple a compliant alternative in RLUSD, reducing regulatory exposure in XRP-heavy transactions.

This shift enables the company to broaden its reach in regulated financial environments while maintaining its core blockchain infrastructure.

CLARITY Act could redefine XRP’s regulatory standing

Looking ahead, further legislative developments could reshape Ripple’s token strategy. The pending CLARITY Act proposes a formal path for digital assets to transition from securities to commodities over time.

If passed, it could eliminate the regulatory ambiguity surrounding XRP’s classification and facilitate broader tokenisation strategies involving Ripple’s ecosystem.

In the meantime, RLUSD provides a way for Ripple to participate in the stablecoin market without depending on XRP in uncertain regulatory conditions.

This dual-token strategy offers flexibility, allowing Ripple to align with evolving US regulations while continuing to promote its ledger technology.

The post Trump signs GENIUS Act into law, positioning Ripple’s RLUSD for institutional adoption appeared first on CoinJournal.