Unqualified Banks?
We’re making today’s post free for all readers on Substack, happy reading!
Uh oh. The overly interventionist but nonetheless financially literate Senator for Mass, Madame Fauxcahontas, is not happy at crypto folks being bankers. Hence…
Senator Elizabeth Warren Accuses U.S. Regulator Of Approving Unqualified Crypto Banks
CoinDesk
Senator Warren Criticizes OCC Over Ripple, Coinbase And Other Crypto Trust Charters
The Block
Senator Warren Questions OCC Chief On Approval Of ‘Ineligible’ Crypto Trust Charters
Cointelegraph
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From the White House, in a separate but linked issue, Trump Orders Government, Fed To Review Crypto Firms’ Access To Payment Rails (CoinDesk) and also, Trump Orders Fed To Review Giving Crypto Firms Access To Master Accounts (The Block).
Across the Atlantic, Euro Stablecoin Project Gains Backing Of 37 Banks (FT) and EU Opens Consultation On MiCA Stablecoin Rules And DeFi Gaps (Cointelegraph).
The most in-depth regulatory update of the day comes from the bank of the central bankers: Press Release: Basel Committee Agrees To Publish Report On Information And Communication Technology Risk Management, Progresses Cryptoasset Targeted Review, Considers Targeted Updates On Liquidity Risk Principles (BIS).
Some may allegedly be inclined to speculate, is this “how to avoid?” or “a take one to know one” kind of approach? …we couldn’t possibly comment as Binance Academy Releases Guide To Crypto Scam Tactics, Prevention (Bloomingbit).
Burmese crackdown as Myanmar Targets Crypto Fraud With Life Sentence Bill (CoinGeek).
In legislation, as The Hills reports 4 Hurdles Facing Senate Crypto Bill After Key Vote. IMHO, the biggest would appear to be the problem that 2 Dem Sens voted in committee with the bill but 8 votes are needed on the floor and many even pro crypto Democrats are unhappy in supporting this bill. Then again the fact the bill might just run out of time is another key concern.Then again the fact the bill might just run out of time is also a key concern.
More progressively in legislation:
South Carolina Governor Signs Pro-Crypto, Anti-CBDC Bill Into Law
The Block
SC Malaysia Issues Revised Guidelines On Recognized Markets For Digital Asset Exchange
SC Malaysia
From the subcontinent NDTV discusses The Future Of Crypto In India: Regulation, Taxation, And What Lies Ahead.
As Capitalize And Crypto.com Announce New Partnership To Unlock 401(k) Rollover Savings (BusinessWire), Deloitte Absorbs Blocknative Team As Crypto Infra Firm Winds Down APIs And Gas Network (The Block) and Zerohash Pursues New Funding At More Than $1.5 Billion Valuation After Mastercard Drops Investment Plans (CoinDesk). Also in deal related flow, Tether Acquires SoftBank’s Stake In Twenty One Capital As Share Price Jumps 5% (The Block).
The crypto bros see this as all about their ability to raise more money, faster: The SEC Wants To Let Newly Public Companies Raise Cash Instantly In Its Biggest Rule Change In Decades (CoinDesk).
After Nearly a Decade, Gary Gensler’s Poster Child for Crypto Compliance Executes Its First Trade as Decrypt snarks Prometheum for having actually done the right thing and sought regulatory approval from the start. In my book, that’s the right thing to do but Gary Gensler is a blunt instrument of pantomime villainy for the crypto bros unwilling to analyse the ways of the world more holistically.
Today’s hack: GitHub Internal Repositories Breached Via VS Code Extension (Cointelegraph).
Finally, no point over-analysing, the UK is just dysfunctional nowadays: Too Many Cooks: How Regulatory Infighting Is Choking The UK’s Crypto Hub Ambitions (CoinDesk).
From our sister publication, EI Weekend:
AFM 2026 Conference
Delighted to be heading to Taipei this June to join the AFM Annual Conference 2026 for a lively Fireside Chat with Fiona Boal, Global Head of Equities, S&P Dow Jones Indices.
AFM events are always a terrific gathering of exchange leaders, innovators, and market thinkers from around the world — the sort of forum where ideas are challenged, refined, and occasionally turned into reality.
Looking forward to the conversations (both on and off stage). See you in June.
Where: Taipei Marriott Hotel, Junior Ballroom
When: June 4–5, 2026
Register here
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FINANCE BOOK OF THE WEEK
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This new edition was produced to celebrate PLY ringing the NYSE Closing Bell July 5th, 2024. There are several new sections of PLY pith to add 10,000 more words of context and the original book which is remarkably prescient and elegantly dated all at once!
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