CFA Report Pegs US Crypto Fraud Losses at $80.7B

The Office of the Comptroller of the Currency is under pressure from bank lobbyists as they urge to block Coinbase's application for a national trust bank charter. The Independent Community Bankers of America and the Bank Policy Institute have raised concerns about Coinbase's application, citing systemic and legal issues.

Ripple secured a $500 million investment at a $40 billion valuation from Wall Street affiliates. XRP's price reached $2.28, with a previous high of $3.65 in July, driven by regulatory optimism.

Iggy Azalea has joined Thrust as creative director to reshape the perception of celebrity-backed tokens, aiming to offer culture coins instead of meme coins. Thrust seeks to address systemic issues in the crypto space by providing legally binding contracts for each culture coin launch.

Canada plans to regulate fiat-backed stablecoins by creating a legal framework for their issuance and use, aiming to provide oversight and clarity in digital finance. The Bank of Canada will oversee the regime with $10 million allocated over two years, starting in 2026-27, to ensure stablecoins are safe and secure for consumers and businesses.

Anthony Scaramucci expresses concerns about Zohran Mamdani potentially driving wealthy New Yorkers away from the city due to his left-wing policies. Mamdani's proposed tax increase for high earners could lead to an economic setback, according to Scaramucci and other crypto executives.

France's National Assembly has approved a controversial wealth tax amendment that includes cryptocurrency holdings, imposing a 1% annual tax on wealth exceeding $2.2 million. The lack of nuanced definitions in the bill complicates tax treatment for crypto founders and builders.

Monero is experiencing a rally amidst a market sell-off, showing a shift in capital within the privacy-focused crypto sector. This movement is part of a rotation away from other privacy coins like Zcash, Dash, and Decred, which have seen declines recently.

Hong Kong police have charged Joseph Lam and 15 others in the $206 million (HK$1.6 billion) JPEX crypto case, with Interpol searching for three major suspects. The investigation, which began in September 2023, has led to the arrest of 80 individuals and the seizure of $29 million (HK$228 million).

Trent Merrin, a former Australian Rugby League star, was arrested for allegedly stealing $91,000 in crypto through deceptive means. Police claim he used unauthorized transfers to obtain a financial advantage from a victim's account, leading to his arrest and pending court appearance.

A global selloff affected financial markets, with Bitcoin dropping below $100,000 and the S&P 500 and gold also experiencing declines. The broader crypto market saw a significant drop in market capitalization, triggering over $2 billion in liquidations across digital assets.