Stablecoin Issuers Must Adhere to Anti-Money Laundering and Sanctions Programs, Says Treasury

Elastos introduced a stablecoin, BTCD, backed by Bitcoin, aiming to replicate the Bretton Woods system with Bitcoin at its core. The overcollateralization of 160%-200% in Bitcoin ensures stability, with oracles monitoring the BTC-USD rate for adjustments.

Bitcoin's price dropped after U.S. President Trump criticized Federal Reserve Chair Powell, expressing doubts about interest rate cuts amid Middle East tensions. Altcoins like Solana and XRP also saw declines, with the Fed expected to maintain rates and release economic projections.

At DigiAssets 2025, FCA's Jane Moore emphasized the importance of a global response to crypto regulation. Lord Chris Holmes highlighted the need for stakeholders to engage in FCA consultations for effective regulation.

Spokane City Council unanimously approved a ban on virtual currency kiosks, including crypto ATMs, to protect residents from scams. Operators have 60 days to remove their machines or face penalties and potential license revocation.

CFTC Commissioner Kristin Johnson discussed the advantages and risks of artificial intelligence in the crypto sector at DigiAssets 2025. She highlighted AI's potential for speeding up settlement times and compliance but warned about risks of fraud, bias, and data breaches. Johnson emphasized the need for penalties against fraudsters misusing AI.

A pro-Israel hacking group breached Iran's largest crypto exchange, Nobitex, stealing over $90 million in digital assets. The hackers exploited multiple blockchain networks using provocatively named wallet addresses, causing a loss of $49.3 million on Tron, $24.3 million on EVM-compatible chains, $2 million in Bitcoin, and $6.7 million in Dogecoin.

Thailand has approved a five-year exemption on capital gains taxes for crypto sales through licensed digital asset service providers from 2025 to 2029. This move aims to position the country as a global financial hub for digital assets, attracting businesses and investors.

Gemini has filed a complaint against the CFTC, accusing its enforcement division of prioritizing career advancement over consumer protection. The company alleges the investigation was based on false statements from a disgruntled former employee seeking revenge.

JD.com, led by founder Richard Liu, plans to launch stablecoin services globally to improve cross-border payments. The company aims to reduce settlement times to under 10 seconds and cut payment costs by up to 90%. This initiative is part of JD.com's strategy to revitalize its business after years of stagnation.

The U.S. Senate passed the GENIUS Act, establishing a framework for stablecoins, which are pegged to the U.S. dollar. This legislation could bring trillions of dollars into the crypto market, with major players like banks and tech giants expressing interest.