Latest news with #digitalasset
Bloomberg
2 days ago
- Business
- Bloomberg
Coinbase Rebrands Crypto Wallet App While Packaging Functions
Coinbase Global Inc. is rebranding one of its primary apps as the largest US digital asset platform seeks to consolidate social, chat, payment and trading functions in one place for customers. The Coinbase Wallet app will become Base App, the company said in a statement Wednesday. Coinbase launched the Base blockchain about two years ago, and it's steadily grown in importance, generating millions in revenue and becoming central to its payments push. Last year, Jesse Pollack, who led Base's development, joined Coinbase's executive team and was appointed to lead Coinbase Wallet.
Globe and Mail
2 days ago
- Business
- Globe and Mail
Procedural Defeat Derails Congress's Crypto (GBTC) Week: Market Fallout and Next Steps
The House's much-touted 'Crypto Week' hit an unexpected roadblock when a procedural motion to advance three industry-backed digital asset bills failed 196-222, casting doubt on long-awaited stablecoin and token classification legislation. Lawmakers were left scrambling to forge a path forward after conservative Republicans joined Democrats in opposing a rule change that would have blocked amendments. GOP rebels, led by Representatives Marjorie Taylor Greene and Tim Burchett, balked at the stablecoin framework they viewed as too restrictive on amendments, while Democrats seized the chance to press for broader consumer protections. House Speaker Mike Johnson vowed to continue negotiations, meeting with both factions to resurrect the stalled package. Market Overview: Procedural vote defeated 196-222, delaying three crypto bills Conservative GOP and Democrats united to demand amendment rights Speaker Johnson to reconvene talks with dissenting members Key Points: GENIUS and CLARITY Acts blocked amid amendment dispute Robinhood, Coinbase and Circle shares fell on legislative setback Bitcoin slipped 3% after initial record-high run Looking Ahead: Watch for revised procedural motion to include amendment window Monitor leadership's efforts to repackage bills and win support Assess impact on institutional adoption amid regulatory uncertainty Bull Case: The House setback is procedural rather than a substantive policy rejection, leaving the door open for rapid progress if a compromise can be reached—potentially with a revised motion that allows targeted amendments without unraveling key industry-friendly provisions. Speaker Johnson's commitment to convene further negotiations shows there's bipartisan interest in getting stablecoin and token classification legislation over the finish line, setting the stage for fresh momentum before Congressional recess. The vocal demand for amendment rights could lead to more robust, consumer-protection-focused bills—striking a healthy balance between market innovation and regulatory oversight that might bolster long-term institutional adoption. Equity and token market pullbacks (in Robinhood, Coinbase, Circle, and Bitcoin) may present buying opportunities for investors with conviction in eventual U.S. regulatory clarity, as volatility is largely tied to a temporary legislative gridlock. Support from both sides of the aisle for advancing digital asset reforms signals that the U.S. remains focused on building a globally competitive regulatory landscape, potentially restoring confidence if a revised package ultimately passes. Compromise legislation could unlock pent-up demand from crypto industry participants and institutional investors waiting for clear compliance pathways. Bear Case: The failure of the procedural motion in the House reveals deep partisan and intraparty divisions on crypto regulation, raising the risk that key stablecoin and token bills may remain stalled for months or even the remainder of the session. Legislative uncertainty and gridlock could deter new capital inflows and slow U.S. innovation, with global competitors potentially capitalizing on America's regulatory hesitancy. Immediate sharp declines in crypto-linked equities and a 3% drop in Bitcoin highlight how investor sentiment is highly sensitive to Washington—prolonged delays may trigger continued outflows and volatility in both public and private crypto markets. Demands for expanded consumer protections and a broader amendment window could water down the originally industry-friendly bills, risking overregulation or ambiguity that continues to stifle product development and exchange growth. With the legislative calendar tightening ahead of recess, chances for a quick resolution diminish, and unresolved policy questions may weigh on institutional adoption forecasts, business development, and U.S. leadership in digital assets. Each failed attempt increases the risk of regulatory patchwork or piecemeal state-by-state approaches, complicating compliance and raising operational costs for crypto firms. Cryptocurrency-linked (GBTC) equities and tokens reacted swiftly: Robinhood (HOOD), Coinbase (COIN) and Circle (CRCL) all saw double-digit percentage losses, while Bitcoin retraced gains and fell roughly 3%, underscoring how regulatory gridlock can ripple through markets. With the legislative session ticking toward recess, backers like Representative Warren Davidson remain optimistic that a compromise can be struck soon, potentially by allowing targeted amendments without upending the core industry-friendly provisions. The outcome will shape whether U.S. lawmakers can deliver the clarity crypto markets have long craved.
Associated Press
2 days ago
- Business
- Associated Press
Cryptocsle Launches Platform Upgrade to Enhance User Experience and Compliance Capabilities
New York, United States, July 16, 2025 -- CRYPTO SAFELOCK EX LTD. today announced a major upgrade to its digital asset platform, Cryptocsle, aimed at significantly improving user interaction, strengthening compliance review mechanisms, and reinforcing asset security infrastructure. This update is designed to provide users worldwide with a more stable, transparent, and efficient digital asset trading environment. Since its official launch in early 2020 in the United States, Cryptocsle has remained committed to serving small and medium-sized digital asset projects by offering incubation, listing, and market access support. The latest upgrade reflects a comprehensive technical and procedural overhaul, developed in response to extensive user feedback and in alignment with the market's increasing demands for compliance, security, and operational efficiency. Enhanced User Experience The platform's user interface has been redesigned to streamline the trading process and improve asset management functionality. Enhancements include simplified token filtering logic, optimized market chart displays, and faster loading of market depth data. The mobile app has also been upgraded to ensure smoother cross-device operations. A new customizable interface allows users to tailor their trading layouts and shortcut keys based on personal preferences. Robust Compliance Framework A major highlight of this update is the introduction of a Project Compliance Scoring System, co-developed by Cryptocsle's in-house compliance team and external legal advisors. The scoring system evaluates digital asset projects across several dimensions, including governance structure, founding team background, financial transparency, and user risk disclosures. This mechanism offers investors a clear, systematic framework for evaluating projects, thereby enhancing transparency and supporting more informed decision-making. Strengthened Asset Security The platform now features a dynamic separation mechanism between hot and cold wallets, coupled with an AI-powered risk control engine that uses behavioral analysis to detect and respond in real time to suspicious activity, including potential money laundering, abnormal trading behavior, and unusual login attempts. To further enhance custody compliance, Cryptocsle has partnered with licensed third-party institutions for periodic security audits and has implemented multi-factor authentication to safeguard account integrity. Global Expansion and Strategic Outlook According to platform executives, Cryptocsle is actively advancing its global expansion strategy and plans to enter several emerging markets—including Southeast Asia, Europe, and the Middle East—within the next 12 months. In future updates, the platform will introduce advanced features such as contract analytics, on-chain data monitoring, and developer-oriented API trading modules, with the goal of fostering a more diverse and collaborative trading ecosystem. Cryptocsle reaffirms its core vision: to strike a sustainable balance between regulatory compliance and technological innovation. The platform is committed to building a long-term governance framework that supports the full growth cycle of high-quality digital asset projects—from early-stage fundraising to global user acquisition. As global digital asset regulations become increasingly standardized, Cryptocsle remains firmly dedicated to a 'compliance-first' approach and to driving the industry toward greater safety and transparency. Contact Info: Name: Roger Lee Email: Send Email Organization: CRYPTO SAFELOCK EX LTD. Website: Disclaimer: This press release is for informational purposes only. Information verification has been done to the best of our ability. Still, due to the speculative nature of the blockchain (cryptocurrency, NFT, mining, etc.) sector as a whole, complete accuracy cannot always be guaranteed. You are advised to conduct your own research and exercise caution. Investments in these fields are inherently risky and should be approached with due diligence. Release ID: 89164781 In the event of detecting errors, concerns, or irregularities in the content shared in this press release that require attention or if there is a need for a press release takedown, we kindly request that you inform us promptly by contacting [email protected] (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our dedicated team will promptly address your feedback within 8 hours and take necessary actions to resolve any identified issues diligently or guide you through the removal process. Providing accurate and dependable information is our utmost priority.
Bloomberg
3 days ago
- Business
- Bloomberg
Arb Trades Are Back in Vogue in Latest Ether Push
David Pan takes a deeper look at the how traders are trying to shake Ether from its doldrums. Bitcoin's record-breaking rally has hedge funds dusting off a tried-and-true arbitrage strategy for the market's second-largest digital asset, Ether.
Coin Geek
3 days ago
- Business
- Coin Geek
Champagne on ice as America's ‘Crypto Week' gets underway
Getting your Trinity Audio player ready... America's 'Crypto Week' is underway as the sector prepares to celebrate the first digital asset legislation to head to President Trump's desk for signing into law. Monday saw the House of Representatives kick off its so-called 'Crypto Week,' which will bring floor votes on three critical pieces of digital asset legislation governing stablecoins (the Senate-approved GENIUS Act), market structure (CLARITY Act), and a ban on central bank digital currencies (Anti-CBDC Surveillance State Act). While the House's tentative schedule suggests voting could start Tuesday, word is that Wednesday is the real launch date. CLARITY will reportedly be the first bill to get a vote before GENIUS steps up on Thursday, while the less impactful CBDC bill will tag along for the ride at some unspecified point. All three bills were discussed Monday by the House Rules Committee, which sets the parameters for the debate, possible amendments, and votes to follow. Once passed by the full House, CLARITY/CBDC will move to the Senate, which is promising (again) to unveil its own market structure bill this week, while GENIUS will head straight to the President's desk for signing into law. On Monday, Reps French Hill (R-AR) and Glenn Thompson (R-PA) released an op-ed via The Hill hailing this week's heretofore unimaginable legislative progress. There wasn't much substance to the article, more of an anticipatory victory lap that confidently declared 'the days of regulatory uncertainty are coming to an end.' There's still a little uncertainty left, however, as some last-minute updates to CLARITY make clear. While Trump has convinced House leadership to pass a 'clean' version of GENIUS (aka no revisions) in order to hasten its arrival on his desk, the House appears to want to use CLARITY to tweak GENIUS after the latter's passage. For instance, the revised version of CLARITY authorizes 'commodity-backed payment stablecoins,' aka a payment-focused token that's 'denominated in a highly liquid, publicly traded physical commodity, such as gold.' There are also tweaks to the text describing the monthly certification process for reports submitted by authorized stablecoin issuers. It bears noting that, while the House agreed to toss its own stablecoin legislation (the STABLE Act) and speed GENIUS through to Trump, the Senate has offered no assurances that it will return the favor regarding CLARITY. So, as far as market structure is concerned, there's still plenty of sausage-making ahead. The eternal agony of being a Democrat While House Republicans were celebrating their progress, House Dems were launching their own full-court PR effort. On July 11, Reps Maxine Waters (D-CA) and Stephen Lynch (D-MA) announced their own name for this week's proceedings: 'Anti-Crypto Corruption Week.' In reality, Dems have no means of derailing the GOP's crypto agenda. And even though they did, Dem leadership doesn't appear all that interested in doing so. On Monday, Politico reported that the office of Katherine Clark, the House Dem in charge of 'whipping' votes, had issued a notice to the caucus saying the stablecoin and market structure bills are fundamentally flawed. However, Dems weren't explicitly told to vote against them. The notice says CLARITY 'has a number of oversights and omissions that, when coupled with the actions of the Executive Branch, raise significant and long-term issues that may undermine the possibilities of new technologies.' As for GENIUS, 'there are no community reinvestment requirements, no third-party vendor federal oversight, and weak federal oversight of stablecoin issuers licensed by states or overseas … In addition, this bill still narrowly permits private commercial companies (e.g., Elon Musk's X) to issue stablecoins, jeopardizing a decades-old separation of banking and commerce created to prevent consolidations of economic and political power.' The juxtaposition of all these perceived flaws with the lack of will to organize mass opposition against them appears to confirm the fear of blowback from well-funded crypto lobby groups (so vividly expressed in those leaked group chat messages). In other words, the Dems' opposition is largely for show. A trio of House Dems, including two members of the Financial Services Committee, issued their own letter to colleagues on Monday urging them to vote in favor of CLARITY, arguing that '[a]lthough this bill is not without its shortcomings and may still be improved, inaction is not a viable option.' Not going quietly is Waters, who on Monday issued an 'I told you so' op-ed warning that Republicans' refusal to impose sufficient regulatory guardrails while opening up crypto access to U.S. banking means that 'America will eventually face its first crypto financial crisis.' Waters also bemoaned Republicans' refusal to include amendments that 'curtail the president's abuse of power,' thereby making it 'easier for Trump's personal financial interests to dictate U.S. policy.' Some proposed/failed amendments to CLARITY attempted to address Trump's crypto ventures, including a Lynch-sponsored change requiring the Inspectors General of the Treasury Department and the Securities and Exchange Commission (SEC) to conduct annual reports 'on any presidential crypto holdings.' Other amendments would have explicitly prohibited presidents, vice-presidents, members of Congress, and their family members from dabbling in crypto ventures. As stated above, none of these amendments survived the vetting process because (a) the Dems have no leverage, and (b) Trump has all the leverage in the world over the GOP. The Rules Committee ultimately voted 8-4 along party lines to allow the trio of crypto bills to proceed to the House floor this week for brief (an hour per bill) debate before voting. Back to the top ↑ WLF mystery buyer revealed? Speaking of Trump, writer Jacob Silverman believes he's identified the phantom figure behind the Aqua1 Foundation, the purportedly UAE-based 'Web3-native fund' that last month agreed to buy $100 million worth of WLFI, the governance token of the Trump-linked decentralized finance (DeFi) project World Liberty Financial (WLF). Last week, Silverman published an article in The Nation detailing the UAE government's lack of information on Aqua1. Silverman's findings were echoed in other reports by outlets like Reuters, which quoted officials in the Abu Dhabi financial center saying Aqua1 was 'not registered, licensed, or affiliated' with it 'in any capacity.' On Monday, Silverman posted a follow-up in which he claims to have identified Aqua1's purported co-founder, Dave Lee, as David Li, a 30-year-old 'senior project manager' at Hong Kong-based digital asset firm Web3Port. Li also appears to be a manager at the Chinese National Petroleum Corporation (CNPC) Beijing, a state-run energy giant. Silverman has asked the public to contact him on Signal at jacobsilverman.99 if they can shed more light on how 'a 30-year-old Chinese-Brazilian finance professional working for a Chinese state energy company [can] secure $100 million to buy crypto tokens from the President of the United States' main crypto firm? And what do he and his colleagues expect in return?' Back to the top ↑ Binance v Bloomberg v Coinbase Also coming under fire for their alleged Trump ties is the Binance exchange, which, according to a July 11 Bloomberg report, helped WLF launch its USD1 stablecoin earlier this year. The report quotes three unidentified sources who claim Binance wrote the smart contract behind USD1. A few months after USD1's launch, the UAE government-linked MGX investment firm acquired $2 billion worth of the stablecoin from WLF. The tokens were then forwarded to Binance as part of a deal in which MGX took a $2 billion stake in Binance. The report notes that, two months later, this $2 billion remains in Binance wallets, while the fiat assets backing that USD1 are generating millions in interest for WLF. The report went on to say that Binance, the unquestioned top digital asset exchange in terms of trading volume, also promotes USD1 to its users. Bloomberg sums up its findings: 'Binance helped create [USD1], helped promote it and took part in its largest known transaction. It's unclear whether Binance or [Binance founder Changpeng 'CZ' Zhao] has received any payment from World Liberty in return.' However, the report notes that CZ has applied to President Trump for a pardon of his 2023 conviction for violating America's Bank Secrecy Act. CZ reacted by calling the report 'another hit piece (sponsored by a competitor) containing so many factual errors I don't even know where to begin.' CZ also reminded his followers that Bloomberg's Chinese unit was forced to publicly apologize to him for an article it published in July 2022, adding that he 'might have to sue [Bloomberg] again for defamation.' The story took another turn when CZ retweeted posts by influencers Ian Miles Cheong and Matt Wallace accusing the Coinbase (NASDAQ: COIN) exchange of being the anonymous source behind the latest Bloomberg report. The day after the Wallace post, Coinbase's chief legal officer, Paul Grewal, responded by calling the claim 'pure misinformation. We absolutely did not contribute to this story. We don't attack competitors, and we welcome any businesses that share our goal of growing the crypto pie.' Back to the top ↑ It's good to be $TRUMP Among the more successful Trump-linked crypto ventures is the $TRUMP memecoin, which was released just days before he took the oath of office in January. This weekend, Reuters recounted the speed with which digital asset exchanges chose to list $TRUMP. Eight of the 10 largest exchanges listed $TRUMP within 48 hours of its January 17 debut. Of the other two exchanges, Coinbase made its decision in a single day, while South Korea's Upbit waited until February 13. That overall four-day average to list is a far cry from the average 129-day wait that other large memecoins have endured. Asked about their willingness to accelerate the process, most exchanges cited overwhelming demand, while Bitget CEO Gracy Chen suggested that the fact that Trump announced the token's launch on his social media accounts 'should kind of solve the compliance issue.' Obviously, there's no precedent for a U.S. president-elect issuing his own memecoin for personal profit, so the exchanges can be forgiven for rushing to take advantage of the resulting feeding frenzy by the MAGA faithful (and speculators regardless of political persuasion). The token has reportedly generated over $172 million in trading fees since its launch. Friday, July 18, will see the unlocking of an additional 50.5 million $TRUMP tokens (worth a combined $475 million at their current price), boosting the circulating supply by 25%. Justin Sun, founder of the TRON network and a major purchaser of both $TRUMP and WLFI, announced last week that 'we' planned to buy another $100 million worth of $TRUMP. It wasn't clear from Sun's announcement who 'we' referred to. It's equally unclear whether this $100 million would go toward buying already circulating $TRUMP or buying directly from the source, aka the Trump-controlled entity responsible for issuing $TRUMP. Back to the top ↑ U.S. banks get crypto custody guidance Meanwhile, the U.S. Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) have jointly issued new guidance on 'crypto-asset safekeeping by banking organizations.' The guardians of America's financial system have been systematically loosening their previous restraints on banks' dealings with digital assets since Trump reoccupied the White House. And none too soon, given the speed with which digital asset legislation is hurtling through Congress and the rising interest of tradfi institutions in exploring the blockchain sector. The new guidance isn't all that dramatic, for the most part stating that banks should follow their existing approach to managing risk when deciding whether or not to custody customers' digital assets. For example, banks should understand the business they're getting into, keep abreast of developments, and have contingency plans in case things go squirrelly. Unlike fiat assets, the mishandling of cryptographic keys could lead to the permanent loss of digital assets, leaving the bank on the hook for making customers whole. The guidance goes as far as to suggest that steps be taken to ensure that 'no other party—including the customer—has access to information sufficient to unilaterally transfer the crypto-asset out of the control of the banking organization.' Entering into arrangements with third-party 'sub-custodians' is permitted but requires adequate due diligence, including how that third-party handles their cryptographic keys. Banks could soon be facing new competition as a growing number of digital asset operators are applying for national bank charters, which would allow them to self-custody fiat assets backing, say, stablecoins. Ripple Labs, issuer of the RLUSD stablecoin, has applied for a charter, but these applications move slowly. So last week, Ripple confirmed that BNY Mellon (NASDAQ: BK) will be the custodian of the assets supporting RLUSD, the market cap of which crossed $500 million last week. Stablecoin rival Circle (NASDAQ: CRCL), which has also applied for a charter, also uses BNY Mellon as a custodian. Back to the top ↑ Watch: Bringing the Metanet to life with Teranode title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
