ChainCatcher News, the U.S. House of Representatives will address Congressman Mike Flood's recent statement: "Despite widespread opposition, SAB 121 continues to operate as a regulation, even though it has never gone through the normal Administrative Procedure Act process."Flood stated: "I look forward to working with the next SEC Chair to rescind SAB 121. Whether Chair Gary Gensler resigns on his own or President Trump fulfills his (promise to fire Gensler), the new administration has a tremendous opportunity to usher in a new era post-Gensler."He added: "Gensler's opposition to the bipartisan digital asset regulatory framework passed by the House earlier this year should come as no surprise. 71 Democrats joined House Republicans in passing this commonsense framework. Although the Democrat-led Senate refused to accept it, it represents a breakthrough moment for cryptocurrency and could inform the work of a unified Republican government when the next Congress begins in January."

ChainCatcher news, the European Banking Authority (EBA) is the European regulatory body responsible for addressing vulnerabilities in the European banking sector. It has published two sets of guidelines, which include specific guidelines for Payment Service Providers (PSP) and Crypto Asset Service Providers (CASP). The guidelines will take effect on December 30, 2025.The EBA specifically outlines the measures that PSPs and CASPs must take to comply with EU and national sanctions regimes when transferring funds or cryptocurrencies. According to the EBA, these guidelines ensure the implementation of EU and national sanctions.The EBA stated: "This guideline clarifies how the sanctions policy and procedures interact with the broader governance and risk management framework of financial institutions to avoid operational and legal risks for financial institutions and ensure the effective implementation of sanctions."

ChainCatcher news, according to Bloomberg, Massachusetts Senator Elizabeth Warren is set to become the top-ranking Democrat on the Senate Banking Committee. As a major critic of Federal Reserve Chairman Powell, large banks, and the cryptocurrency industry, she will succeed Sherrod Brown, who lost in his re-election campaign.Warren stated in a declaration: "It is crucial that after the 2024 elections, Democratic leadership demonstrates that we can make life more affordable for working families and urgently take action to rebuild the middle class." Warren has previously called for stronger regulation of the cryptocurrency industry and has been critical of traditional financial institutions.

ChainCatcher news, according to CoinDesk, with the announcement of the U.S. election results, a cryptocurrency-friendly Securities and Exchange Commission (SEC) and Senate Banking Committee are expected to emerge.Bernstein stated that the progress of stablecoin and market structure legislation is expected to accelerate, which is a positive signal for stablecoin issuers like Circle and Paxos, as well as major U.S. cryptocurrency exchanges and brokers.Analysts expect a clearer definition of digital assets and securities, and the potential launch of more exchange-traded fund (ETF) products based on other cryptocurrencies.

ChainCatcher news, billionaire Mark Cuban posted on the X platform calling on voters to join him in the largest phone banking campaign, supporting Kamala Harris to ultimately become the next President of the United States.The "Support Kamala Nationwide" event will start at 10 AM Eastern Time on Election Day, with Mark Cuban aiming to secure swing state votes for Kamala Harris.

ChainCatcher news, according to Bloomberg, research shows that the usage of Tether (USDT) is shifting towards the Europe, Middle East, and Africa (EMEA) time zone, particularly in countries lacking access to the global banking system, such as Russia and Iran.Chainalysis data indicates that from January to October this year, newly activated USDT wallets are primarily concentrated between 9 AM and 2 PM Coordinated Universal Time (UTC), aligning with daytime hours in Moscow, Tehran, and Istanbul. As the U.S. intensifies its investigation into Tether, particularly regarding potential involvement in anti-money laundering and sanctions issues, the use of USDT is drawing regulatory attention.

ChainCatcher news, according to Cointelegraph, Tether CEO Paulo Ardoino stated that the upcoming regulatory framework in Europe will bring significant banking concerns for stablecoin issuers, which could threaten the stability of the broader cryptocurrency sector.The Markets in Crypto-Assets Regulation (MiCA) is the first comprehensive regulatory framework for the crypto industry, set to come into full effect on December 30. Under MiCA, stablecoin issuers must hold at least 60% of their reserve assets in European banks.

ChainCatcher news, Ripple CEO Brad Garlinghouse stated on Wednesday that his long-standing banking relationship has been terminated due to his status as a prominent figure in the cryptocurrency space.Brad Garlinghouse said, "Individuals in the crypto industry are being terminated from banking services, and I have also been terminated from banking services. They told me I had five days to move my money. They said that being a well-known figure in the cryptocurrency space and providing banking services to the cryptocurrency industry means facing more scrutiny from federal regulators."Garlinghouse linked his experience to a broader trend in the U.S. industry, which has been struggling to maintain relationships with banks as regulators have warned financial institutions to limit their involvement in cryptocurrencies. The institution that recently severed ties with him is Citigroup, where he had been a client for about 25 years. He also mentioned that this is not the only personal banking relationship he has lost due to his role in the cryptocurrency space.

ChainCatcher news, the digital banking network Metallicus announced the completion of its testing and certification phase, and launched its services on the Federal Reserve's FedNow instant payment platform. The Federal Reserve announced on October 22 that Metal Blockchain has integrated with FedNow, a partnership that was initially announced before the FedNow launch in mid-2023, aiming to onboard thousands of financial institutions to the platform over time.Metal Blockchain is an L0 network developed by Metallicus based on the Avalanche branch. Its developers claim that the project is designed to be secure and can theoretically scale infinitely. Information provided on the official website indicates that its design "allows for the deployment of an unlimited number of subnets, each capable of processing 4,500 transactions per second." The platform supports multiple programming languages and has built-in support for DApps and smart contracts.The Federal Reserve launched the FedNow payment service in July 2023, aimed at facilitating instant payments and replacing the previously outdated FedACH system.

ChainCatcher news, Coinbase has submitted two new Freedom of Information Act (FOIA) requests to seek clarity on U.S. cryptocurrency regulation. The new requests are directed at the Federal Deposit Insurance Corporation (FDIC) and were submitted by History Associates Incorporated on behalf of the exchange.Coinbase's Chief Legal Officer Paul Grewal stated that one of the requests aims to clarify the alleged 15% deposit limit imposed on digital asset companies. The request claims that the 15% deposit limit is implemented on banks such as Signature Bank, Customers Bank, Cross River Bank, Western Alliance Bank, and Silvergate Bank.The requested documents include interactions between FDIC board members, staff, deposit institutions, and officials from the Federal Reserve and the Office of the Comptroller of the Currency (OCC) since June 1, 2022.

ChainCatcher news, Singapore's DBS Bank has launched a new service called "DBS Token Services," which combines tokenization and smart contract capabilities with its existing banking services.According to the statement, the DBS Token Services integrate the bank's permissioned blockchain compatible with the Ethereum Virtual Machine, its core payment engine, and multiple industry payment infrastructures.Additionally, smart contracts enable institutions to programmatically manage the use of funds. Specifically, the new services include Treasury Tokens, Conditional Payments, and Programmable Rewards.Lyn Shun Chong, Head of Global Transaction Services at DBS Bank, stated that the DBS Token Services allow corporate and public sector entities to "optimize liquidity management, streamline operational workflows, enhance business resilience, and open up new opportunities for end customers or end users."

ChainCatcher news, the non-custodial crypto wallet brand SafePal has announced a limited-time commission-free promotion for its Swiss banking channel service within the app. Users who successfully open an account before December 31, 2024, can enjoy 90 days of commission-free deposits and withdrawals, with the fees charged during this period fully refunded to the users' accounts.SafePal launched its compliant Swiss banking channel service in March this year, allowing users to apply for a Swiss bank account licensed by the Swiss Financial Market Supervisory Authority (FINMA) within the SafePal App. This account supports deposits, transfers, currency exchange, and other functions, and applications are currently open to users in over 70 countries and regions worldwide.

ChainCatcher news, Hong Kong virtual bank WeLab announced a consortium with Thai fintech company Lighthub Asset and has submitted an application for a digital banking license to the Bank of Thailand, with the results expected to be announced in the first half of 2025.It is reported that Lightnet Group has obtained licenses from the Bank of Thailand as well as four other central banks in Asia and Europe. It utilizes artificial intelligence and blockchain technology to provide global payment solutions in 150 countries, including cross-border remittances, e-wallets, and multi-currency digital bank accounts. The company has also received strategic investments from UOB Venture Management, Seven Bank, Hanwha Investment & Securities, Uni-President, and Raffles Family Office.WeLab founder and Group CEO, Ronny Tong, expressed his anticipation of the opportunity to establish the third digital bank in Asia and to make it the leading digital bank in Thailand.

ChainCatcher news, Greeks.live analyst Adam released a preview of the major events that Bitcoin investors should pay attention to this week (August 19 to 25). The most important macro event this week is the Jackson Hole Global Central Bank Annual Symposium starting on Thursday.The news related to the yen interest rate hike and the dollar interest rate cut is highly anticipated, as the Bank of Japan and the Federal Reserve will deliver important speeches that will influence the direction of the entire capital market. Several important monetary policy meeting minutes will also be released this week. Here are the daily highlights:On Tuesday (August 20), the Reserve Bank of Australia will release the minutes of the August monetary policy meeting, and Swiss National Bank President Jordan will give a speech.On Wednesday (August 21), 2024 FOMC voting member and Atlanta Fed President Bostic will speak.Thursday (August 22) is the busiest day of the week, with the U.S. releasing the initial jobless claims for the week, and the Federal Reserve and the European Central Bank releasing their monetary policy meeting minutes. The Jackson Hole Global Central Bank Annual Symposium will also kick off on the same day.On Friday (August 23), Bank of Japan Governor Ueda and Finance Minister Suzuki will attend a parliamentary hearing, and Federal Reserve Chairman Powell and Bank of England Governor Bailey will speak at the Jackson Hole symposium.Adam stated that the cryptocurrency market remains weak, but the risk of a crash has been alleviated, and market confidence has somewhat recovered. The implied volatility for major maturities continues to decline, currently at a moderate level, with downward pressure still present this week. The cryptocurrency market has maintained a wide range of fluctuations since March, with Ethereum still performing poorly. Adam suggests that investors consider buying short-term options at appropriate implied volatility levels to bet on the "sell the news" effect of the central bank symposium.

ChainCatcher news, according to Cointelegraph, regarding the Federal Reserve's enforcement action against Customers Bancorp, Tyler Winklevoss, co-founder of the cryptocurrency exchange Gemini, stated that Customers Bancorp is one of the few banks in the United States that holds a friendly attitude towards cryptocurrency. The Federal Reserve is now controlling the channels through which cryptocurrency companies can obtain banking services, essentially deciding who can open bank accounts and who cannot, thereby limiting the operational capacity of crypto banks.It is reported that the Federal Reserve requires Customers Bancorp to provide a 30-day notice before establishing any new banking relationships with crypto companies, a move that has sparked dissatisfaction within the crypto community.

ChainCatcher news, according to Cointelegraph, Tether CEO Paolo Ardoino stated that the recently approved Markets in Crypto-Assets Regulation (MiCA) by the EU poses not only a threat to stablecoins but also a systemic risk to the entire banking system.In an interview, Ardoino pointed out that MiCA requires at least 60% of stablecoin reserves to be held in EU bank accounts, a regulation that could increase systemic risk. He emphasized that banks operate under a fractional reserve system, making them vulnerable to runs, and mentioned the 2023 Silicon Valley Bank collapse as a warning, believing that this regulation could adversely affect large-scale stablecoin issuers.

ChainCatcher news, cryptocurrency-friendly bank Revolut has obtained a banking license in the UK after more than three years of application.Revolut stated that the London-based company has entered the "mobilization phase" of the Prudential Regulation Authority (PRA), which is designed to allow new banks to operate under restrictions. This approval means it is becoming a mature bank in the UK that has also obtained a license to provide cryptocurrency services.It is reported that Revolut has allowed buying and selling of cryptocurrencies for several years and launched a separate cryptocurrency exchange for experienced traders earlier this year.

ChainCatcher news, according to market news, asset management and banking giant State Street, with an asset management scale of $4 trillion, is exploring the creation of stablecoins and tokenized deposits to settle transfers on the blockchain.State Street is also considering participating in the "Digital Cash Alliance" and looking for settlement options through its invested fintech company Fnality International.