SEC Chair Endorses True Stablecoins as US DOJ Charges 2 Russians with Bitcoin Laundering

• Ooki DAO agreed to pay a $643K fine after the CFTC’s court victory
• Ex-SEC chair Jay Clayton says agency is having ‘blunt conversations’ on crypto and endorses ‘true stablecoins’
• Crypto.com to halt US institutional exchange offering; retail users unaffected

CFTC Court Victory Leads to Fine for Ooki DAO

The Commodity Futures Trading Commission (CFTC) has won a court victory against Ooki DAO, resulting in the blockchain company agreeing to pay a $643,000 fine. The CFTC alleged that the firm illegally operated as an unregistered futures commission merchant and allowed traders from foreign countries to access its platform.

Ex-SEC Chair Jay Clayton Weighs In On Crypto Regulation

Ex-SEC chair Jay Clayton commented on recent crypto regulation developments during a conversation at Bloomberg Invest. He refused to explicitly contest the actions of his successor, Gary Gensler, but said he supports the SEC and was known as a „crypto hawk“ who shut down the ICO craze in 2018. He also said that he believes in having ‚blunt conversations‘ with regards to crypto regulation.

Crypto.com Halts US Institutional Exchange Offering

In response to recent regulatory developments, Crypto.com will no longer offer its institutional exchange services in the US, although this will not affect retail users. This comes after two Russians were charged by the Department of Justice for laundering over 600k Bitcoin last month.

Ethereum Needs 3 Critical Transitions To Ensure Its Survival

Vitalik Buterin recently spoke about what Ethereum needs in order for it to survive long term: three fundamental transitions which include transitioning from proof-of-work consensus algorithm to more energy efficient ones such as PoS or rollups; transitioning away from gas fees denominated in Ether; and transitioning away from ETH being used as collateral for DeFi protocols towards fiat or stablecoin collateralization instead.

US DOJ Charges Two Russians Over Money Laundering

The Department of Justice recently charged two Russian nationals with money laundering through cryptocurrency exchanges involving over 600k Bitcoin (BTC). They allegedly laundered funds through numerous exchanges located all around the world between 2014 – 2020 without any authorization from law enforcement authorities or financial institutions.