The Scenius State of Regulation (Issue #32)
Crypto Policy & Regulation: March 2025
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United States 🇺🇸, Canada 🇨🇦, & Caribbean 🌎
Trump’s Strategic Crypto Reserve And What It Means For Crypto And You (March 2)
By incorporating these digital assets into a strategic reserve, the United States is positioning itself as a leader in financial innovation.
Kraken Says SEC Agrees to Drop Lawsuit Against Crypto Exchange (March 3)
The move is the latest sign that regulators are shifting toward a softer stance on crypto enforcement under the Trump administration.
The Titans Battling for Control of the Crypto Future (March 3)
Trump’s call to bring crypto into the mainstream has raised the stakes in a kill-or-be-killed battle between an iconoclastic Italian billionaire and his almost perfect American foil.
Bitcoin Reserves And The Incentives Of Civil Asset Forfeiture (March 3)
An examination of the incentives created by structuring a Bitcoin reserve to hold seized coins with civil asset forfeiture existing.
SEC Agrees To Drop Lawsuit Against Cumberland DRW, Says Firm (March 4)
The SEC sued Cumberland DRW in October, claiming it operated as an unregistered securities dealer in handling more than $2 billion in crypto assets.
Senate Votes to Repeal Biden-Era Crypto Tax Rule (March 4)
Senator Cruz calls the effort a “powerful statement of the importance of crypto.”
SEC Commissioner Calls for Public Input on Crypto Asset Regulation (March 4)
Commissioner Peirce issued a statement titled “There Must Be Some Way Out of Here” calling for public input on more than 50 questions with the goal of understanding how to better regulate crypto assets.
Crypto Business Compliance: U.S. Licensing and Regulations (March 4)
The US law firm Carlton Fields provides the current evolving framework of regulations reflects the latest updates as of Q1 2025.
The Current State Of The IRS Broker Rule (March 5)
A summary of the current state of the IRS Broker Rule, declaring non-custodial front-ends for smart contracts brokers for reporting requirements.
Kentucky Senate Passes Bill Protecting Bitcoin Self-Custody Rights (March 5)
The Kentucky Senate voted unanimously to pass a new bill protecting the right of people to use and store digital assets in self-hosted wallets, and protecting miners from discriminatory laws.
Entertainment or Investment? The SEC’s Stance on Meme Coins as Securities (March 5)
The SEC’s Division of Corporation Finance issued new guidance stating that meme coins—which have characteristics more “like a collectible”—are not themselves securities, but Howey may still apply to a transaction in a meme coin.
Trump Signs Order to Create a ‘Crypto Reserve’ (March 6)
The first-of-its-kind reserve will be anchored by a stash of Bitcoin the government already owns, estimated to be worth billions of dollars.
How the Biggest Crypto Hack Ever Nearly Destroyed the World’s No. 2 Exchange (March 6)
Bybit survived, thanks to emergency loans from its peers, but questions over crypto industry’s security linger.
The Polarizing Crypto Executive Who Wooed His Way Into Trump’s Orbit (March 6)
Ripple CEO Brad Garlinghouse stands to benefit from the inclusion of the XRP token in a U.S. digital-asset stockpile.
Sam Bankman-Fried Ramps Up Effort for a Pardon From Trump (March 7)
Mr. Bankman-Fried’s family and allies are trying to help him escape a 25-year prison sentence for fraud related to the collapse of his cryptocurrency exchange, FTX.
The Forces That Flipped Trump From Crypto Critic to ‘Crypto President’ (March 7)
The president had called cryptocurrency a ‘scam’ but during his campaign last year he was persuaded of its value, especially as an investment for the Trump family.
Treasury Secretary Scott Bessent: US Should Take ‘Worldwide Lead in Crypto’ (March 7)
Speaking on CNBC’s “Squawk Box,” Bessent said the U.S. needs to bring cryptocurrency onshore and use the country’s best practices and regulation.
FDIC Resists Transparency On Operation Chokepoint 2.0 — Coinbase CLO (March 8)
At least 30 tech and crypto founders were reportedly “secretly debanked” in the US during Operation Chokepoint 2.0.
US Regulator Clears Path For Banks To Engage In Some Crypto Activities (March 10)
The Office of the Comptroller of the Currency said in a statement that national banks are permitted to engage in some crypto activities, such as crypto-asset custody, some stablecoin activities, and participation in distributed ledger networks.
Robinhood To Pay $30M To Settle US Regulator Probes (March 10)
Robinhood agreed to pay $29.75 million in fines and restitution for failing to respond to several “red flags” stemming from its supervision and compliance practices.
Cayman Islands Tightens Crypto Rules With Mandatory Licenses Starting April 1 (March 10)
The updated regulatory framework aims to attract reputable firms while increasing scrutiny on crypto operations.
Utah Scraps Bitcoin Reserve Provision Before Advancing State’s Crypto Bill (March 10)
Despite passing a crypto bill, ‘Blockchain and Digital Innovation Amendments,’ to integrate crypto into Utah’s legal framework, a clause that included a bitcoin reserve was scrapped.
What Canada’s New Liberal PM Mark Carney Means For Crypto (March 10)
If the Liberals win the federal elections, Canada could have a far more measured approach to crypto than the United States.
US House Follows Senate In Passing Resolution To Kill IRS DeFi Broker Rule (March 12)
A bipartisan majority in the US House of Representatives voted to repeal the so-called IRS DeFi broker rule.
How The SEC Should Categorize Tokens: a16z Crypto (March 14)
A16z Crypto lists seven buckets for tokens and recommendations for how to regulate them, in a filing submitted to the SEC.
Revisiting Trump’s Case for a Crypto Reserve (March 16)
The ability to hold and instantaneously transfer a fixed-supply, transnational asset can in some ways be better served by a digital asset.
Crypto Platform Debiex Must Pay $2.5M In CFTC ‘Pig Butchering’ Case (March 17)
A US federal judge found the CFTC had shown that Debiex, which marketed itself as a crypto platform, was actually aromance scam that stole around $2.3 million.
Congress Moves Toward Passing Stablecoin Legislation (March 18)
The measure was the first time a Senate committee passed a major crypto bill, a signal of lawmakers’ serious intent to push significant crypto legislation into law this year.
Crypto Exchange Kraken Nears $1.5 Billion Deal for Futures Trading Business (March 19)
NinjaTrader, a futures trading platform, would expand Kraken’s offerings.
Crypto Regulation Must Go Through Congress For Lasting Change — Wiley Nickel (March 19)
Executive orders can be repealed by future US presidential administrations just as quickly and easily as they were established.
SEC Doesn’t Rule out That PoW Mining Constitutes a Securities Sale, Commissioner Crenshaw Says (March 21)
Caroline Crenshaw said that the SEC’s statement on proof-of-work has footnotes that say individual scrutiny of any specific project is necessary to rule it out as a securities sale.
Cryptocurrency Firm Founder Pleads Guilty In US To Market Manipulation Scheme (March 21)
Aleksei Andriunin, the founder and CEO of cryptocurrency "market maker" Gotbit, and his company entered guilty pleas in federal court to charges that they conspired to commit market manipulation and committed wire fraud.
OCC To Remove ‘Reputational Risk’ From Bank Inspection Guidelines (March 21)
The move from the national bank regulator came after increased pressure from Republicans.
The SEC Resets Its Crypto Relationship (March 22)
The SEC's Crypto Task Force held a roundtable Friday to air out the issues with how the crypto world interacts with securities laws.
Will New US SEC Rules Bring Crypto Companies Onshore? (March 22)
A new government outlook may bring crypto firms back to the United States after years of regulatory confusion.
Scammed Crypto Investors To Get $7m Returned After DOJ-Led Forfeiture (March 23)
The funds were funneled through more than 75 shell company accounts and disguised as domestic transfers before being laundered overseas.
SEC Clarifies Position on Proof-of-Work Mining: What It Means for Bitcoin and Beyond (March 24)
Importantly, through its Howey test analysis, the Division concludes that both self (or solo) mining and mining pool participation do not constitute securities offerings or transactions under the federal securities laws.
US Treasury Argues No Need For Final Court Judgment In Tornado Cash Case (March 24)
The US Treasury says because it dropped Tornado Cash from its sanctions list on March 21, the legal challenge against it should be considered moot.
A Crypto Coder’s Invention Was Used by North Korean Hackers. Did He Commit a Crime? (March 24)
Tornado Cash co-founder Roman Storm is set to go on trial for conspiracy to commit money laundering.
Trump’s OCC Pick Is A Known Crypto Backer: Who Is Jonathan Gould? (March 25)
Gould is just one in a string of nominations President Donald Trump has made to fill key positions within his government with crypto industry supporters.
SEC Task Force Kicks Off ‘A New Beginning’ for Crypto Enforcement (March 25)
The Securities and Exchange Commission’s Spring Sprint brought together prominent crypto industry attorneys to discuss the path of future regulation.
Ripple to Get $75M of Court-Ordered Fine Back From SEC, Drops Cross-Appeal (March 25)
Last August, New York judge Analisa Torres ordered Ripple to pay the regulator a $125 million fine for violating securities laws through institutional sales of XRP.
Arizona’s Strategic Crypto Reserve Bills Heads For Full Floor Vote (March 25)
Arizona will soon vote on two proposed bills to establish digital asset reserves seized through criminal proceedings and a specific Bitcoin reserve based on public funds from the state’s treasury and retirement system.
Wyoming State Gears Towards Launching a Stablecoin This Year (March 26)
The token is currently being tested on multiple blockchains, aiming to launch in July, state officials said at the DC Blockchain Summit.
Crypto comes to Washington: Takeaways from the DC Blockchain Summit (March 26)
It’s a busy week as DC prepares for confirmations and policies that may have major impacts on crypto.
Immutable Secures Major Legal Win as SEC Closes Investigation Without Action (March 26)
Immutable's legal victory comes after a 2024 probe into its 2021 IMX token listing and sales, which raised concerns of securities violations.
Senator Cruz Introduces Companion Bill To Prohibit The Fed From Issuing A CBDC (March 27)
The US lawmaker’s bill comes just weeks after Rep. Tom Emmer reintroduced an identical bill in the lower chamber of Congress.
Galaxy Digital Reaches $200M Settlement in LUNA Case (March 28)
The case involves the company promoting the cryptocurrency LUNA while secretly selling its holdings.
President Trump Pardons Arthur Hayes, BitMEX and 3 Other Co-Founders and Employee (March 29)
Arthur Hayes, the former CEO of BitMEX, pleaded guilty to one count of violating the Bank Secrecy Act and was sentenced to two years of probation.
The Trump Family Advances Its All-Out Crypto Blitz, This Time With Bitcoin Mining (March 31)
A business led by two of the president’s sons will invest in American Bitcoin, a new mining company controlled by Hut 8.
Where All the SEC Cases Are (March 31)
A quick recap of all the SEC cases that have been dropped and paused over the past two months.
Paul Atkins Breezes SEC Hearing As New Test Looms — Policing Trump’s Crypto Empire (March 31)
Democratic senators opted to focus most of their grilling of Atkins, an SEC commissioner during the 2000s, on his actions leading up to the global financial crash of 2008.
Middle East & Africa 🌍
The Crypto Law Alphabet Soup Of The UAE (March 3)
Navigating the UAE’s crypto ecosystem means decoding a maze of acronyms — SCA, VARA, DMCC, ADGM and more.
Law Firm To Challenge Turkey’s Ban On Crypto Payments (March 5)
A positive ruling could pave the way for new business models in Turkey, particularly for crypto exchanges seeking licenses.
Dubai Crypto Regulator Grants VASP License To RWA-Friendly L1 Blockchain (March 5)
Dubai’s latest crypto license clears the way for the layer-1 blockchain to launch unique DeFi services and products.
Nigeria’s New Crypto Tax Policies May Not Drive The Revenue It Needs (March 8)
As Nigeria grapples with economic challenges, the government is set to introduce a tax on cryptocurrency transactions.
UAE Crypto Bet Is A New Twist On AI Infrastructure (March 13)
The richest of the United Arab Emirates said that its MGX investment vehicle was paying $2 billion to acquire a minority stake in cryptocurrency exchange Binance.
Turkey Tightens Crypto Regulations With New Rules For Exchanges, Custodians (March 13)
The Turkish Capital Markets Board established full regulatory control over crypto asset platforms, taking responsibility for CASP licensing, operations and compliance.
Pakistan Launches Crypto Council to Regulate Digital Assets (March 16)
The Pakistan Cryptocurrency Council has been created to oversee blockchain technology and digital asset regulation as the country sees a surge in adopting and using cryptocurrencies.
How Crypto Offers A Lifeline for Nigeria’s Struggling Economy (March 18)
Nigeria’s inflation rate hit record highs, prompting citizens to turn to cryptocurrency as a hedge against economic instability and currency devaluation.
Nigeria Welcomes Crypto Firms Despite Binance Lawsuit (March 22)
The government is currently seeking $80 billion from Binance in court while the information minister highlights the ongoing efforts to regulate the cryptocurrency market.
Chainlink Partners with Abu Dhabi Global Market (March 25)
Abu Dhabi Global Market (ADGM) has signed a Memorandum of Understanding (MoU) with the leading oracle provider, Chainlink, marking the latest step in the United Arab Emirates' embrace of crypto.
Europe 🌍
Russian Garantex Cryptocurrency Exchange Targeted In International Operation (March 7)
The exchange has processed at least $96 billion in cryptocurrency transactions since April 2019.
EU Worries US Embrace Of Crypto Assets Could Impact Europe Financial Stability (March 10)
Euro zone finance ministers are worried that the change of policy under the new U.S. administration to embrace cryptocurrencies could affect euro zone monetary sovereignty.
Europeans Show Little Interest In Digital Euro, ECB Study Reveals (March 13)
A new ECB survey reveals significant consumer reluctance toward adopting a digital euro, with Europeans seeing little value in the CBDC.
Montenegro’s First-Ever Crypto Regulation (March 13)
In a move that aligns with FATF recommendations, amendments to Montenegro’s AML laws sees the regulation of crypto that cover custody, management, trading and related services.
UK Authorizes Charges Against NCA Officer For Alleged Bitcoin Theft (March 14)
Authorities in the United Kingdom alleged a National Crime Agency officer stole 50 Bitcoin in 2017 during an investigation.
German Financial Regulator Prohibits Sales Of Ethena’s USDe (March 21)
German regulator halted USDe token offering, citing serious compliance failures and potential securities law violations.
IMF Updates Global Standards To Include Crypto In Balance Of Payments (March 21)
Bitcoin and comparable cryptocurrencies are now non-produced assets in global economic statistics per the IMF's new standards.
UK Regulator Intends to Start Authorizing Crypto Firms in 2026 (March 28)
The FCA's intention is to create new rules for a more stringent regulatory regime, its director of payments said.
Australia 🇦🇺 & Oceania
May Election Could Open Floodgates To Institutional Crypto: OKX Australia CEO (March 6)
Kate Cooper, the newly-installed CEO of OKX’s Australian arm, says regulatory clarity is still needed to spur institutional crypto adoption.
Australia Proposes New Regulations for Crypto Exchanges (March 21)
The proposed framework demands that crypto platforms that maintain client digital assets need to acquire an Australian Financial Services License for exchanges and custodians alongside specific brokerages.
Australia Warns Crypto ATM Providers on Missing Anti-Money Laundering Checks (March 31)
Australia has the highest number of crypto ATMs in the Asia Pacific region.
Latin America 🌍
IMF Asks El Salvador To Stop Public Sector Bitcoin Buys For $1.4B Deal (March 4)
The IMF has issued new requests under its $1.4 billion deal with El Salvador, aiming to restrict BTC purchases by the public sector.
Argentine Prosecutor Aims To Freeze Assets In LIBRA Memecoin Fraud Case (March 6)
Federal Prosecutor Eduardo Taiano, who is currently probing President Javier Milei’s alleged involvement in “Libragate,” is also seeking recovery of his deleted social media posts.
Bolivia Turns To Crypto For Energy Imports Amid Dollar, Fuel Shortages (March 13)
Bolivia's state energy firm YPFB will use cryptocurrency to pay for energy imports amid a painful shortage of dollars and fuel in the landlocked South American nation.
Argentina Finalizes Rules For Virtual Asset Providers (March 14)
The National Securities Commission approved General Resolution No. 1058, which establishes final guidelines for crypto service providers.
Brazilian Lawmaker Introduces Bill To Regulate Bitcoin Salaries (March 17)
A new bill in Brazil offers to regulate voluntary salary payments in cryptocurrencies like Bitcoin, requiring employers to pay at least 50% of the pay in the Brazilian real.
Brazil’s Data Watchdog Upholds Ban On World Crypto Payments (March 25)
World, formerly known as Worldcoin, is a digital ID project that uses iris scans to create a digital identity.
Asia 🌏
Pi Network’s PI Coin Gains Traction: Payment Acceptance Expands Amid Regulatory Uncertainty (March 3)
Authorities in China, Vietnam, and Thailand warn against Pi Coin’s legitimacy, posing risks to its continued adoption.
Authorities Promote Developing Legal Framework For Digital Assets (March 3)
Vietnam’s Ministry of Finance is working on producing legislation for digital assets, including a regulatory sandbox and data protection measures, as the country advances its FinTech sector.
Indian Town Adopts Avalanche Blockchain For Tamper-Proof Land Records (March 6)
A district administration in India digitized more than 700,000 land records, securing them on Avalanche blockchain to ensure transparency and prevent tampering.
Thailand Regulator Approves USDT, USDC Stablecoins (March 10)
Thailand’s SEC had previously approved Bitcoin, Ether, XRP, XLM and certain tokens used for settlement by the central bank.
Coinbase Registers With Indian Financial Watchdog To Offer Crypto Trading Services (March 11)
Coinbase's entry into India comes at a time when interest in the asset class has soared in the country, with many young Indians dabbling in crypto and flocking to trading academies.
South Korea FIU Cracks Down on Unregistered Crypto Exchanges (March 21)
The FIU targets the cryptocurrency exchanges CoinW, KuCoin and Bitunix with KCEX under investigation.
Over 400 South Korean Officials Disclose $9.8M In Crypto Holdings (March 27)
Over 20% of South Korean public officials who disclosed their assets held cryptocurrencies, including Bitcoin, Ether, XRP and Dogecoin.
OKX Operator Faces Legal Action in Thailand (March 29)
Thailand’s regulatory agency has taken the company and nine persons to court after they operated an unlicensed digital asset trading platform.
Japan’s Finance Watchdog Says No Plans Yet To Classify Crypto As Financial Products (March 31)
Japan’s Financial Services Agency says it hasn't decided on if it will change financial laws after a local report claimed it would look to classify cryptocurrencies as financial products.