The Scenius State of Regulation (Issue #33)
Crypto Policy & Regulation: April 2025
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United States 🇺🇸, Canada 🇨🇦, & Caribbean 🌎
US Lawmaker Will Reintroduce Crypto Retirement Bill To Help Trump Agenda (April 1)
Senator Tommy Tuberville introduced the Financial Freedom Act in 2022 and 2023, and, both times, the legislation failed to get out of committee.
Circle Files For Initial Public Offering Planned For April (April 1)
USDC stablecoin issuer Circle has filed to go public in late April on the New York Stock Exchange under the ticker “CRCL.”
Such ‘escheated’ assets would be held in trust by the state, and a license for any digital assets business would be required.
SEC, Gemini Request Two-Month Pause in Lawsuit as 'Potential Resolution' in the Works (April 2)
The Securities and Exchange Commission sued Gemini in 2023 over its now-defunct Earn product.
Kraken Secures Restricted Dealer Registration In Canada (April 2)
Kraken obtained a restricted dealer registration in Canada, reaffirming its commitment to the market after the exit of rival exchange Gemini.
Crypto Has A Regulatory Capture Problem In Washington — Or Does It? (April 2)
Lawmakers and even some crypto advocates are concerned about “regulatory capture” — the effect large crypto firms are having on the legislative process.
Former New York Governor Advised OKX Over $505M Federal Probe: Report (April 3)
Former New York Governor Andrew Cuomo reportedly advised OKX on legal issues stemming from a probe into its prior violations of US Anti-Money Laundering laws.
Democrats voice sharp criticism over stablecoin legislation, citing possible benefits for Trump's crypto ventures.
U.S. SEC Staff Clarifies That Some Crypto Stablecoins Aren't Securities (April 4)
Three other states — Kentucky, Vermont and South Carolina — have already dropped their suits.
Illinois to Drop Staking Lawsuit Against Coinbase (April 4)
In its latest what's-not-a-security statement on digital assets, the Securities and Exchange Commission has added dollar-based stablecoins, but may snub Tether.
U.S. SEC Staff Clarifies That Some Crypto Stablecoins Aren't Securities (April 4)
In its latest what's-not-a-security statement on digital assets, the Securities and Exchange Commission has added dollar-based stablecoins, but may snub Tether.
GENIUS vs. STABLE: How the US Stablecoin Bills Before Congress Stack Up (April 6)
The Senate’s GENIUS Act and the House’s STABLE Act align on most topics, but key differences remain.
Silvergate Bankruptcy Probe Tainted by Conflicts, Examiner Says (April 7)
The examiner was appointed following a request from an activist shareholder to look into an investigation conducted by an independent director.
Justice Department Scales Back Crypto Enforcement (April 8)
A new policy may wipe out prosecutions aimed at crypto’s use in money laundering and sanctions evasions.
Congress Keeps Talking Crypto Amid Trade War Shifts (April 9)
The House’s Digital Assets Subcommittee met today, and the next step for STABLE and GENIUS stablecoin bills is a floor vote.
SEC Drops Suit Against Helium For Alleged Securities Violations (April 10)
The agency's lawsuit against Helium was its final action under former Chair Gary Gensler, aiming to penalize a crypto firm for a token launch.
North Carolina Introduces Bill To Allow The Use Of Crypto To Pay Taxes (April 11)
North Carolina lawmakers have proposed a bill that would allow citizens to use crypto assets to carry out economic transactions, including tax payments.
Grayscale And Osprey End 2-Year Legal Fight Over Bitcoin ETF Promotion (April 11)
A filing in the Connecticut Appellate Court shows that the two parties must finish documenting the settlement and carry out the terms before withdrawing Osprey’s appeal.
Nova Labs Announces SEC Settlement (April 11)
The firm behind Helium announced that it reached a settlement with the SEC.
Bitcoin Reserve Bills Advance In New Hampshire, Florida (April 11)
New Hampshire is now the fourth US state to see a Bitcoin reserve bill pass through one legislative chamber, while a Florida House committee has advanced a similar bill.
US Senators Propose the PROOF Act to Prevent Another FTX Incident (April 11)
The PROOF Act mandates monthly reserve audits for crypto exchanges and prohibits co-mingling of consumer funds to prevent fraud.
New York AG Urges Congress To Strengthen Crypto Regulations After DOJ Disbands Task Force (April 11)
New York Attorney General Letitia James (D) sent a letter to leaders in Congress urging them to crack down on crypto regulations days after the DOJ disbanded the National Cryptocurrency Enforcement Team.
How the Crypto Industry’s Political Spending Is Paying Off (April 12)
Federal lawmakers who benefited from crypto largess in the 2024 election are speedily advancing the industry’s agenda.
Signature Didn’t Have to Die, Either (April 14)
Cataloging the four days of chaos that led to the collapse of Signature bank during the 2023 regional banking crisis.
The Crypto Ball Is In Congress’ Court (April 15)
One major consideration at the first public meeting of the task force was the question of whether crypto tokens require a new, separate regulatory framework, different from how the SEC oversees securities.
Canada Again Set To Beat US To Milestone Crypto ETF Launch (April 15)
Four firms prepare their launches on the Toronto Stock Exchange while the SEC mulls proposals.
OFAC Keeps Developers In The Crosshairs Despite Tornado Cash Delisting (April 15)
A recent article by the DeFi Education Fund highlighted that standards for sanctions are still unclear, while individuals and software still face enforcement.
US Court Pauses 18-State Lawsuit Against SEC After Agency’s Leadership Change (April 17)
The Securities and Exchange Commission said in March that the case could potentially be resolved under its new leadership.
US Prosecutors To Pursue Ex-Safemoon CEO Case Despite DOJ Memo (April 18)
The US Justice Department under President Donald Trump issued a memo on April 7 suggesting it would halt the prosecution of cases involving crypto enforcement.
Oregon Targets Coinbase After SEC Drops Its Federal Lawsuit (April 18)
While winning legal victories at the federal level, the crypto industry still faces regulatory hurdles at the state level in the United States.
Rethinking Crypto Regulation Means Throwing Out Old Questions (April 18)
Davis Polk partner Joseph Hall says policymakers are asking the wrong questions when they try to determine how cryptocurrency should be regulated.
How Trump’s Bitcoin Policies Are Making The U.S. A Crypto Superpower (April 18)
Trump promised during the campaign to ease regulations on crypto businesses. Forbes’ expert contributors say he appears to be delivering and setting the stage for a bitcoin bull market.
Paul Atkins Confirmed as SEC Chair: What It Means for Crypto Regulation (April 18)
The recent confirmation of Paul Atkins as Chair of the Securities and Exchange Commission (SEC) marks a pivotal moment for U.S. cryptocurrency regulation.
Crypto Knocks on the Door of a Banking World That Shut It Out (April 21)
Circle, BitGo and other crypto firms plan to apply for bank charters or licenses.
US Lawmaker Targets Crypto Investors Using Puerto Rico As A Tax Haven (April 21)
The legislation proposed by New York Representative Nydia Velázquez came after the Puerto Rico Governor floated a 4% capital gains tax for new applicants.
Trump Media Enters Deal With Crypto Trading Platform (April 22)
The agreement will allow the president’s social media company to market investment products, including crypto, to retail investors through a series of exchange-traded funds.
SEC Charges CEO With Nearly $200m Crypto Fraud Scheme (April 23)
The Securities and Exchange Commission accused PGI Global’s CEO of orchestrating an international scheme that raised $198 million under false crypto exchange claims.
They Stole a Quarter-Billion in Crypto and Got Caught Within a Month (April 24)
How luxury cars, $500,000 bar tabs and a mysterious kidnapping attempt helped investigators unravel the heist of a lifetime.
Federal Reserve Relaxes Crypto Partnership Rules For Banks (April 25)
The withdrawal of previous directives for banks opens the doors for new guidance that promotes integration with crypto and crypto companies.
Senator Lummis Criticizes Fed’s Crypto Guidance Withdrawal As ‘Noise, Not Real Progress’ (April 25)
Lummis highlighted Fed’s ongoing reliance on reputation risk assessments in crypto-related bank supervision, unlike OCC and FDIC.
Commentary: The SEC Needs To Take A Hands-Off Approach To Peer-To-Peer Transactions (April 25)
The legal status of P2P digital transactions also matters for privacy, individual autonomy, technological innovation, and the limits of government oversight in a digital world.
The Division’s statement specifically addresses obligations under federal securities laws for offerings and registrations of (i) debt or equity securities of issues whose operations relate to crypto networks, applications, or assets; and (ii) crypto assets offered as part of or subject to an investment contract security.
Trump 2.0 Era Brings Flurry of Crypto Deals (April 26)
Companies seek to capitalize on lighter regulation, growing mainstream interest.
‘All Sizzle And No Steak’: 2 Rival Crypto Firms Duke It Out In A Court Case (April 28)
Toku’s suit accuses an ex-employee of stealing confidential business information and sharing it with competitor Liquifi.
Crypto Lender Nexo Returns To US Two Years After $45m Settlement With SEC (April 28)
Nexo’s return follows its settlement with the U.S. SEC, after the Commission charged the company with failing to register its Earn Interest Product, a crypto lending offering marketed to U.S. investors.
Secret Deals, Foreign Investments, Presidential Policy Changes: The Rise of Trump’s Crypto Firm (April 29)
World Liberty Financial has eviscerated the boundary between private enterprise and government policy in ways without precedent in modern American history.
Tether Was Accused of Fraud. Now It’s a Crypto Darling in Washington. (April 29)
The prime example is Tether, a firm that regulators once targeted. Its chief executive recently hobnobbed in Washington with lawmakers and lobbyists.
Tornado Cash Can’t Be Sanctioned Again, Texas Judge Rules (April 29)
In December, a U.S. appeals court ruled that the U.S. Treasury’s Office of Foreign Asset Control (OFAC) exceeded its statutory authority in sanctioning Tornado Cash.
SEC Closes PayPal Stablecoin Probe, Clearing Regulatory Hurdle For PYUSD (April 30)
PayPal avoids regulatory pitfalls as the SEC concludes its PYUSD inquiry without action.
BlackRock Files To Create Digital Shares Tracking One Of Its Money Market Funds (April 30)
BlackRock has filed to list digital shares to track a $150 million money market fund, potentially via blockchain technology.
SEC Delays 5 Crypto ETFs, Analysts Expect Final Rulings By October (April 30)
Eric Balchunas and James Seyffart deemed the delays as expected, with SEC taking up to the last deadline to approve most altcoin-related ETFs.
Coinbase Files Brief With US Supreme Court In Support Of Taxpayers' Privacy (April 30)
The case stems from the US Internal Revenue Service's attempt to obtain Coinbase users' transaction data in 2016.
Middle East & Africa 🌍
Binance’s CZ Is Advising Kyrgyzstan On Crypto and Blockchain Adoption (April 3)
Kyrgyzstan's A7A5 stablecoin, pegged to the Russian ruble, targets emerging markets and digital assets.
Dubai Land Regulator Teams Up With Crypto Watchdog To Drive Real Estate Tokenization (April 7)
Dubai’s real estate and crypto regulators have signed a cooperation deal to explore tokenisation in property registration and management.
Nigerian Court Postpones Binance Tax Evasion Case to Late April (April 8)
Nigeria alleges Binance owes $2 billion in taxes and demands $79.5 billion in damages, blaming the platform for naira devaluation.
Abu Dhabi Regulator Fines Crypto Firm And Its CEO Over $12m Over Unlicensed Activity (April 14)
Abu Dhabi’s financial regulator has fined crypto firm Hayvn and its CEO more than $12 million for AML breaches and unlicensed activity.
Binance Tightens South African Compliance—Is Kenya Next? (April 23)
Binance has enhanced compliance measures for South African users, requiring detailed sender and receiver information for crypto transactions starting April 30.
Nigerian Court Green Lights Arrest For Six CBEX Promoters — Report (April 25)
Six individuals allegedly defrauded investors out of $620,000 in Nigeria through falsely advertising the Crypto Bridge Exchange.
Stacks Asia Bets Big On Middle East Bitcoin Boom With Abu Dhabi Partnership (April 28)
The Stacks Asia DLT Foundation's partnership with the Abu Dhabi Global Market aims to make it easier for institutions to participate in the Bitcoin economy.
Europe 🌍
OKX Fined $1.2M by Malta for Breaching Money Laundering Rules (April 4)
The company was expected to assess the nature of risks prevalent in the services it was offering, the Financial Intelligence Analysis Unit said in a notice.
Crypto-Related Crimes Up 2,000% Since 2019, Scottish Police Say (April 4)
The remarks come after a legal precedent in Scotland, where prosecutors used proceeds of crime laws to turn stolen cryptocurrency into physical cash.
Circle’s Head Of Policy Advocates For MiCA Broadening Crypto Regulations (April 8)
The Circle representative stated that his team has been trying to advocate for two stablecoin acts in the United States, the GENIUS Act and STABLE Act, to reach the level of legal clarity that MiCA is able to provide for European markets.
Swedish MP Proposes Bitcoin Reserve To Finance Minister (April 11)
The parliamentarian proposed a “budget-neutral” Bitcoin reserve to the finance minister, inspired by US President Donald Trump’s March 7 executive order.
Ethena Labs Leaves EU Market Over MiCA Compliance Issues (April 15)
Ethena Labs is closing its German branch and withdrawing from the EU market after its MiCA application was rejected in March.
ESMA’s Recent Statement on Crypto-Assets and Financial Stability (April 16)
The executive director of the European Securities and Markets Authority (ESMA), addressed the European Parliament’s Economic and Monetary Affairs Committee, offering key insights into the current state of crypto-assets and their potential implications for financial stability in the European Union.
Slovenia’s Finance Ministry Floats 25% Tax On Crypto Transactions (April 18)
Jernej Vrtovec, the representative of the New Slovenia opposition party, has slammed the proposal over fears it will stifle crypto growth in the country.
European Central Bank Warns Of ‘Contagion’ Stemming From Trump’s Pro-Crypto Policies (April 22)
The ECB warns that Trump's crypto policies could undermine EU monetary sovereignty by amplifying US-backed stablecoin presence.
Russia’s Central Bank and Finance Ministry is Launching a Crypto Exchange (April 23)
Russia's Ministry of Finance and Central Bank are launching a centralized crypto exchange for "super-qualified" investors with significant financial assets.
Crypto Projects Prepare To Battle For Privacy In Switzerland (April 28)
Switzerland is on the verge of dramatically increasing surveillance requirements for VPNs, social networks and messaging apps. Are crypto projects at risk?
It marks a significant step in the regulation of cryptoassets in the UK, bringing them within the regulatory perimeter for financial services.
Australia 🇦🇺 & Oceania
Australia’s Top Court Sides With Block Earner, Dismisses ASIC Appeal (April 23)
Australia’s financial regulator launched civil legal proceedings in November 2022, arguing Block Earner needed a financial services license to offer its crypto-linked fixed-yield earning products.
Australia’s Finance Watchdog To Crack Down On Dormant Crypto Exchanges (April 30)
Australia’s financial intelligence agency AUSTRAC says it’s undertaking a blitz on dormant registered crypto exchanges to weed out scammers.
Latin America 🌍
Brazilian Court Authorizes Crypto Seizure For Debt Collection — Report (April 4)
The Third Panel of the Brazilian Superior Court of Justice determined that cryptocurrencies can be seized by courts to repay creditors.
Spanish Police Arrest Six Over $20M AI-Powered Investment Scam (April 8)
The scammers would hit the same victim repeatedly, first posing as investment managers, then again as Europol agents offering to recover the stolen funds for a fee.
Libra Investigation Moves Forward in Argentina as Celebrity Memecoins Continue to Decline (April 11)
LIBRA turned out to be one of the most high-profile crypto scams of late, involving the President of Argentina, Javier Milei.
Brazil Debates Bitcoin Reserve Amid Central Bank Pushback (April 15)
Nilton David, Brazil’s central bank director of monetary policy, dismissed the idea, stating that diversifying the country's international reserves with cryptocurrencies would be inappropriate.
Bolivia Backs Away from Crypto-for-Fuel Scheme (April 15)
Bolivia reverses its decision to use cryptocurrency for fuel imports, citing a return to dollar-based transactions amid energy sector instability.
Panama City to Accept Crypto Payments, But Settled in US Dollar (April 16)
The city's legal obligation to accept only USD limits true crypto adoption, with payments processed through a partnered bank.
El Salvador Works With Nvidia To Develop Sovereign AI Infrastructure (April 21)
El Salvador announced a new AI collaboration with computer chip-making giant Nvidia, aiming to improve healthcare, education and infrastructure.
SEC Crypto Task Force Explores Cross-Border Regulation With El Salvador (April 23)
Two pilot programs will involve US brokers partnering with Salvadoran tokenization firms to test tokenized property shares and capital-raising strategies.
El Salvador Adds Bitcoin, But Is Complying With IMF Deal — Director (April 27)
The IMF’s non-accumulation agreement may leave room for Bitcoin accumulation through non-governmental entities, industry watchers told Cointelegraph.
Asia 🌏
SMBC, Ava Labs, Fireblocks sign MoU for stablecoin framework in Japan (April 2)
According to RWA.XYZ, the total stablecoin market cap is currently over $227 billion, with over 155 million holders worldwide.
Hong Kong Regulator Releases Crypto Staking Rules for Licensed Exchanges (April 7)
Hong Kong's Securities and Futures Commission has given a green light for virtual asset trading platforms (VATPs) and authorized virtual asset funds to offer staking services.
Thailand Tightens Rules On P2P Crypto Trading By Overseas Operators (April 9)
Under new regulations, Thailand will enhance its efforts to prevent foreign peer-to-peer crypto exchanges from targeting local users.
South Korean Presidential Candidate Vows To Deregulate Crypto Like Trump-Era US (April 16)
South Korean candidate Hong Joon-pyo says he’ll scrap crypto rules like U.S. President Donald Trump did, aiming to make blockchain a key industry.
Singapore Should Treat Crypto As Infrastructure, Not Just Risk: Coinbase (April 18)
Singapore’s current tone of caution on crypto could limit its future competitiveness, Coinbase warned, urging a more ambitious national strategy.
Indian High Court Orders Steps To Block Proton Mail (April 29)
The order issued in the High Court of Karnataka stemmed from a complaint alleging that employees of an Indian design firm received offensive emails through Proton Mail.