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SEC’s Gensler floats routing equity trades to auctions to increase competition

Securities and Exchange Commission Chair Gary Gensler is considering new requirements to increase order-by-order competition. In remarks delivered at the Piper Sandler Global Exchange Conference today Gensler said he’s directed his staff to make recommendations around how to enhance order-by-order competition and mitigate conflicts that can arise when platforms use PFOF practices or rebates. That includes a potential auction practice unless investors are getting midpoint or better prices. “The listed options exchanges have operated auctions for retail orders for many …

NY DFS issues new guidance on dollar-backed stablecoins

The New York Department of Financial Services (DFS) today became the first financial regulator in the US to issue guidance outlining compliance requirements for dollar-backed stablecoins. The guidance builds on informal policies used by the DFS since 2018, setting “baseline requirements” for any stablecoin issuer currently subject to DFS oversight, and any firm that applies to be regulated in the future. It “creates clear criteria for virtual currency companies looking to issue USD-backed stablecoins in New York,” according to Adrienne …

Digital asset bank Custodia is suing the Federal Reserve over an application delay

Digital asset bank Custodia, previously known as Avanti, is suing the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City for delaying a decision on its application for a central bank master account. A Federal Reserve master account allows institutions direct access to the Fed’s payment systems. It enables the most direct access to the US’s money supply available to financial institutions. Those without master accounts are often forced to rely on partner banks with master …

How authorities could pursue ‘insider trading’ in crypto

Quick Take Last week a grand jury indicted former OpenSea head of product Nate Chastain for actions related to an alleged insider trading scheme. But Chastain wasn’t indicted for securities law violations, which are usually associated with insider trading. If successful, the case could create a way for US regulators to police front-running in crypto regardless of whether implicated tokens are securities. This feature story is available to subscribers of The Block News Plus. You can continue reading this News …

Open letter to Congress highlights rift among technologists over blockchains

A group of 20 international human rights activists has written an open letter to the US Congressional leadership advocating for a “responsible” crypto policy acknowledging the technology’s role in combating “monetary colonialism” worldwide. The letter is a direct response to an earlier letter submitted to Congress on June 1 by a group of 1,500 computer scientists, software engineers, and technologists urging lawmakers to take a “critical, skeptical approach” toward the industry. “To most in the West, the horrors of monetary …

US Department of Justice calls for more international cooperation, coordination on crypto law enforcement

A new report from the Department of Justice proposes more international cooperation among law enforcement agencies on the crypto and blockchain front. Information sharing and the harmonization of anti-money laundering and know-your-customer rules were also proposed in the DOJ report, which was developed in conjunction with other US agencies in the wake of the Biden White House’s executive order on crypto. That EO was released in March. The report itself was drafted in response to that executive order. In the …

Senators Gillibrand and Lummis release long-awaited cryptocurrency bill

IRA Financial Trust, a provider of crypto IRA services, said Monday that it is suing crypto exchange Gemini for its alleged role in the breach of customer retirement accounts. IRA Financial, which has offered clients exposure to crypto via integration with Gemini, said in a press release that the New York-based Gemini’s systems were responsible […]

White House office report on crypto mining expected in August: Bloomberg

Following President Biden’s crypto executive order in March, the White House Office of Science and Technology Policy (OSTP) is aiming to put out a report on cryptocurrency mining and its environmental impact this summer, according to Bloomberg. OSTP is digging into a wide variety of topics related to crypto mining, including claims that it could be beneficial to power grids in states like Texas, complaints about noise pollution, and the differences between proof-of-work and other network consensus mechanisms. The report …

Bitcoin miners urge New York’s governor to veto moratorium passed by the Senate

Bitcoin miners in New York are responding following the passage of the New York crypto moratorium bill that, if ultimately signed by the governor, will prevent new proof-of-work mining facilities operating with fossil fuel energy behind the meter from setting up shop in the state for two years. The legislation would also block existing ones from increasing the amount of energy consumed. “We sincerely hope that Governor Hochul will not sign this bill into law, as it represents the clear …

CFTC accuses Winklevoss-owned crypto exchange Gemini of misleading statements in new lawsuit

The Commodity Futures Trading Commission has sued Gemini, the crypto exchange owned by Cameron and Tyler Winklevoss. In a statement Thursday, the CFTC said it sued Gemini for “making false or misleading statements of material facts or omitting to state material facts to the CFTC in connection with the self-certification of a bitcoin futures product.” The agency said: “According to the complaint, Gemini, directly and through the DCM, provided information to the CFTC concerning Gemini’s trading platform and the Gemini …