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Federal Reserve Governor Calls For Regulators To Embrace Crypto

by admin August 20, 2025

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Federal Reserve (Fed) Governor Michelle Bowman is urging US regulators to abandon their “overly cautious mind-set” regarding cryptocurrencies, blockchain technology, and artificial intelligence (AI).

Speaking at the Wyoming Blockchain Symposium, Bowman emphasized the need for a proactive approach to adapt to emerging technologies, marking a departure from the more conservative stance of previous regulatory bodies.

Bowman Advocates For Flexible Oversight

Bowman, who was nominated to the Federal Reserve Board by President Donald Trump in 2018 and appointed as Vice Chair for Supervision earlier this year, stated, “Despite this past inertia, change is coming.”

She underscored the importance of choosing to embrace this change and creating a regulatory framework that is both reliable and efficient. “We must ensure safety and soundness while incorporating the benefits of speed and efficiency,” she asserted.

The choice is clear from a regulator’s perspective: we can either stand still and let new technology bypass the traditional banking system or help shape its future.

A key topic in her address was the recently passed GENIUS Act, which regulates stablecoins. This legislation, signed into law by President Trump, has positioned stablecoins at the forefront of discussions about the future of the financial system.

According to Bowman, dollar-pegged cryptocurrencies have the potential to disrupt traditional payment infrastructures while offering new opportunities for the banking sector.

In addition to discussing stablecoin regulation, Bowman revealed that she is working on plans to adjust banks’ regulatory commitments according to their size and complexity.

Fed’s Discontinuation Of Crypto Oversight Program

The Federal Reserve also disclosed last week the discontinuation of its “novel activities” supervision program, which was designed to monitor banks’ interactions with the cryptocurrency and fintech sectors.

This program, launched in 2023, faced criticism for imposing significant restrictions on banks engaging with digital assets. The Fed has determined that such specialized oversight is no longer necessary, citing an improved understanding of the risks involved and how banks can effectively manage these challenges.

As reported by Bitcoinist, the central bank’s move is part of a broader effort to align with President Donald Trump’s vision of making America the “crypto capital of the world.”

By incorporating digital asset oversight into its conventional bank supervision framework, the Federal Reserve aims to foster an environment that supports innovation in the financial sector.

Speculation about Bowman’s future role has also emerged, with her name mentioned as a potential successor to current Fed Chair Jerome Powell when his term concludes in May 2026. However, during a recent Bloomberg interview, she deflected questions about her aspirations for that position.

Governor Bowman’s remarks and the regulatory changes she advocates reflect a pivotal moment for the US financial landscape, as regulators seek to balance innovation with the need for safety and stability in the banking system.

The daily chart shows the total crypto market cap at $3.76 trillion. Source: TOTAL on TradingView.com

Featured image from DALL-E, chart from TradingView.com

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August 20, 2025 0 comments

GameFi Guides

ASX probe into $164m project failure deepens, Australian regulators assemble panel of experts: report

by admin June 26, 2025

Australian Securities and Investments Commission appoints former central bank deputy governor to a three-member expert panel to investigate the ASX’s failed blockchain project worth over $160 million.

According to a recent report by Reuters, one of the members of the three-member expert panel is former central bank deputy governor Guy Debelle. The panel is tasked to investigate the Australian Securities Exchange’s failed blockchain project that was worth approximately $163.1 million.

Aside from Debelle, ASIC also appointed non-executive director of the Commonwealth Bank Rob Whitfield as panel chair. On the other hand, non-executive director of Australian firms AGL and Collins Foods, Christine Holman, will be joining the panel as a member.

According to ASIC, the inquiry panel will be asked to provide recommendations and identify any shortcomings or insufficiencies within the ASX management. These could include deficiencies in its governance, capability and risk management that could have led to the blockchain project failing.

Moreover, the panel is also expected to submit a report to the ASIC by March 31, 2026. The report should consist of the team’s findings and recommendations for further steps that regulators must take regarding the investigation.

In an emailed response to Reuters, ASX said that it would welcome the regulator’s announcement and vowed to engage “constructively” with the panel members throughout the investigation.

What was the failed ASX blockchain project?

ASX first began the project to revamp its current trading platform , which is known as the Clearing House Electronic Subregister System or CHESS, by incorporating back in 2015. Under the leadership of then-CEO Elmer Funke Kupper, ASX signed on New York-based startup Digital Asset Holdings to begin working on the blockchain-centered project.

However overtime, people involved in the project started pointing out concerns that digital assets at the time still lacked market support and that ASX had enlisted the help of the New York startup without properly testing the product’s scalability.

It wasn’t until November 2024 when the ASX decided to abandon the project entirely, stating “citing dysfunctional management, concerns about the product’s complexity and scalability, and difficulty finding experts to support it” as the reason behind the axing. The project was estimated to cost around 245 million AUD to $255 million AUD (around $164 million to $171 million).

According to Reuters, the project’s failure had fractured public trust in the stock exchange as more than a dozen brokers and other market participants and people directly involved in the blockchain project criticized it.

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June 26, 2025 0 comments

Crypto Trends

South Korean Regulators Prepare for Spot Crypto ETFs This Year

by admin June 20, 2025

In brief

The FSC has submitted an implementation plan for spot crypto ETFs to the Presidential Committee.
Korean won-based stablecoins are also set for regulatory approval by year-end.
The move reverses a previous ban from 2017, which cited concerns about financial stability.

South Korea’s Financial Services Commission submitted plans Thursday to introduce spot crypto ETFs by the second half of 2025, marking a reversal of the country’s previously restrictive crypto policies as a new government takes the helm.

The roadmap, filed with the Presidential Committee on Policy Planning, outlines implementation measures for spot crypto ETFs while establishing investor protection frameworks, including custody, operation, and evaluation standards, according to an initial report from Yonhap, the country’s largest news agency.

The plan would take into account “risks related to the linkage of financial and virtual asset markets, the impact on the real economy, and investor benefits,” the FSC stated in its report to the State Affairs Planning Committee.

The FSC’s plan also includes lifting restrictions on Korean won-based stablecoins, addressing concerns about domestic capital outflow. The commission previously banned crypto ETFs, citing financial stability risks and viewing cryptocurrency as unsuitable base assets.

But while the plans are ambitious, their details are not final and would still need to be discussed by the country’s lawmakers, the regulator said.

“The specific details of the matters discussed in the National Planning Committee’s briefing are difficult to confirm and have not been finalized,” a rough translation of a statement issued Friday by the FSC reads.

The commission is also working to process phased approvals for institutional crypto trading, signaling broader reform that could see market liberalization.

Those regulatory shifts appear to fulfill President Lee Jae-myung’s campaign pledge to approve spot crypto ETFs, following the successful U.S. launch that channeled billions in institutional capital and propelled Bitcoin to record highs.

The newly elected government’s friendly stance to crypto has since continued. Earlier this month, he proposed the Digital Asset Basic Act, which, if approved, would allow local companies to issue their own stablecoins.

Industry observers expect the ETF launch to follow similar risk assessment protocols used in traditional markets, in particular “around regulatory frameworks, monetary policy coordination, and technical implementation,” Min Jung, an analyst at Presto Research, told Decrypt earlier this month.

Edited by Sebastian Sinclair

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June 20, 2025 0 comments

Gaming Gear

EU regulators are investigating Pornhub and three other sites

by admin May 28, 2025

European regulators are investigating Pornhub. On Monday, the European Commission (EC) accused the platform of not doing enough to block underage access. Also included in the investigation are Stripchat, XNXX and XVideos.

The EC suspects the porn sites have breached the Digital Services Act (DSA), which includes child safety measures. Specifically, it accused the platforms of lacking age restriction tools. All four sites let EU users watch content after clicking a single button to confirm they’re over 18.

In a statement to Engadget, Pornhub said it’s “fully committed” to the online safety of minors. “Our sites are fully RTA compliant as rated by the Association of Sites Advocating Child Protection (ASACP), and are strictly reserved for those of legal age only,” the company said. It added that it believes device-level verification, rather than on the website, is “the real solution.”

“Children should not have access to pornographic content,” EC spokesperson Thomas Regnier said at a press conference (via The Guardian). “This is why today the commission has opened [the] investigations.”

Next, regulators will carry out an in-depth probe. If the companies are found to be in violation, they could face fines of up to six percent of their global annual turnover. However, the EC could also accept remedies from the companies.

The DSA allows the commission to regulate online platforms with over 45 million users. Those missing that mark fall under the jurisdiction of the EU’s 27 member states. On that note, the commission said Stripchat no longer meets that threshold. Moving forward, it will be regulated by Cyprus, where its parent company operates. However, the new designation doesn’t take effect for four months, so it remains part of the probe.

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May 28, 2025 0 comments