Regulation
Crypto trading firm GSR secures FCA approval
- GSR has received a regulatory nod from the UK’s Financial Conduct Authority.
- The cypto trading firm also holds a crypto license from the Singapore Monetary Authority.
GSR, a crypto trading firm and market maker, has received regulatory approval from Financial Conduct Authority (FCA), the financial markets regulator in the UK.
In a press release on Jan. 6, GSR said the regulatory approval means GSR Markets UK Limited is duly registered to conduct crypto related business in the country. It will support crypto trading in the UK, reaching both local/resident clients and across the globe.
GSR’s approval maps the firm as the first crypto liquidity provider to offer over-the-counter and crypto asset trading services.
According to the announcement, the firm seeks to expand its services delivery globally. This follows the firm’s milestone of having received regulatory nods from the two major crypto regulation jurisdictions.
GSR seeks global traction
Notably, Singapore’s Monetary Authority of Singapore granted regulatory approval to GSR as a crypto liquidity provider in April 2024. GSR is a Major Payment Institution licensed firm in Singapore.
The move for global regulatory approval aligns with GSR’s quest to offer its services alongside the standard principles of compliance and integrity – a top goal for company brand and image built over time.
GSR Group CEO Xin Song noted that the two global financial regulators’ approvals “marks a significant milestone in our mission to shape a more transparent, inclusive global crypto trading ecosystem.”
He confidently added that getting regulatory approvals from leading financial regulators makes the firm confident to expand on its services delivery to clients globally.
“By achieving approvals from two of the world’s leading financial regulators, the GSR Group can confidently expand our services to institutional and professional clients globally while continuing to uphold the integrity and high-quality service that we are known for,” the GSR Group chief executive added.
Hawk Tuah girl Hailey Welch, known for her association with the controversial $HAWK token, has been cleared of any wrongdoing after a lengthy investigation by the U.S. Securities and Exchange Commission (SEC). The SEC has decided not to press charges against Welch in connection with the rapid rise and subsequent collapse of the meme-based cryptocurrency.
US SEC Investigation Into Hawk Tuah Girl Concludes Without Charges
The SEC had launched an investigation into the $HAWK token after its dramatic price drop. The token, which was linked to Welch’s viral persona, initially saw a market cap surge to $490 million before crashing by over 90%. Investors who were impacted by the crash filed a lawsuit against those behind the project, alleging that the coin had been promoted and sold without proper registration.
Hawk Tuah girl Hailey Welch, who cooperated fully with the investigation, expressed relief after the SEC’s decision. “For the past few months, I’ve been cooperating with all the authorities and attorneys, and finally, that work is complete,” Welch told TMZ.
Her attorney, James Sallah, confirmed that the SEC had closed the case without any findings against her, adding that there would be no monetary sanctions or restrictions on Welch’s future involvement in cryptocurrency or securities.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Barely a week after hinting at launching an algorithmic USD stablecoin, Sonic Labs is shuttering its plans. Sonic Labs co-founder Andre Cronje revealed that incoming stablecoin regulation in the US contributes to the change of stance.
Sonic Labs Makes U-Turn Over Algorithmic USD Stablecoin
In mid-March, Sonic Labs disclosed plans for a yield-generating algorithmic stablecoin for its blockchain. However, new developments in the US regulatory landscape are forcing the company to ditch its algorithmic stablecoin ambitions.
Sonic Labs co-founder Andre Cronje confirmed the change in direction via an X post following the release of the full draft of the STABLE Act by Congress for clearer oversight. According to the text, lawmakers are pushing for a two-year moratorium on algorithmic stablecoin, souring Sonic Labs plans.
Unlike mainstream stablecoins backed by fiat or other commodities, algorithmic stablecoins rely on smart contracts to maintain their peg. The 2022 implosion of Terra’s ecosystem following the de-pegging of its TerraUSD (UST) algorithmic stablecoin stunned regulators.
“We will no longer be releasing a USD-based algorithmic stablecoin,” said Cronje.
In a light-hearted note, community members teased potential strategies for Sonic Labs to sidestep incoming stablecoin regulation. Apart from the loophole of launching the algorithmic stablecoin before the regulation goes live, Cronje teased an algorithmic dirham that will be denominated in USD.
Industry Players Are Bracing For New Stablecoin Regulations
Stablecoin issuers are steeling themselves for incoming stablecoin regulations in the US. While the GENIUS Act and STABLE Act continue to inch forward, there are common denominators in both bills.
For starters, there is the requirement for equivalent reserves at a 1:1 ratio with both bills steering clear of algorithmic stablecoins. The White House is favoring the GENIUS Act over the STABLE Act as lobbyists rally to stifle the possibility of a Conference Committee.
Authorities are targeting stablecoin regulation to reach Trump in two months as issuers jostle for position. Tether, Circle, and Ripple are staking their claims to lead the US government’s ambitions to rely on stablecoins to maintain the dollar’s dominance.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Federal Deposit Insurance Corporation (FDIC) has updated its guidelines, enabling banks to engage in cryptocurrency-related activities without seeking prior approval. This new policy shift signals a change in the FDIC’s approach to the growing role of digital assets in the banking sector.
New FDIC Guidelines on Crypto-Related Activities
The FDIC has issued a new Financial Institution Letter (FIL-7-2025), which provides updated guidance for banks looking to engage in cryptocurrency activities. The new guidance rescinds the previous policy set out in FIL-16-2022, which required banks to notify the FDIC before engaging in such activities.
Under the new rules, banks can now participate in permissible crypto-related activities without waiting for FDIC approval, as long as they manage the risks appropriately.
This change is seen as a shift in the FDIC’s stance, following the agency’s earlier stance that required prior approval for crypto engagements. FDIC Acting Chairman Travis Hill expressed that this new approach aims to establish a more consistent framework for banks to explore and adopt emerging technologies like crypto-assets and blockchain.
“With today’s action, the FDIC is turning the page on the flawed approach of the past three years,” said Hill in a statement.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ethereum Price Falls Below $1900 As Expert Blames Decline On Network Stagnation
Ethereum Monthly RSI At 2018 Market Low — What Happened Last Time?
Ethereum Bulls Disappointed As Recovery Attempt Fails At $2,160 Resistance
Is Burger King Teasing Crypto Launch? Decoding Their X Post
XRP Falls 12% in a Week as Network Activity Declines
Pepe Coin Whale Sells 150 Billion Tokens, Price Fall Ahead?
-
Market23 hours agoPi Network (PI) Drops Further Despite Telegram Wallet Deal
-
Market22 hours agoFDIC and CFTC Rescind Old Crypto Guidelines
-
Market21 hours agoSouth Carolina Could Spend 10% of Funds on Bitcoin Reserve
-
Bitcoin14 hours agoEl Salvador’s Nayib Bukele Open to White House Visit
-
Altcoin14 hours agoDid XRP Price Just Hit $21K? Live TV Display Error Goes Viral
-
Ethereum13 hours agoEthereum Breakdown, Analyst Eyes $1,130–$1,200 Price Target
-
Bitcoin13 hours agoBitcoin Price Could Surge To $95,000 — But Analyst Sounds ‘Bull Trap’ Alarm
-
Market13 hours agoDark Web Criminals Are Selling Binance and Gemini User Data
Arabic
Chinese (Simplified)
Dutch
English
French
German
Italian
Portuguese
Russian
Spanish
Vietnamese
✓ Share: