1. Reuters: China is considering allowing the use of a yuan stablecoin for the first time
According to Reuters, China is considering allowing the use of a yuan stablecoin for the first time. The State Council is expected to review and possibly approve the relevant roadmap this month, clarifying regulatory responsibilities, setting global usage targets, and advancing local implementation first in Hong Kong and Shanghai. The yuan stablecoin will be used for cross-border trade and payments, with further details potentially discussed at the Shanghai Cooperation Organization summit in Tianjin at the end of the month.
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2. SEC Chairman: Only a 'very small number' of cryptocurrencies can be classified as securities
Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), stated at the Wyoming Blockchain Summit that only a 'very small number' of cryptocurrencies can be classified as securities, emphasizing that the tokens themselves typically do not constitute securities. He pointed out that the SEC will promote the modernization of securities laws through the 'Project Crypto' initiative, gradually bringing U.S. financial markets on-chain. Atkins stressed that regulation should embrace innovation and proposed the need to build a long-term framework that can 'prevent regulatory interference'.
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3. U.S. Drug Enforcement Administration undercover agent laundered $19 million in drug trafficking funds into cash and cryptocurrency
The U.S. Drug Enforcement Administration (DEA) infiltrated and controlled the money laundering network of Colombian drug cartels over more than a decade of undercover operations, handling approximately $19 million in funds, some of which were transferred into cryptocurrency accounts. This operation ultimately led to the prosecution of two heroin traffickers. Documents show that in 2018, DEA undercover agents were instructed to transfer $150,000 into a Coinbase account and exchange it for over 13 bitcoins, which are now worth over $1.5 million due to the increase in bitcoin prices. The Department of Justice is currently seeking to recover the related funds.
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4. Federal Reserve Governor Bowman: Regulators must adopt AI and cryptocurrency technologies to avoid marginalization
Michelle Bowman, a member of the U.S. Federal Reserve Board, stated at the Wyoming Blockchain Symposium that banks and regulators risk losing their status in the financial system if they do not actively adopt emerging technologies such as artificial intelligence and cryptocurrency. She called for the industry to assist regulators in gaining a more comprehensive understanding of blockchain and digital assets, exploring their potential applications in combating fraud and other issues. Bowman also expressed her commitment to reducing regulatory scrutiny related to 'reputational risk' and to changing the culture and attitude of regulatory agencies regarding technology adoption and product integration.
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