Crypto News Highlights

In today’s top crypto news:

1. Singapore ‘Not Ready’ For ETFs: Singapore Exchange (SGX) CEO Loh Boon Chye announced that Singapore is not yet prepared to list cryptocurrency-based exchange-traded funds (ETFs) due to ecosystem readiness concerns. However, Singapore continues to be proactive in other areas of cryptocurrency regulation, having issued 24 digital payment token licenses.
2. Malaysia Links Bitcoin Mining to Significant Electricity Theft: Malaysia’s government reported that illegal cryptocurrency mining operations have led to substantial electricity theft, costing the country approximately 3.2 billion Malaysian Ringgits ($682 million) since 2018. As part of the crackdown, authorities seized 2,022 mining rigs valued at 2.2 million RM ($462 million).
3. Judge Quashed Coinbase’s Request of Subpoena SEC: In a U.S. District Court hearing, Judge Katherine Polk Failla expressed reservations about Coinbase’s request to access SEC Chair Gary Gensler’s private communications from before his tenure. The judge requested both parties to submit letters to the court by July 15.
4. Bahamas Mandates CBDC Distribution Despite Low Adoption: The Bahamian government will require commercial banks to distribute its central bank digital currency (CBDC), the Sand Dollar, despite low adoption rates. The CBDC currently accounts for less than 0.41% of currency in circulation.
5. SEC Drops BUSD Securities Claim Against Paxos: The SEC concluded its investigation into Paxos regarding the Binance-branded stablecoin BUSD without recommending enforcement action. This decision is seen as a victory for Paxos, coming over a year after regulatory pressure led Paxos to terminate its relationship with Binance for the branded stablecoin.
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