3 min readAug 11, 2023

The week has been overflowing with news of regulatory checks and court cases. We take a brief look at the crypto world and technology in general

Rep. McHenry Pushes for Stablecoin Bill following PayPal Move

US House Financial Services Committee Chair Patrick T. McHenry has stressed the urgency for stablecoin regulation after PayPal’s launch.

“This announcement is a clear signal that stablecoins, if issued under a clear regulatory framework, holds promise as a pillar of our 21st century payments system,” McHenry said on Monday in a statement. Obtains Major Payment Institution License in Singapore

Cryptocurrency firm has secured a payment license in Singapore, advancing its Asian expansion. It said in a statement that the Monetary Authority of Singapore issued the company a major payment institution license on August 1.

Microsoft and Aptos Partner to Bring AI to Blockchain

Microsoft and Aptos have collaborated to delve into asset tokenization, digital payments, and central bank digital currencies.

Leveraging Microsoft’s AI prowess, Aptos will introduce the user-friendly Aptos Assistant to enhance web3 onboarding and decentralized app development.

US Fed Steps Up Oversight of Banks’ Involvement With Crypto Firms

The United States Federal Reserve is expanding its oversight program to include U.S. banks that interact with the cryptocurrency and blockchain sector. This move comes as part of the establishment of the Novel Activities Supervision Program by the Federal Reserve Board.

Ex FTX Executive Ryan Salame in Talks for Guilty Plea

Ryan Salame, former senior executive at FTX crypto exchange, is reportedly discussing a potential guilty plea with federal prosecutors.

Bloomberg reports suggest Salame might plead guilty as early as next month, facing charges that include violations of campaign finance laws.

Bitsonic CEO Arrested for Crypto Scam

South Korea’s Bitsonic CEO Jinwook Shin has been arrested for embezzling $7.5M in user funds. Shin has been accused of manipulating crypto prices, mishandling of users’ funds from Jan 2019 to May 2021 and halting operations by August 2021.

In a related development, a new South Korean interagency investigation unit has been established to combat cryptocurrency crimes.

Bank of England Invites Advisors for Digital Pound Initiative

The Bank of England is taking decisive steps towards its digital pound design phase. They’re forming an Academic Advisory Group, seeking experts in finance, economics, and business to contribute their insights on central bank digital currency (CBDC).




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