1. Reuters: China Considering First Approval of RMB Stablecoin
According to Reuters, China is considering first-time approval of a RMB stablecoin. The State Council is expected to review and potentially approve a related roadmap this month, clarifying regulatory responsibilities, setting global usage targets, and leading local implementation through Hong Kong and Shanghai. The RMB stablecoin will be used for cross-border trade and payments, with further details potentially discussed during the Shanghai Cooperation Organization summit in Tianjin at the end of the month.
2. SEC Chair: Only "Very Few" Crypto Tokens Can Be Deemed Securities
U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins stated at the Wyoming Blockchain Summit that only "very few" crypto tokens can be considered securities, emphasizing that tokens themselves typically do not constitute securities. He noted that the SEC will promote securities law modernization through the "Project Crypto" program, gradually bringing U.S. financial markets on-chain. Atkins stressed that regulation should embrace innovation and proposed building a long-term framework that can "prevent regulatory interference".
3. DEA Undercover Agent Launders $19 Million in Drug Funds into Cash and Cryptocurrency
The U.S. Drug Enforcement Administration (DEA) infiltrated and controlled a Colombian drug trafficking group's money laundering network during a decade-long undercover operation, handling approximately $19 million in funds, part of which was transferred to cryptocurrency accounts. The operation ultimately led to the prosecution of two heroin traffickers. Documents show that in 2018, DEA undercover personnel transferred $150,000 to a Coinbase account and converted it to over 13 bitcoins, which are now worth over $1.5 million due to bitcoin's price increase. The Department of Justice is currently seeking to recover these funds.
4. Fed Governor Bowman: Regulators Must Adopt AI and Crypto Technologies to Avoid Marginalization
Federal Reserve Board Governor Michelle Bowman stated at the Wyoming Blockchain Symposium that banks and regulators risk declining status in the financial system if they do not proactively adopt emerging technologies like artificial intelligence and cryptocurrency. She called on the industry to help regulators better understand blockchain and digital assets, exploring their potential applications in combating fraud. Bowman also indicated she would work to reduce regulatory scrutiny related to "reputational risk" and is committed to changing the culture and attitude of regulatory bodies towards technology adoption and product integration.
