Crypto Daily Roundup, 21 Sep: FOMC keeps interest rates unchanged

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Crypto News Key Highlights:

Singapore intensifies money laundering investigations, focusing on Chinese-born clients and individuals with dual citizenships. Banks scrutinize accounts and transactions, impacting Singapore's reputation as a wealth hub. Regulators engage with financial firms linked to potentially tainted funds. Crypto regulation is ongoing in Singapore, with plans for retail payments integration.

X, formerly Twitter, is revamping its Everything app with payment integration. CEO Linda Yaccarino hints at a comprehensive user experience, including payments and crypto, sparking Dogecoin speculations. Reports of potential fees for X users were dismissed by Elon Musk. German regulators are scrutinizing X's data sharing practices.

The Australian regulatory body, ASIC, is currently pursuing a legal case against Bit Trade, the operator of the Kraken cryptocurrency exchange in Australia. The reason for this legal action is Bit Trade's failure to adhere to the design and distribution regulations concerning a margin trading product. This negligence has resulted in significant financial losses amounting to $12.95 million for their customers.

In a recent update, a former executive who once held a position at Deutsche Bank has been handed a substantial 30-year prison sentence. This harsh judgment stems from his deep involvement in a fraudulent cryptocurrency scheme that duped investors out of a significant $1.5 million. The United States Department of Justice underscored not just his acknowledgment of wrongdoing but also the intricate and elaborate nature of the fraudulent actions at the heart of this case.

Ruja Ignatova, known as the Crypto Queen, orchestrated a massive crypto scam called OneCoin, convincing over 2 lakh people to invest in her fake cryptocurrency. She has been on the run since 2017 and is among the FBI's 10 most wanted.

The Philippines SEC is partnering with the US and the Asian Development Bank to combat cryptocurrency-related fraud and financial crimes. They recently held an IOSCO Investigation and Enforcement Training Workshop to enhance their capabilities, and the Philippines SEC is seeking new laws aligned with IOSCO standards. This collaboration reflects progress in monitoring digital assets in the country. However, crypto remains a contentious issue in the Philippines, despite its significant adoption rate.

Grayscale Investments has submitted another application for an Ethereum Futures Exchange-Traded Fund (ETF) to the SEC, potentially as a contingency plan in case its initial proposal is denied. Several Ethereum futures ETFs are expected to launch in October if approved by the SEC.

Bitcoin and Ethereum, while historically at odds, represent distinct foundational beliefs within the crypto community. Bitcoin emphasizes decentralization and liquidity, while Ethereum focuses on utility and dApps. The crypto landscape is diverse, with various schools of thought.