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The rollercoaster ride of cryptocurrencies, major exchange security lawsuits, and regulatory crackdowns has impacted the crypto community. However, the focus is now on compliance and addressing regulatory issues for a secure and flourishing digital assets environment.

The EU’s Markets in Crypto Assets (MiCA) regulatory framework has significant similarities to France’s existing PSAN (Digital Asset Service Provider) regulations, according to Ethereum France President Jerome de Tyche. MiCA aims to standardize crypto regulations across Europe and has received positive reactions from stakeholders and regulators, even being suggested as a model for the US by SEC Commissioner Hester Peirce.

The draft bill by the United States House Financial Services Committee and House Agriculture Committee proposes a pathway for certain crypto assets to be labeled as digital commodities, offering regulatory clarity for crypto firms. However, it also raises concerns over digital assets’ classification and potential limitations due to increased regulatory measures.

Japanese cryptocurrency exchange bitFlyer adopts limitations on crypto deposits and transfers to comply with the Financial Action Task Force’s (FATF) Travel Rule. The new restrictions apply to transactions with exchanges participating in the Travel Rule Universal Solution Technology (TRUST) network in 21 countries and regions.

The International Organization of Securities Commissions (IOSCO) has released a report proposing 18 recommendations for global crypto regulation, covering areas like conflicts of interest, cross-border risks, and market manipulation. Public consultation on these recommendations is open until July 31, potentially shaping the future of cryptocurrency regulation worldwide.

The Financial Industry Regulatory Authority (FINRA) approved its first broker-dealer with custody rights for digital assets securities, Prometheum Ember Capital LLC, and authorized OTC Markets Group for crypto securities trading. Prometheum Capital’s platform, built to comply with SEC regulations, aims to challenge the industry’s claims of a lack of a clear US compliance path.

SEC Chair Gary Gensler addressed concerns raised by Coinbase and other crypto firms about unclear regulation, emphasizing that existing guidelines for the crypto sector should be complied with. Gensler insists these rules, covering aspects like custody of assets and securities registration, are sufficient to protect investors and maintain market integrity in the rapidly evolving crypto landscape.

SEC Chair Gary Gensler maintains that existing regulations adequately govern the crypto sector, despite Coinbase’s petition for new rules on digital assets. Gensler believes most cryptocurrencies are securities and require SEC registration, dismissing the notion of decentralization as a “false narrative.”

The U.S. House Financial Services Committee and crypto community criticize the SEC’s proposed advisory clients custody rule, arguing it oversteps authority and affects the banking and digital asset industries negatively. The rule could impose burdensome regulations on banks and hinder digital assets’ growth and innovation, necessitating a reconsideration of the proposal.