One risk facing banks that custody crypto is the potential for liability if crypto assets are lost, according to three US financial agencies. Three federal agencies of the United States government outlined the risks facing banks if they decide to custody crypto on behalf of their clients, according to a document published jointly by the agencies on Monday. While the announcement said that the document “does not create any new supervisory expectations,” it could provide a framework for banks that are considering entering the crypto space, as some reports have suggested they are. According to the document, titled “Crypto-Asset Safekeeping by Banking Organizations,” a bank’s risk assessment would include the ability to understand a complex and evolving asset class; the potential of liability if crypto assets were lost; and legal and compliance responsibilities associated with the Bank Secrecy Act and Anti Money Laundering regulations. Read more
Discussions in the House Committee on Rules opened with crypto bills, but quickly shifted to the Department of Defense Appropriations Act. The US Congress kicked off what's been labeled as “crypto week” on Capitol Hill, with Republicans pushing digital asset legislation and Democrats framing the effort as a cover for crypto “corruption.” But instead of focusing on crypto, opening arguments quickly shifted to defense spending. In a Monday meeting of the US House Committee on Rules, Massachusetts Representative Jim McGovern used his opening statement to excoriate Republican lawmakers and President Donald Trump for their attempts to push through three crypto bills: the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS), the Digital Asset Market Clarity Act (CLARITY), and the Anti-CBDC Surveillance State Act. McGovern referred to the bills as the “GOP’s crypto giveaway,” criticizing the legislation for offering “weak and ineffective” regulatory solutions at the expense of investors. Rea...
Consortium uses M&A to advance corporate Bitcoin adoption across Asia Simon Gerovich, CEO of Tokyo-based Metaplanet, is part of a consortium that is negotiating to acquire a controlling stake in SGA, a publicly traded software services company listed on South Korea’s KOSDAQ. The deal, if finalized, would position SGA to acquire Bitcoin as part of a broader digital asset strategy. While Gerovich is listed as an independent investor — not acting on behalf of Metaplanet — the move aligns with the company’s growing Bitcoin treasury strategy. According to a press release from Top Win International, (SORA on the Nasdaq stock exchange), “proceeds from the issuance will be used for strategic asset acquisitions and general corporate purposes.” Acquisitions such as this are part of a broader strategy to accelerate corporate Bitcoin adoption across Asia by transforming traditional companies into Bitcoin-aligned entities, using deals to position companies like DV8 and SGA as vehicles for Bitcoin exposure in regional capi...