Recent developments in the cryptocurrency sector focus on regulatory changes and positive steps to support the industry.
Trump's Banking Order for Crypto Firms
U.S. President Donald Trump has signed an executive order prohibiting federal financial regulators from pressuring banks to cut services to cryptocurrency companies on the grounds of 'reputational risk.' This move addresses long-standing industry concerns over de-banking practices, which have harmed law-abiding citizens and businesses.
Although the order does not explicitly mention crypto, it targets a key regulatory tactic historically used to restrict crypto firms, effectively aiming to end 'Operation Choke Point 2.0.' This measure has received broad Republican support and is seen as a significant step toward restoring financial access for crypto businesses.
Launch of RWA Registration Platform in Hong Kong
On August 7, the Hong Kong Web3 Standardization Association officially launched the 'RWA Registration Platform,' providing comprehensive services from asset digitization to tokenization. The platform aims to improve transparency and liquidity while encouraging institutional participation in on-chain asset allocation.
The association also initiated three core Web3 standards: *RWA Tokenization Business Guidelines*, *RWA Tokenization Technical Specifications*, and *Blockchain-Based Stablecoin Cross-Border Payment Technical Specifications*. These standards aim to support compliant token issuance and cross-border settlements.
SEC and Ripple Settle Dispute
The U.S. Securities and Exchange Commission (SEC) and Ripple have agreed to withdraw their appeal, bringing the three-year regulatory case to a close. The withdrawal cements Judge Analisa Torres’ 2023 ruling that XRP’s secondary market transactions are not securities, while Ripple’s large-scale sales to institutional investors were deemed illegal. Ripple will pay a $125 million fine and accept a permanent injunction against similar future violations.
These developments highlight significant shifts in cryptocurrency regulation in both the U.S. and Hong Kong, opening new opportunities for the industry and establishing precedents for future judicial decisions.
