October 21, 2025 | 08:39Coinbase has launched a sweeping critique of U.S. anti-money laundering regulations, calling them “broken” and urging the Treasury Department to embrace artificial intelligence, APIs, and zero-knowledge proofs to combat financial crime in digital assets. The crypto exchange’s formal proposal argues that decades-old Bank Secrecy Act requirements have created an ineffective compliance system that burdens consumers, stifles innovation, and creates privacy risks through repeated KYC data collection. As Treasury compiles industry responses for congressional review, the debate highlights growing tension between traditional financial oversight and emerging blockchain technologies.
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MrBeast Files Trademark for Crypto Financial Services App
YouTube superstar MrBeast has filed a trademark application for ‘MrBeast Financial,’ signaling plans to launch a comprehensive financial services app that would offer cryptocurrency exchange, payment processing, banking, and insurance services. However, the world’s most-subscribed individual creator faces significant regulatory hurdles before bringing his ambitious financial platform to market, requiring multiple government approvals that have not yet been filed.
read moreOKX CEO Condemns Huione Group After $15B DOJ Crackdown
OKX CEO Star Xu has publicly condemned Cambodian conglomerate Huione Group following a massive $15 billion US Department of Justice crackdown targeting extensive crypto-enabled fraud networks across Southeast Asia. The enforcement action, coordinated between US and UK authorities, has designated the Prince Group Transnational Criminal Organization and 146 affiliates for their roles in crypto fraud, illicit mining, and global money laundering activities. Xu emphasized that OKX maintains strict compliance controls to distance itself from the sanctioned entity, which he said has “caused serious damage in the crypto space.”
read moreUS Seizes $14B Bitcoin from Chinese Pig Butchering Scam
The US government is moving to confiscate 127,271 Bitcoin worth approximately $14.2 billion linked to a massive cross-border ‘pig butchering’ scam operated by Chinese national Chen Zhi. The seized cryptocurrency is slated for addition to the US Strategic Bitcoin Reserve under a recent executive order. However, government shutdown complications and ratification deadlines could jeopardize the transfer.
read moreWisconsin Bill Exempts Crypto Activities from Licensing
Wisconsin lawmakers have introduced bipartisan legislation that would exempt cryptocurrency users and businesses from state licensing requirements for fundamental blockchain activities. Assembly Bill 471 represents a significant regulatory shift, protecting crypto payments, node operations, and staking from state restrictions while creating a more welcoming environment for crypto-native businesses. The move comes amid competing legislative priorities in the state, including recent Bitcoin ETF liquidation and fraud-targeting measures.
read moreSenator Lummis Pushes Crypto ATM Safeguards Amid Fraud Surge
U.S. Senator Cynthia Lummis is spearheading a bipartisan effort to impose stronger consumer protections on cryptocurrency ATMs as law enforcement data reveals an alarming surge in scam-related losses, particularly targeting senior citizens. The regulatory push comes alongside a Financial Crimes Enforcement Network warning showing victim losses through crypto kiosks jumped 31% in 2024 to $247 million, with adults over 60 accounting for more than two-thirds of losses despite being among the least likely demographic to use cryptocurrency services.
read moreDemocrats Push Bipartisan Crypto Market Structure Bill
Twelve Democratic senators are calling for Republican cooperation on comprehensive crypto market structure legislation. The proposal seeks to resolve regulatory ambiguity between the CFTC and SEC while establishing clear oversight frameworks. This bipartisan effort aims to close regulatory gaps and restore investor confidence in digital assets.
read moreDemocrats Propose Sweeping Crypto Regulation Overhaul
The newly released Democratic framework proposes a major overhaul of U.S. digital asset regulation, granting the CFTC jurisdiction over non-security digital commodities and spot markets while empowering the SEC to regulate tokenized securities. The legislation establishes seven core pillars including clear token classification, exchange-like regulation for crypto platforms, and strengthened anti-money laundering safeguards. It specifically addresses concerns about political influence by prohibiting elected officials and their families from issuing or profiting from tokens while in office. The framework also mandates new oversight for DeFi protocols, maintains stablecoin restrictions from previous legislation, and requires cross-party commissioner quorums at regulatory agencies. The proposal represents the most comprehensive Democratic response to date on crypto regulation and directly counters former President Trump’s involvement in the space.
read moreUS Sanctions Myanmar-Cambodia Cyber-Fraud Networks, Targets Crypto Flows
The Office of Foreign Assets Control (OFAC) has designated 19 entities in Myanmar and Cambodia tied to cyber-fraud compounds that target victims worldwide, creating immediate compliance obligations for banks, payment processors, and cryptocurrency exchanges. These sanctions block property and prohibit U.S. persons from dealings with designated entities, while exposing non-U.S. firms to secondary risk if transactions route through American financial systems. The targeted networks operate along the Thai-Myanmar border and rely on dollar-linked stablecoins, particularly USDT on TRON, for scam cash-outs and money laundering. Industry collaboration through initiatives like T3+ has frozen over $250 million in illicit assets since late 2024. The move comes as the FBI recorded $16.6 billion in U.S. cyber-enabled losses for 2024, with investment and romance frauds among the largest categories. Compliance teams must now enhance screening procedures and address ownership structures under OFAC’s 50 Percent Rule.
read moreGoogle Play Requires Licenses for Crypto Wallets
Google Play announced it will require custodial crypto wallet apps to obtain jurisdiction-specific licenses—such as MiCA in the EU, FCA in the U.K., and FinCEN in the U.S.—before distribution in regulated markets. The policy, effective October 29, initially raised concerns about non-custodial wallets, but Google clarified these are exempt. The backlash on Crypto Twitter highlighted fears over Android’s dominance (70% of mobile phones) and regulatory control, though experts like Jacob Wittman dismissed the changes as insignificant. The update underscores tech giants’ influence over crypto distribution.
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