21st May: Blockchain DXB podcast🎙️
🟠J.P. Morgan - clients can buy Bitcoin 🚨Stablecoin - GENIUS Act ⚡DOJ investigates Coinbase 📊SEC delays on Solana ETF
🟠J.P. Morgan now lets clients buy Bitcoin, though CEO Jamie Dimon remains a vocal critic, citing concerns like crime and money laundering. He said the bank won’t custody crypto but will include it in client statements. This move aligns JPMorgan with Morgan Stanley, which already offers Bitcoin ETFs to eligible clients. The shift comes as U.S. regulators ease crypto restrictions under President Trump, though the Federal Reserve still limits direct bank involvement with crypto firms. Info via CNBC https://shorturl.at/x4Or2
🟠Senate Advances Crypto Regulation Bill (GENIUS Act) Guiding and Establishing National Innovation for U.S. Stablecoins
The U.S. Senate has advanced the GENIUS Act, a major bipartisan bill focused on regulating stablecoins. This comes just two weeks after Senate Democrats initially blocked the measure. The bill aims to establish a clear regulatory framework for stablecoins, addressing their issuance, oversight, and risk management.
- Details of the bill here https://shorturl.at/ntds8
🟠Purpose: To establish a regulatory framework for payment stablecoins—digital assets pegged to fiat currencies like the U.S. dollar.
Key Provisions:
- Mandates that stablecoin issuers maintain 1:1 reserves backed by U.S. dollars or short-term Treasury bills.
- Imposes strict anti-money laundering (AML) and know-your-customer (KYC) requirements.
- Prohibits algorithmic stablecoins.
- Allows smaller issuers to operate under state-level regulation if certain federal standards are met.
- Status: Advanced in the Senate with bipartisan support after initial resistance from some Democrats.
⚫The U.S. Department of Justice (DOJ) has opened an investigation into a recent cyberattack on Coinbase Global. Paul Grewal, Chief Legal Officer of Coinbase, confirmed the breach and stated that the company is actively cooperating with the DOJ as well as other U.S. and international law enforcement agencies. Grewal emphasised Coinbase’s support for the pursuit of criminal charges against the individuals responsible for the attack. Info via Reuters https://shorturl.at/yl1mD
🟠The U.S. Securities and Exchange Commission has delayed its decision on several spot Solana ETF proposals from 21Shares, Bitwise Inc, VanEck, and Canary Capital, citing the need for more time to review legal and policy issues. While the delay doesn't signal approval or rejection, it reflects the cautious pace of crypto ETF evaluations despite growing optimism under the new pro-crypto U.S. administration.
🟠 Two UAE news (See slides)
⚡ Ripple Builds on Dubai Regulatory License to Announce Zand Bank & Mamo As First Blockchain-Enabled Payments Clients in the UAE
⚡ Cisco announces major deal with Saudi Arabia’s HUMAIN to develop AI infrastructure

For slides click here: https://shorturl.at/34mDl

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Blockchain DXB: 🔴 21st May 🔴 🟠J.P. Morgan - clients can buy Bitcoin 🚨Stablecoin - GENIUS Act ⚡DOJ investigates Coinbase 📊SEC delays on Solana ETF 32:41 Share

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Blockchain DXB: 🔴 21st May 🔴 🟠J.P. Morgan - clients can buy Bitcoin 🚨Stablecoin - GENIUS Act ⚡DOJ investigates Coinbase 📊SEC delays on Solana ETF