[News Brief] Apr 22, morning | New York Attorney General Urges Congress to Strengthen Cryptocurrency Regulation

New York Attorney General Urges Congress to Strengthen Cryptocurrency Regulation

New York Attorney General Letitia James submitted written testimony to the U.S. Congress and called for stronger regulation of cryptocurrency companies, according to Odaily.

James said the Digital Asset Market Clarity Act could override state-level digital asset market regulation and transfer supervisory authority to the U.S. Commodity Futures Trading Commission (CFTC), potentially weakening enforcement capabilities at the state and local levels.

She explained that complaints related to cryptocurrency fraud filed with the New York Attorney General’s Office have tripled over the past three years, while reported losses over the past five years have reached about $500 million.

James emphasized that cryptocurrency platforms should comply with anti-money laundering, know-your-customer, and cybersecurity requirements, monitor suspicious transactions and market manipulation, and bear financial responsibility if they fail to prevent customer fraud losses.

Upbit to List RLUSD on KRW, BTC, and USDT Markets

Upbit is set to list RLUSD on its KRW, BTC, and USDT markets, according to PANews citing an official announcement.

RLUSD is a Ripple-related stablecoin, and the listing expands trading access on a major domestic exchange.

Spot Ethereum ETFs See $9.23 Million in Net Inflows

PANews reported, citing SoSoValue data, that spot Ethereum ETFs recorded total net inflows of $9.23 million on the 27th U.S. Eastern Time.

By product, BlackRock’s ETHA saw the largest net inflow at $11.75 million. ETHA’s cumulative net inflows reached $11.42 billion.

Meanwhile, Invesco’s QETH recorded net outflows of $2.52 million. QETH’s cumulative net inflows stood at $22.1 million.

Total net assets of spot Ethereum ETFs were $10.65 billion, equivalent to 4.53% of Ethereum’s total market capitalization. Cumulative net inflows were tallied at $11.19 billion.

BlackRock ETF Wallet Transfers More Than $271 Million in Crypto to Coinbase Prime

Odaily reported, citing Onchain Lens monitoring, that a BlackRock ETF wallet transferred more than $271 million worth of cryptocurrencies to Coinbase Prime.

The transferred assets included 3,310 BTC worth about $216 million and 28,400 ETH worth about $55.68 million. Onchain Lens analyzed the transfer as a possible sign of selling activity.

IMF Points to Sharp Rise in Crypto-Based Cross-Border Capital Flows in Brazil

In its Financial System Stability Assessment report released this month, the International Monetary Fund (IMF) said crypto-based cross-border capital flows in Brazil have continued to grow since 2017 and have surpassed the scale of traditional capital flows.

According to Odaily, the IMF said a significant portion of these flows is driven by stablecoins. Corporates and individual investors are believed to use stablecoins for reasons including efficiency and tax-related considerations.

The IMF said stablecoin flows are linked to global and local investment indicators such as the S&P 500, the VIX, and Bitcoin prices, and are also affected by exchange rates, interest rates, policy uncertainty, and tax changes.

The report noted that while Brazil’s central bank has moved to regulate virtual asset service providers (VASPs), legal protections for customers and segregation of custody assets remain insufficient. It also said full implementation of international standards such as the Travel Rule is needed in anti-money laundering and counter-terrorist financing (AML/CFT).

The IMF added that because Brazil’s crypto system is connected to traditional finance, cooperation among domestic and foreign regulators and improvements in reporting frameworks are necessary. Brazil’s Congress is preparing to deliberate Bill No. 4308/2024, which defines the status of stablecoins.

Senator Chris Murphy Opposes the Clarity Act

U.S. Senator Chris Murphy said he would vote against the crypto regulation bill known as the Clarity Act.

According to Odaily, Bitcoin News said on X that Murphy criticized President Trump, saying it is inherently corrupt for him to be both a major participant in the crypto industry and at the same time regulate the industry.

The Clarity Act is a bill intended to reorganize the structure and regulatory authority of the U.S. cryptocurrency market and has drawn attention from both the industry and political circles.

Crypto Market Sees $445 Million in Liquidations Over 24 Hours

According to CoinGlass data, 116,561 traders were liquidated across the global cryptocurrency market in the past 24 hours, with total liquidations reaching about $445 million.

Long liquidations totaled about $214 million, while short liquidations came to about $230 million, showing similar scale on both sides.

By exchange, Binance accounted for about $208 million in liquidations, or 46.73% of the total. Bybit recorded about $55.1 million, OKX about $44.15 million, and Hyperliquid about $48.45 million.

The single largest liquidation occurred on Aster’s ETHUSDT contract, amounting to about $8.7164 million. Forced liquidation refers to the automatic closure of derivatives positions due to insufficient margin.

BitMine Receives 7,500 ETH From BitGo

BitMine received 7,500 ETH from BitGo about four hours ago, according to Odaily.

The assets were worth about $14.61 million. Odaily added that BitMine has continued purchasing ETH this week as well.

Binance to Delist Some Spot Trading Pairs on July 31

Binance said, following a recent review, it will remove certain spot trading pairs and halt trading for them at 12:00 p.m. KST on July 31.

The affected pairs are ERA/BNB, MAGIC/USDC, MASK/USDC, MOVE/TRY, MOVE/USDC, POL/BTC, STORJ/TRY, and SUSHI/USDC. Spot trading bot services for these pairs will also end at the same time.

Binance advised users to update or cancel the relevant bots in advance. The measure applies only to the removal of trading pairs, and the tokens themselves can still be traded through other spot pairs on Binance.

Australian Listed Firm DigitalX Sells 80 BTC

Australian listed company DigitalX sold 80 BTC, increasing its cash holdings to $21 million.

According to PANews, BitcoinTreasuries.net said DigitalX’s Bitcoin holdings fell to 283 BTC, placing the company 79th among corporate Bitcoin holders.