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According to Foresight News, Indonesia's Commodity Regulatory Authority, Bappebti, has established a dedicated committee to oversee the cryptocurrency industry. The committee, composed of representatives from Bappebti, various government departments, cryptocurrency exchanges, clearing institutions, associations, scholars, and relevant practitioners, will analyze industry reports, manage a central database, assess cryptocurrency asset risks, and have the authority to recommend adding or removing assets from the list.

According to PANews, Ripple Labs has made significant progress in its legal dispute with the U.S. Securities and Exchange Commission (SEC). The SEC has taken a step in the remedial phase of the lawsuit, submitting its final response. In its recent response to the remedial measures outline, the SEC questioned Ripple Labs' claim that the blockchain startup's actions were not reckless and that the legal status of XRP should not have 'broad uncertainty', despite the court's previous rejection of this 'fair notice' defense. Since the XRP lawsuit was initiated in 2020, Ripple Labs has not violated any rules, but the SEC still maintains its stance on whether Ripple Labs may take similar actions in the future. According to the remedial measures brief, Ripple Labs tried to downplay its responsibility, while emphasizing its cooperation with the U.S. SEC since XRP's initial public offering in 2013. However, the U.S. SEC stressed that, according to the law, even if Ripple Labs has not violated any regulations since 2020, it is still possible to violate them again. The SEC believes that Ripple Labs' assurances about changing its behavior after the lawsuit are not sufficient to avoid a ban. According to the SEC, Ripple Labs' claim to follow legal guidance and restructure future XRP sales according to the lawsuit order is misleading. The SEC believes that Ripple Labs misread the lawsuit order and failed to accept its impact on compliance. The reply to the remedial measures refuted Ripple Labs' claim about sales to qualified investors outside the United States, as these defenses have been abandoned at the summary judgment stage. In addition, Ripple's claims about changes to ODL sales contracts were rejected because these contracts already lack certain restrictions deemed to be violations. Ultimately, the SEC believes that Ripple's claims do not negate the need to issue a ban to prevent future violations. In response to the SEC's reply in the remedial measures brief, Ripple's Chief Legal Officer Stuart Alderoty commented that the SEC's reputation continues to decline. He emphasized that international financial regulators with a robust cryptocurrency licensing framework might be surprised at the SEC's approach to equating its efforts with issuing fishing licenses. Alderoty criticized the SEC for not consistently applying the law. He is optimistic about resolving the XRP lawsuit. While the cryptocurrency community eagerly awaits the final outcome of the case, analysts expect the final judgment to be made around September.

According to Foresight News: Robinhood Crypto, LLC (RHC), has been handed a Wells Notice by the U.S. Securities and Exchange Commission (SEC) staff. The notice concerns the company's practices including cryptocurrency listing, custody, and platform operations. The SEC staff have made a "preliminary determination" in favour of recommending the SEC-level charges against RHC. This comes following potential violations of Sections 15(a) and 17A of the Securities Exchange Act of 1934, as amended by the SEC.   

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According to CryptoPotato, Ripple is contesting the US Securities and Exchange Commission's (SEC) classification of the 'Fox Declaration' as standard evidence, arguing that it is expert testimony. This disagreement has escalated the ongoing legal battle between the two entities. The 'Fox Declaration' is a statement from Andrea Fox, which Ripple claims is an expert opinion, while the SEC describes it as 'standard summary evidence in support of calculations for disgorgement.' The SEC also asserts that the 'Fox Declaration' includes information derived from Ripple's own documents, such as tax returns and financial statements, which could be crucial in determining the case's outcome. Ripple recently filed a letter supporting its initial request, maintaining that the SEC failed to prove that the 'Fox Declaration' is summary evidence rather than expert testimony. The company argues that Fox uses technical or specialized knowledge to analyze Ripple's records, third-party evidence, and expert reports, draw conclusions, and calculate disgorgement, prejudgment interest, and discount amounts. Ripple also contends that if Fox is considered a summary witness, the SEC failed to disclose her before the end of the discovery process, and therefore her testimony should not be considered in the case's resolution. Despite the ongoing trial, it is still unclear when the Ripple v SEC case will conclude or if the parties will reach a mutual agreement. American lawyer Jeremy Hogan predicts a possible $100 million settlement this summer. The SEC initially sought a $2 billion fine from Ripple for alleged XRP sales violations, but Ripple argues that the penalty should not exceed $10 million. The case's outcome could significantly impact Ripple's native token's price and the broader crypto market.

According to BlockBeats, Wall Street Journal reporter Nick Timiraos, often referred to as a 'Federal Reserve mouthpiece', suggested on social media on May 1st that the upcoming Federal Reserve meeting might be another 'wait-and-see' session. However, this time, the focus could shift towards the Federal Reserve's stance on inflation and the risk of wage increases, rather than on downward risks or benign inflation. Timiraos cautioned that if officials use the same phrasing when answering similar questions, it could inadvertently lead to repetition or overemphasis in their statements.

According to PANews, zkSNACKs, the development company behind the privacy-enhanced Bitcoin wallet Wasabi Wallet, has announced an indefinite ban on its products for users in the United States. This decision is likely triggered by the arrest of the founder of Samourai Wallet earlier this week. As per the company's announcement, the ban will be enforced through the use of an IP address firewall, preventing users from the US and related regions from accessing its website, downloading, and using the Wasabi Wallet, as well as any related products and services, including API and RPC interfaces. The company cited 'recent statements issued by US authorities' as the reason for this decision.

According to Cointelegraph: John Deaton Supports Coinbase in SEC Appeal by Filing Amicus Brief John Deaton, a known crypto lawyer who is presently running a Senate campaign to unseat Elizabeth Warren, has filed an amicus brief advocating for Coinbase. This step comes as the cryptocurrency exchange appeals certain matters in its legal battle against the United States Securities and Exchange Commission (SEC). Source: Courtlistener In an April 26 document filed in the U.S. District Court for the Southern District of New York, Deaton submitted the amicus brief supporting a motion for interlocutory appeal, representing 4,701 Coinbase customers. Interestingly, Deaton provided this legal aid pro bono, representing Coinbase users' interests distinct from the exchange itself. The brief insists that the SEC’s enforcement actions are evidence that "the regulator does not speak on behalf of digital asset users and investors and intends to offer no regulatory guidance beyond citing the Howey case." Deaton pointed to the SEC's lawsuits against crypto firms, such as Debt Box, alleging that the commission's approach was more adversarial towards the crypto industry than truth and justice-aligned. Though Deaton's actions appear tied to his ongoing Senate run based on his April 26 X post, he proposed himself as a legal representative for Coinbase users as early as June 2023—prior to announcing his campaign—after the SEC filed its lawsuit. Paul Grewal, Chief Legal Officer at Coinbase, informed that the interlocutory appeal seeks the court's discernment on whether a post-sale contractual obligation is essential for something to be defined as an "investment contract"—a foundation for deciding if something is a security under SEC regulations. This pivotal legal issue is key among those being contended in the SEC's lawsuit against Coinbase. Less than six months from the election day, it remains to be seen if Deaton's legal maneuvers might impact his Senate campaign, which is distinguished by his markedly different views on digital assets compared to incumbent Senator Warren.

According to Cointelegraph: EU's DeFi Regulations Could Welcome Big Banks but Test Crypto Natives New regulatory rules forthcoming for decentralized finance (DeFi) protocols in Europe could create significant hurdles for crypto-native projects while stimulating traditional financial institutions to enter the DeFi space, as per Marina Markezic, Executive Director of the European Crypto Initiative. Markezic discussed the European Commission's forthcoming DeFi report, set to be released on Dec. 30, 2024, during a recent interview with Cointelegraph. The report will scrutinize DeFi's regulatory feasibility under the Markets in Crypto-Assets (MiCA) framework. Markezic expressed her expectations from a DeFi regulatory framework stating that it could facilitate traditional players' entry into the crypto space since several banks are already considering issuing stablecoins. However, she cautioned that obtaining licenses and achieving compliance might become harder for crypto-native projects. The EU's report seeks to explore the regulation of decentralized systems, particularly those without a defined issuer or service provider. A crucial outcome may include initial definitions of what regulators perceive as decentralization. Markezic suggested that DeFi should be looked upon as a spectrum rather than a binary scenario. This 'DeFi spectrum' would consist of a range of different use cases, from fully decentralized systems to those that exhibit various levels of control and management. Legal experts push for clear standards instead of strict rules. Sascha Drobnjak, former head of legal and compliance at Elusiv protocol, emphasized that governments, policymakers, and the industry need to agree on what really defines DeFi. Revenue from the DeFi sector is predicted to reach approximately $6.69 billion in Europe by 2024, according to Statista, with a compound annual growth rate of 9.67% between 2024 and 2028, reaching $9.68 billion in revenue by 2028.

According to PANews, the Hong Kong Financial Management Bureau has launched the FiNETech series. This initiative brings together approximately 100 banks, securities companies, insurance companies, and technology enterprises. The aim is to jointly explore advanced cooperation arrangements in wealth technology, insurance technology, green technology, artificial intelligence, and distributed ledger technology. Over the next six to twelve months, the Bureau plans to expand its cooperation in the field of financial technology through the FiNETech series of events. This will include continued collaboration with various co-organizing institutions, industry associations, and market experts. The focus will be on the development of artificial intelligence (including generative artificial intelligence), distributed ledger technology, and green technology. The Bureau also aims to make substantial progress in the adoption of financial technology by banks and other financial institutions. This is part of the broader goal of the FiNETech series to foster innovation and collaboration in the financial technology sector.