ChainCatcher news, according to Cointelegraph, the chairman of the U.S. Senate Banking Committee's Digital Assets Subcommittee, U.S. Senator Cynthia Lummis, recently stated, "Digital assets represent the future, and we have a responsibility to ensure that the United States continues to lead this process."

ChainCatcher news, according to CNBC, Eric Trump, vice president of the Trump Organization and son of Donald Trump, publicly criticized the traditional financial system at a cryptocurrency event in Dubai, stating that the SWIFT system is inefficient and that the banking industry will be eliminated in ten years if it does not reform.He stated, "The modern financial system has collapsed, it is slow and costly. Everything that blockchain technology can do will be better than the way current financial institutions operate. SWIFT is a disaster. Our banking system favors the super-rich.What really got me into the (cryptocurrency) space is realizing that our banking system is being used against the vast majority of people in our country. This forced me into the world of cryptocurrency. I tell you, if banks do not pay attention to the upcoming changes, they will go extinct in ten years."He also praised decentralized finance as a way to bypass the costs and lack of privacy associated with traditional banks.In recent years, Eric Trump has frequently visited this desert emirate, as it has rapidly become a global center for cryptocurrency.

ChainCatcher news, the Federal Reserve announced on Thursday the withdrawal of regulatory guidance regarding banks' cryptocurrency assets and dollar token businesses, and simultaneously updated the relevant business expectation standards. This move aims to ensure that regulatory requirements keep pace with the evolution of risks and further support innovation in the banking system.The announcement shows that the Federal Reserve has officially abolished the regulatory letter issued in 2022, which previously required state member banks to report in advance on proposed or existing cryptocurrency asset businesses. After the withdrawal, the Federal Reserve will no longer require banks to fulfill reporting obligations, instead opting to monitor related activities through regular regulatory procedures. Also abolished is the 2023 guidance document regarding the "no objection" procedure for state member banks participating in dollar token businesses.In addition, the Federal Reserve and the Federal Deposit Insurance Corporation jointly decided to withdraw two policy statements regarding banks' cryptocurrency asset businesses and risk exposures, which were jointly issued by federal banking regulators in 2023. The Office of the Comptroller of the Currency had previously withdrawn from that statement. The Federal Reserve stated that it will collaborate with other regulatory agencies in the future to assess whether new guidance frameworks are needed to support innovation, including cryptocurrency asset businesses.

According to ChainCatcher, as reported by The Block, Bank of America is actively lobbying for regulations on stablecoin issuance that favor banks rather than tech companies. Currently, there is a high-stakes power struggle between traditional banks, tech giants, and cryptocurrency companies like Tether.According to insiders, Bank of America is primarily lobbying lawmakers through industry organizations such as the Bank Policy Institute and the American Bankers Association to establish rules that benefit mature banks in issuing stablecoins, while restricting large tech companies (non-banks) like Amazon and Meta from issuing dollar-backed crypto tokens.

ChainCatcher news, according to Hong Kong 01 report, the banking industry in Hong Kong holds a cautious attitude towards cryptocurrencies. According to the Hong Kong Employment Ordinance, Bitcoin cannot be used as a method of salary payment. In mortgage loan applications, Bitcoin is neither considered a fixed source of income nor accepted as a qualifying asset.Currently, banks only recognize traditional assets such as cash, stocks, foreign currencies, Hong Kong properties, funds, and bonds. Holders of cryptocurrencies must convert their digital currencies into fiat currency and keep them for more than 3 months before applying for a mortgage loan of up to 70%. If banks discover that the applicant's funds come from cryptocurrency transactions, they may reject the mortgage application due to money laundering risk considerations, and even freeze the bank account.

ChainCatcher news, according to Bloomberg, the Singapore government released a 126-page report on Thursday that deeply assesses the money laundering risks faced by the country. The report points out that in the process of attracting global super-rich individuals and building an international financial wealth center, Singapore also faces severe anti-money laundering challenges. This situation makes Singapore vulnerable to being used as a channel for laundering proceeds from overseas financial fraud and other criminal activities.The report details various money laundering methods within Singapore, including the use of bank accounts, payment accounts, shell companies, and other complex structures and arrangements for fund transfers and concealment. The report particularly emphasizes that banks, due to their financial attributes and service characteristics, have become high-risk areas in money laundering activities.Singapore's banking system is vast, with over 150 banks, many of which offer convenient online financial services, facilitating electronic fund transfers. This also provides opportunities for money laundering activities.According to the report, in a recent money laundering scandal, Singapore authorities seized over 1.5 billion Singapore dollars from related bank accounts. These funds are associated with 10 convicted Chinese nationals and 17 fugitives. Additionally, cash, cryptocurrencies, properties, gems, jewelry, watches, and luxury handbags were also seized from criminals.