U.S. banks authorized to act as intermediaries for crypto purchases

U.S. banks authorized to act as intermediaries for crypto purchases

U.S. banking regulators have opened a new pathway for integrating cryptocurrencies into traditional finance. National banks are now authorized to act as intermediaries in crypto transactions, executing buy and sell orders on behalf of their clients. This framework is based on a so-called “no custody risk” model, where the bank does not hold digital assets on its balance sheet but merely facilitates the transaction.
 
In practice, a bank can purchase a cryptocurrency from a seller and almost instantly resell it to a buying client. This mechanism allows banks to offer access to digital assets without being directly exposed to market volatility. For customers, it means the ability to buy or sell crypto through their usual bank, without relying on an independent exchange.
 
This development marks an important step toward the normalization of cryptocurrencies in the United States. It fits into a broader trend of bringing traditional financial services and digital assets closer together while maintaining a strict regulatory framework. Banks could gradually integrate crypto services alongside their existing investment products.
 
However, by facilitating access to cryptocurrencies, banks also indirectly introduce crypto market volatility and risks into the traditional financial system. Regulators will therefore need to ensure that these practices are accompanied by strong controls and rigorous risk management to avoid large-scale instability.
 

France may require declaration of self-custody wallets

A proposal debated in the French National Assembly could significantly alter how French citizens interact with cryptocurrencies held in self-custody. An amendment seeks to extend reporting obligations to self-hosted wallets, meaning wallets where users directly control private keys, such as software or hardware wallets. Until now, only centralized platforms, particularly foreign ones, were subject to tax reporting requirements.
 
If adopted, holders of cryptocurrencies above a certain value threshold would have to declare annually the existence and estimated value of their personal wallets. The stated goal is to close gaps in crypto taxation and reduce the discrepancy between assets actually held by individuals and those reported to tax authorities. Regulators argue that self-custody currently represents a blind spot in the fight against tax evasion.
 
The proposal has sparked strong concern. For many industry participants, it challenges a core principle of the crypto ecosystem: individual sovereignty over assets. Forcing citizens to declare wallets they fully control is seen as an intrusion into financial privacy and a potentially dangerous precedent in terms of economic surveillance.
 
Many uncertainties remain regarding practical implementation. How should a wallet’s value be accurately assessed on a given date? What penalties would apply in cases of error or omission? And how could the state verify declarations without undermining the very principle of private ownership? These unanswered questions continue to fuel debate.
 
If passed, the measure would mark a turning point in French crypto regulation. It would strengthen tax transparency but at the cost of a perceived reduction in anonymity and individual freedom, two historical pillars of crypto adoption.
 
 

Gemini receives approval to launch prediction markets

Crypto platform Gemini has reached a decisive milestone by obtaining regulatory approval to offer prediction markets in the United States. This authorization follows several years of regulatory efforts and allows Gemini to officially operate products where users can speculate on future events through simple binary contracts.
 
The announcement was immediately welcomed by markets. Gemini’s stock rose sharply, signaling that investors view this approval as a strategic growth driver. After a period marked by regulatory challenges and increased competition, this development restores visibility to the company’s business model and strengthens its credibility with traditional financial players.
 
Prediction markets allow users to speculate on a wide range of events, from economic outcomes to political decisions and other measurable indicators. Gemini plans to roll out these products gradually, first on the web and then on mobile, with the ambition of reaching a broader audience beyond crypto-native traders. This diversification could boost user engagement and create new revenue streams.
 
More broadly, this approval reflects a deeper trend. Crypto platforms are evolving toward hybrid models that combine traditional finance, derivatives, and collective intelligence tools. For Gemini, the green light represents an opportunity to reposition itself as a global financial player capable of innovating within a strict regulatory framework.
 

Do Kwon sentenced to 15 years in prison

Do Kwon, co-founder of Terra, has been sentenced to 15 years in prison by a U.S. court following proceedings related to the spectacular collapse of the Terra ecosystem and the UST stablecoin in 2022. The ruling comes after years of investigations and revelations surrounding the failure of the algorithmic stablecoin UST and the LUNA token, which caused massive losses for hundreds of thousands of investors worldwide.
 
Judges found Do Kwon guilty on several serious charges, including fraud and market manipulation, directly linked to the design and promotion of Terra’s products. The court determined that Kwon knowingly misled investors about the viability of UST’s algorithmic mechanism and the safety of Terra’s economic model. The 15-year sentence reflects the severity of the consequences of the collapse, widely regarded as one of the biggest scandals in recent crypto history.
 
This conviction represents a major milestone in crypto regulation and sends a strong signal to blockchain project founders. It demonstrates that judicial authorities are willing to impose severe penalties when serious breaches of transparency and investor protection are established. For many in the community, the sentence is also seen as a form of justice for the thousands of victims who lost their savings.
 
Beyond its immediate impact on Do Kwon, the ruling could have lasting implications for how crypto projects are structured and marketed. It is likely to intensify discussions around founder accountability and the need for clear legal frameworks for stablecoins and other digital financial products in the months ahead.