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Blockchain Monitor

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Weekly Blockchain Blog – March 17, 2025

Eric Barnum Moderates Panel at ABA Employment Rights and Responsibilities Committee Midwinter Meeting

ADventures in Law

Massachusetts Finalizes Junk Fee Regulation

BakerHostetler Team Scores Am Law Litigation Daily Litigator of the Week Honors for Co-Diagnostics Victory

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<a href="#digital">US Digital Asset Companies Achieve Licenses, Launch Products</a>

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<a href="#stablecoin">New Stablecoin and Crypto Payment Products Announced</a>

<a href="#occ">OCC Affirms Banks Permitted to Engage in Crypto, Rescinds Nonobjection Policy</a>

<a href="#doj">DOJ Shuts Down Garantex Exchange, CA Publishes Stats on Crypto Scams</a>

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US Digital Asset Companies Achieve Licenses, Launch Products

By <a href="https://www.bakerlaw.com/RobertAMusiala">Robert A. Musiala Jr.</a>

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According to a recent press release, Ripple, a U.S. digital asset infrastructure provider, announced that it has “received approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payments and services in the Dubai International Finance Centre (DIFC).” The press release notes that Ripple will be the first blockchain-enabled payments provider licensed by the DFSA.

In related news, a major U.S. cryptocurrency exchange recently announced that it has “secured an Electronic Money Institution (EMI) authorization from the U.K.’s Financial Conduct Authority (FCA).” According to a company blog post, among other things the EMI license allows the exchange to issue electronic money, “facilitating faster deposits and withdrawals for our clients.”

Another major U.S. exchange recently announced that it will soon launch “the first 24/7 Bitcoin and Ethereum futures contracts” through an affiliate company that operates as a futures exchange regulated by the U.S. Commodity Futures Trading Commission. According to a blog post by the company, the new futures contracts will give U.S. traders “uninterrupted access to manage risk and seize opportunities — just like crypto.”

In a final notable item, a major global financial services firm recently announced a partnership with two digital asset custodians, Anchorage Digital and Copper.co. According to a press release, Anchorage Digital and Copper.co “will serve as collateral managers and custodians for the firm’s new global Bitcoin financing business, which will provide leverage to institutional investors who hold Bitcoin.”

For more information, please refer to the following links:

<a href="https://www.businesswire.com/news/home/20250312413807/en/Ripple-Secures-DFSA-License-to-Offer-Regulated-Crypto-Payments-in-the-UAE" target="_blank" rel="noreferrer noopener">Ripple Secures DFSA License to Offer Regulated Crypto Payments in the UAE</a>

<a href="https://blog.kraken.com/news/uk-emi-authorization" target="_blank" rel="noreferrer noopener">Kraken secures UK EMI authorization; creates foundation for next phase of U.K. growth ambitions</a>

<a href="https://www.coinbase.com/blog/coming-soon-24/7-and-perpetual-style-futures-in-the-us" target="_blank" rel="noreferrer noopener">Coming Soon: 24/7 and Perpetual Style Futures in the US</a>

<a href="https://www.prnewswire.com/news-releases/cantor-fitzgerald-partners-with-digital-asset-custodians-anchorage-digital-and-copperco-to-support-bitcoin-financing-business-302397938.html" target="_blank" rel="noreferrer noopener">Cantor Fitzgerald partners with digital asset custodians Anchorage Digital and Copper.co to support Bitcoin financing business</a>

New Stablecoin and Crypto Payment Products Announced

By <a href="https://www.bakerlaw.com/professionals/john-e-robertson/">John E. Robertson</a>

Recent reports indicate Circle, the issuer of the USDC stablecoin, has launched Cross-Chain Transfer Protocol V2 (CCTP V2). CCTP V2 is said to reduce the average USDC cross-chain transaction settlement time from 13-19 minutes to “only seconds.” Circle has reportedly said that, initially, CCTP V2 will be available on Avalanche, Base and Ethereum. CCTP V1 will remain available on 11 blockchain networks.

In other stablecoin news, the PYUSD stablecoin has been the subject of several recent announcements. First, a press release by Zero Hash, a crypto and stablecoin infrastructure provider, announced that PYUSD has been integrated into Zero Hash’s platform. The release says the integration will allow Zero Hash’s customers to access PYUSD on both Ethereum and Solana. Separately, a press release by Mesh, a crypto payments network, announced that Mesh has secured $82 million in Series B funding, with most of the funds settled in PYUSD. Mesh states it plans to use the funding to expand its payments network to new crypto and payments platforms.

Finally, a press release from Blockfills and CQG announced the firms have partnered to stream BlockFills liquidity on CQG’s platform. The release states the initial offering will see the streaming of BlockFills bitcoin contract for difference products followed by spots and forwards. The firms intend for the offering to be released by the end of Q2 2025.

<a href="https://www.theblock.co/post/345577/circle-trims-usdc-cross-chain-settlement-time-down-to-seconds-with-protocol-update" target="_blank" rel="noreferrer noopener">Circle trims USDC cross-chain settlement time down to seconds with protocol update</a>

<a href="https://www.globenewswire.com/news-release/2025/03/10/3039840/0/en/Zero-Hash-integrates-PayPal-USD-PYUSD-expanding-its-stablecoin-offering.html" target="_blank" rel="noreferrer noopener">Zero Hash integrates PayPal USD (PYUSD), expanding its stablecoin offering</a>

<a href="https://www.prnewswire.com/news-releases/mesh-secures-82m-in-series-b-funding-to-build-first-global-crypto-payments-network-302398543.html" target="_blank" rel="noreferrer noopener">Mesh Secures $82M in Series B Funding to Build First Global Crypto Payments Network</a>

<a href="https://www.prnewswire.com/news-releases/blockfills-cqg-partner-to-offer-streaming-crypto-liquidity-on-cqg-platform-302396329.html" target="_blank" rel="noreferrer noopener">BlockFills, CQG Partner to Offer Streaming Crypto Liquidity on CQG Platform</a>

OCC Affirms Banks Permitted to Engage in Crypto, Rescinds Nonobjection Policy

By <a href="https://www.bakerlaw.com/RobertAMusiala">Robert A. Musiala Jr.</a><a href="https://www.bakerlaw.com/VeronicaReynolds"></a>

The U.S. Office of the Comptroller of the Currency (OCC) recently published Interpretive Letter 1183 “to confirm that crypto-asset custody, certain stablecoin activities, and participation in independent node verification networks such as distributed ledger are permissible for national banks and federal savings associations.” According to an OCC press release, “[t]he letter also rescinds the requirement for OCC-supervised institutions to receive supervisory nonobjection and demonstrate that they have adequate controls in place before they can engage in these cryptocurrency activities.” The press release further notes that, “[c]onsistent with Interpretive Letter 1183, the OCC also withdrew its participation in the joint statement on crypto-asset risks to banking organizations and the joint statement on liquidity risks to banking organizations resulting from crypto-asset market vulnerabilities.”

In a separate press release, the OCC “announced virtual Office Hours with its Office of Financial Technology on May 6-8, 2025, to promote responsible innovation in the federal banking system.” According to the release, “[i]nterested parties may request a meeting with OCC staff[,] who will provide feedback on topics discussed and respond to questions.”

<a href="https://occ.gov/news-issuances/news-releases/2025/nr-occ-2025-16.html" target="_blank" rel="noreferrer noopener">OCC Clarifies Bank Authority to Engage in Certain Cryptocurrency Activities</a>

<a href="https://occ.gov/topics/charters-and-licensing/interpretations-and-actions/2025/int1183.pdf" target="_blank" rel="noreferrer noopener">Interpretive Letter 1183: OCC Letter Addressing Certain Crypto-Asset Activities</a>

<a href="https://www.occ.treas.gov/news-issuances/news-releases/2025/nr-occ-2025-18.html" target="_blank" rel="noreferrer noopener">OCC to Host Virtual Innovation Office Hours</a>

DOJ Shuts Down Garantex Exchange, CA Publishes Stats on Crypto Scams

The U.S. Department of Justice (DOJ) recently announced “a coordinated action with Germany and Finland to disrupt and take down the online infrastructure used to operate Garantex, a cryptocurrency exchange that allegedly facilitated money laundering by transnational criminal organizations — including terrorist organizations — and sanctions violations.” According to a DOJ press release, “[s]ince April 2019, Garantex has processed at least $96 billion in cryptocurrency transactions.” The press release notes that the coordinated action by DOJ and foreign law enforcement resulted in the seizure of Garantex’s web domains and host servers and the freezing of $26 million in funds. The DOJ press release acknowledged the assistance of Tether and Elliptic in the investigation.

The California Department of Financial Protection and Innovation (DFPI) recently announced that “through its nationally-recognized <a href="https://dfpi.ca.gov/consumers/crypto/crypto-scam-tracker/">Crypto Scam Tracker</a> and a new partnership with the California Department of Justice (DOJ), the state has shut down more than 26 different crypto scam websites and uncovered $4.6 million in consumer losses.” According to a press release, the DFPI has also “identified seven new scam types based on more than 2,668 complaints submitted by consumers in California and from across the U.S. in 2024.”

<a href="https://www.justice.gov/opa/pr/garantex-cryptocurrency-exchange-disrupted-international-operation" target="_blank" rel="noreferrer noopener">Garantex Cryptocurrency Exchange Disrupted in International Operation</a>

<a href="https://dfpi.ca.gov/press_release/dfpi-strengthens-partnership-with-ca-department-of-justice-to-stop-crypto-scams-and-prevent-consumer-financial-loss/" target="_blank" rel="noreferrer noopener">DFPI Strengthens Partnership with CA Department of Justice to Stop Crypto Scams and Prevent Consumer Financial Loss</a>

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