(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)
Seeds of Wisdom
SEC Axes Biden-Era Proposed Crypto Rules in Flurry of Repeals
The U.S. Securities and Exchange Commission (SEC) has rescinded a wide slate of proposed rules introduced under the Biden Administration, including two that directly targeted crypto custody and DeFi protocols.
In a move reflecting President Donald Trump’s regulatory rollback agenda, the SEC said on Thursday that it is officially withdrawing several notices of proposed rulemaking issued between March 2022 and November 2023, during former Chair Gary Gensler’s tenure.
The agency emphasized that it “does not intend to issue final rules with respect to these proposals,” but left the door open to propose new rules in future regulatory actions if deemed necessary.
“Down goes 3b16, qualified custodian, and all the other unfinished Gensler rule proposals,”
— Paul Grewal, Coinbase Chief Legal Officer
Exchange Definition Rule Nullified
Among the 14 rules withdrawn, a key proposal was Rule 3b-16, which aimed to expand the definition of “exchange” to include decentralized finance (DeFi) protocols. The amendment also intended to tighten crypto custody standards for investment advisers.
The rule sought to include in the definition of “exchange” systems that offer non-firm trading interest and communication protocols to connect buyers and sellers of securities. If implemented, this could have classified many DeFi platforms as securities exchanges, subjecting them to federal oversight.
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First introduced in March 2022, the proposal drew strong criticism. In March 2025, SEC Commissioner Mark Uyeda recommended abandoning the rule, which attempted to fold crypto firms into the “alternative trading system” classification.
Crypto Custody Rule Rescinded
Another major repeal was the SEC’s Safeguarding Advisory Client Assets rule, first proposed in March 2023, which would have expanded custody requirements for crypto assets.
The rule proposed expanding the Custody Rule under the Investment Advisers Act of 1940 to cover all client assets, including digital assets. It mandated that all such assets be held with a “qualified custodian”—typically meaning a regulated bank or broker-dealer.
This posed a serious threat to the crypto sector, as most crypto exchanges and wallet providers did not qualify as “qualified custodians.” Investment advisers would have been forced to either change providers or exit the crypto space altogether.
Commissioner Uyeda had previously asked SEC staff to consider withdrawing the crypto custody proposal, which has now been officially rescinded.
Other Rules Rescinded
In addition to the high-profile crypto rules, the SEC also repealed several non-crypto rules with indirect implications for the digital asset industry, including:
- Cybersecurity risk management and reporting rules for investment advisers and funds—important for crypto fund managers and custodians.
- A rule on position reporting for large security-based swaps, which could have affected firms with large crypto derivatives exposure.
- A rule requiring enhanced ESG (environmental, social, and governance) reporting for public companies—widely criticized by conservative policymakers.
These repeals mark a major shift in the regulatory tone coming from Washington, aligning with the T------------------n’s broader commitment to deregulation in financial and crypto markets.
@ Newshounds News™
Source: Cointelegraph
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US Senate Schedules Final GENIUS Stablecoin Bill Vote for June 17
The U.S. Senate is scheduled to cast its final vote on the GENIUS Act next Tuesday, a key legislative move that could shape the future of stablecoin regulation in the United States.
According to an official notice posted on Thursday by Senate D-------s, the final vote on the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) will take place on June 17, with the exact time to be determined by the Majority Leader in consultation with the D--------c Leader.
If passed, the bill will then proceed to the House of Representatives for further voting. The GENIUS Act seeks to establish a comprehensive legal framework for stablecoins and their issuers within the U.S. financial system.
Key Provisions of the GENIUS Act:
- Requires stablecoins to be fully backed by U.S. dollars or other liquid assets.
- Imposes mandatory annual audits for issuers managing over $50 billion in market capitalization.
- Introduces compliance requirements for foreign-based issuers operating within U.S. markets.
The Senate’s procedural vote on Wednesday cleared the way for the upcoming final decision, which comes amid growing bipartisan interest in regulating the digital asset space.
If passed in the Senate, the GENIUS Act will move to the House, where lawmakers have introduced their own bill—the Stablecoin Transparency and Accountability for a Better Ledger Economy Act (STABLE Act). This bill was advanced out of committee in May but differs from the GENIUS Act in critical areas, including jurisdictional control (state vs. federal) and oversight of foreign issuers like Tether.
Despite these differences, momentum is building. Stablecoin legislation has gained strong backing from President Donald Trump, who has publicly endorsed the GENIUS Act and expressed hopes for final passage by August.
Adding to the push, Treasury Secretary Scott Bessent stated earlier this week that stablecoin legislation could set the stage for massive market expansion. He forecasted that the USD stablecoin market could exceed $2 trillion by the end of 2028, a significant leap from its current size of $252 billion, according to CoinGecko.
The upcoming vote on June 17 is seen as a pivotal moment that could establish the United States as a leader in global stablecoin regulation while providing much-needed clarity and security to issuers, investors, and the broader financial sector.
@ Newshounds News™
Source: The Block
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BRICS: 71 Countries Settled Trade Without the US Dollar
The BRICS alliance is making significant strides in its de-dollarization strategy, actively sidelining the U.S. dollar in favor of local currencies for international trade. This movement is gaining traction worldwide, with countries like Nigeria and Iraq now banning the use of the USD in foreign exchange markets and oil settlements.
If BRICS unveils a transformative plan at its upcoming summit in Rio de Janeiro, the U.S. dollar’s long-standing global dominance could face serious pressure. As momentum grows, the question is no longer “if” the dollar will lose its stronghold, but “when.”
71 Countries Had Settled Trade Before BRICS Started De-Dollarization
A total of 71 countries had already moved away from using the U.S. dollar for trade settlements before BRICS formally launched its de-dollarization agenda. Recent data shows that these efforts include:
- Settling trade in local currencies
- Diversifying foreign currency reserves
- Reducing reliance on U.S. foreign exchange
- Conducting oil and commodity payments in non-USD terms
The earliest recorded shift came in 2011, when China — a founding BRICS member — began favoring the gold-backed yuan over the U.S. dollar in its oil purchases. That initial move sparked a gradual and calculated transition to alternative currencies in trade deals throughout the following years.
BRICS Drives the Agenda — With Global Participation
These dollar-free transactions span a wide range of nations across Europe, South America, Asia, Africa, and Australia. Both allies and adversaries of the U.S. have participated, leaving Washington increasingly isolated on the world financial stage.
While this global trend began well before 2022, BRICS greatly accelerated its commitment to de-dollarization following sweeping U.S. sanctions on Russia in the wake of the U-----e invasion.
July Summit Could Mark a Turning Point
The upcoming 17th BRICS Summit, scheduled for July 6–7 in Brazil, could bring the dollar’s future under the global spotlight. Many developing countries are pushing back against Western financial dominance and seeking to chart their own paths toward financial independence.
If the BRICS bloc unveils a new framework for trade and reserves — one that cuts out the dollar entirely — a fundamental shift in global finance could be underway.
As BRICS continues to gain influence, the next decade may usher in a multipolar currency system, diminishing U.S. leverage and expanding financial sovereignty for dozens of emerging economies.
@ Newshounds News™
Source: Watcher.Guru
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Source: Dinar Recaps
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