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Several large US banks plan to jointly launch stablecoins, and progress depends on the legislative process Major U.S. commercial banks such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are in preliminary consultations on jointly launching stablecoins. Institutions participating in the discussion include The Clearing House, which is jointly owned by several banks, and Early Warning Services LLC, the company behind Zelle. The stablecoin project is still in its early stages, and progress will be highly dependent on the upcoming stablecoin legislation in the United States. The National Innovation and Stablecoin Establishment Act (GENIUS Act) has received bipartisan support, requiring stablecoins to be fully reserved in U.S. dollars or other highly liquid assets, and requiring issuers with a market value of more than $50 billion to undergo annual audits, while clarifying relevant terms for overseas issuance. However, before the bill entered the final vote, some Democratic lawmakers called for further scrutiny of Trump's relationship with the crypto project. According to reports, Trump and his son were once accused of being associated with the World Liberty Financial project, which issued the U.S. dollar stablecoin USD1. (The Block)

A Danvers resident was convicted and sentenced for running an unregistered Bitcoin transmitting business that ignored federal anti-money laundering laws. A Danvers man was sentenced on Friday to six years in prison for running an unlicensed Bitcoin ( BTC ) money transmitting business that authorities say converted over $1 million in cash, including money linked to scammers and a drug dealer. Trung Nguyen — also known as “DCS420” — was sentenced to six years in prison, followed by three years of supervised release, and was ordered to forfeit more than $1.5 million after being convicted in November 2024 of conducting an unlicensed money transmitting business and money laundering, the U.S. Department of Justice said in a Friday press release . Nguyen owned and operated National Vending between 2017 and 2020, a business that accepted cash from customers and sent them Bitcoin in return for a fee, but he failed to register it with FinCEN or comply with anti-money laundering rules required under federal law. Prosecutors claim Nguyen knowingly concealed his operation by presenting National Vending as a vending machine business and used encrypted messaging to make tracing transactions harder. “He [Nguyen] used encrypted messaging apps to communicate with customers, using technologies that made it more difficult to trace Bitcoin transactions and breaking cash deposits of more than $10,000 into smaller cash deposits over consecutive days or at different branches of the same bank.” U.S. Attorney’s Office, District of Massachusetts Prosecutors say Nguyen accepted hundreds of thousands of dollars from individuals, including a methamphetamine dealer and victims of romance scams. In early May, Alex Mashinsky, founder of the bankrupt crypto lending platform Celsius Network, was sentenced to 12 years in prison for his role in the company’s collapse, which cost users billions of dollars. Prosecutors said Mashinsky defrauded thousands of people, many of whom lost their life savings, while stealing more than $48 million from the firm. He pleaded guilty to securities and commodities fraud.

Cecilia Skingsley will leave her role as head of the BIS Innovation Hub next month, cutting short her five-year term by two years amid a broader leadership reshuffle at the central bank body. The Bank for International Settlements digital currency lead Cecilia Skingsley will leave her role two years earlier than planned, Reuters has learned . Skingsley has led the BIS Innovation Hub since September 2022, a unit created in 2019 to help central banks explore new financial technologies, including central bank digital currencies. The Innovation Hub started with just a few centers but has expanded to seven financial hubs around the world, including London and Hong Kong in an effort to support central banks in adopting new technologies. Skingsley, who previously served as deputy governor of the Swedish central bank, will leave to take a government role as County Governor of Stockholm County, the report reads. She is expected to start the new position next month. Pablo Hernandez de Cos will take over as BIS general manager in July, and his arrival has been linked to plans to scale back parts of the Innovation Hub, which recently ended a key digital currency project with China and several Asian central banks amid growing geopolitical tensions around CBDCs. BIS chief Agustín Carstens praised Skingsley’s work, saying in a statement that the Innovation Hub “made great strides towards fulfilling our strategic goal of helping central banks face the challenges of the future” under her leadership. The BIS said it will announce the recruitment process for Skingsley’s replacement “in due course.” In the meantime, deputy general manager and former Swiss central banker Andréa Maechler will serve as interim head of the Innovation Hub.

Standard Chartered Backs $500K Bitcoin Target as Sovereigns Buy MSTR  BTC  Catenaa, Friday, May 23, 2025-Standard Chartered Bank said indirect sovereign exposure to bitcoin through shares of Strategy Inc. (MSTR) increased in the first quarter of 2025, reinforcing its bold prediction that Bitcoin will hit $500,000 before the end of Donald Trump’s expected second presidential term in 2029. 1 In a report published Tuesday, Geoffrey Kendrick

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