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Coinbase and Gemini Reportedly In Line for EU Crypto Licenses
- Cryptocurrency exchanges Coinbase and Gemini are reportedly close to obtaining licenses in Europe under the EU's Markets in Crypto-Assets regulation.
- Concerns have been raised among EU regulators regarding the speed and ease with which licenses are being issued.
- There is debate over whether proper oversight of the crypto industry is being maintained to prevent fraud, market instability, and illegal financial flows.
- Gemini is set to receive its operating license from Malta, with approval also granted to OKX and Crypto.com.
- Malta's swift approvals have drawn scrutiny from other national regulators within the European Securities and Markets Authority.
- Luxembourg is expected to award a license to Coinbase, with the company planning a modest operation in the country.
- The GENIUS Act in the U.S. Senate aims to establish regulations for stablecoins, ensuring they are fully reserved and subject to federal or state oversight.
- Supporters believe the legislation will safeguard consumers, drive innovation, and enhance the global standing of the U.S. dollar.
- However, the bill faces challenges with over 120 introduced amendments, including issues unrelated to stablecoins like credit card fee caps.
- Walmart has advocated for an amendment to introduce more competition in the credit card sector, reflecting merchants' discontent with card network fees.
- The broader debates around financial regulation could turn the legislation into a battleground for the future of payments.
- Coinbase and Gemini positioning for EU crypto licenses reflects the evolving regulatory landscape for digital assets.
- The story underscores the ongoing global discussions and developments surrounding cryptocurrency regulation and oversight.
- It also highlights the efforts of companies to comply with regulatory frameworks for legitimizing their operations in the crypto space.
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