Switzerland's financial markets regulator, FINMA, has proposed new regulations to reduce risks for banks that provide a default guarantee to stablecoin holders. The regulator warns that banks may suffer reputational damage if there are irregularities at the stablecoin issuer. Stablecoin issuers in Switzerland pose a risk to the banks they work with, as they can avoid the need for a banking license by partnering with a registered lender to repay customers in case of default. FINMA has published guidance on this issue.

Hong Kong Legislative Council member Yan Gang said in an interview that accelerating the development of Cyberport, enriching financial products, and enhancing market influence. Digital currency is suitable for the digital development of finance and has the potential to lead innovation in the field of financial technology. By establishing more efficient payment and financial infrastructure, digital currency can improve the efficiency and convenience of the financial industry. Developing digital currency in Hong Kong can also attract more financial technology and blockchain-related companies to Hong Kong for development, further promoting Hong Kong as an innovation center for financial technology and enhancing the innovative technology mechanism content of international financial centers, thereby enhancing the status of international financial centers. It is recommended that the government learn from the experience of the mainland, deepen cooperation with relevant units in the mainland, accelerate the process of Cyberport dollars, and actively study and promote the digital currency economy.

The Securities Division of the Washington State Department of Financial Institutions (DFI) has issued a warning about cryptocurrency investment scams after receiving a complaint from a resident about their investment in the Miami Foundation Equity Fund 005. The investor deposited funds through a Whatsapp group led by "Mark" and "Alice" on the now-defunct Vims.one platform, which promised over 100% returns on cryptocurrency deposits twice a week. Despite paying a 5% withdrawal commission, the investor has not received their funds. The scam used a name similar to the legitimate Miami Foundation, but the foundation was not involved. DFI has classified such cases as "advance fee fraud" and cryptocurrency investment scams using social media.

Republican Senator Roger Marshall of Kansas has withdrawn his initial support for the controversial Digital Asset Anti-Money Laundering Act (DAAMLA), which he co-introduced with Democratic Senator Elizabeth Warren of Massachusetts. Marshall became the first co-sponsor to do so, but the bipartisan bill still has support from 18 other co-sponsoring senators.

Warren and Marshall first introduced the bill in December 2022, with the aim of strengthening anti-money laundering rules for digital assets in the United States. The bill proposes to expand the know-your-customer and anti-money laundering verification responsibilities to digital asset service providers, miners, validators, and other participants, in an effort to plug existing security loopholes in cryptocurrencies. Part of the anti-money laundering bill also proposes that the Treasury Department, the Securities and Exchange Commission, and the Commodity Futures Trading Commission establish new anti-money laundering review processes to compel digital asset entities to comply with the Bank Secrecy Act.

As reported by The Wall Street Journal, former US President Barack Obama and Michelle Obama expressed their support for Kamala Harris' presidential campaign on Friday, which is the most significant sign of the Vice President quickly consolidating the Democratic Party's position.

On July 24th local time, Republican Senator Roger Marshall withdrew his support for the "Digital Asset Anti-Money Laundering Act," which he and Democratic Senator Elizabeth Warren jointly formulated for 2022, aimed at regulating the cryptocurrency industry under existing anti-money laundering and anti-terrorism financing frameworks. Currently, according to the official congressional record on the bill, there are still 18 senators supporting the bill.

The municipal pension plan of Jersey City, New Jersey, is set to invest in bitcoin through exchange-traded funds, as announced by Mayor Steven Fulop on Thursday. This move is a significant step towards wider adoption of cryptocurrency, although the amount invested is not expected to be substantial. The decision follows a similar move made by a Wisconsin pension earlier this year, indicating growing hope for cryptocurrency's long-term prospects even among conservative professionals. Read more about this development in our article.

The Hong Kong Securities and Futures Commission warned the public to beware of an unlicensed virtual asset trading platform called "CoinUnited.io." The Hong Kong Securities and Futures Commission listed CoinUnited.io and its related websites on the list of suspicious virtual asset trading platforms on July 25th, 2024. CoinUnited.io claims to provide cryptocurrency, stock, index, forex, and commodity trading services and has claimed to have a flagship store in Hong Kong and to be recruiting in Hong Kong, but it has never been licensed by the Hong Kong Securities and Futures Commission and has never applied for any licenses from the Hong Kong Securities and Futures Commission.

French President Emmanuel Macron has announced that he will delay forming a government until after the Olympics, possibly in the hope that the Nouveau Front Populaire (NFP) grouping will fall apart. He has called for a political truce during the Olympics, and there are signs of new coalition dynamics emerging. Yaël-Braun-Pivet has been re-elected as the speaker of the Assembly, with the NFP and Republicans supporting her, and the NFP gaining 12 of 22 positions in the Assembly. There is a possibility of a centrist coalition spanning left to right, but it may require more political strife and could take until late August to form a durable government.

Deutsche Telekom will expand its Web3 services to the XDC network. A subsidiary of Deutsche Telekom will operate a backup main node on the XDC network as an infrastructure provider. The company has operated nodes on multiple blockchain networks, including Ethereum, Polygon, and Polkadot, and plans to start Bitcoin mining. The XDC network focuses on tokenized real assets, trade finance, and decentralized physical infrastructure.