Warren Questions Luckey’s Erebor Over Bank Approval Process
Policy
“Senator Elizabeth Warren is seeking more details about Erebor, a new crypto-focused bank co-founded by a prominent supporter of US President Donald Trump, after it secured regulatory approval earlier this year. The Democratic senator from Massachusetts said a fundraising document her office obtained raises 'serious concerns' about how the bank secured its charter within months and whether political connections sped up the process. Erebor was founded by individuals including Palmer Luckey, who is behind the defense startup Anduril Industries and has previously been vocal about his donations to pro-Trump groups. Warren also sent a letter to Comptroller of the Currency Jonathan Gould about Erebor’s bank charter application, requesting comment by May 6.”
Source: Bloomberg
Tether Freezes $344 Million in USDT on Tron After Wallets Flagged by US Authorities
Stablecoins
“Tether said it supported the freeze of more than $344 million in USDT across two Tron addresses, confirming an earlier onchain blacklist action that appears to be one of the largest in the company’s history. The stablecoin issuer said the freeze was carried out in coordination with the Office of Foreign Assets Control and U.S. law enforcement after authorities shared information tied to unlawful conduct. In a Thursday notice, Tether did not identify the underlying investigation or say when the wallets were first flagged. Blockchain security firm PeckShield had earlier said two Tron wallets — TNiq9...QZH81 and TTiDL...pjSr9 — were blacklisted on April 23. At the time, neither Tether nor Tron had publicly explained the move.”
Source: The Block
Robinhood Gets Singapore Regulatory OK for Brokerage Service
Regulation
“Robinhood Markets Inc. received an initial regulatory stamp of approval in Singapore to offer brokerage services, further expanding the financial-technology company’s global footprint. The Monetary Authority of Singapore gave Robinhood in-principle approval to start the trading of securities and exchange-traded derivatives as well as offering custody services, product financing and collective investment funds, the company said in a statement seen by Bloomberg News. 'Singapore’s world-class regulatory environment, high rates of digital adoption and growing population of retail investors make it the ideal hub for our mission,' Patrick Chan, Robinhood’s head of Asia, said in the statement.”
Source: Bloomberg
US Imposes Sanctions on Cambodian Senator And 28 Others For Alleged Crypto-romance Scams
Illicit Finance
“The U.S. government on Thursday imposed sanctions on Kok An, a wealthy Cambodian senator and ally of Cambodian Senate President Hun Sen, and 28 individuals and entities that it said had stolen millions of dollars from U.S. citizens using crypto-romance scams. The U.S. Treasury Department said Kok An used his political connections to protect a network of scam centers and various operators who used the lure of friendship or romantic relationships to persuade vulnerable Americans into transferring their savings in the form of digital assets, promising high returns, only to steal the funds outright.”
Source: Reuters
More Than 100 Crypto Firms Urge Senate to Move on U.S. Market Structure Bill
Policy
“A coalition of U.S. crypto companies and trade groups called on the Senate Banking Committee to proceed with a markup of the Clarity Act, a bill that would create a federal framework for crypto markets. In a letter to Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chairwoman Cynthia Lummis and Ranking Member Ruben Gallego, the group argued that action by government agencies alone cannot deliver stable rules. The letter cites the risk of returning to 'regulation by enforcement,' referring to a series of court cases brought by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) that defined policy under President Joe Biden.”
Source: CoinDesk
