This week has been packed with significant crypto news, from regulatory shifts to major institutional moves. We covered All Eyes on Crypto Czar David Sacks as He Announces Major Regulatory News, highlighting the latest policy changes shaping the industry. Meanwhile, Hong Kong made waves by officially recognising Bitcoin and Ethereum as valid assets for its revamped investment immigration programme, giving crypto investors a new pathway to residency. Now, we focus on other major developments, including US Senator Cynthia Lummis’ pro-Bitcoin stance, the expansion of crypto custody services by major banks, and Russia’s latest crackdown on digital asset platforms.
Cynthia Lummis Urges Americans to Save Bitcoin for Retirement
US Senator Cynthia Lummis, often called the “crypto queen” for her steadfast support of digital assets, has once again reinforced her pro-Bitcoin stance. In a recent public interview, she encouraged individuals to purchase, hold, and integrate Bitcoin into their long-term financial strategies, particularly for retirement savings. Lummis has consistently advocated for policies that recognise Bitcoin as a legitimate store of value and hedge against inflation, aligning her position with broader trends of institutional adoption. Her stance and unwavering integrity serve as yet another guarantee that pre-election promises regarding Bitcoin as a reserve asset will be fulfilled, reinforcing confidence in the digital currency’s future role in the financial system.
State Street and Citi Expand Crypto Custody Services
Meanwhile, two major US financial institutions—State Street and Citi—are making strides in crypto custody services, responding to the heightened institutional demand for secure digital asset management. State Street, one of the world’s largest custodians of traditional financial instruments, is set to introduce its crypto custody services in 2025. Citi, the third-largest bank in the US by assets, is reportedly exploring a dual approach: developing an in-house custody framework while forging strategic partnerships. The move follows Citi’s successful proof-of-concept pilot on tokenising private funds, reflecting a broader industry shift towards blockchain integration. Additionally, BNY Mellon, which already offers custody solutions for Bitcoin and Ethereum, is considering expanding its services to support a wider range of cryptocurrencies. This trend underscores the deepening involvement of legacy financial institutions in the crypto ecosystem, driven by institutional demand and regulatory developments.
Russia Blocks Leading Crypto Aggregator BestChange
On the regulatory front, Russia’s communications watchdog, Roskomnadzor, has blocked access to BestChange, a leading crypto aggregator in Eastern Europe and Russia. Although no official justification has been provided, the move follows a pattern of previous bans, with BestChange being blocked and unblocked multiple times since 2017. The crackdown coincides with Russia’s recent legislative changes restricting crypto-related advertising and financial transactions conducted via domestic infrastructure. Following these legal amendments, Yandex, Russia’s dominant search engine, swiftly updated its advertising policies to prohibit the promotion of crypto exchanges, mining, initial coin offerings (ICOs), and blockchain-based financial services.
Stay informed,
Rodcas Consulting Group