Crypto Markets See Significant Developments: Exchanges Seek Uniform Framework and JP Morgan Partners with Coinbase
Today, the crypto world witnessed some notable advancements, with US exchanges pushing for a standardized framework for cryptofunds and JP Morgan joining forces with Coinbase to offer crypto access to its customers. Meanwhile, the co-founders of Samourai Wallet are set to change their plea in a high-profile case related to their crypto mixing protocol. Let’s dive into the details of these developments and explore what they might mean for the future of cryptocurrency.
Exchanges Seek Uniform Framework for Cryptofunds
The Chicago Board Options Exchange (CBOE) has submitted a proposal to the US Securities and Exchange Commission (SEC) to establish a uniform framework for listing cryptofunds. This move, highlighted by ETF analyst Nate Geraci, could simplify the approval process for crypto exchange-traded funds (ETFs). If the proposal is approved, issuers would no longer need to obtain individual permits for each new fund, as long as they meet certain criteria. The NYSE Arca has also submitted a similar registration, indicating a broader push for a more streamlined approach to crypto ETF listings.
Currently, stock exchanges are required to submit a 19b-4 form for each new crypto ETF offering, which can initiate a lengthy and complex review process by the SEC. The submissions by CBOE and NYSE Arca come on the heels of the SEC’s approval of a material creation and repository for crypto ETFs, bringing the asset class closer to traditional fund structures. This development could pave the way for greater mainstream adoption of cryptocurrencies and provide investors with more diverse and accessible investment options.
JP Morgan and Coinbase Partner to Offer Crypto Access
JPMorgan Chase has partnered with Coinbase to introduce crypto integrations for its customers, marking a significant step towards bridging traditional finance with digital assets. As part of this collaboration, Chase credit card holders will be able to purchase crypto on Coinbase starting this autumn. Additionally, JPMorgan customers will be able to redeem their Chase Ultimate Rewards Points for USDC (USD Coin) in 2026, making it the first major premium program for crypto. This integration will allow users to link their accounts directly with Coinbase, providing easier options for buying crypto.
This partnership is part of JP Morgan’s broader push into digital assets, driven by competition with other FinTech companies seeking to replicate traditional financial systems. On July 16, Jamie Dimon, CEO of JP Morgan, revealed plans to engage with stable coins, including the JPMorgan deposit coin, to better understand and navigate the space.
Samourai Wallet Co-Founders to Change Plea
The co-founders of Samourai Wallet, Keonne Rodriguez and William Lonergan Hill, have announced their intention to change their plea in response to US charges related to their participation in a crypto mixing protocol. The two had initially pleaded not guilty and attempted to dismiss the charges, which alleged that Samourai Wallet was an unlicensed money transmission company that processed illegal transactions worth over $2 billion. Rodriguez and Hill now face charges of conspiracy to commit money laundering, which carries a maximum prison sentence of 20 years, as well as operating an unlicensed money transmission company, which carries a five-year sentence.
The change in plea comes as the crypto community continues to grapple with issues of regulation and compliance. The case against Samourai Wallet highlights the complexities and challenges of navigating the evolving landscape of cryptocurrency laws and regulations. As the industry continues to mature, it is likely that we will see more cases like this, underscoring the need for clear guidelines and standards for crypto companies to operate within.
