Google Play’s updated policy, effective Oct. 29, will require crypto wallet apps to meet specific licensing rules in certain countries. Update (Aug. 13, 9:33 pm UTC): This article has been updated to clarify that Google's upcoming requirements will not apply to non-custodial wallets. Google Play will require crypto wallet providers in over 15 jurisdictions, including the United States and the European Union, to be licensed and comply with “industry standards” under an updated policy. The revision does not affect non-custodial wallets. According to Google Play’s policy notice, the changes take effect Oct. 29. Developers in the US will need to register with local regulators as either a money services business or money transmitter. Those in the EU must register as a crypto-asset service provider (CASP). Read more
SOL price cracked the $200 barrier, but a rally to data suggests the factors needed for new highs are missing. Key takeaways: Solana’s onchain growth supports the current rally, but declining DEX market share signal cautious trader sentiment. SOL’s perpetual futures funding rate near neutral suggests limited bullish momentum. Read more
Google searches for “altcoin” and “Ethereum” are surging to multi-year highs, coinciding with a wave of altcoin ETF filings and a shift in corporate treasury strategies beyond Bitcoin. Google searches for “altcoin” have reached their highest level since 2021 and interest in “Ethereum” is at a two-year peak, according to Google Trends data. The surge comes alongside a flurry of crypto-related exchange-traded fund (ETF) activity and shifts in digital asset treasuries that may draw attention beyond Bitcoin. Google Trends has recorded similar surges before. In early 2018, “altcoins” spiked months after Bitcoin’s late-2017 peak, as retail attention turned toward a wave of new cryptocurrencies launched through initial coin offerings (ICOs). In early 2021, the term “altcoin” reached some of its highest readings on record during a broad rally fueled by decentralized finance (DeFi), non-fungible tokens (NFTs) and large-cap coins such as Ether, Cardano and BNB. Read more
The Trump Coin ETF from Canary Capital indicates that traditional finance products containing memecoins may still have demand. Canary Capital has registered a crypto exchange-traded fund (ETF) designed to track a memecoin token linked to US President Donald Trump. According to the Delaware State Department website, Canary Capital filed on Wednesday for the Canary Trump Coin ETF. The registration suggests the launch of a crypto ETF tracking the Official Trump (TRUMP) token, though a formal filing with the Securities and Exchange Commission (SEC) could still be months away. According to Cointelegraph indexes, TRUMP has a market capitalization of $1.9 billion, ranking it 49th among all cryptocurrencies at this writing. Among memecoins, the token is listed as the fifth-largest by market cap, though the list doesn’t include the original memecoin, Dogecoin (DOGE). Read more
The two entities requested that the financial regulator provide a "safe harbor" for certain applications under the SEC's broker-dealer registration requirements. Andreessen Horowitz (a16z) and the advocacy organization DeFi Education Fund have asked the US Securities and Exchange Commission (SEC) to set up a safe harbor program for non-fungible token (NFT) and decentralized finance (DeFi) applications from the agency’s broker-dealer registration requirements. In a Wednesday letter to SEC Commissioner and Crypto Task Force head Hester Peirce, a16z and the DeFi group said they were following up on US President Donald Trump’s Working Group on Digital Assets call to “provide relief for certain DeFi service providers from the broker-dealer [...], exchange [...], and clearing agency [...] registration provisions of the Exchange Act.” In July, SEC Chair Paul Atkins also said he had directed the agency’s staff to “update antiquated agency rules and regulations” concerning certain crypto and blockchain applications. ...