Sonic unveils high-yield algorithmic stablecoin, reigniting Terra-Luna ‘PTSD’  

Google Play implemented access restrictions to 17 unregistered overseas crypto exchanges catering to local users in South Korea at the request of the country’s regulators. On March 21, the Financial Intelligence Unit (FIU) of the South Korean Financial Services Commission (FSC) said it was considering sanctions against operators that did not report to the relevant authorities. Authorities require virtual asset service providers (VASPs) to report to regulators under the country’s Specified Financial Information Act. At the time, the FIU said it was coordinating with the Korea Communications Standards Commission (KCSC), the regulator in charge of the internet, on how they could block access to the exchanges. By March 26, the FSC published a list of 22 unregistered platforms, highlighting 17 that had been blocked from the Google Play store. The move restricts new downloads and updates for affected apps, effectively limiting user access.A list of 22 overseas operators, highlighting the 17 blocked exchanges. Source: FSCGoogle Play restricts access to 17 unregistered exchangesThe FSC said the 17 exchanges highlighted on the list were now restricted in the Google Play Store. This means their applications will not be available for new users to download and install. In addition, existing users will be unable to access updates from the apps. Exchanges in the access restriction list include: KuCoin, MEXC, Phemex, XT.com, Biture, CoinW, CoinEX, ZoomEX, Poloniex, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, CoinCatch, WEEX and BitMart.The FSC expects the move to help prevent money laundering acts using crypto assets and potential future damages to local users. The FIU said it is also coordinating with Apple Korea and the KCSC to block internet and App Store access to the exchange platforms.  KuCoin previously told Cointelegraph that it was monitoring regulatory developments in all jurisdictions, including South Korea. The exchange said compliance was essential for crypto’s sustainable growth. However, the exchange did not provide detailed information on its plans for South Korea. Related: Wemix denies cover-up amid delayed $6.2M bridge hack announcementSouth Korean exchanges face controversiesSouth Korean regulators’ actions against unregistered exchanges follow the country’s increased scrutiny of crypto trading platforms. On March 20, Seoul’s Southern District Prosecutors’ Office raided Bithumb offices in the country, as prosecutors suspected financial misconduct involving the exchange’s former CEO. Prosecutors suspected Bithumb board member Kim Dae-sik of using company funds to purchase a personal apartment. In addition, a Wu Blockchain report of intermediaries being paid to list token projects on Bithumb and Upbit surfaced. In response to the report, Upbit demanded the release of the identities of crypto projects that claimed to have paid intermediaries to be listed. Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express

The US Securities and Exchange Commission will host four more crypto roundtables — focusing on crypto trading, custody, tokenization and decentralized finance (DeFi) — after hosting its first crypto roundtable on March 21.The series of roundtables, organized by the SEC’s Crypto Task Force, will kick off with a discussion on tailoring regulation for crypto trading on April 11, the SEC said in a March 25 statement.A roundtable on crypto custody will follow on April 25, with another to discuss tokenization and moving assets onchain on May 12. The fourth roundtable in the series will discuss DeFi on June 6.A series of four crypto roundtable discussions are scheduled from April through to June. Source: SEC“The Crypto Task Force roundtables are an opportunity for us to hear a lively discussion among experts about what the regulatory issues are and what the Commission can do to solve them,” said SEC Commissioner Hester Peirce, the task force lead.The specific agenda and speakers for each roundtable have yet to be disclosed, but all are open for the public to watch online or to attend at the SEC’s headquarters in Washington, DC.SEC softens on crypto with new leadershipThe agency’s Crypto Task Force was launched on Jan. 21 by acting SEC Chair Mark Uyeda. It’s tasked with establishing a workable crypto framework for the agency to use. The task force held its first roundtable on March 21 with a discussion titled “How We Got Here and How We Get Out — Defining Security Status.”The SEC will also be hosting a roundtable about AI’s role in the financial industry on March 27, according to a March 25 release. Join us on March 27 for a roundtable discussion on artificial intelligence in the financial industry. Topics include the risks, benefits, and governance of AI. More details: https://t.co/ekX2RWp2KQ pic.twitter.com/7fH3j1tlwj— U.S. Securities and Exchange Commission (@SECGov) March 25, 2025The roundtable will discuss the risks, benefits, and governance of AI in the financial industry, with Uyeda, Peirce and fellow SEC Commissioner Caroline Crenshaw slated to speak.Under the Trump administration, the SEC has slowly been walking back its hardline stance toward crypto forged under former SEC Chair Gary Gensler.The regulator has dismissed a growing number of enforcement actions against crypto firms it launched under Gensler.Related: Bitnomial drops SEC lawsuit ahead of XRP futures launch in the USUyeda, who took the reins after Gensler resigned on Jan. 20, flagged plans on March 17 to scrap a rule proposed under the Biden administration that would tighten crypto custody standards for investment advisers.Uyeda also said in a March 10 speech that he had asked SEC staff for options to abandon part of proposed changes that would expand regulation of alternative trading systems to include crypto firms, requiring them to register as exchanges. Magazine: SEC’s U-turn on crypto leaves key questions unanswered 

North Carolina lawmakers have introduced bills in the House and Senate that could see the state’s treasurer allocate up to 5% of various state retirement funds into cryptocurrencies such as Bitcoin.The Investment Modernization Act (House Bill 506), introduced by Representative Brenden Jones on March 24, would create an independent investment authority under the state’s Treasury to determine which digital assets could be suitable for inclusion into the state retirement funds.An identical bill, the State Investment Modernization Act (Senate Bill 709), was introduced into the state’s Senate on March 25.The bills define a digital asset as a cryptocurrency, stablecoin, non-fungible token (NFT), or any other asset that is electronic in nature that confers economic, proprietary or access rights.The North Carolina bills don’t set market cap criteria for digital assets, unlike other crypto bills that are working their way into law at the state level.Source: Bitcoin LawsThe newly created agency, dubbed the North Carolina Investment Authority, would, however, need to carefully weigh the risk and reward profile of each digital asset and ensure the funds are maintained in a secure custody solution.Bitcoin legislation tracker Bitcoin Laws noted on X that House Bill 506 wasn’t drafted as a Bitcoin reserve bill as it does not mandate the investment authority to hold Bitcoin (BTC) — or any digital asset — over the long term.North Carolina wants in on Bitcoin bill raceOn March 18, North Carolina senators introduced the Bitcoin Reserve and Investment Act (Senate Bill 327), which calls for the treasurer to allocate up to 10% of public funds specifically into Bitcoin.The bill — introduced by Republicans Todd Johnson, Brad Overcash and Timothy Moffitt — aims to leverage Bitcoin investment as a “financial innovation strategy” to strengthen North Carolina’s economic standing.Related: GameStop hints at future Bitcoin purchases following board approvalThe treasurer would need to ensure that the Bitcoin is stored in a multi-signature cold storage wallet, and the BTC could only be liquidated during a “severe financial crisis,” with approval from two-thirds of North Carolina’s General Assembly.The bill would also create a Bitcoin Economic Advisory Board to oversee the reserve’s management.According to Bitcoin Law, 41 Bitcoin reserve bills have been introduced at the state level in 23 states, and 35 of those 41 bills remain live.Earlier this month, US President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile, both of which will initially use cryptocurrency forfeited in government criminal cases.Magazine: What are native rollups? Full guide to Ethereum’s latest innovation