SEC Withdraws Several Crypto-Related Rule Proposals

The U.S. Securities and Exchange Commission (SEC) has withdrawn a number of proposed rules introduced between March 2022 and November 2023, including two that focused on cryptocurrency custody and exchanges. Cointelegraph reported that the agency said it does not intend to issue final rules with respect to these proposals and could take fresh recommendations into consideration if necessary.

Among these withdrawals is the proposed qualified custodian rule, which sought to clarify way of financial institutions to hold cryptocurrency assets. The SEC’s notice did not specify the reason for the change but mentioned that it was part of a broader review of pending rule proposals.

Reacting to the announcement, Coinbase Chief Legal Officer Paul Grewal noted on X, “Down goes 3b16, qualified custodian, and all the other unfinished Gensler rule proposals.”

The decision reflects an evolving regulatory approach to the digital asset sector in the U.S.

Australia’s ASIC Issues 10-Year Ban for Adviser in $9.6M Crypto Case

Australia’s financial regulator, the Australian Securities and Investments Commission (ASIC), has imposed a 10-year ban on financial adviser Glenda Maree Rogan from providing financial services. The action follows allegations that Rogan transferred around AU$14.8 million (approximately $9.6 million) from clients, family, and friends into a cryptocurrency-based platform called Financial Centre, which ASIC has identified as an unlicensed entity.

According to ASIC, the transactions occurred between March 2022 and June 2023. It stated that Rogan informed clients the funds were being invested in a high-yield fixed-interest product, but the money was instead moved through personal and company accounts and converted into crypto. Rogan was previously associated with Fincare, a group of companies operating in regions south of Sydney, and has not held an Australian Financial Services License since February 2024.

The ban took effect on June 6. ASIC said an Investigation is ongoing, and Rogan has the right to appeal the decision.

Tether Buys 32 per cent Stake in Canadian Gold Royalty Firm for $89.4 Million

Stablecoin issuer Tether has acquired a 32 per cent stake in Canadian gold royalty company Elemental Altus Royalties (ELE) for around $89.4 million, according to a report by CoinTelegraph. In the deal, La Mancha Investments sold over 78 million shares for CA$1.55 ($1.14) each.

The investment is part of Tether’s ongoing strategy to gain diversified exposure to real-world assets. By using a royalty and streaming model, the company seeks lower-risk access to global gold production, without direct involvement in mining operations.

According to Tether, this action will also increase support for Tether Gold (XAUt), a stablecoin backed by gold. It highlights the company's wider development outside conventional stablecoin operations and comes after other recent investments in media, digital infrastructure and Bitcoin.