Cumberland has secured a Major Payment Institution licence from Singapore’s central bank, allowing its local unit to offer regulated digital payment token and cross-border money transfer services.

According to an announcement by cryptocurrency trading and liquidity provider Cumberland on X, its Singapore subsidiary, Cumberland SG Pte. Ltd., has received the Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).

The approval authorises the company to provide Digital Payment Token (DPT) services and Cross-Border Money Transfer services under Singapore’s Payment Services Act.

In its announcement, Cumberland said Singapore continues to maintain a high standard for digital asset regulation and described the country as one of the world’s leading financial centres. The company added that its team plans to continue expanding its presence in the jurisdiction.

The approval completes a licensing process that began in March, when MAS granted Cumberland SG in-principle approval for an MPI licence. At the time, the regulator said the company had satisfied the initial regulatory requirements but still needed to meet additional conditions before receiving the full licence. Cumberland had said the approval would allow it to expand compliant digital asset services for institutional clients once the licence was issued.

Cumberland is the crypto trading and liquidity arm of Chicago-based DRW and provides market-making and liquidity services to institutional clients across digital asset markets.

Cumberland’s regulatory progress also follows developments in the United States. In March, the U.S. Securities and Exchange Commission dismissed its enforcement case against the company, ending allegations that it had operated as an unregistered securities dealer. The dismissal formed part of a series of crypto-related cases dropped by the agency under its new leadership.

Singapore keeps a strict licensing standard

The latest approval comes as MAS continues to combine new licence approvals with close regulatory oversight of crypto firms operating in Singapore.

Earlier this year, the regulator revoked the MPI licence of Bsquared Technology after finding false or misleading statements, weaknesses in risk management, conflict-of-interest controls, and outsourcing arrangements during an inspection. MAS also said it was reviewing whether senior officers at the company could be held personally accountable for the breaches.

Regulatory scrutiny has also extended to firms without local authorisation. In June, MAS added Bybit Fintech Limited and its trading platform to its Investor Alert List, which the regulator says identifies entities that could be mistakenly viewed as licensed or regulated in Singapore. MAS noted that the list is a public warning tool rather than an enforcement action or operating ban.

While maintaining those compliance standards, Singapore has continued issuing licences to firms that meet its requirements. Previous approvals have been granted to crypto companies including BitGo, Coinbase, Anchorage, Gemini and OKX, reinforcing the country’s position as a regulated hub for institutional digital asset businesses.

The U.S. government has transferred nearly $300 million worth of seized Bitcoin and Ether to Coinbase Prime, according to on-chain data tracked by Arkham. The move has sparked fresh speculation that the holdings could be prepared for sale, though custody transfers do not necessarily indicate that selling is underway.

Arkham data shows that on Monday, 3,940 BTC—valued at $243.95 million—and 30,014 ETH—valued at $53.09 million—were sent to Coinbase Prime. The deposits were linked to multiple well-known U.S. government crypto seizures, including assets associated with earlier enforcement actions.

Key takeaways

• Arkham reports Monday’s transfer of 3,940 BTC and 30,014 ETH to Coinbase Prime, totaling close to $300 million.
• The assets are connected by Arkham to earlier seizures, including BTC reportedly tied to ryan farace (“xanaxman”) and a Bitcoin-related path involving the defunct BTC-e exchange.
• Ether moved to Coinbase Prime is also tied to Brian Krewson, an Oracle employee implicated in a reported $54 million crypto storage and money laundering scheme.
• Despite renewed speculation, deposits into a custody-focused venue may reflect consolidation rather than an imminent sale.
• The transfers have raised attention because a March 2025 executive order directed that seized Bitcoin should support a proposed “Strategic Bitcoin Reserve” and not be sold.

What was moved to Coinbase Prime

The key new development is the scale and timing of the transfer. In its public tracking, Arkham attributes the Monday movement to government-linked wallets feeding into Coinbase Prime custody.

On the Bitcoin side, Galaxy Research’s Alex Thorn said the coin movements were comprised of assets seized from ryan farace (“xanaxman”) and from pathways connected to the defunct BTC-e exchange. Thorn’s comment specifically addressed the Bitcoin transfers, underscoring how investigators and analysts are continuing to map seizure flows to named cases.

On the Ether side, Arkham’s tracing indicates the deposits connect to Brian Krewson, an Oracle employee implicated in what has been described as a $54 million crypto storage and money laundering scheme. While these labels do not confirm present intent, they help explain why traders and analysts are treating the transfer as more than routine operational movement.

Why the transfer reignited “sale” speculation

Transfers to trading or custody partners often prompt market observers to ask whether seized assets are being positioned for liquidation. However, the critical detail is that Coinbase Prime provides services that go beyond spot trading—custody, trading access, financing, and staking—meaning transfers can be used for multiple operational reasons.

That distinction matters because the on-chain action alone does not prove a sale is happening. Even if assets are ultimately sold, the first step could be administrative consolidation or the setup of liquidity and custody procedures ahead of later decisions.

Still, attention intensified because the move appears to run into political and policy messaging. As noted in earlier reporting, a March 2025 executive order stated that Bitcoin seized by the U.S. government should be used as part of a “Strategic Bitcoin Reserve” and should not be sold. Coverage of that conflict has also been highlighted by Cointelegraph in earlier articles, including discussion around interagency disagreement about control.

Monday’s deposits do not confirm a breach of that guidance—again, custody movements are not the same as liquidation. But they do highlight the tension between policy statements and the practical reality of managing seized crypto across custodians and operational workflows.

How this compares with prior government transfers

The U.S. government has moved crypto to Coinbase Prime before, but the Monday transfer stands out because it is described as one of the largest government-linked wallet deposits to the platform this year.

Earlier examples cited in the record include a June transfer of 98,589 LINK tokens to Coinbase Prime, with Arkham tracing the underlying holdings to assets seized from FTX and Alameda Research. In April, around 8.2 BTC tied to the 2016 Bitfinex hack was also sent to Coinbase Prime. Together, these past movements suggest the government has used Coinbase Prime as a recurring destination when managing seized digital assets.

What changes on Monday is the combined value and the fact that both BTC and ETH—rather than a single asset class—were consolidated at once. That combination may increase the likelihood that some portion of the holdings could later be deployed in whatever structured process the government uses, though the path from transfer to trading remains unconfirmed.

What remains in government-linked wallets

Beyond the immediate transfers, the larger picture is still dominated by significant residual holdings tracked under government-linked addresses. Estimates cited in the same tracking indicate that U.S. government-linked wallets hold roughly $20.6 billion in crypto, including about 325,000 BTC, 28,000 ETH, 146 million USDT, and 750 Wrappd Bitcoin (WBTC).

That inventory underscores why every major transfer draws attention: if the government is systematically consolidating assets for future decisions, it could gradually change liquidity conditions for seized-asset markets over time.

At the same time, analysts and investors should be careful not to over-interpret a single custody transfer. Until there is evidence of exchange routing, OTC execution, or other signs of liquidation, the most defensible read is that the assets have been moved into a managed environment that can support multiple strategies—custody, financing, or potentially staking—rather than automatically signaling immediate sell pressure.

For now, market participants will likely watch for the next on-chain steps from these Coinbase Prime deposits—especially any transfers out to trading venues or counterparties. The key uncertainty is not whether the assets are held with a regulated custody provider, but whether the government’s operational workflow will ultimately align with the “no sale” direction discussed in policy narratives.

Ripple CTO Emeritus David Schwartz has challenged claims that the U.S. Securities and Exchange Commission focused only on Ripple’s sales of XRP. 

He said the agency’s complaint and public statements repeatedly described XRP itself as a security before the court rejected parts of that broader position.

The exchange followed comments from former SEC attorney Marc Fagel, who said the case ultimately turned on whether Ripple sold XRP through unregistered securities offerings. Schwartz argued that this summary leaves out the regulator’s original language and the court’s response to it.

Schwartz disputes narrower reading of SEC case

In a July 14 X exchange, Fagel said the SEC needed to prove that Ripple sold XRP as a security to establish a Section 5 violation. He added that the agency did not need to decide every secondary-market transaction in its case against Ripple.

Schwartz agreed that Ripple’s sales mattered but rejected the claim that this was the regulator’s only argument. He wrote, “The complaint itself frequently refers to XRP itself as the security.” He called the narrower retelling “an attempt at completely rewriting history.”

SEC complaint used broad language around XRP

The SEC’s December 2020 complaint said Ripple and its executives sold more than 14.6 billion units of a “digital asset security called XRP.” The regulator alleged that the sales raised more than $1.38 billion without registration or an exemption.

The SEC’s public announcement focused on Ripple’s alleged unregistered offering and its executives’ personal sales. Fagel later acknowledged that the agency’s messaging lacked nuance and that its points appeared to change during the case. He maintained that the final legal question concerned Ripple’s XRP transactions.

Court separated the token from each transaction

Judge Analisa Torres drew a distinction between XRP and the contracts or schemes used to sell it. Her July 2023 order said XRP, as a digital token, was not “in and of itself” a contract, transaction or scheme that met the Howey test.

The court then reviewed Ripple’s sales by category. It found that about $728.9 million in direct institutional sales constituted unregistered investment contracts. Programmatic exchange sales did not meet the same test because buyers did not know whether Ripple or another holder sold the tokens.

Ripple case ended with split ruling intact

The SEC and Ripple dismissed their appeals in August 2025, formally ending the civil case. The final judgment kept a $125.04 million penalty and a permanent injunction tied to future unregistered institutional sales.

Notably, the XRP community marked July 13 as the third anniversary of the 2023 ruling. The decision protected Ripple’s programmatic exchange sales while leaving its institutional transactions subject to securities law.

Related reporting showed that Ripple considered closing after the SEC filed its complaint. The company continued the case and spent about $150 million on its legal defense, according to Ripple executives, as reported by crypto.news.

Schwartz said the court’s rejection of the SEC’s broader position formed a major part of Ripple’s victory. Fagel said the outcome still centered on whether Ripple’s sales qualified as securities transactions. Their exchange reflects a lasting dispute over the agency’s legal burden, public wording and the ruling that followed. That distinction still shapes how XRP’s legal history is described.

Robinhood Chain has renewed debate over how much value Ethereum captures from Layer 2 networks.

Ethereum Daily said users paid about $843,000 in fees, while the chain sent roughly $1,600 to Ethereum for data availability and settlement.

Lorenzo Valente, a crypto analyst and contributor at ARK Invest, used an earlier snapshot showing about $816,000 in revenue and $1,538 in Ethereum costs. He estimated that Robinhood retained 89%, Arbitrum received 10%, and Ethereum captured 0.15%. The different totals likely reflect when each account collected the data.

Fee split renews debate over Ethereum’s Layer 2 model

Valente said the figures support two views of ETH. Higher activity can increase the asset’s use as gas, collateral and settlement money. However, Layer 2 networks may keep most user fees, leaving Ethereum with limited direct income from the transactions they process.

“Ethereum won this deal on merit. It’s just not pricing it right,” he wrote.

Robinhood Chain uses Arbitrum technology and posts data to Ethereum. Its licensing structure sends 10% of protocol net revenue to the Arbitrum ecosystem, including 8% for the DAO treasury and 2% for developer support.

Tokenized stocks strengthen the distribution case

Ethereum Daily argued that direct fees show only part of Robinhood Chain’s potential value. Robinhood launched Stock Tokens through Robinhood Wallet in more than 120 countries. Eligible users can trade them around the clock and use them in decentralized applications, including lending pools and collateral markets.

That reach could bring traditional investors into onchain markets through Apple and Nvidia-linked products. Users who begin with tokenized equities may later use decentralized exchanges, stablecoins, lending services and perpetual futures. The outcome still depends on demand, liquidity and continued product access.

Joseph Lubin supports low Ethereum fees

Ethereum co-founder Joseph Lubin defended the low-fee model. He wrote, “Ethereum L1 revenue fees should stay low to foster growth.” Lubin expects more companies to build across Ethereum mainnet, Layer 2 networks and private Ethereum-compatible chains in coming years.

His case focuses on wider ETH demand rather than immediate settlement income. More networks may use ETH for gas, collateral and staking. Mainnet transactions can also burn ETH. Still, the approach leaves an open question over whether Ethereum receives enough revenue from businesses operating above it.

Robinhood Chain records fast early growth

Robinhood launched the public mainnet on July 1 as an Ethereum Layer 2 built with Arbitrum. The company designed the network for real-world assets, trading and decentralized finance. Uniswap, Chainlink, Morpho and other providers supported the chain at launch.

As previously reported, Robinhood Chain passed $70 million in bridged Ether and $100 million in total value locked. Daily Uniswap volume later reached about $500 million, while the network processed millions of transactions. Lending products and incentive-linked strategies supplied early liquidity.

Separately, a crypto.news review found that the network produced $570 million in early trading volume against about $21.7 million in launch-day liquidity. The figures showed strong initial activity while raising questions about liquidity depth and whether usage will continue after early rewards decline.

The debate separates direct fee capture from wider network value. Ethereum receives a small share of Robinhood Chain’s user fees, while Arbitrum and Robinhood retain more. Ethereum may still gain through ETH use, settlement demand and new onchain users, but those benefits depend on sustained activity.

Bitcoin traded near $62,600 on Tuesday, down 0.3% over 24 hours and roughly flat on the week, per CoinDesk data. The market is steady on the surface but the macro backdrop underneath it has turned.

President Trump reinstated the U.S. blockade of Iranian ships through the Strait of Hormuz and demanded a 20% fee on all other cargo moving through the waterway, reviving a conflict that a June peace deal had appeared to settle.

Brent crude rose as much as 2.8% to about $85 a barrel, its second day of gains, and traders lifted bets on a Fed rate hike.

That combination runs directly against crypto. Oil pushing higher feeds the inflation pressure that kept the Fed hawkish through June, and the easing of that pressure was much of what let bitcoin recover from its late-June lows near $58,000. The peace trade is now unwinding, and rate-hike odds are climbing back.

Bitcoin has spent a month between roughly $59,000 and $66,000, and the majors are mixed. Ether held near $1,783 and is up on the week, while Solana, XRP and Hyperliquid are all down 5% or more over seven days.

Today’s June inflation print is the more immediate test. A soft number would ease the rate-hike pressure the Iran news just revived. A hot one, especially with oil climbing, would stack a second hawkish signal onto the first, two weeks before the Fed meets July 28 and 29.

The US government just staged its seized crypto for an exchange, and it took an extra hop to get there.

Wallets tied to the government moved about $288 million in seized bitcoin and ether onto Coinbase Prime over roughly half a day on Monday, blockchain data from Arkham shows. The ether went direct, while the bitcoin took a detour through fresh intermediary wallets first.

The movements are despite an executive order in March 2025 by President Donald Trump, which designated seized bitcoin for the country’s Strategic Bitcoin Reserve and said it should not be sold.

A government wallet tied to Ryan Farace, the “xanaxman” case, sent 2,875 BTC worth roughly $178 million to a new address, which forwarded the full 2,875 BTC to a Coinbase Prime deposit wallet minutes later.

A second wallet linked to defunct exchange BTC-e sent 925.512 BTC worth $57 million through the same pattern, in from the seizure address, straight out to Coinbase Prime. Both intermediary wallets were emptied out.

The ether skipped the middle step, however. A wallet connected to Brian Krewson, the Oracle employee named in a $54 million laundering scheme, sent 30,007 ETH worth $53.09 million directly to a Coinbase Prime deposit address.

Patrick Witt, the White House point person for the Digital Asset Market Clarity Act, is set to take a leave of absence at the end of July to begin several months of military training, according to Crypto In America. Witt is expected to finish his White House duties on July 24 before reporting for Judge Advocate General (JAG) training with the Georgia Army National Guard.

The timing matters politically: the CLARITY Act is moving through a narrow window in the Senate before lawmakers depart for the Aug. 8 recess, a deadline that supporters have framed as critical for the bill’s odds this session. With Witt stepping away, attention is turning to how the White House’s advisory team will manage ongoing negotiations while the Senate considers the proposal.

Key takeaways

• Patrick Witt plans to wrap up his role by July 24 before starting JAG training with the Georgia Army National Guard.
• Witt’s absence comes as the CLARITY Act faces a tight Senate calendar before the Aug. 8 recess.
• Crypto In America reports that Harry Jung, the President’s Council of Advisors for Digital Assets deputy director, is expected to cover Witt’s responsibilities during training.
• Witt has helped broker talks between crypto and banking stakeholders, including issues tied to stablecoin yield and ethics provisions.
• Witt intends to stay engaged with the process during his training, though day-to-day coverage will likely shift.

Leave of absence as CLARITY hits a Senate deadline

Crypto In America reports that Witt’s military leave will begin after he completes work on July 24. The report describes the subsequent JAG training as qualifying him to serve as a legal officer in the Guard.

While the move is personal, it lands during a period when lawmakers are weighing whether they can advance the CLARITY Act in time. The bill, which would establish what supporters describe as the first comprehensive U.S. regulatory framework for crypto, must clear a narrow path through the Senate before the Aug. 8 recess. Many observers view that break as a point after which legislative momentum becomes harder to sustain.

Digital Chamber CEO Cody Carbone said Witt had previously informed stakeholders about the upcoming military leave. In a comment relayed by Crypto In America, Carbone said Witt had been “forthcoming and honest with every stakeholder” about taking the leave later in July.

Witt’s role in shaping market structure negotiations

Before stepping away, Witt has been described as a central figure in negotiations between representatives from the crypto industry and banking sector. Crypto In America says his involvement has extended to specific areas of the market structure bill, including questions surrounding stablecoin yield and disputes tied to ethics provisions.

Those topics are among the most sensitive parts of any attempt to align crypto rules with traditional financial oversight. Stablecoin yield-related provisions can determine how token holders may earn returns and how issuers structure incentives, while ethics provisions can influence how market participants and institutions manage conflicts of interest.

For investors and builders, the practical takeaway is that the regulatory text under discussion is unlikely to be shaped in a vacuum. Instead, it reflects ongoing negotiation between stakeholders with different incentives—an effort Witt helped coordinate. As the bill approaches a potential Senate push, the continuity of that negotiating function becomes more important.

Who will cover Witt’s responsibilities

According to Crypto In America, the President’s Council of Advisors for Digital Assets deputy director, Harry Jung, is expected to take on Witt’s responsibilities during his training. At the same time, sources cited by Crypto In America say Witt plans to remain involved in the process while he is away.

Cointelegraph attempted to seek comment from both the White House and Witt directly, the report notes. The outcome of that outreach is not included in the provided text, but the expectation is clear: someone else will likely manage the day-to-day coordination even if Witt stays engaged at some level.

That shift could affect the speed and tone of talks as the Senate calendar tightens. Even when a figure remains “in the process,” institutional momentum often depends on who is most actively present during negotiations and as legislative language is finalized.

What to watch during Witt’s training

With Witt stepping away just as the CLARITY Act approaches the Senate’s pre-recess window, the immediate watchpoints are whether the advisory team maintains its negotiating cadence and how remaining issues are handled as lawmakers move toward a vote.

Readers tracking the bill should focus on whether there are substantive changes to language related to stablecoin yield and the ethics provisions that Witt previously helped navigate, and whether Jung’s involvement results in new compromises—or indicates that negotiations are already mostly settled before the July transition. The next few legislative weeks before the Aug. 8 recess may offer the clearest signal of whether the CLARITY Act can keep moving without Witt’s direct presence.

HashKey Exchange, Shanghai Commercial Bank and Visa launched a co-branded credit card in Hong Kong. 

Eligible HashKey Exchange members can apply for the Shanghai Commercial Bank HashKey Visa Signature Credit Card through the two companies’ mobile applications.

The card links everyday spending with rewards that customers can use on the licensed exchange. The program does not pay cryptocurrency directly. Instead, it converts reward points into HashKey HKD Cash Vouchers monthly. Users can apply the vouchers toward crypto purchases or trading fees.

Card offers up to 4% rewards during promotion

Shanghai Commercial Bank’s card product page lists 2% rewards on eligible local spending and 4% on eligible overseas spending during the promotion. New customers may also receive up to HK$1,200 in HashKey HKD Cash Vouchers or HK$1,000 in spending credit, subject to the offer’s terms.

Cardholders earn one point for every HK$1 spent. On each monthly statement date, the program converts 250 points into HK$1 in HashKey HKD Cash Vouchers. Customers receive the vouchers in their HashKey accounts and can use them to buy any supported cryptocurrency or offset transaction fees.

Shanghai Commercial Bank issues and manages the card

Shanghai Commercial Bank issues the card and handles all banking and credit services. HashKey’s credit card disclosure says the exchange does not provide credit or banking services. The bank also decides whether to approve each application.

Applicants must hold a HashKey account, live in Hong Kong and be at least 18 years old. The application starts in the HashKey mobile app before redirecting users to Shanghai Commercial Bank’s app. The card also lights up during contactless payments.

HashKey targets practical digital asset use

HashKey Exchange Business Group CEO Haiyang Ru said the partnership seeks to expand regulated digital asset use beyond trading. He said the company wants to move “beyond speculative trading” by linking digital assets with broader financial services.

Visa Hong Kong and Macau general manager Paulina Leong said the companies aim to connect digital asset services with familiar payment methods. Visa supplies the payment network, while the bank and HashKey manage the card, rewards and customer accounts under their separate regulated roles.

The product follows an October 2025 announcement that Shanghai Commercial Bank and HashKey planned to develop a co-branded Visa card. The July launch moves that plan into a product open for applications by eligible exchange members.

Launch joins Asia’s growing crypto rewards card market

HashKey was among the first exchanges licensed to serve retail crypto customers in Hong Kong. As reported by crypto.news, the platform began licensed retail operations in August 2023 and supports direct bank transfers in Hong Kong dollars and U.S. dollars.

The card arrives as HashKey expands as a publicly listed digital asset company. In June, its board approved a share repurchase plan worth up to HK$100 million after its stock rose from recent lows.

Elsewhere, other Asian finance groups have also linked card spending with digital asset rewards. As previously reported, SBI and Visa introduced a Japanese credit card program tied to Bitcoin, Ether and XRP rewards in May.

The HashKey program uses a different structure. Customers receive HKD-denominated vouchers and choose whether to use them for crypto purchases. That model keeps the credit card, reward conversion and exchange transaction as separate steps, rather than paying cryptocurrency directly at checkout.