BUBBLE BURST: The Trump administration acted to deflate the 2017 bitcoin bubble by allowing the introduction of futures products, a former official said. “One of the untold stories of the past few years is that the [U.S. Commodity Futures Trading Commission], the Treasury, the SEC and the [National Economic Council] director at the time, Gary Cohn, believed that the launch of bitcoin futures would have the impact of popping the bitcoin bubble. And it worked,” said Christopher Giancarlo, former director of the CFTC. Full story

ALL SECURITIES? Congress may consider a bill to classify stablecoins as securities. In an apparent response to the Facebook-led Libra cryptocurrency, Rep. Sylvia Garcia introduced a draft bill to the House Financial Services Committee to regulate stablecoins under the Securities Act of 1933. If signed into law, the rule would give the SEC authority over stablecoins and their issuers. Full story
 
ETF ATTEMPT: The former managing director of the World Gold Council and the portfolio manager behind SPDR Gold Shares is developing a bitcoin exchange-traded fund (ETF) with boutique asset manager Kryptoin Investment Advisors. The Cayman Islands-based firm has filed an initial registration statement with the SEC for a fund that would track the CME CF Bitcoin Reference Rate to reflect bitcoin’s actual market price. The SEC is yet to approve a bitcoin ETF, despite numerous proposals crossing its desk. Full story

BITLICENSE REVIEW: The New York Department of Financial Services (NYDFS) is revisiting its controversial virtual currency license. Speaking at DC Fintech Week, NYDFS Superintendent Linda Lacewell said the agency is looking into the BitLicense, which requires companies conducting cryptocurrency transactions with New York residents to be licensed to operate within the state. “This is a good time to take a look, a responsible look, and see how our regime is fitting the current market,” she said. Full story

ISLAMIC APPROVAL: Algorand has been certified as sharia-compliant, the Boston-based company said Monday. The certification was provided by Shariya Review Bureau, in Bahrain, and indicates that the Algorand platform adheres to the tenets of Islamic law. The news could open up the platform to a global network of Islamic investors and billions of dollars of potential investment. Full story