Jerry Brito, the founding executive director of the prominent crypto advocacy organization, Coin Center, has announced that he has decided to step down from his role by the end of the year. 

Australia and New Zealand Banking Group (ANZ), one of the largest banks in Australia, is collaborating with Singapore's Project Guardian to explore how real-world assets (RWAs) can be tokenized for improved efficiency in financial markets.    

Olumide Osunkoya has pleaded guilty to multiple charges related to the illegal operation of cryptocurrency ATMs in the UK, making him the first individual in the country to be convicted for such offenses. 

Top stories in the Crypto Roundup today:

• Coin Center's Founding Executive Director Jerry Brito to Step Down
• Australian Bank Partners With Chainlink to Explore Blockchain Interoperability
• UK Man Pleads Guilty to Illegally Operating Crypto ATM Network
• Digital Yuan Transaction Volume Reaches 7 Trillion Yuan

Coin Center's Founding Executive Director Jerry Brito to Step Down

Jerry Brito, the founding executive director of the prominent crypto advocacy organization Coin Center, has announced that he has decided to step down from his role by the end of the year, stating that while he will no longer serve as executive director, he will continue to remain involved as a member of the board.

Joining Brito in stepping down is Robin Weisman, Coin Center’s senior policy counsel, who will also shift to a board seat. Both have been central figures in Coin Center since its early days in 2014. Though often referred to as a "think tank," the organization has played a critical role in advocating for cryptocurrency policies in Washington.

Taking over leadership at Coin Center will be Peter Van Valkenburgh, currently the research director, who will now become the executive director. Landon Zinda, a policy expert, will step into Van Valkenburgh's previous position. Brito expressed confidence in Van Valkenburgh, emphasizing his deep understanding of Coin Center’s mission and his expertise in both crypto and constitutional law.

Coin Center remains engaged in a legal battle with the IRS over crypto tax reporting requirements introduced by the Infrastructure Investments and Jobs Act of 2021. The case was initially dismissed but was given a second chance by the U.S. Court of Appeals for the Sixth Circuit last month.

Australian Bank Partners With Chainlink to Explore Blockchain Interoperability

Australia and New Zealand Banking Group (ANZ), one of the largest banks in Australia, is collaborating with Singapore's Project Guardian to explore how real-world assets (RWAs) can be tokenized for improved efficiency in financial markets, aiming to test blockchain interoperability and enhance asset transfers.

Announced in a press release on September 30, ANZ is teaming up with Chainlink Labs, a leading provider of blockchain oracles, and ADDX, a Singaporean investment platform. Their goal is to determine how assets like commercial paper can move seamlessly across blockchain networks, with Chainlink’s Cross-Chain Interoperability Protocol (CCIP) being the key tool enabling this interaction.

Initiated by the Monetary Authority of Singapore in 2022, Project Guardian was launched to boost liquidity and market efficiency through tokenization. Nigel Dobson, ANZ's lead on banking services, expressed the bank's interest in exploring how its A$DC stablecoin—backed by the Australian dollar—could be moved across blockchains with the help of Chainlink’s interoperability technology.

Dobson emphasized that the fragmented nature of tokenized asset markets presents challenges, particularly when it comes to moving RWAs between blockchains. Without solutions like Chainlink’s CCIP, adoption and integration can be slow for financial institutions.

With its Singapore office, ANZ will receive direct support from Project Guardian. The initiative has already seen participation from notable financial players like JPMorgan, Deutsche Bank, and S&P Global. It is supported by a coalition of global policymakers, including representatives from the UK, Japan, Switzerland, and other major economies, as well as organizations like the International Monetary Fund.

UK Man Pleads Guilty to Illegally Operating Crypto ATM Network

Olumide Osunkoya has pleaded guilty to multiple charges related to the illegal operation of cryptocurrency ATMs in the UK, making him the first individual in the country to be convicted for such offenses. The case, heard at Westminster Magistrates’ Court, involved five offenses, including running unregistered crypto ATMs across the UK and forgery.

According to the UK’s financial regulator, the Financial Conduct Authority (FCA), Osunkoya operated at least 11 crypto ATMs between December 2021 and September 2023. The machines processed over £2.6 million ($3.5 million) in transactions during this period, with profit margins ranging from 10% to 60% on each transaction.

Despite the FCA refusing his registration application in 2021, Osunkoya expanded his crypto ATM network in convenience stores across the country, neglecting essential due diligence checks for users.

The court heard that the machines may have been used by individuals engaged in money laundering and tax evasion. Additionally, Osunkoya used a false alias to evade regulatory scrutiny, further aggravating his charges. On September 10, he was formally charged with two counts of operating crypto ATMs without FCA authorization, each carrying a potential sentence of up to two years in prison.

He also faces charges of forgery, counterfeiting, and possession of criminal property, including £19,540 ($26,160) in cash suspected to be the proceeds of his illicit operations. These additional charges could result in a prison sentence of up to 14 years.

Sentencing will be held at Southwark Crown Court, though the date is yet to be announced. Following this case, the FCA reinforced its stance, stating that no legal crypto ATMs currently operate in the UK.

Digital Yuan Transaction Volume Reaches 7 Trillion Yuan

The latest report from the People’s Bank of China (PBOC) reveals that cumulative transaction volume exchanged using the digital yuan (e-CNY) has now reached 7 trillion RMB, or around $988 billion, by the end of June 2024.

The figure represents a growth of 6.1% from the previous month and a 300% rise from the transaction volume reported in June of last year. The majority of the e-CNY’s transaction activity reportedly came from business activities, while customers continued favoring existing payments systems such as WeChat Pay and Alipay.

The Digital Yuan is one of 44 central bank digital currencies (CBDCs) in pilot programs with the Bahamas, Jamaica and Nigeria the only countries to launch a CBDC fully.

Dig deeper into the stablecoin sector through CCData’s latest Stablecoins & CBDCs report.

State of the Crypto by Top Tier Exchange Volume

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