In a significant move for cryptocurrency regulation, the U.S. House of Representatives passed the Genius Act this week—formally titled the Guiding and Establishing National Innovation for US Stablecoins. The bill aims to regulate payment stablecoins by prohibiting issuance from anyone other than approved issuers. Marking a first for national-level crypto legislation, the Genius Act provides a framework for stablecoin oversight in the U.S. and is expected to be signed into law by President Trump before the end of the week.

Barclays Bank has been hit with a £42 million fine by the UK’s Financial Conduct Authority (FCA) for failing to adequately assess and monitor money laundering risks in two high-profile client relationships.

A ransomware group known as Global has threatened to release sensitive data stolen from the Lorain County Auditor’s Office unless a ransom is paid by today.

Louis Vuitton has confirmed a data breach affecting its UK customer base, marking the third cybersecurity incident linked to LVMH brands in as many months.

Money transfer firm Wise has been fined $4.2 million by a coalition of U.S. state regulators—including New York, Massachusetts, California, Texas, Minnesota, and Nebraska—for failing to maintain adequate anti-money laundering (AML) controls.

The Bank of England has fined UK payments operator Vocalink £11.9 million for failing to meet a February 2022 deadline to address weaknesses in its risk management and governance framework.

A global leader in verification and anti-fraud Sumsub has been selected by France-based fintech platform Next Generation NGPES to provide advanced fraud protection, identity verification and AML regulation compliance as it launches an innovative payment ecosystem, including an EUR-backed stablecoin.