CFTC Commissioner Caroline Pham called for her agency to undertake a program that would test out temporary rules for digital asset businesses on a pilot basis, with the goal of building a permanent regulatory framework. The tentative regulations would cover crypto firm registration, risk management, and disclosure requirements. Pham’s call for a pilot comes amidst the stall of recent digital market related proposals that seem unlikely to advance any further.

Sen. Cynthia Lummis (R-WY) tweeted about the Grayscale decision, stating that the SEC “cannot legislate through enforcement,” and the creation of a regulatory framework for crypto assets should be led by Congress.

US Bankruptcy Judge Sean H. Lane gave Genesis Global another month to file its Chapter 11 plan, saying the company should get the time to finalize the tentative agreement it struck with its parent company last week.

US District Judge John Koeltl granted an order to freeze bank accounts and property belonging to Celsius founder Alex Mashinsky while the government pursues a fraud case against him.

Cboe BZX Exchange filed two applications with the SEC, requesting for the ARK 21Shares Ethereum ETF and VanEck Ethereum ETF investment products to be listed on the exchange.

The Second Circuit declined to immediately release Sam Bankman-Fried while he challenges US District Judge Lewis A. Kaplan’s order keeping him in pretrial detention, but the appellate court did agree to consider Bankman-Fried’s appeal.

The Financial Accounting Standards Board (FASB) voted unanimously to finalize updates to accounting standards that will have firms report the current value of their digital assets. Companies must use a fair-value approach, with certain digital assets being measured at what they would trade for in the markets.

Judge Louis Stanton ruled that Micromobility.com Inc. must face allegations that they participated in a crypto pump-and-dump scheme making false promises about HelbizCoin, but dismissed claims against other defendants.

According to a filing with the SEC, Coinbase Global Inc.’s new crypto lending service for US institutional investors, Coinbase Prime, has received $57 million from customers.