Cryptocurrency investors have been waiting for approval of the first U.S. ETF for bitcoin, with bets on such a move fuelling its recent rally. “New York Attorney General Letitia James’ cryptocurrency legislation sets the standard for all U.S. states and territories on how to regulate the fledgling cryptocurrency industry,” said John Stark, former Founder and Chief of the Securities and Exchanges Commission's (SEC) Office of Internet Enforcement. “This legislation brings much needed oversight to the industry and raises the bar, ensuring that investor protection remains paramount. I applaud Attorney General James and her team for this impactful legislation.” Stablecoins emerged as the solitary segment of the crypto market exhibiting a downturn in market capitalization. &;The leading 15 stablecoins together shed 4.5% of their value, translating into a loss of around $6.2 bitcoin exchange software billion. This trend primarily roots in the cessation of Binance USD (BUSD) issuance.The BUSD stablecoin, backed by the US dollar, was initiated by blockchain-based startup Paxos in collaboration with Binance, post securing approval from the New York State Department of Financial Services (NYDFS). However, in mid-February 2023, the US Securities and Exchange Commission (SEC) forwarded a Wells Notice to Paxos, which was subsequently subjected to an investigation by the NYDFS.