Welcome to The Daily Crypto Briefing, here are today's headlines! In today's packed edition, we'll be covering Galaxy Digital's massive Terra settlement, significant regulatory shifts from the FDIC, presidential pardons in the crypto space, the EU's proposed capital requirements for crypto assets, and PumpSwap's impressive trading milestone. Let's dive into these developments shaping the digital asset landscape. First up, Galaxy Digital has reached a substantial $200 million settlement over its promotion of Terra. This settlement comes in the wake of Terra's catastrophic collapse in 2022, which sent shockwaves through the entire cryptocurrency ecosystem. Galaxy Digital, led by Mike Novogratz, had been a vocal supporter of the Terra ecosystem and its LUNA token before the stablecoin's algorithmic mechanism failed, wiping out billions in investor value. This settlement represents one of the largest in crypto history related to promotional activities and highlights the potential legal consequences for institutions backing projects that ultimately fail. It also signals that regulators continue to scrutinize how digital assets are marketed to investors, especially when those assets employ complex mechanisms like algorithmic stablecoins. In a significant regulatory development, the FDIC is dropping approval requirements for crypto activities at banks. This policy shift marks a notable change in how traditional banking institutions can engage with digital assets. Previously, banks needed specific approval for many crypto-related operations, creating a significant barrier to entry. This relaxation of requirements could potentially encourage more traditional financial institutions to explore cryptocurrency services, from custody solutions to trading platforms. However, this doesn't mean a complete regulatory free-for-all – banks will still need to ensure compliance with existing banking laws and manage risk appropriately. The move suggests a maturing regulatory approach that acknowledges crypto's growing role in the financial ecosystem while maintaining prudential oversight. Moving to presidential politics, Donald Trump has pardoned the founders and employees of BitMEX, the cryptocurrency derivatives exchange. This unexpected development affects Arthur Hayes, Benjamin Delo, and others who faced legal troubles for alleged violations of the Bank Secrecy Act. The BitMEX team had been charged with operating an unregistered trading platform and failing to implement proper anti-money laundering procedures. These pardons effectively clear their legal slate in the United States, though the implications for the exchange itself remain to be seen. The decision has sparked discussion about the intersection of politics and cryptocurrency regulation, with some viewing it as a sign of Trump's pro-crypto stance while others question the precedent it sets for regulatory enforcement. Over in Europe, an EU regulator is proposing 100% capital backing for crypto assets held by banks. This conservative approach would require financial institutions to maintain capital reserves equal to the full value of any digital assets they hold. While this measure aims to protect the traditional financial system from crypto volatility, it could significantly limit banks' ability to engage with digital assets due to the high capital costs involved. The proposal reflects ongoing concern among European regulators about the potential systemic risks posed by cryptocurrencies. Industry participants argue that such stringent requirements could put European institutions at a competitive disadvantage compared to regions with more flexible approaches. Lastly, PumpSwap has reached an impressive milestone of $10 billion in cumulative trading volume. This decentralized exchange has rapidly gained traction in the DeFi space, demonstrating the continued appetite for innovative trading platforms despite market volatility. PumpSwap's success highlights how new entrants can still ca