The Future of Crypto Regulation and Digital Currencies

The Future of Crypto Regulation and Digital Currencies

The United States House panel has taken a step towards providing regulatory clarity for crypto firms with the approval of two bills. The Financial Innovation and Technology for the 21st Century Act establishes rules for crypto firms to register with either the Commodity Futures Trading Commission or the Securities and Exchange Commission. Additionally, the Blockchain Regulatory Certainty Act removes hurdles and requirements for blockchain developers and service providers. However, the Digital Assets Market Structure bill faced opposition from both Republicans and Democrats.

Ethereum Co-Founder’s Thoughts on Worldcoin

Vitalik Buterin, the co-founder of Ethereum, recently shared his thoughts on the Worldcoin human identity verification system. The Worldcoin token, which is based on the concept of proof-of-humanity, has faced criticism since its launch. The United Kingdom’s Information Commissioner’s Office and the French National Commission on Informatics and Liberty are considering investigating the project for potential violations of data protection laws. In response to criticism, the project released an audit report regarding its data collection practices.

Russia’s Digital Ruble and Binance’s Regulatory Troubles

Russia is making progress with its central bank digital currency as President Vladimir Putin signed the digital ruble bill into law. The digital ruble is set to take effect from August 1, 2023, and individuals in the country will have the choice to use it. Meanwhile, Binance has withdrawn its cryptocurrency custody license application in Germany following concerns from the German Federal Financial Supervisory Authority. Binance intends to reapply for a license, focusing on compliance with the European Union’s regulations.

Former FTX CEO Sam “SBF” Bankman-Fried has agreed to a gag order preventing him from making comments to third parties that may interfere with his trial. However, he argues that other potential witnesses, including current FTX CEO John Ray, should also be gagged. The gag order was requested by the U.S. government after accusations of interfering with a fair trial. SBF’s lawyers have highlighted the negative media attention surrounding their client since the exchange’s collapse.

Market Analysis and Price Movements

Bitcoin ends the week at $29,331, while Ether is at $1,876 and XRP at $0.71. The total market cap stands at $1.18 trillion. Among the top 100 cryptocurrencies, the biggest gainers of the week include XDC Network (XDC), GMX (GMX), and Bone ShibaSwap (BONE). The biggest losers are Pepe (PEPE), Gala (GALA), and Injective (INJ). For more detailed information on crypto prices, be sure to read Cointelegraph’s market analysis.

Developments in the Crypto Industry

BTC price remains range-bound despite better-than-expected United States inflation data. Traders show a preference for BTC price downside, with resistance at $30,000. Quantstamp plans to return $28 million raised in its 2017 ICO after charges brought by the U.S. SEC for conducting an unregistered ICO. The Alphapo payments provider hack is now estimated to have caused losses exceeding $60 million, potentially linked to the Lazarus Group. Additionally, the launch of memecoin Pond0x (PNDX) resulted in significant losses for investors, reaching approximately $2.2 million.

The approval of regulatory bills in the United States brings some clarity to the crypto industry. However, challenges and opposition remain in the midst of rapid developments. As digital currencies continue to gain attention and face regulatory scrutiny, the future of the industry remains uncertain.


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