Crypto bills that provide regulatory clarity for crypto firms in the United States have passed a key House panel. The Financial Innovation and Technology for the 21st Century Act establishes registration rules for crypto firms with the Commodity Futures Trading Commission or the Securities and Exchange Commission. Meanwhile, the Blockchain Regulatory Certainty Act removes hurdles for blockchain developers and service providers. However, the Digital Assets Market Structure bill did not receive bipartisan support.
Vitalik Buterin, the co-founder of Ethereum, responded to the launch of the Worldcoin human identity verification system. Buterin released an essay addressing concerns about the Worldcoin token, particularly regarding its data collection practices. The project has faced criticism and is being questioned by regulators in the UK and France. In response, Worldcoin released an audit report.
Russia is moving forward with its plans for a digital ruble 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 can choose whether or not to use it. The government does not expect widespread adoption before 2025.
Binance has withdrawn its crypto custody license application in Germany after concerns were raised by the German Federal Financial Supervisory Authority. Binance intends to reapply with changes to its application and focus on complying with the EU’s Markets in Crypto-Assets regulations.
Former FTX CEO Sam Bankman-Fried has agreed to a gag order preventing him from making comments that could interfere with his trial. Bankman-Fried argued that other potential witnesses should also be gagged, including current FTX CEO John Ray. The gag order was requested by the US government after Bankman-Fried allegedly attempted to discredit a former business partner and witness.
In the cryptocurrency market, Bitcoin is at $29,331, Ether at $1,876, and XRP at $0.71. The total market cap is $1.18 trillion. Among the top gainers of the week are XDC Network, GMX, and Bone ShibaSwap, while the top losers are Pepe, Gala, and Injective.
Bitcoin’s price remained range-bound despite strong US inflation data. Traders are still expecting downside for BTC, with $30,000 resistance holding for over a week.
The SEC has filed charges against Quantstamp for conducting an unregistered $28 million ICO in 2017. Quantstamp has agreed to return the funds to investors.
The Alphapo payment provider hack is now estimated to have caused losses exceeding $60 million, with an additional $37 million allegedly drained from old addresses on the Tron and Bitcoin networks.
The launch of memecoin Pond0x led to millions of dollars in losses for investors due to a faulty transfer function. The price of PNDX collapsed shortly after its launch.
In an interview, Hervé Larren shares his experiences with Bitcoin and the psychology behind NFTs. Simon Davis of Mighty Bear Games answers questions about the gaming industry’s adoption of cryptocurrencies.