A key United States House panel has recently passed two bills aimed at providing regulatory clarity for crypto firms. The Financial Innovation and Technology for the 21st Century Act establishes guidelines for crypto firms on when they need to register with regulatory bodies such as the Commodity Futures Trading Commission or the Securities and Exchange Commission. Another approved bill, the Blockchain Regulatory Certainty Act, removes hurdles and requirements for blockchain developers and service providers. However, another proposed bill, the Digital Assets Market Structure bill, did not receive support from both Republicans and Democrats.
Criticism Surrounding Worldcoin
Vitalik Buterin, the co-founder of Ethereum, recently shared his thoughts on the Worldcoin human identity verification system. While the project launched after years of development and beta testing, it faced almost immediate criticism. The United Kingdom’s Information Commissioner’s Office is considering investigating the project for potential violations of data protection laws. The French National Commission on Informatics and Liberty also questioned the legality of Worldcoin. In response to concerns about data collection practices, the project released an audit report.
Russia’s Digital Ruble Law
Russia has taken a step forward in its plans to launch a central bank digital currency. President Vladimir Putin signed the digital ruble bill into law, with the official implementation date set for August 1, 2023. Individuals in Russia will have the choice to use the digital ruble or not. The government expects mass adoption of the digital ruble in the country to occur by 2025.
Binance’s Licensing Setback in Germany
Binance, one of the largest cryptocurrency exchanges, has withdrawn its cryptocurrency custody license application in Germany. This comes after concerns raised by the German Federal Financial Supervisory Authority. However, Binance intends to reapply for the license, making necessary changes to its application to comply with the evolving regulatory environment. The exchange also plans to focus on becoming compliant with the European Union’s Markets in Crypto-Assets regulations to expand its services in European countries.
FTX CEO Subject to Gag Order
Former FTX CEO Sam “SBF” Bankman-Fried, who is facing trial, has agreed to a gag order preventing him from making comments that could interfere with the proceedings. However, he argues that other potential witnesses, including current FTX CEO John Ray, should also be subject to a gag order. The request for a gag order against Bankman-Fried was made after he was accused of attempting to discredit a former business partner and witness in an interview.
Market Update
As of the end of the week, Bitcoin is valued at $29,331, Ether at $1,876, and XRP at $0.71. The total market cap is approximately $1.18 trillion. Among the top 100 cryptocurrencies, the biggest gainers of the week include XDC Network, GMX, and Bone ShibaSwap. However, Pepe, Gala, and Injective experienced losses. For more detailed information on cryptocurrency prices, refer to Cointelegraph’s market analysis.
Overall, these recent developments in the crypto industry highlight the ongoing efforts to establish regulatory clarity, address concerns over data privacy and protection, and navigate the challenges posed by compliance in different jurisdictions. While progress is being made, there are still obstacles to overcome and ongoing debates surrounding the future of cryptocurrencies and blockchain technology.
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