Crypto Daily
2023-06-04 11:45:00

Crypto Weekly Roundup: Draft Bill Defines SEC-CFTC Roles And More

A recently proposed draft bill could set clearly defined roles for the SEC and the CFTC, giving much-needed clarity to the U.S. crypto industry. Let’s find out more. Bitcoin USDT stablecoin issuer Tether has announced its plans to set up Bitcoin mining operations in Uruguay using renewable energy. DeFi The Uniswap DAO has voted against a proposal to turn on protocol fees for liquidity providers. The poll saw 45% opposed to turning on proposal fees, while support for two fee plans was divided. The Multichain team has been unable to reach the protocol’s CEO and gain the necessary server access for maintenance works. Altcoins Stablecoin Tether has fought through the challenging stablecoin market and propelled its market cap to reach an all-time high of $83.2 billion. Circle has announced that it will be launching the USDC stablecoin natively on Arbitrum on the 8th of June, 2023. In an impressive milestone for the Avalanche (AVAX) ecosystem, the platform has successfully surpassed the coveted one million monthly active users (MAUs) mark. Business Hong Kong-based First Digital Group has announced the introduction of a new stablecoin that will be pegged to the United States Dollar but regulated in Asia. A report by independent journalist Colin Wu claimed that Binance, the world’s largest crypto exchange by trading volume, may have cut its staff by as much as 20%. The world’s leading social trading platform, BingX, announced the launch of a peer-to-peer trading feature that allows users to buy and sell crypto directly with P2P merchants. In a move to streamline operations and reduce expenses, blockchain analytics firm Nansen has announced a significant reduction in its workforce. Gulf Binance, a partnership between crypto exchange Binance and Gulf Energy’s innovation division, Gulf Innova, received approval in Thailand for a digital asset operator license. Balinese authorities said they would crack down on foreign tourists who pay for products and services using cryptocurrencies. Regulation Republican lawmakers Patrick McHenry and Glen Thompson have introduced a draft bill proposing clear roles and delineation of authority between the SEC and CFTC regarding crypto. The Central Bank of UAE has set forth comprehensive guidelines for digital asset KYC, to be implemented next month. Crypto exchange announced it had been granted a Major Payment Institution license for Digital Payment Token services from Singapore’s central banking institution. The European Union (EU) has formally signed new legislation on crypto licensing (MiCA) and money laundering rules into law. An Indonesian rental car owner was arrested by Bali police at his business premises after it was alleged he accepted crypto for payments. ByBit has become the latest cryptocurrency exchange to exit Canada and plans to shutter all services and products offered in the country. Republican congressman Warren Davidson has stated that a tentative deal aimed at stopping the US government from defaulting on its debts potentially scuppers a proposed 30% crypto mining tax. The Bank of Japan has announced the completion of the second stage of its CBDC program and is now moving ahead with its pilot project. NFT Reddit NFTs have seen staggering success since their launch, with the platform registering 10 million NFT holders and hitting $32 million in sales. Web3 Wallet-as-a-service provider Magic has successfully raised $52 million in a strategic funding round led by PayPal Ventures. Germany's Deutsche Telekom has joined Polygon as a validator, signaling its support for the Ethereum layer-2 scaling protocol and expanding its involvement in the blockchain technology space. Security Jimbos Protocol has contacted the Department of Homeland Security in an effort to reclaim the funds that were stolen via a flash loan exploit on the 28th of May. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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