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⚖️ Regulation: Ethereum SEC drops investigation, and more...
- US & North America: This week will probably in our industry's history. The SEC, the US securities regulator, has concluded a months-long investigation by classifying the world's second-largest crypto as a commodity, not a security. ConsenSys, a key player in the case, celebrates this as a landmark decision. (Read more). In the meantime, North Dakota joins the list of states banning Binance operations (Read more)
- South America: Brazil's tax agency is summoning major crypto exchanges (Binance, Coinbase), which operate from outside the country, for info on their operations and compliance with new tax laws. Read more
- Asia: While Singapore is raising concerns about Anti-Money Laundering (AML) risks associated with crypto-tokens (Read more), it's also looking to advance its own digital asset market with a new licensing framework (Read more).
- Globally: The Bank for International Settlements (BIS) is taking a proactive stance with its new innovation hub in Toronto . This confirms the growing interest from the BIS and more generally from traditional financial institutions in exploring blockchain technology. Read more
💵 Stablecoin: A double-edged sword?
- Globally: Jeremy Allaire, CEO of Circle, the leading stablecoin issuer, predicts stablecoins could represent 10% of the global economy within a decade While this outlook is undeniably bullish, it underscores the significant potential of stablecoins for mainstream adoption. Read more
- Europe: In response to MiCA regulations, which some stablecoin issuers like Tether announced they would not address, we're seeing the first exchange delistings. For example, Uphold has stopped supporting several stablecoins, including USDT. Read more
- Russia: A survey suggests Russians are using Tether (USDT) in response to sanctions. This highlights the potential of stablecoins as a tool for navigating financial restrictions, but also raises concerns among regulators about crypto's role in bypassing financial controls. Read more
🏦 CBDCs: Progress, Plans, and Perils
- Globally: In a recent report, the IMF highlights the potential of Central Bank Digital Currencies (CBDCs) for financial inclusion in the Middle East. Read more
- Iran: Iran launches its digital rial on Kish Island, allowing cashless payments via QR codes. Concerns remain about Iran using the CBDC to bypass US sanctions, despite sanctions targeting related technology providers. Read more
- Switzerland: Switzerland's central bank decided to extend its wholesale digital franc pilot program by two years. They'll add more banks and aim to increase transaction volume to assess its long-term viability. Read more
Other News
- Argentina: Argentine President Javier Milei confirmed his support for a competitive currency market that includes Bitcoin, aiming to bolster the struggling economy through crypto adoption. Argentina's economic crisis has heightened Bitcoin's appeal as a hedge against the depreciating peso. Read more
- Medias: Fox and Time partner on Verify protocol to fight misinformation with content verification on-chain. Read more
