fbpx
Connect with us

Ethereum

Biden Signs Widely Anticipated Executive Order Regulating Digital Assets

Published

on

Biden Signs Widely Anticipated Executive Order Regulating Digital Assets
  • US President Joe Biden has finally signed the much-awaited executive order regulating digital assets
  • The order emphasizes six different financial areas including curbing illicit usage of digital assets
  • The order also advises authorities to bolster efforts towards launching a CBDC.

US President Joe Biden has finally issued an executive order that intends to regulate digital assets such as cryptocurrencies in the region. 

The order directs federal agencies to coordinate their approach towards the sector and focus on prioritizing consumer protection, financial stability as well as putting a lid on illicit uses of cryptocurrencies. 

Biden Signs One Of Its Kind Executive Order Regulating Digital Assets.

The fact sheet accompanying the order further denotes the key areas that the government will be focusing on. The areas such as the global financial sector, financial institutions, illicit uses of leadership in the global finance sector, consumer protection, and financial stability were greatly emphasized, according to CoinDesk 

The executive order also directs federal authorities to work on the emerging digital asset sector and advises authorities to establish better communication with the sector. However, the order does not mention specific ways or structures that the government wants the authorities to adopt. 

The order also lays equal emphasis on the US government’s efforts to curb the illicit usage of digital assets. To combat such issues, the order directs government agencies to work with allies and partners to ensure the” international frameworks, capabilities, and partnerships are aligned and responsive to risks.”

Moreover, the executive order directs the Department of Commerce to leverage digital asset technologies and establish a framework to steer US competitiveness and leadership. 

“Promote U.S. Leadership in Technology and Economic Competitiveness to Reinforce U.S. Leadership in the Global Financial System by directing the Department of Commerce to work across the U.S. Government in establishing a framework to drive U.S. competitiveness and leadership in, and leveraging of digital asset technologies. This framework will serve as a foundation for agencies and integrate this as a priority into their policy, research and development, and operational approaches to digital assets.” 

The order also states that the Secretary Of The Treasury should produce “reports on the future of money and payment systems, to include implications for economic growth, financial growth and inclusion, national security, and the extent to which technological innovation may influence that future.” 

The Biden administration was previously exploring launching a CBDC to bolster its economic prospects. The current order facilitates a clause that states that the US government should “assess the technological infrastructure and capacity needs for a potential U.S. CBDC in a manner that protects Americans’ interests. The Order also encourages the Federal Reserve to continue its research, development, and assessment efforts for a U.S. CBDC, including the development of a plan for broader U.S. Government action in support of their work.”

The order has so far managed to draw positive reactions from investors. Many crypto enthusiasts on social media are of the view that the bill may finally help digital assets gain wider coverage. 

Literally just the opposite…you are already in the ecosystem. For anyone else (ie investors, asset managers, regulated banks) this is THE signal that US policy to Crypto will not be negative…thus this is the positive event for all of these new entrants

— Dmills (@DavidMillerMac) March 9, 2022

Jeremy Allaire, CEO, and Founder of Circle Pay, also commented on the executive order, calling it ” a watershed moment for crypto, digital assets and Web3 akin to the 1996/1997 whole government wakeup to the commercial internet”. He sees it as rewarding that the White House addresses the sector with such great emphasis and detail.  

The U.S. seems to be taking on the reality that digital assets represent one of the most significant technologies and infrastructures for the 21st century; it’s rewarding to see this from the WH after so many of us have been making the case for 9+ years. (2/7)

— Jeremy Allaire (@jerallaire) March 9, 2022

For those of us in the crypto community, IMHO this E.O. should be viewed as the single biggest opportunity to engage with policy makers on the issues that matters. The proverbial doors of policymakers are WIDE OPEN, this is now a NATIONAL conversation in the U.S. (7/7)

— Jeremy Allaire (@jerallaire) March 9, 2022

Go to Source

Ethereum

Avalanche Submits AIP to ApeCoin DAO to Launch Otherside as a Subnet on its Blockchain

Published

on

Avalanche Submits AIP to ApeCoin DAO to Launch Otherside as a Subnet on its Blockchain

Summary:

  • Avalanche has submitted an Apecoin Improvement Proposal to the Apecoin DAO to migrate the Otherside metaverse as a subnet on its blockchain.
  • The team at Avalanche points out that the AVAX chain has ‘rapid transaction processing, higher throughput, greater ability to scale and lower gas fees.’
  • Apecoin subnet will have its own customizable Ethereum Virtual Machine (EVM) execution environment.
  • The proposal has elicited mixed reactions from those for it and those who believe moving away from Ethereum is a bad idea.

The team behind Avalanche has followed through with talks of migrating APE to its chain by submitting an Apecoin Improvement Proposal to the Apecoin DAO. The proposal suggests that the Avalanche blockchain is best suited to handle the demands of the Apecoin Otherside Metaverse.

Furthermore, Otherside will be launched as a subnet on Avalanche, as explained below.

The ApeCoin Community needs a blockchain that can ensure Otherside is a smooth, low-fee experience driven by the APE token.

Avalanche Subnets deliver the necessary speed, security, low fees, and customizability for the ApeCoin community to future-proof its infrastructure for its millions of community members. Ava Labs team will provide technical support and expertise to ensure a seamless transition.

An Apecoin Subnet on Avalanche Would Dramatically Increase Speed and Reduce Gas Fees

In addition, the AIP to migrate Apecoin to Avalanche reiterates that an Avalanche subnet would dramatically increase the speed of the metaverse while at the same time reducing gas fees and avoiding scenarios of very high transaction costs, such as those witnessed during the OtherDeed mint.

Apecoin Subnet to Have its Own Customizable Ethereum Virtual Machine (EVM) Executing Environment

The team at Avalanche goes on to explain that the ApeCoin subnet could have its own customizable Ethereum Virtual Machine (EVM) execution environment ‘which will allow developers to easily deploy metaverse assets, games, marketplaces and more.’

Avalanche AIP To Migrate Apecoin Elicits Mixed Reactions from the BAYC and Apecoin Communities

Avalanche’s proposal to migrate Apecoin to a subnet on its blockchain has gathered mixed reactions from the Bored Ape Yacht Club and APE communities.

Some community members believe such a migration would be ideal for the Otherside metaverse, while others suggest that a move to an Ethereum layer 2 chain makes more sense. Below is a sample of some of the responses.

In the proposal, everyone except for one guy is stating the obvious: it’s a bad idea, nobody wants to move their liquidity off Ethereum, and rollups are superior – by @Swagtimus on Twitter.

I disagree. We should not move out of Ethereum ever. We should search for an L2 solution on Ethereum. – by monomesa on the Apecoin Forum.

An $APE powered subnet makes a lot of sense…A subnet comes with affordable fees, high throughput, and rapid development, plus funding and tech support from Ava Labs. It’s too smart. – by punk2513 on the Apecoin Forum.

The proposal will kill the project. – by ASEC on the Apecoin Forum

Go to Source

Continue Reading

Ethereum

Polygon (MATIC) Entices Terra Projects to its Chain with the Launch of an Uncapped Migration Fund

Published

on

Polygon (MATIC) Entices Terra Projects to its Chain with the Launch of an Uncapped Migration Fund

Summary:

  • Polygon (MATIC) has launched an uncapped fund to assist Terra projects willing to migrate to its chain.
  • Financing of the fund will come from $450 million already raised by Polygon, its treasury, and a $100 million ecosystem fund.
  • Polygon is willing to deploy more capital for Terra projects migrating if needed.
  • The fund’s launch comes in the wake of the Terra community agreeing to plans for the new blockchain of Terra 2.0.

As the UST depegging and LUNA inflation saga continues to rock the crypto-verse and traditional finance circles, Polygon has kickstarted the process of assisting Terra developers and projects willing to migrate to its chain.

According to a report by TechCrunch, Polygon (MATIC) has launched a ‘relatively uncapped multi-million dollar fund’ aimed at assisting Terra projects with the process of migrating to its blockchain. Financing for the fund will come from the $450 million previously raised by Polygon, its treasury, and a $100 million ecosystem fund.

Polygon Studios CEO, Ryan Wyatt, told Techcrunch that the company is willing to deploy more capital if needed. He said:

I don’t want to put a finite cap on [the fund], because the goal is to make sure we have capital set aside to help all developers who want to come over to Polygon do so.

It’s really important we have it, because all of their circumstances are uniquely different from each other.

UST’s Collapse was Unfortunate. You Want to Figure Out How to Help These Folks – Polygon Studios CEO

With respect to the recent depegging and collapse of TerraUSD (UST), Mr. Wyatt defined the event as ‘unfortunate on so many different levels.’ Additionally, the collapse of UST had a significant impact on the entire Web3 industry, and one way of solving it was ‘to figure out how to help these folks.’

Terra Proposal 1623 Passes, new Terra Chain to Launch on May 27th

Polygon announcing an uncapped fund to assist Terra projects willing to migrate to its chain comes on the backdrop of the Terra Community passing proposal 1623 to launch a new Terra Chain (LUNA) that will co-exist with the old Terra Classic (LUNC) that was impacted by the UST depegging.

1/ Terra 2.0 is coming.

With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 25, 2022

At the time of writing, the crypto exchanges of Bitrue and Huobi have announced support for the new chain and will go on to list the new digital asset of LUNA, expected to launch on May 27th. Furthermore, both exchanges are working out the details of the potential subsequent airdrop of LUNA tokens to Terra Classic (LUNC) holders.

Go to Source

Continue Reading

Ethereum

A Ripple IPO Could be a Possibility After the SEC Lawsuit, Says Brad Garlinghouse

Published

on

A Ripple IPO Could be a Possibility After the SEC Lawsuit, Says Brad Garlinghouse

Quick take:

  • Brad Garlinghouse has stated that Ripple could consider the possibility of an IPO after the SEC lawsuit.
  • Rumors of a Ripple IPO have been circulating in the crypto-verse from as far back as 2020.
  • XRP continues to be a top ten digital asset according to market capitalization, and a conclusion of the SEC lawsuit could rekindle interest in the digital asset.

Ripple CEO, Brad Garlinghouse, has stated that the company could consider an IPO after the ongoing SEC lawsuit ends. Mr. Garlinghouse shared the possibility of a Ripple IPO during an interview with CNBC at the ongoing World Economic Forum in Davos, Switzerland.

During the interview, Brad Garlinghouse was asked whether a Ripple IPO was on the cards for the company at some point. Mr. Garlinghouse’s response was as follows:

I think we want to get certainty and clarity in the United States with the U.S. SEC. You know, I’m hopeful that the SEC will not slow that process down any more than they already have.

But you know, we certainly are at a point in scale, where that is a possibility. And we’ll look at that once we’re past this lawsuit with the SEC.

Talk of a Ripple IPO Date Back to Early 2020

To note is that talk of a Ripple IPO date as far back as January 2020. Back then, there was still no regulatory clarity as to whether XRP was a security or not. The same question remains today and is at the center of the ongoing lawsuit by the SEC against Ripple.

The SEC lawsuit claims that Ripple, Brad Garlinghouse, and Chris Larsen carried out an unregulated securities offering by selling $1.3 billion worth of XRP to retail investors without providing adequate disclosures about their core business.

Ripple’s Business Continues to Grow Outside the USA

However, Ripple’s hurdles in the United States have not impeded its growth outside the country. In the same CNBC interview highlighted above, Brad Garlinhouse explained that the company’s growth is mainly outside the US. But the outcome of the SEC lawsuit could provide the regulatory clarity needed for its business to catch on in the United States.

XRP Continues to be a Top Ten Digital Asset

Despite the ongoing SEC lawsuit, XRP remains a top ten digital asset in terms of market capitalization.

According to Coinmarketcap, XRP is ranked sixth with a market cap of $19.453 billion and a value of $0.40 amidst the ongoing crypto-market meltdown that has seen Bitcoin struggling to maintain a level above $30k.

The conclusion of the Ripple vs. SEC lawsuit could also boost the value of XRP as the digital asset stands to benefit from potential relisting on various crypto exchanges.

Go to Source

Continue Reading
Home | Latest News | Cryptocurrency | Ethereum | Biden Signs Widely Anticipated Executive Order Regulating Digital Assets
a

Market

Trending