Crypto Weekly Roundup: Regulations Tighten With New Bill And More

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California Governor Gavin Newsom has approved the Digital Financial Assets Law, which will put in place a specific framework of operations for all individuals and businesses participating in activities involving digital assets. Let’s find out more.

Bitcoin

With a backdrop of further Israeli attacks into Gaza, the supposed risk asset of cryptocurrencies is staging a rally.

The Bank of America has reported unrealized losses of $131.6 billion for Q3, hamstringing the bank from deploying its cash elsewhere.

Asset management company Blackrock’s CEO, Larry Fink, said that yesterday’s surge in Bitcoin and crypto was a flight into quality.

DeFi

Uniswap introduced a 0.15% swap fee for certain tokens within its web application and wallet, marking a shift from the platform’s previous no-fee structure.

The team behind Lido Finance will be sunsetting Solana staking after the community DAO voted in favor of the proposal, with over 90% choosing to discontinue Solana staking. 

DeFi protocol, Platypus Finance, is making significant progress in trying to recover the $2.23 million stolen in a recent flash loan exploit. 

Altcoins

A recent post-mortem of the 5-hour-long network outage that plagued the Aptos platform has identified the root cause as a performance-focused code change. 

With a series of support and resistance levels backed by key turning points, Polkadot’s trajectory displays the potential for both bullish and bearish movements.

The SUI token has dropped to an all-time low following serious allegations of market manipulation by South Korean regulators. 

Technology

Coinbase’s layer-2 network Base has taken a significant step towards transparency by making its code repositories and smart contracts open-sourced to the public. 

Blockchain oracle provider API3 has announced that it is set to deploy on five additional chains, namely Base, Kava, Linea, Mantle, and Rootstock.

Aptos Network, a layer-1 blockchain, has finally managed to bring its network back online and resume operations after it was impacted by a lengthy outage. 

Scroll quietly launched its zkEVM-based Mainnet, offering Ethereum compatibility for developers and achieving a significant milestone in scaling Ethereum’s capabilities. 

Business

The newly promoted Tether CEO, Paolo Ardoino, has stated that the stablecoin issuer plans to release real-time data on Tether reserves in 2024 in an effort to boost transparency. 

LBRY Inc. has thrown in the towel, announcing that it would be shutting down operations, citing millions of dollars of debt that have made operations unviable. 

Lawyers representing FTX founder Sam Bankman-Fried have asked the judge presiding over the trial for long-release Adderall, claiming he is having a tough time concentrating during his trial. 

Due to scaling challenges, Reddit is winding down its “Community Points” program, a blockchain-based rewards system for creators and developers. 

Crypto exchange VALR has announced a partnership with Visa that entails collaborating with the payments giant to open up crypto payments in South Africa as well as globally.

FTX Debtors have announced the settlement of customer property disputes, stating they had reached a significant milestone in their Chapter 11 discussions after extensive discussions. 

As the legal proceedings of the case against FTX CEO Sam Bankman-Fried unfold in court, more and more colleagues of the disgraced CEO are testifying against him. 

Crypto exchange Binance announced earlier this week that it will stop accepting new UK users in order to comply with new regulations. 

NFT

Several prominent NFT makers are beginning to boycott dominant NFT marketplaces, such as OpenSea and Blur, as NFT royalties continue to dwindle. 

Security

Fantom Foundation, the entity behind the Fantom blockchain, has revealed that their wallets have been drained of over $550,000 worth of cryptocurrency. 

Regulation

The US Department of the Treasury has called for a crackdown on crypto mixers as they look to classify them as a “money laundering threat.” 

Cryptocurrency exchange Upbit has revealed it has received ‘in-principle’ approval from the Monetary Authority of Singapore to offer users digital asset services. 

A UK minister of parliament recently wrote to the Financial Conduct Authority (FCA) urging the regulator to take a softer line on crypto firms as they adjust to the new advertising rules.

Australia’s federal government is moving forward with its plans to introduce tighter regulation for crypto exchanges, which will need to apply for a financial services license.

In a significant move, California Governor Gavin Newsom has approved the Digital Financial Assets Law, a cryptocurrency regulation bill, which is set to take effect in July 2025. 

US Senator Elizabeth Warren has gathered a group of over 100 senators and members of the House of Representatives to sign a letter that raises questions about crypto financing in the terrorist activities of Hamas and Palestinian Islamic Jihad.

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.