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- Huge Win For Crypto In The USA 🇺🇸🏆 Zuckerberg Bullish About Metaverse Despite Losses 📉
Huge Win For Crypto In The USA 🇺🇸🏆 Zuckerberg Bullish About Metaverse Despite Losses 📉
Singapore recognizes Crypto as Personal Property. What is Tokenization?
Manan Vora
July 27, 2023
Snapshot Web3
July 27, 2023
Regulatory Updates
The United States House Financial Services Committee has passed two crypto regulatory bills that aim to provide clarity for the industry. The Financial Innovation and Technology for the 21st Century Act establishes rules for crypto firms to register with the Commodity Futures Trading Commission or the Securities and Exchange Commission. The Blockchain Regulatory Certainty Act aims to remove hurdles and requirements for blockchain developers and service providers. However, another proposed bill, The Digital Assets Market Structure bill, faced opposition for not adhering to SEC regulatory guidance.
The High Court of Singapore ruled that cryptocurrency is property and can be held in trust. The judge emphasized that there's no fundamental difference between cryptocurrencies and physical objects in terms of their status as property. This decision challenges the perception that cryptocurrencies have no real value, as their value is determined by collective belief. The ruling provides clarity for crypto users and investors in Singapore's legal framework.
South Korea has formed a Joint Investigation Centre for Crypto Crimes with 30 investigators from seven government agencies to combat illicit activities in the crypto space. They've introduced legislation to protect crypto investors and are promoting the use of Legal Entity Identifiers (LEI) for transparency. The country aims to create a safer environment for crypto investors and improve cross-border payments.
Innovation and Launches
Ripple and the Republic of Palau have collaborated to launch the Palau Stablecoin (PSC) on the XRP Ledger (XRPL). The stablecoin aims to reduce payment costs and improve financial services access for underserved communities. Extensive testing has been conducted, and a joint press release is scheduled for July 27. This partnership marks a significant step in exploring the stablecoin's potential use cases in Palau. The island state lacks a central bank, making the creation of a USD-backed stablecoin a significant achievement towards their own central bank digital currency.
Trending DApps
NFT and Metaverse
Meta's metaverse division, Reality Labs, reported $3.7 billion in losses in Q2 2023 but remains committed to metaverse development. CEO Mark Zuckerberg sees potential in both the metaverse and AI. Meta reported $7.79 billion in profits for the quarter, with revenue growing 11% to $32 billion. Meta's stock closed 1.39% higher and rose 6.89% in after-hours trading.
Reddit launches its 4th-gen Avatar series featuring NFTs by indie artists and popular collections like Cool Cats. The series offers 100 unique designs with prices ranging from $2.49 to $199.99. It has attracted over 14.33 million holders, amassing 18.28 million avatars and a market value of $54.61 million. This highlights the growing impact of NFTs on the art and collectibles space and Reddit's role in democratizing access to digital art and collectibles.
Resource of the Day
Tokenization is a process that converts assets into digital tokens on a blockchain, offering transparency and accessibility. These tokens can represent real-world assets or be used for specific purposes. While it has the potential to democratize asset ownership, regulatory challenges remain. Nevertheless, tokenization holds promise for transforming the financial landscape.
Interesting Reads
Fabian Vogelsteller, inventor of ERC-20, left Ethereum to create Lukso, a blockchain for lifestyle and fashion. Lukso's mainnet launched in May, attracting over 23,000 validators. Vogelsteller chose a separate blockchain to attract a new ecosystem and adopt new building blocks. He discussed BRC-20 tokens, highlighting Bitcoin's limitations. Lukso was funded through an ICO in 2019-2020 and holds about 26% of LYX tokens.
Quick Links
Celsius, a leading crypto lender, collapsed due to flaws in its business model, regulatory issues, and legal troubles. Its reliance on the CEL token and ties to Terra caused problems. Investigations led to fines and charges against its CEO and former executives. The case has raised regulatory scrutiny on other crypto firms. Advocates see it as a positive step to deter fraud in the industry.
Democratic candidate for U.S. President Robert F. Kennedy Jr. bought 14 Bitcoin for his children, expressing his support for cryptocurrency. He sees Bitcoin as the currency of freedom and criticizes banks for closing accounts due to political pressure. Kennedy believes environmental concerns about Bitcoin are a distraction. Though not likely to win the nomination, he has gained support from the crypto community.
Sam Bankman-Fried, co-founder of FTX, will have one charge related to unlawful campaign contributions dropped by US prosecutors. He still faces 12 other charges, including fraud and money laundering. Prosecutors have also requested to revoke his bail over alleged intimidation and leaking of private journals.
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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
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