A lot of regulatory updates in this week’s news update. Looks like we are going to have a broader framework, guidance and policy to deal with the digital asset economy in the near future.
Digital Taxonomy Act moves to the committee
Forbes reported that “The House Energy And Commerce Committee held a marathon legislative hearing marking up 38 bills today, including successfully reporting out to the full House two bills that included crypto and blockchain studies. Part of the Digital Taxonomy Act made it out of Committee as well, representing the farthest a bill addressing regulatory clarity for blockchain tokens has gotten in the 116th Congress thus far.” These bills are geared towards addressing the framework around blockchain and crypto companies while ensuring to put a stop on scams and frauds.
COMPETE Act aims to put US in blockchain race with China
“American Competitiveness Of A More Productive Emerging Tech Economy Act” (American COMPETE Act) has made it front of the committee in a record time hinting that the US is now noticing the progress that China has made in the latest technological advancements including Blockchain and doesn’t want to be left behind in the race. “Emerging technologies, such as quantum computing and blockchain technology, have expanded the horizons of humankind, drastically changing the way we exchange information and interact with the world around us,” said Congressman Bobby Rush (D-IL). McMorris Rodgers did not shy away from criticizing China for “stealing, cheating, and subsidizing their State-Owned Enterprises,” to get ahead. American COMPETE Act is the step in the right direction for the US to stay relevant in the emerging technology space.
IRS offers bounty to trace Monero transactions
Welcome to the wild-wild west of crypto. Monero is its latest bandit and the IRS is not shying away from declaring bounties on whoever can trace the ‘supposed privacy’ Monero transactions. According to the RFP from , “IRS-CI is seeking a solution with one or more Contractors to provide innovative solutions for tracing and attribution of privacy coins and Layer 2 off-chain transactions, such as expert tools, data, source code, algorithms, and software development services to assist their Cyber Crimes agents in carrying out their mission as it relates to cryptocurrency privacy technologies. These should support one of the outlined initiatives on Monero or Layer 2 network protocol transactions, or other cryptocurrency obfuscation technologies.”
European nations call for oversight on stablecoins
“Germany, France, Italy, Spain and the Netherlands called on the European Commission to draw up strict regulation for asset-backed cryptocurrencies such as stablecoins to protect consumers and preserve state sovereignty in monetary policy,” according to Reuters. “The finance ministers of the five European Union member states said in a joint statement on Friday that stablecoins should not be allowed to operate in the 27-member bloc until legal, regulatory and oversight challenges had been addressed,” the news read.
Crypterium aiming partnership with PayPal and ApplePay
A crypto startup, Crypterium, run by former Visa executive is aiming first-of-its-kind partnership with ApplePay. While that aim is farther, they have signed a letter of intent with PayPal. ““We are one of the first crypto companies to start a conversation with PayPal, and it’s basically to experiment how cryptocurrency could be used within the PayPal ecosystem,” said Steven Parker, CEO of Crypterium. We are seeing a new trend of collaboration emerging in the space between established financial institutions and up-and-coming crypto startups with good reputation in the space. This collaboration is a win-win since the startups can use the rails already laid out in the established commerce channels and these mega companies can use the ‘solutions’ built by the startups without having to reinvent the wheel.
If this trend continues, we expect to see a lot of acquisitions and mergers in the coming decade of decent crypto companies and established institutions.
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