New Crypto Regulations in Play


Be[in]Crypt gathered the most important stories of the last week, including new cryptographic regulations in the US. U. Inu’s push to abandon the memecoin tag.

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Interesting week for cryptographic regulations

The last seven days in cryptography have seen a significant development of regulators to flex their muscles over the industry. Details of an innovative U.S. bill from Senators Cynthia Lummis and Kirsten Gillibrand have come up with the main actors paying close attention to its content.

The new bill was intended to remove some cryptocurrency assets from the jurisdiction of the Securities and Exchange Commission (SEC) under the Commodity Futures Trading Commission (CFTC). The bill proposes that decentralized autonomous organizations (DAOs) register for tax benefits, but it still faces a number of regulatory hurdles before being enacted.

On a positive note for crypto, Gold Coast Mayor Tom Tate has proposed that citizens be able to pay their bitcoins property taxes. The Tate movement aims to attract a younger demographic to the real estate market and is a clear signal of an innovative government.

The Bank of Jamaica has legalized its Central Bank (CBDC) digital currency, called Jam-Dex, to offer “an alternative to its cash-based economy.” Originally scheduled to be launched in the first quarter, the bank has confirmed that it will be launched later this month.

Cryptocurrency enthusiasts in New York have been crushed by the weight of an incoming law that seeks to ban cryptocurrency mining in the city for two years. According to experts, the ban will not “help reduce carbon emissions by even an ounce”, as it only causes miners to establish their operations in different jurisdictions.

Fraud continues to deceive investors

A new report showed that the largest cryptocurrency exchange has played a central role in facilitating more than $ 2 trillion in illicit transactions over the past five years. The report of Reuters highlighted the use of Hydra, a Russian darknet drug market, and the hacking of a Slovak exchange with hackers using Binance to hide transactions.

FTC reports consumers lost $ 1 billion in cryptocurrency fraud last year - beincrypto.com

Nerves shuddered in the ecosystem when an anonymous individual threatened to expose crypto-influencers during extensive discussions related to fraud, racism and even sexual offenses.

The mysterious detective claimed to have accessed the treasure trove of information through a breach of Telegram, a popular messaging platform. The individual took to Twitter to invite members of the press to take a look at the message cache.

Osmosis (OSMO) halted operations following an operation that caused a loss of nearly $ 5 million. A few hours after identifying the bug, the team announced that a patch had been written but that further testing was required “before validators were recommended to coordinate a reboot.”

NFTs are not advancing

The non-fungible tokens (NFT) had a fascinating week with the creators taking advantage of the widely publicized test of Johnny Depp and Amber Heard to create their own NFT collections. Never Fear Truth, a collection backed by Depp, is one of many projects revolving around the case, while Amber Turds, an NFT eschatological project, has already begun accumulating sales.

Johnny Depp NFT

Payment giant Mastercard has a new offering that allows users to buy collectibles without having cryptocurrencies. The move has Mastercard partnered with Immutable X, Candy Digital, The Sandbox, Nifty, Gateway, MoonPay and Mintable to bring the offering to millions of space users.

Yuga Labs, the team behind Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC) and the creators of ApeCoin have chosen not to migrate the token to their chain. 3.8 million token holders voted against migration in favor of keeping the token in the Ethereum blockchain despite concerns about high gas tariffs.

The fragile state of the labor market

Coinbase has been in the eye of the storm for the past week following its decision to stop hiring and terminate job offers. Things escalated after an online petition arose calling for a censure vote for the top three stock market executives. The company’s CEO, Brian Armstrong, retorted that the allegations were unethical and “really silly,” and threatened to fire the anonymous employee behind the petition.

Employment cuts: Technological and cryptographic ones show different reactions to the bear market

Meanwhile, Citigroup is conducting a hiring wave with plans to add 4,000 to the company. More than a third of new hires will join the market technology team as the conglomerate that is committed to digitization.

Jobs in the crypto industry have been in a state of change with leading companies such as Gemini and Coinbase announcing plans to reduce their workforce due to prevailing macroeconomic factors.

In May, Layoffs.fyi data revealed that more than 15,000 technology employees lost their jobs at a difficult time for the industry.

Increased enhanced cryptographic utility

PayPal has sent waves of excitement among crypto enthusiasts with the announcement that users can now transfer cryptocurrencies to external wallets and wallets. Supported cryptocurrencies for PayPal’s new offering are bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

For the Shiba Inu cryptocurrency (SHIB) themed for dogs, the focus of the developers is to improve the use scenarios of the network. The team aims to achieve this by launching Shibarium, a Layer 2 blockchain, after months of development that is being promoted to act as a bridge between Shiba Inu and other blockchains and offer cheaper transaction fees.

Shiba Inu (SHIB) trading activity fell 34% in April - beincrypto.com

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