The Divide over Stablecoin Regulation: State vs. Federal Oversight
Leo Schwartz delivers insider insights on policy and regulation in Proof of State, the Wednesday edition of Fortune Crypto. Last week's showdown at the House Financial Services Committee resulted in the passing of two bills, one focused on crypto-market-structure oversight and the other on stablecoins, with a modicum of bipartisan support. While the passing of the market structure legislation is a significant step forward in advancing the conversation, the stablecoin bill received less support and is seen as a failure. The divide around crypto regulation is now being formed around questions of state versus federal oversight, rather than along partisan lines.
Pacminer Attains US Regulatory Approval as a Compliant Blockchain Mining Platform
Blockchain mining platform Pacminer has announced its acquisition of a Money Services Business (MSB) license from the US Financial Crimes Enforcement Network (FinCEN), demonstrating its commitment to regulation and bolstering its reputation as a reputable participant in the global market.
Bitcoin Miner Reserve Increasing Despite Stagnant Prices Below $30,000
Bitcoin prices have remained stagnant below the $30,000 mark, with the coin technically under pressure after declining from its peak in early July. However, on-chain data from CryptoQuant shows that the Bitcoin miner reserve has been increasing, indicating optimism among miners. The BTC miner reserve currently stands at 1.841 million, up from 1.826 million in May. While Bitcoin miner reserve trends are important for traders, other factors such as regulation and energy consumption could also impact prices in the future.
Russian Companies ‘Actively’ Using Crypto, Russia to Adopt 4 Relevant Laws
The State Duma, Russia's lower house of parliament, plans to vote on four cryptocurrency-related laws at its spring session, which ends on July 30, according to Anatoly Aksakov, chairman of the Russian parliament's financial markets committee, Bitcoin.com reported. The bills aim to regulate cryptocurrency mining, cross-border crypto-payments, taxation of digital assets and liability for illegal use of digital assets.
US Congressman Patrick McHenry Advocates for Bitcoin and Blockchain as the Foundation for the Next Internet Technology Revolution
US Congressman Patrick McHenry believes that the next internet technology revolution will be based on Bitcoin and blockchain. He advocates for cryptocurrencies, particularly Bitcoin, as a game-changer that could redefine the financial landscape. McHenry warns that without sound regulation and continuous innovation, the US risks falling behind in the dynamic and rapidly advancing crypto economy. The quest for lucid regulation of the crypto industry in the US remains underway, with McHenry emerging as one of the prominent voices championing this cause. While Bitcoin occupies the highest echelon of the digital asset market, other cryptocurrencies continue to encounter regulatory hurdles and have yet to fully secure the regulators’ nod.
Bahamas Fintech Festival Returns After FTX Collapse and Bankruptcy
The Securities Commission of the Bahamas has announced the return of its fintech festival, which was postponed after the collapse and bankruptcy of FTX in November 2022. The festival, scheduled for October, aims to showcase the Bahamas as a hub for innovation in digital assets, decentralization, and blockchain technology.
Mike Novogratz Warns Democrats of Losing Voters Over Stablecoin Regulation Stalemate
The US is facing uncertainty regarding the regulation of stablecoins, with a recent bill causing a stalemate between Democrats and Republicans. Billionaire investor and CEO of Galaxy Digital, Mike Novogratz, believes that the Democrats are harming themselves by blocking the stablecoin bill and treating crypto regulation as a partisan issue.
Israeli Government Forms Team to Regulate Decentralized Autonomous Organizations
The Israeli government has established a special team to study the regulation of decentralized autonomous organizations (DAOs) and will be seeking public input on the matter until September. The team will be led by the Chief Economist at the Ministry of Finance and the Head of the Corporations and Capital Market Cluster at the Ministry of Justice, and will examine the uses and decision-making processes within DAOs. The team will also explore the use of native crypto tokens and associated risks in these organizations to provide regulatory clarity. The public can submit comments on the government's plans until September 3rd. Israel has been working on initiatives to regulate the crypto sector, including axing capital gains taxes for foreign crypto investors, but has also implemented stricter measures for certain crypto, such as stablecoins.
EU Discusses AI Act, Germany Proposes Improvements and Global Center for AI Research
The European Union is discussing the proposed Artificial Intelligence Act, with Die Linke advocating for stricter regulation and transparency, and the Union prioritizing innovation and openness. The KI Bundesverband released a position paper stressing the need for a risk-based approach to regulation. While Germany's government supports the AI Act, they also suggest potential improvements, such as establishing an AI supercomputing infrastructure. There is also a proposal to create a global center for AI research to drive projects and attract talent on a global scale.
Unchecked AI Could Create Bioweapons, Leaders Tell Congress
Leading experts in the field of artificial intelligence (AI) have expressed concerns about the potential weaponization of AI by rogue states or terrorists to create bioweapons. During a congressional hearing on July 25, Yoshua Bengio, a renowned AI professor, emphasized the need for international collaboration to regulate AI development, drawing parallels with nuclear technology.
