Financial Stability Board Calls for Tougher Global Crypto Rules After Year of Turmoil
The G20's Financial Stability Board has stated that crypto firms must introduce basic safeguards to prevent the blow-ups seen at FTX exchange and other crypto casualties, due to globally agreed rules. The watchdog has published final recommendations for supervising firms that trade cryptoassets such as bitcoin, and revised its existing recommendations for stablecoins in light of the demise of TerraUSD/Luna coins. The FSB has emphasized the need for robust governance to avoid conflicts of interest, proper risk management and disclosures to ensure that customer money is segregated from company cash. The collapse of FTX in November 2022 highlighted vulnerabilities from crypto firms, and the FSB has urged all countries to apply the recommendations, even those that are not members of the watchdog.
Skytopia: Weekly Update (July 14th, 2023)
A weekly update that summarizes community activities of Sklytopia!
Web3 and Crypto Venture Capital Funding Drops 80% in Q1 2023, Further Declines Possible
In Q1 of 2023, venture capital funding for Web3 and crypto has dropped by 80% compared to the same period last year, which is concerning for the investment landscape. However, projections for the full year are more optimistic, with an estimated $12 billion investment in 1,876 blockchain transactions. This would still represent a 64% decrease from the previous year, leading some experts to speculate that the market is undergoing a correction after a period of rapid growth and speculation. Despite the challenges, this presents an opportunity for reflection, consolidation, and the development of more sustainable business models to advance decentralized technologies.
Ripple's Victory Against SEC Seen as Blow to "War on Crypto," But Lawyers Warn of Caution
Ripple Labs' recent court victory against the SEC has been seen as a setback for the regulator's "war on crypto," but lawyers caution that it is not a definitive win for the industry or the company. The ruling determined that XRP is not a security when sold to the general public, leading to a surge in the token's price and optimism for crypto exchanges Coinbase and Binance in their respective lawsuits.
Bitcoin Holds Steady at $30,000 as Experts Predict Bull Market in 2024 Despite Unlikelihood of CNY Stablecoin
Bitcoin's price is currently at $30,000 and it is uncertain what could cause it to move from this level. One potential factor is the availability of a freely convertible Chinese Yuan, which is necessary for a CNY stablecoin, but this is unlikely to happen soon.
Federal Reserve Chairman Jerome Powell Acknowledges Crypto's 'Staying Power' in the US
Federal Reserve Chairman Jerome Powell has expressed his belief in the sustainability of crypto as an asset class in the US during a Congressional hearing. Rep. Warren Davidson raised concerns about the long-term viability of crypto in the US economy, to which Powell stated that crypto has some "staying power" but noted its market capitalization has decreased over the past year. The collapse of FTX crypto exchange in November and the lack of legal clarity surrounding the industry have contributed to the decline in market cap and increased volatility. Davidson hopes that the committee will provide necessary regulatory clarity for market participants through two bills currently under consideration.
Ripple's UBRI Empowers Blockchain Research at Global Universities, XRP Community Awaits Lawsuit Summary Judgement
Ripple's University Blockchain Research Initiative (UBRI) has supported blockchain and crypto research at universities worldwide for five years, committing $50 million and providing XRPL Grants for research in XRP Ledger. With over 50 university partnerships across six continents, including top blockchain programs, the XRP token holder community anticipates a Summary Judgement in Ripple's lawsuit against the SEC by the end of 2023.
Skytopia: An Introduction to Party Planet
Welcome to Party Planet, a multiplayer online casual game featuring a variety of party mini-games, such as Candy Chaos, Fugitive Finder, Mushroom Madness, Football Frenzy, and more, each with its own unique and entertaining gameplay.
ERC-7265 Proposal: Decentralized Finance "Circuit Breaker" Could Have Prevented Billions in DeFi Hacks
The developer of the ERC-7265 proposal has suggested that a decentralized finance "circuit breaker" could have prevented billions of dollars worth of crypto from being stolen from DeFi protocols in 2022. The proposal aims to set a standard for a smart contract with the ability to halt suspiciously large token outflows from a DeFi protocol.
10 Upcoming NFT Games, Including Ubisoft's Champions Tactics: Grimoria Chronicles, Wildcard, and Otherside
GG has highlighted the next generation of NFT-based games that offer a more advanced gaming experience compared to the initial play-to-earn games. These games, including Illuvium, Shrapnel, and Otherside, have high-quality graphics and gameplay similar to traditional AAA games but with tokenized economies and ownable assets.
