The UK Rejects Proposal to Regulate Crypto Trading as Gambling
The UK’s HM Treasury has rejected a recommendation by the House of Commons Treasury Committee to regulate crypto trading as gambling instruments. This decision highlights the government’s stance on the classification of cryptocurrencies. Here are the key points from the article:
– Bitcoin: Tesla continues to hold its BTC reserves after being forced to divest 75% of its reserves in Q2 2022. BTC is expected to test the $31,000 to $32,000 resistance level.
– Ethereum: Vitalik Buterin hints at an upcoming upgrade to the Ethereum network that could reduce costs by 100 times.
– DeFi: Conic Finance suffers an exploit, losing $3.6 million in ETH. Uniswap founder Hayden Adams’ Twitter account is hacked, leading users to scam websites. Spectrum Finance collaborates with Cardano.
– Altcoins: Solana Labs rolls out the Solang compiler to help EVM developers transition to the Solana ecosystem. The crypto community awaits Litecoin’s third halving event.
– Technology: Experts question the lack of mainstream media coverage on central bank digital currencies. Worldcoin completes its migration to the Optimism ecosystem. Starknet introduces “appchains” for developers.
– Business: Alameda Research CEO’s personal diaries may be used as evidence in the trial of FTX founder Sam Bankman-Fried. Coinfund and Polychain Capital raise $350 million in fundraising rounds. Cathie Wood’s ARK Invest sells $50.5 million worth of Coinbase shares. Binance ends partnership with the Argentine Football Association.
– Regulation: US Senators introduce the CANSEE Act to regulate DeFi platforms. The UK government rejects the proposal to regulate retail crypto trading like gambling. Myanmar’s National Unity Government plans to launch a crypto neobank. China uncovers a USDT money laundering scheme. Societe Generale becomes the first bank to obtain a license for cryptocurrency trading and custody.
– Enforcement: The IMF emphasizes the need for comprehensive policies to regulate crypto. Thodex crypto exchange’s former CEO receives a prison sentence. US Representative Ritchie Torres criticizes the SEC’s stance on crypto. The SEC has a deadline to approve or reject BlackRock’s Bitcoin ETF application. Coinbase CEO Brian Armstrong meets with House Democrats. Judge orders SEC and Ripple to agree on possible settlement dates. Financial Stability Board publishes recommendations for a global regulatory framework for crypto-assets.
Hot Take:
The UK’s rejection of the proposal to regulate crypto trading as gambling showcases the government’s stance on cryptocurrencies. As the crypto market rebounds, there are various developments and collaborations in the industry. However, regulatory challenges, security breaches, and legal issues continue to persist. It is crucial for governments and regulators to establish comprehensive policies to safeguard economies and investors while promoting innovation in the crypto space.
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