Everything web3, crypto, defi, degen
In brief Former California Assembly majority leader Ian Calderon has vowed to put Bitcoin on California’s balance sheet and back crypto payments for state programs as part of his bid for governor. Calderon previously pushed blockchain policy through AB 2658 and worked with the Satoshi Action Fund. Current bills, AB 1180 and AB 1052, stop…
In brief Tether is seeking to raise up to $20 billion, according to a report. The private raise could give the stablecoin issuer a valuation of $500 billion. AI giant OpenAI and Elon Musk’s SpaceX have received similar valuations. Stablecoin giant Tether Holdings is hoping to raise up to $20 billion in a private placement…
U.S. Senator Cynthia Lummis (R-WY) has called for stronger safeguards around cryptocurrency ATMs, amid growing concerns that the machines have become a favoured tool for scammers preying on seniors.Lummis said she intends to address the problem in upcoming market structure legislation she is co-sponsoring with Senator Kirsten Gillibrand (D-N.Y.).“This is something that has concerned me…
In brief The UK’s Financial Conduct Authority has reduced application process times for crypto service providers by 69% since 2022/23. Total applications have declined over the past couple of years, as firms wait and see how UK crypto regulation develops. Successful applications have also declined, although fewer firms are withdrawing applications. The UK’s Financial Conduct…
In brief Coinbase unveiled a lending product this week offering “competitive yields.” DeFi lender Morpho is currently subsidizing those rates. A Coinbase employee acknowledged that it’s a marketing tactic. A lending product unveiled by Coinbase that offers up to 10.8% returns on USDC deposits is receiving a temporary boost from DeFi lender Morpho.On X, Coinbase…
In brief Michigan’s House Bill 4087 advanced on Thursday, moving to the Government Operations Committee. The bill would allow up to 10% of state funds in cryptocurrency with strict security requirements. Michigan’s attempt is part of the inevitable state-level adoption pressuring neighboring states, Decrypt was told. Michigan’s stalled bid to create a state-run Bitcoin reserve…
In brief Digital asset custodian BDACS has launched KRW1, South Korea’s first fully regulated won-backed stablecoin, through a partnership with Woori Bank. Each token maintains full collateralization with Korean won held in Woori Bank escrow, according to BDACS. The launch comes amid competing parliamentary bills that debate interest payments and capital requirements for stablecoin issuers.…
In brief ASIC has granted class relief for intermediaries distributing stablecoins issued under an AFS licence. An expert told Decrypt this “helps bridge regulatory friction while Treasury finalises its proposed stablecoin regime.” ASIC noted the relief could be extended to additional issuers as more look to secure AFS licences. The Australian Securities and Investments Commission…
In brief Switzerland allowed Backed to avoid whitelisting xStocks. Tokenized Tesla shares have the largest supply. xStocks have roughly 30,000 unique holders. Balancing compliance needs against the open and accessible nature of decentralized finance ultimately brought Backed Finance to Switzerland, according to co-founder Adam Levi.The company was registered in the European nation because it allowed…
In brief Elizabeth Warren and other liberal lawmakers questioned AI and crypto czar David Sacks on whether he has exceeded his 130-day limit as a temporary White House employee, raising ethics concerns. The lawmakers want a full record of Sacks’ workdays and locations since January, noting his dual role at the White House and at…
