In a significant development, the United States House panel has approved two bills aimed at providing regulatory clarity for crypto firms in the country. The Financial Innovation and Technology for the 21st Century Act establishes rules for crypto firms to register with either the Commodity Futures Trading Commission or the Securities and Exchange Commission. The Blockchain Regulatory Certainty Act removes hurdles and requirements for blockchain developers and service providers. However, the proposed Digital Assets Market Structure bill failed to gain support from both Republicans and Democrats.

Vitalik Buterin, the co-founder of Ethereum, recently shared his thoughts on the Worldcoin human identity verification system. He raised concerns about the larger concept and the release of the Worldcoin token, specifically questioning the proof-of-humanity system. Worldcoin’s launch has faced criticism, with the United Kingdom’s Information Commissioner’s Office and the French National Commission on Informatics and Liberty investigating its data protection practices. In response, the project released an audit report to address these concerns.

Russia’s Digital Ruble Bill Signed into Law

Russia is moving forward with its plans for a central bank digital currency as President Vladimir Putin signed the digital ruble bill into law. Starting from August 1, 2023, individuals in the country will have the option to use the digital ruble. However, the government does not anticipate widespread adoption before 2025.

Binance, one of the leading cryptocurrency exchanges, has withdrawn its cryptocurrency custody license application in Germany. This move comes after concerns were raised by the German Federal Financial Supervisory Authority. Binance intends to reapply for a license in Germany, focusing on compliance with the European Union’s regulations. However, its regulatory troubles in the United States have affected its European expansion plans.

Former FTX CEO Sam “SBF” Bankman-Fried has agreed to a gag order preventing him from making comments that may interfere with his trial. However, he argues that other potential witnesses, including current FTX CEO John Ray, should also be gagged. The request for a gag order against Bankman-Fried was made after the U.S. government accused him of interfering with the trial by discrediting a former business partner in an interview.

Bitcoin Price Stability

Bitcoin’s price remained range-bound at the end of the week, with the $30,000 resistance holding strong. Despite U.S. inflation data beating expectations, BTC price action received only a modest boost. Traders still anticipate a downside move, with a potential drop to $28,000 in the near future.

Blockchain security firm Quantstamp has been ordered by the U.S. Securities and Exchange Commission (SEC) to return over $28 million raised in its 2017 ICO. The SEC has accused Quantstamp of conducting an unregistered ICO of “crypto asset securities.” The company allegedly sold its QSP tokens to investors without proper registration.

The Alphapo payments provider hack has resulted in losses exceeding $60 million, according to reports. The attack drained additional funds from old addresses on the Tron and Bitcoin networks, potentially pointing to the involvement of the Lazarus Group. Although Alphapo and the affected networks have not confirmed the hack, security researchers suggest that the large outflows and halted withdrawals indicate the action of an attacker.

Pond0x Launch Results in Investor Losses

The launch of memecoin Pond0x (PNDX) has led to significant losses for investors. Within five minutes, the token’s price collapsed from $0.36 to near zero. Initial reports suggest that PNDX had a faulty transfer function, allowing users to transfer coins from any other user. Investors reportedly lost at least $2.2 million in the launch.

Recent developments in the crypto industry involve regulatory clarity for crypto firms, controversy surrounding the Worldcoin project, progress in Russia’s digital ruble plans, setbacks for Binance, legal implications for former FTX CEO, stability in Bitcoin’s price, regulatory action against Quantstamp’s ICO, losses due to the Alphapo hack, and investor losses after the Pond0x launch. As the crypto industry continues to evolve, it is crucial for stakeholders to stay informed about these developments and trends.

Analysis

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