Many Layer-1s are also soaring as SEC cases are called into question after favorable XRP ruling. Source
Ether Pushes Past $2,000 as XRP Ruling Excites Markets
Day: July 14, 2023
Stablecoin issuers in Europe advised to start complying before 2024
As a proactive measure in anticipation of mandatory regulations due to be enforced in 2024, the European Union’s banking overseer has prompted stablecoin issuers to voluntarily adhere to “guiding principles” concerning risk management and consumer protection. On July 12, the European Banking Authority (EBA) unveiled its maiden collection of measures designed for public evaluation, aiming to demystify the Markets in Crypto-Assets regulation (MiCA) prerequisites for launching a stablecoin which is slated to come into effect on June 30, 2024. Key points within these measures encompass enduring redemption rights and complaint-handling guidelines. In May,…
Circle CEO spells doom scenario for US dollar in warning to Congress
Jeremy Allaire claimed the U.S. dollar is “under threat” and urged lawmakers to pass stablecoin regulation to “build trust” in a digital dollar. The United States dollar’s place as a global reserve currency will be under threat if Congress isn’t quick to regulate stablecoins, warns the CEO of Circle. On July 13, Jeremy Allaire appeared in a two-minute video by Circle, the issuer of USD Coin (USDC), targeted at lawmakers. It comes as bipartisan digital asset-specific legislation was reintroduced to Congress on July 12 which was originally tabled over a…
South Korea sets rules for clear accounting in crypto
The passing of the Virtual Assets Act by the National Assembly in South Korea has prompted the government to enhance accounting transparency for virtual asset transactions, enabling companies issuing or holding virtual assets to disclose clear and detailed information. On July 11, the South Korea Financial Services Commission reviewed and approved the exposure draft for revising Corporate Accounting Standards No. 1001, incorporating mandatory disclosure requirements for virtual assets and establishing guidelines for the accounting treatment of virtual assets. New rules in South Korea Following the recent passage of South Korea’s…
Bitcoin BTC Price Soars to One-Year High at $31.7K as Investors Savor Partial Ripple Victory
The largest cryptocurrency by market capitalization was recently trading at $31,328, up 3.2% over the past 24 hours. Bitcoin shot as high as $31,700 near the close of traditional markets, a more than one-year high. With a few blips, BTC had been languishing between $30,000 and $31,000 for the past three weeks as some investors fretted over potential banking missteps to cure inflation and awaited a significant price catalyst. Original