Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week
While many in the crypto community previously feared the worst regarding regulation, President Joe Biden on Wednesday signed an executive order on digital assets that had a relatively favorable approach to the crypto sector.
While the order didn’t explicitly outline the scale of regulatory measures that could be expected, the general sentiment from the U.S. federal government appeared to be constructive as opposed to stifling.
Per the order, the federal government’s regulatory oversight of the crypto sector will focus on six areas: consumer and investor protection; financial stability; financial inclusion; responsible innovation; the United States’ global financial leadership; and combating illicit financial activity. The order directs specific agencies to lead in designated policy and enforcement domains.
Multi-billion-dollar startup investment firm Bain Capital Ventures (BCV) has unveiled a new $560 million crypto ecosystem fund, with the company already reported to have splurged $100 million on 12 undisclosed projects.
A BCV representative emphasized to Cointelegraph that the fund will be used to back entrepreneurs developing the next generation of open Web3 internet infrastructure: “We believe this seismic shift will be one of the most important technological developments since the advent of the web and will require a new type of investment firm – one that can support the needs of the founders and the ecosystem from ideation through scale.” Many Crypto.com users were reporting on Wednesday that the platform was giving them until March 15 to pay down their crypto loans or face liquidation to recoup the borrowed value of the assets. Users from nations such as Germany, Switzerland and the U.K. were notified via email after Crypto.com updated the list of countries barred from its loan program. This list now includes the United States and 38 other counties.
The sudden policy change left customers anguished and in disbelief, with many claiming that the exchange‘s recent splurge on advertisements and marketing has started to take a toll on its balance sheet. Crypto.com has not yet responded to Cointelegraph‘s requests for comment.
The European Commission stated on Wednesday that its latest sanctions on Russia and Belarus would also extend to crypto assets, with member states agreeing that the amended crackdowns will ensure “even more effectively that Russian sanctions cannot be circumvented, including through Belarus.”
The expanded sanctions came after the commission announced last month that it would be booting several Russian banks from the SWIFT cross-border payment network.
Under the crypto-related sanctions, digital assets fall under the scope of “transferable securities,” while loans and credit provided via crypto will not be permitted as part of these restrictive financial measures.
Crypto-friendly South Korean presidential candidate Yoon Suk-yeol won the country’s election on Thursday, with digital asset policy playing a key role in the nation’s election debate.
Suk-yeol’s pro-crypto stance appeared to be a breath of fresh air to the majority of citizens, especially among the younger crowd, after outgoing president Moon Jae-in actively worked to crack down on the space last year.
Speaking at a virtual asset forum in January, Suk-yeol promised to deregulate South Korea’s crypto industry and establish a progressive approach to digital assets, stating: “To realize the unlimited potential of the virtual asset market, we must overhaul regulations that are far from reality and unreasonable.” Winners and Losers
At the end of the week, Bitcoin ( BTC ) is at $38,751 , Ether ( ETH ) at $2,561 and XRP at $0.72 . The total market cap is at $1.72 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Waves (WAVES) at 35.89%, Stacks (STX) at 24.45% and Zcash (ZEC) at 24.34%.
The top three altcoin losers of the week are Anchor Protocol (ANC) at -33.46%, Fantom (FTM) at -30.64% and Cosmos (ATOM) at -16.64%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis . Most Memorable Quotations
“Trying to obscure large transactions using open and transparent crypto technology would be far more difficult than other established methods (e.g., using fiat, art, gold, or other assets).” Paul Grewal , chief legal officer at Coinbase “The more I learned, the more I realized we need this. This kind of money will help overcome so many issues. Not only is Bitcoin a tool for freedom, but the technology underpinning Bitcoin such as blockchain and decentralization […]
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