Coinbase CEO Brian Armstrong Praises United Kingdom’s Approach to Crypto Regulation
Coinbase CEO, Brian Armstrong, expressed his confidence in the United Kingdom’s “sensible crypto regulation” in a Tweet featuring the Economic Secretary and City Minister Andrew Griffith. Armstrong described the UK as a “Web3 innovation hub” and has reportedly provided nine recommendations to cement the UK as a leader in the sector. However, the UK is one of many European countries making progress in the digital economy; the post cited the upcoming Markets in Crypto Assets (MiCA) regulations in Europe, which is said to edge the region ahead in embracing the digital economy. This news comes amid a crackdown on the crypto industry in the US.
The Resurrection of FTX? Over $7.3 Billion Assets Recovered, Considering Reboot
Bankrupt cryptocurrency exchange FTX has reportedly recovered over $7.3 billion in cash and liquid crypto assets, with an increase of over $800 million since January. According to the company’s attorney, FTX is currently considering options for restarting its exchange but will require significant funding due to the lack of connectivity between the customer interface and back-end funds. FTX is now negotiating with stakeholders about a relaunch, with a decision potentially being made by this quarter. Additionally, the company is developing a preliminary Chapter 11 plan to emerge from bankruptcy, but approval is not expected until later in 2024 as creditors brawl for their share of the company’s assets.
US Congress Examines Crypto Industry Regulations in Two Hearings This Week
The United States Congress is delving into the crypto industry with two hearings this week. The first hearing addressed SEC Chair Gary Gensler’s oversight of the SEC, including a discussion on the definition change of “exchange,” which may increase the SEC’s authority over DeFi and venues leveraging blockchain technology. The second hearing focuses on draft legislation establishing federal and state requirements for issuing stablecoins, along with reporting, interoperability, and enforcement standards. Industry experts and officials are expected to testify in both hearings and offer valuable insights into the regulatory landscape and future of the crypto industry within American borders.
