Weekly Update: 27 Apr 2023
1) Republicans move to take regulatory power over stablecoins from Gensler, SEC [The Block]
– New stablecoin legislation transfers authority from SEC to state and federal bank regulators. The SEC’s stance on stablecoins may conflict with other officials in the Biden administration.
2) ECB considers digital euro access, distribution in third design progress report [The Block]
– The digital euro, if it is created, will be available to Eurozone users first through familiar onboarding procedures.
3) Bybit to introduce mandatory KYC requirements starting May 8 [Cointelegraph]
– Users without Know Your Customer verification had a daily withdrawal limit of 20,000 USDT on Bybit prior to the announcement.
4) Decentralized exchange GMX connects to Chainlink’s low-latency oracles following community vote [CoinDesk]
– GMX is the largest protocol on Arbitrum, with $567 million in total value locked.
5) KuCoin to reimburse victims of the short-lived Twitter account hack [Cointelegraph]
– The crypto exchange announced that it will fully reimburse all the verified asset losses from the fake giveaway promotion.
6) Ordinals Finance has conducted a $1M rug pull: CertiK [Cointelegraph]
– The DeFi protocol appears to have erased its social media presence after news of the alleged exit scam broke.
7) Visa is hiring engineers for ‘ambitious’ crypto product roadmap [The Block]
– Visa is hiring software engineers in London with expertise in programming and a passion for Web3 as it plans its cryptocurrency product roadmap.
8) China to expand CBDC use case for Belt and Road Initiative [Cointelegraph]
– China was one of the first nations to start working on its CBDC. However, despite the completion of its development, the government has yet to officially launch the CBDC.
9) Draft bill suggests separating legislation on payment stablecoins and digital asset markets [Cointelegraph]
– The draft bill no longer included aspects of an earlier version that included legislation of custodial service providers and algorithmic stablecoins, as well as a CBDC study.
10) DeFi options protocol raises $17M for buy-side marketplace [Cointelegraph]
– The upcoming version will combine aspects of an automated market maker and money market.
