The biggest crypto news and ideas of the day |
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E.U. Seals Text of Landmark Crypto Law MiCA, Fund Transfer Rules: The European Union (E.U.) has agreed to the final version of its landmark legislation known as the Markets in Crypto Assets Regulation, or MiCA. The law, which still needs to be passed by the European Parliament, would create a new licensing process for crypto wallets and exchanges across the bloc and has other wide-ranging implications for the industry. - A second law was also finalized, which sets strict identification requirements. Both laws could go into effect in 2024.
- Meanwhile, Japan’s Prime Minister Fumio Kishida said in a Monday policy speech that non-fungible tokens (NFTs) and metaverse services will be part of the country’s digital transformation plans.
$39.6M in Crypto Allegedly Owned by Terraform’s Do Kwon Frozen: Prosecutors in South Korea have seized $39.6 million of bitcoin (BTC) belonging to Do Kwon, CEO of Terraform Labs, the firm behind the failed Luna/UST stablecoin project. Late last month, Korean authorities asked crypto exchanges OKX and KuCoin to freeze 3,313 bitcoins (~$67 million) supposedly tied to Kwon. - Kwon tweeted Wednesday in response to CoinDesk's report, “Once again, I don't even use Kucoin and OkEx, have no time to trade, no funds have been frozen."
- Separately, liquidators for bankrupt hedge fund Three Arrows Capital took control of some of the firm’s most valuable NFT holdings.
Celsius Co-Founder, Chief Strategy Officer Resigns: S. Daniel Leon’s resignation Tuesday follows the departure of former CEO Alex Mashinsky last week and comes amid a worsening legal predicament for the firm. Celsius filed for bankruptcy in New York in July, and now faces an inquiry from an investigator appointed by the U.S. Trustee's office. In other news, crypto exchange OKX's website was blocked in Russia, Chainalysis found that the Middle East and North Africa was crypto’s fastest growing regions this year and SWIFT, the international financial messaging standard, has a CBDC play. – Xinyi Luo |
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Putting the news into perspective |
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Elon Musk Is Buying Twitter (Again). Will He Destroy It? Elon Musk is buying Twitter. No, he means it this time, really. Probably. In some corners of the internet, Elon Musk and Twitter’s recommitment ceremony is being celebrated for a worrying reason: not because Musk will make Twitter a better company for users, but because he will (some believe) use his new $44 billion toy as a weapon against his political enemies. Let’s leave aside for a moment whether owning the libs is a good thing or not. The real issue is the fact that one man could conceivably control such an important site of public discourse. Elon Musk may soon have the individual power to decide who can and can’t use Twitter, which would give him incredible power to shape public perception, not just in the U.S., but around the world. That’s potentially disastrous both for the public and for Twitter as a company (the latter being one reason it might not happen). |
(Chesnot/Getty Images) The ultimate takeaway is that a service like Twitter should not have a single point of failure, including takeover by a slightly unhinged billionaire. The solution, in theory, is to reorient social media and digital information away from centrally-controlled “platforms” like Twitter, and towards open “protocols” that allow for mobility and interaction across platforms, the same way e-mail and RSS feeds do for other digital communication today. But first, you might be thinking: Didn’t Elon Musk already buy Twitter? It is indeed confusing. Musk first said he was going to buy Twitter back in April, because he was mad about certain people being blocked or banned from the publicly-traded social media site. But then he tried to back out, maybe because the stock market slumped but also maybe because the whole thing was actually cover for dumping close to $15 billion in Tesla stock and he has bad lawyers. Hard to say, really. Read the full story here. – David Z. Morris |
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Overheard on CoinDesk TV... |
"We've created [a dangerous] precedent...for anyone who wants to participate in governing a DAO." – U.S. Commodity Futures Trading Commission's Summer K. Mersinger, on the controversial Ooki DAO enforcement, on CoinDesk TV's "First Mover" |
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Why You Should Care About the Regulation of Crypto Exchanges* What would you do if you tried to log in to your bank account only to discover your funds had been frozen? This scenario is many people’s worst nightmare. Unfortunately, many crypto users have experienced something eerily similar. In the last few years, several major crypto exchanges have become insolvent, causing users to lose their balances. Other exchanges have been forced to freeze users’ funds to prevent a collapse. What started as a couple of isolated incidents has turned into a worrying trend. Continue reading here *This is sponsored content from Gate.io. |
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'It’s too compelling not to try again': Crypto keeps the faith at Singapore shindig (The Block) BNB Chain Slips as No. 1 Ethereum-Compatible Chain: Report (The Defiant) Leaked EU Docs Warn Members to Clamp Down on Crypto Mixers (Blockworks) Cryptoverse: Trading names in a mind-boggling crypto craze (Reuters)
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