U.S. House Subcommitee Sets Sights on Stablecoin Regulation

• Stablecoin regulation is the first priority of the newly formed U.S. House of Representatives Subcommittee on Digital Assets, Financial Technology and Inclusion.
• Rep. French Hill (R-Ark.) said the committee plans to use its stablecoins draft as a model for how it will approach digital asset regulation moving forward.
• The committee also plans to pursue a privacy statute to develop a regulatory framework for digital assets.

The United States House of Representatives Subcommittee on Digital Assets, Financial Technology, and Inclusion is looking to create an effective and comprehensive regulatory framework for digital assets. Led by Rep. French Hill (R-Ark.), the committee’s top priority is to develop a regulatory framework for stablecoins.

The subcommittee is looking to build on its existing draft of a stablecoin regulation and use it as a model for how it will approach digital asset regulation moving forward. According to Hill, this will help the committee create a consistent regulatory framework that can be applied to all digital assets.

The subcommittee also plans to pursue a privacy statute to better protect users and investors. The statute would establish a comprehensive set of guidelines that digital asset companies would need to follow when handling user data. Additionally, the statute would require digital asset companies to provide users with a clear and concise explanation of how their data is being used and stored.

The committee is also looking to explore ways to increase access to digital assets and financial technology. This could include creating incentives for financial institutions to offer digital asset services, such as providing banking services for digital asset companies. Additionally, the committee hopes to make digital asset investments more accessible to everyday investors.

The subcommittee will also be examining the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) when it comes to regulating digital assets. Hill believes that the committee will be able to provide clarity on which agency will oversee digital asset regulation.

Overall, the subcommittee is looking to create a clear and comprehensive regulatory framework for digital assets. This framework will provide investors with the confidence they need to invest in digital assets and help drive innovation in the digital asset industry. By providing a consistent set of rules, the subcommittee is looking to make digital asset investments more accessible and secure.

China Launches Smart Contract Feature for Digital Yuan, Boosting CBDC Adoption

• China has launched smart-contract functionality for its central bank digital currency (CBDC), the digital yuan, through the e-commerce app Meituan.
• Through the smart contract, users can win part of a daily prize of $1,312 for using the digital yuan.
• China has been at the forefront of CBDC development among major countries, as it started to test the digital currency as early as 2020.

The Chinese government has recently made a major move in the world of digital currencies by introducing smart-contract functionality for its central bank digital currency (CBDC), the digital yuan. This new feature is being launched through the popular e-commerce app Meituan, one of China’s largest food delivery and lifestyle apps.

The new smart contracts will allow users to win part of a daily prize of 8,888 RMB ($1,312) for using the digital yuan when making payments on the app. Whenever a user places an order and pays with the digital yuan, the smart contract will be triggered and will search for certain keywords in the list of goods purchased and the merchant name. If the user happens to have some of those keywords, which are changed daily, the smart contract will allocate a portion of the 8,888 RMB to their digital wallet.

The introduction of the digital yuan smart contract is the latest development in China’s ongoing effort to become a global leader in the world of CBDCs. The country has been one of the first countries to begin testing the digital currency, starting as early as 2020. It is currently being used in retail transactions, as well as to buy securities, but the introduction of smart-contract functionality on a mass retail scale is a new and exciting development.

The Chinese government is continuing to show its commitment to the development of the digital yuan and other CBDCs, which could revolutionize the way people make payments and conduct international transactions. By introducing the new smart contract feature, China is hoping to bolster its position as a global leader in the world of digital currencies.

Ethereum’s Shanghai Hard Fork: Crypto Speculation Heats Up Ahead of Major Milestone

• Ethereum’s ‘Merge’ last year has led to speculation in crypto markets ahead of the upcoming ‘Shanghai hard fork’.
• The hard fork will allow participants on the network to unlock ether (ETH) they had staked on the blockchain, inaccessible for months.
• Crypto analysts are assessing how ether might trade through Ethereum’s next major milestone.

The crypto world has been abuzz with anticipation surrounding the upcoming Shanghai hard fork on Ethereum’s blockchain, expected to take place in March. This major upgrade follows the network’s historic shift last year to a proof-of-stake system, known as ‘the Merge’, which was one of the biggest stories of 2020 in crypto markets.

The Shanghai hard fork will allow participants on the network to unlock ether (ETH) that they have staked on the blockchain, which has been inaccessible for months. This is a major development for the crypto space, leading to speculation in the markets as to what the implications might be. Ether was recently trading up 12% so far in 2023 to $1,410, and a number of governance tokens of top liquid staking products have also seen an increase in value, such as Lido DAO (LDO), which jumped 53%.

Crypto analysts have been sharpening their pencils to figure out how ether might trade through Ethereum’s next big milestone. Some believe that the hard fork could be a positive sign for ether, while others are more cautious, citing the potential for market manipulation and other risks. Whatever the outcome, it seems sure to be an exciting few months in the crypto world.

In the meantime, digital-asset traders are placing bets on various market scenarios ahead of the hard fork. With so much at stake, there’s sure to be plenty of speculation and analysis in the weeks leading up to the event. Although the future is always uncertain, Ethereum’s Shanghai hard fork is sure to be a major milestone in the crypto world.

Free Mint Offer Boosts Bored Ape and Mutant Ape Trading Volume on OpenSea

• Bored Ape and Mutant Ape collections have seen a surge in trading volume due to an upcoming free mint for Bored Ape NFT holders.
• MAYC is the top spot on OpenSea, with a 13% bump in trading volume over the last 24 hours and a floor price of 17.5 ETH, or about $25,000.
• BAYC, the 10,000 edition flagship collection, saw a 237% boost in trading volume over the last 24 hours.

Yuga Labs’ upcoming mint is causing a stir in the non-fungible token (NFT) marketplace OpenSea. On Thursday, the Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) collections jumped to the top spots on the platform, with a 13% and 237% boost in trading volume, respectively.

MAYC is a 19,439-edition extension of the Bored Ape NFT ecosystem, with a floor price of around 17.5 ETH, or about $25,000. This makes it a more affordable entry point for those looking to join the Bored Ape ecosystem. BAYC, the 10,000 edition flagship collection, saw a 237% boost in trading volume over the last 24 hours.

The surge in trading volume of both collections is due to Yuga Labs’ announcement of an upcoming free mint for Bored Ape NFT holders. This offer will give holders of Bored Apes or Mutant Apes the chance to mint new NFTs without having to purchase them separately. This will give holders of these collections the opportunity to benefit from the growing popularity of the Bored Ape ecosystem.

The Bored Ape NFT ecosystem has been gaining traction in recent months. A variety of NFTs have been released within the collection, ranging from digital art to limited edition collectibles. This has helped to draw in more buyers and investors, resulting in the surge in trading volume seen on OpenSea.

The upcoming free mint for Bored Ape NFT holders is a great opportunity for those already part of the Bored Ape ecosystem, as well as those looking to join. It will give them the chance to benefit from the growing popularity of the Bored Ape ecosystem, while also providing a more affordable option for those looking to join. For those looking to get involved in the NFT space, this is an ideal time to do so.

The Bored Ape and Mutant Ape collections have seen a huge surge in trading volume on OpenSea, thanks to the upcoming free mint for Bored Ape NFT holders. This offer will give holders of these collections the chance to benefit from the growing popularity of the Bored Ape ecosystem, while also providing a more affordable option for those looking to join. With the NFT space continuing to grow, this is an ideal time to get involved.