• Rep. French Hill (R-Arkansas) has announced that the top priority of the newly formed U.S. House of Representatives subcommittee on digital assets, financial technology and inclusion will be to address stablecoin regulation.
• Rep. Hill is also advocating for the creation of a federal privacy statute.
• The subcommittee plans to use the stablecoins draft as a model for how it will approach digital asset regulation moving forward.
The U.S. House of Representatives has recently created a new subcommittee on digital assets, financial technology and inclusion to help create an effective regulatory framework for the burgeoning cryptocurrency and blockchain industry. Rep. French Hill (R-Arkansas) has been appointed as the chair of this subcommittee and has announced that the top priority for the committee will be to develop a regulatory framework for stablecoins.
Stablecoins are digital assets that are pegged to a fiat currency, such as the U.S. dollar, or to a basket of other crypto assets. They provide an alternative to more volatile crypto assets, such as Bitcoin, and offer a more secure and reliable way to store and transfer value. Stablecoins are becoming increasingly popular and the need for clear and effective regulations to ensure their safe and secure use is becoming more pressing.
To this end, the subcommittee plans to use the stablecoins draft as a model for how it will approach digital asset regulation moving forward. According to Rep. Hill, the subcommittee is also advocating for the creation of a federal privacy statute to ensure user privacy and data security as the use of digital assets expands.
The subcommittee is also working with other government agencies and regulators, such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), to define which agency will have explicit oversight over digital assets. This will help to create clarity in the regulatory landscape and ensure that digital assets are properly regulated.
Rep. Hill is hopeful that the subcommittee’s efforts will help to create a safe and secure environment for digital asset users, as well as spur innovation and growth in the industry. He believes that the subcommittee can provide a much-needed framework for the industry and provide clarity for investors and adopters of digital assets.
The work of the subcommittee is just beginning, but it is clear that the development of a regulatory framework for stablecoins will be its top priority. With the help of Rep. Hill and the other members of the subcommittee, the industry may soon see the clarity and structure it needs to move forward.
• Timothy Stranex, the co-founder and chief technology officer of cryptocurrency exchange Luno, left the company in December.
• He was replaced as CTO by Simon Ince, who joined Luno two years ago as vice president of engineering.
• Luno, which is owned by Digital Currency Group, has offices in London, Singapore, Cape Town, Johannesburg, Lagos, and Sydney, and has over 10 million customers worldwide.
Cryptocurrency exchange Luno has announced the departure of its co-founder and chief technology officer (CTO), Timothy Stranex, who left the company in December to pursue personal projects. Stranex, who founded Luno with Carel van Wyk, Pieter Heyns and current CEO Marcus Swanepoel nearly 10 years ago, was replaced as CTO by Simon Ince.
Ince joined Luno two years ago as vice president of engineering and has now assumed the role of CTO. Luno is owned by Digital Currency Group (DCG) and has offices in London, Singapore, Cape Town, Johannesburg, Lagos, and Sydney. According to the company, Luno has over 10 million customers worldwide and provides customers with access to cryptocurrency trading, storage, and educational resources.
In addition to its cryptocurrency trading services, Luno also offers a range of other services, including digital wallets, merchant solutions, and a payment platform. The company also provides its customers with a range of educational resources, including tutorials and webinars, as well as a blog featuring news and insights into the world of cryptocurrency.
Commenting on the departure of Stranex, Swanepoel said: “I want to thank Tim for his enormous contribution to the success of Luno and to wish him all the best in the future. His technical expertise and leadership have been instrumental in setting the foundation for our company’s growth. I am confident that Simon Ince will carry on the great work of our CTO with his broad knowledge and experience in the technology space.”
Stranex, on the other hand, said: “It’s been an incredible experience to be involved in the creation and growth of Luno from the early days. I’m proud of the legacy of the product and the team that has been built and I wish Simon and the team all the best.”
Ince, who is now the new CTO of Luno, is a software engineer and entrepreneur with a background in cloud and distributed systems. He has held a number of senior engineering positions in the past, including at Google and Microsoft. He is also a founding member of the Cloud Native Computing Foundation.
As CTO of Luno, Ince will be responsible for leading the company’s engineering team and will be instrumental in driving the company’s product strategy and development. He will also be a key figure in driving the company’s efforts to build out its technical infrastructure and ensure the security of its customers’ funds.
Luno’s new CTO is confident that the company is well-positioned to continue growing and innovating. He said: “I am excited to be joining the Luno team at such an important time. We have an incredible opportunity to build a world-class product and I am looking forward to leading the engineering team to achieve this.”
• Bitcoin broke the $18,000 threshold for the first time since mid-December, in a mostly green Wednesday
• The Next Avraham Eisenberg isn’t going to be a ChatGPT ‘Script Kiddie’
• Prices for Bitcoin, Ethereum, S&P 500, Gold and Nikkei 225 all rose in the same day
Cryptocurrency markets are in a state of flux, as Bitcoin (BTC) broke the $18,000 threshold for the first time since mid-December. On Wednesday, the largest cryptocurrency by market value surged past this mark, pushing the market into a mostly green day.
The price of BTC was changing hands at roughly $18,213 at press time, according to the CoinDesk Market Index (CMI). This represents an increase of 806.5 points, or 4.6%, from the day before. Ethereum (ETH) also saw a notable increase in price, with a 5.3% rise.
The surge in cryptocurrency markets was mirrored by other markets as well. The S&P 500, gold, and Nikkei 225 all saw increases in the same day.
The current rally is just one in a series of positive developments for the cryptocurrency space. In recent weeks, the price of BTC has been on the rise, with it gaining in 10 of the past 12 days. As the rally continues, blockchain data suggests the trend could hold.
But the cryptocurrency markets are not just about prices. Another important development is the emergence of new players in the space. Avraham Eisenberg, a Wall Street veteran, has recently become one of the biggest cryptocurrency players. His influence has been widely acknowledged, and many observers wonder who the next Eisenberg will be.
The answer, according to many, could be a new breed of trader: the ChatGPT “script kiddie.” This type of trader is someone who uses artificial intelligence (AI) and natural language processing (NLP) to power their trading decisions. By using AI and NLP, these traders are able to make faster and more accurate decisions than their human counterparts.
The rise of ChatGPT “script kiddies” could have a huge impact on the cryptocurrency markets. These traders are able to execute decisions quickly and accurately, meaning they have the potential to make huge profits.
The cryptocurrency markets are full of potential, and it’s only a matter of time before a new Avraham Eisenberg emerges. But until then, traders can take advantage of the current surge in prices, and the rise of the ChatGPT “script kiddie.”
• Sam Bankman-Fried, founder of the now-bankrupt crypto exchange FTX, pleaded not guilty to eight criminal charges, including wire fraud and campaign-finance violations.
• The latest price moves in crypto markets include an increase of 1.4% in CoinDesk Market Index (CMIP) and a 0.6% rise in Bitcoin.
• Treasury yields have declined by 0.1%, while S&P 500 futures and FTSE 100 have both seen a 0.4% and 0.6% increase, respectively.
On Tuesday, Sam Bankman-Fried, the founder of the now-bankrupt crypto exchange FTX, appeared in a federal court in New York for the second time where he pleaded not guilty to eight criminal charges. The charges include wire fraud and campaign-finance violations. Bankman-Fried was represented by his lawyer and maintained his plea of not guilty.
The latest price moves in crypto markets were also seen. The CoinDesk Market Index (CMIP) increased by 1.4%, with Bitcoin (BTC) rising 0.6%, and Ethereum (ETH) surging 3.0%. Treasury yields have declined by 0.1%, while S&P 500 futures and FTSE 100 have both seen a 0.4% and 0.6% increase, respectively.
The crypto markets have been volatile over the past few days, with investors and traders concerned about the ongoing legal issues surrounding Bankman-Fried. Earlier, he was arrested following an FBI investigation into his alleged involvement in campaign finance violations. The case has also raised questions about the security of crypto exchanges in the US and the possible implications for the broader crypto industry.
Bankman-Fried is due back in court later this month. In the meantime, the crypto community will be keeping a close eye on the legal proceedings and how the case could affect the markets. As the case continues to unfold, investors and traders alike should remain vigilant and keep up to date with the latest developments.
• Staked ether withdrawals will be available after the Ethereum upgrade known as Shanghai, which is set for March.
• Scalability improvements are expected in the coming years, including the transition of Ethereum from a single-chain to a multi-chain architecture.
• Ethereum-powered events, such as DeFi hackathons, developer conferences, and gaming tournaments, are expected to become increasingly popular in 2023.
2023 is sure to be an exciting year for Ethereum. After a successful transition to Proof-of-Stake (PoS) in September 2020, Ethereum developers are now looking ahead to the next upgrade, known as Shanghai, which is set to take place in March. This upgrade will enable staked ether withdrawals, allowing validators to access their staked ETH, as well as any rewards they have accrued since December 2020 when the Beacon Chain went live.
Ethereum is also expected to make great strides in scalability in the coming year. As part of the Ethereum 2.0 roadmap, developers are aiming to transition Ethereum from a single-chain to a multi-chain architecture. This will enable Ethereum nodes to process more transactions per second, reducing wait times and fees.
In addition to technical improvements, Ethereum-powered events are expected to become increasingly popular in 2023. These events may include DeFi hackathons, developer conferences, and gaming tournaments. These events will provide an opportunity for developers, entrepreneurs, and users to come together to celebrate the Ethereum network and learn about the new technologies and protocols that are being built on top of it.
Finally, with the increase in Ethereum adoption, more and more people are expected to get involved in the Ethereum ecosystem. This will create a vibrant and engaged community that will help to further expand and strengthen the network.
2023 is sure to be an exciting year for Ethereum as it continues to push the boundaries of what is possible and make a lasting impact on the world of blockchain and cryptocurrency.