Discover the top news in crypto for the week!
The UK and the US are gearing up to introduce more changes to the crypto regulatory landscape. Meanwhile, crypto is expected to reach 1 billion users by 2030 while more cities embrace a crypto strategy. Find out the top 5 crypto news of this week.
UK Commission aims to clarify crypto property law
The UK Law Commission is proposing a new approach to the classification of cryptocurrencies and non-fungible tokens (NFTs). The government-tasked body recognises the rising importance of crypto, classifying them as ‘data objects’ to fit all their use-cases and make the laws adjustable to crypto’s innovation. The proposal aims to expand the definition, legal use-cases, and protection of digital assets for both investors and companies, maximising their potential and benefits. Read more
The ten public companies with the biggest bitcoin portfolios
Bitcoin’s institutional adoption rose after the covid pandemic, with S&P 500 and other public companies heavily investing in BTC as an inflation hedge. Amid recent news that Tesla sold some of its bitcoin holdings, how are other BTC corporate holders reacting to the bear market? Institutions, from crypto providers to tech companies, are holding their investments. The biggest BTC institutional holders include MicroStrategy, Galaxy Digital Holdings, Voyager Digital, Tesla, and Marathon Digital Holdings. Read more
BCG, Bitget, and Foresight Ventures report says real crypto expansion is coming
A new report by BCG estimates that crypto usage might boom to 1 billion people by 2030, assuming the same growth as the internet. Current research estimates that digital assets only represent 0.2 percent of investments, while stocks and equities consist of 25 percent, showing the potential of crypto. The drivers of crypto growth will come from retail and institutional adoption, especially from emerging economies in Latin America and APAC, given their high interest in the sector. Read more
House punts on stablecoin bill after Yellen raises flags over key provision
The upcoming bipartisan stablecoin bill in the US is getting delayed with requested changes from Treasury Secretary Janet Yellen. This proposal will enable banks to issue their own digital assets while giving oversight power to the Federal Reserve on crypto companies launching their stablecoins. The bill is now delayed due to questions over how digital assets from customers will be held in custody by crypto providers amid situations like insolvency. Read more
Cryptoverse: What crisis? Venture capitalists bet big on crypto
Crypto venture capital funding is not slowing down despite the bear market, with new data revealing that it is on track to beat its 2021 all-time funding record. According to PitchBook, crypto startups have raised over $17.5 billion in the first half of the year, while VC funding topped roughly $27 billion in 2021. The amount of capital available from VCs and the growth potential of crypto and blockchain startups are among the top reasons for the continued interest in this industry. Read more
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