Things are going from bad to worse for Tether (USDT) as the companys plea to New Yorks Supreme Court for permission to exclude the public from examining papers which describe the nature of Tethers reserves over the previous few years has now been denied.

According to Twitter user CryptoWhale, the New York Supreme Court recently denied Tether's petition to prevent the public from getting records outlining the composition of Tethers reserves much to the chagrin of the company. The decision was mostly based on the idea that Tether had shown a lack of transparency and honesty in the past.

In fact, about a year ago, the stablecoin issuer reportedly paid $18 and a half million for its involvement in Bitfinexs attempt to cover up a $850 million hole in the finances of its payment processor, Crypto Capital Corp.

According to New York Attorney General Letitia James, Bitfinex and Tether unlawfully covered up huge financial losses in order to keep their seemingly fraudulent operation running and ultimately safeguard their bottom lines.

El Salvador President Nayib Bukele recently tweeted that 32 central banks and 12 financial authorities from 44 nations will meet today to discuss financial inclusion, the digital economy, banking for the unbanked, El Salvadors Bitcoin (BTC) rollout, and finally the various benefits that the flagship crypto can provide.

In subsequent tweets, the El Salvador President announced that the Central Bank of So Tomé and Prncipe, the Central Bank of Paraguay, the National Bank of Angola, the Bank of Ghana, the Bank of Namibia, the Bank of Uganda, the Central Bank of the Republic of Guinea, the Central Bank of Madagascar, the Bank of the Republic of Haiti, the Bank of the Republic of Burundi, the Central Bank of Eswatini and its Ministry of Finance, the Central Bank of Jordan, and the State Bank of Pakistan shall all be attending.

The world turns its attention to El Salvador as representatives from nations across the world are gathering in the country to talk about financial inclusion and how Bitcoin adoption might help their own countries in the near future.

Although the current state of the crypto market is not the best, with the recent Terra (LUNA) and UST debacle resulting in drastic price drops for numerous cryptocurrencies, there may still yet be a light at the end of the tunnel. Not only has Germany announced that there shall be no taxes whatsoever for selling Bitcoin (BTC) and Ethereum (ETH) if held over a year, but the Chinese high court also recently declared that the flagship crypto has economic value and should be legally protected.

No crypto taxes in Germany

Private citizens in Germany will not have to pay taxes when selling BTC or ETH if they have kept the assets for over a year, according to the German Finance Ministry. Certain changes have been made to the local cryptocurrency policies as of late. The government said that the sale of acquired BTC and ETH will not be taxed if the assets are held for a period longer than the aforementioned amount.

Interestingly, this policy will be applicable even if the crypto assets were used for lending and staking. In the past, virtual assets utilized in such operations had to be retained for ten years before they could be considered as tax-exempt.

According to the Finance Ministry, this is the first time that crypto as a whole has been covered with a countrywide administrative order. The local authorities pledged to continue engaging with the virtual asset taxation policy and to resolve any concerns that arise. They will do so in close collaboration with federal tax authorities and government agencies.

Chinese high court makes historic decision

The turbulent crypto situation in China has taken a new turn when the Shanghai High Peoples Court determined that Bitcoin does in fact have economic worth and is a virtual asset protected by Chinese law.

According to a court notification filed on the messaging network WeChat, BTC reportedly has economic value and the appropriate property features deemed necessary by the local laws and regulations. The decision is historic in light of earlier prohibitions on cryptocurrencies such as Bitcoin, claiming that they are a danger to financial stability. Regardless of the decision though, it remains uncertain as to whether other higher courts would take a similar stance on Bitcoin in the foreseeable future.

Whatever the case may be, the crypto industry definitely needs a big win right now and hopefully both Germany and China can help push the sector in the right direction.

One of the biggest risks associated with the crypto industry is volatility, a fact which numerous regulators have pointed out could be the downfall of the entire sector.

As such, a popular token has lost over 95% of its value, taking down a so-called stablecoin with it. This past Thursday, the LUNA token plummeted from a high of $118 last month to below $1 in one of the biggest market crashes in crypto history.

What happened?

The fall had an impact on TerraUSD (UST), a linked token and stablecoin. Normally, stablecoins would always retain their value of around $1 as they are pegged to the United States Dollar (USD), however UST has also crashed and lost its value by more than 50%. Because of this, panic has since gripped the market and investors are increasingly exiting major cryptocurrencies, sending prices tumbling throughout the market with even top projects such as Ethereum (ETH) and Cardano (ADA) feeling the effects.

Aside from basic economic causes, researchers believe the collapse of the TerraUSD stablecoin and its possible contagion impact was the primary cause of the recent cryptocurrency sell-off. Do Kwon, the CEO of Terraform Labs, largely remained silent on the whole issue, only vaguely stating that everything was under control, but his backers were understandably not convinced.

From bad to worse

To make matters worse, Binance is actively attempting to get rid of the currency due to its abrupt and quick collapse. Terra has also recently stated that they have ceased all operations on the blockchain, essentially rendering it defunct for the time being. LUNA withdrawals were suspended at first, however Binance has since announced that deposits and withdrawals will resume along with LUNA/BUSD and LUNA/UST spot trading pairs. The Binance team has however stated that extreme caution must nonetheless be exercised.

The exchange declared that it shall discontinue cross and isolated margin pairings, as well as spot trading pairs and BUSD margined perpetual contracts on the token, thereby officially discarding the once hugely popular cryptocurrency. It also changed the leverage and margin levels for LUNA-linked contracts, with the maximum leverage for holdings less than 50,000 set at 8 times. If the largest crypto exchange has to do this much to abandon a cryptocurrency, chances are that it just might be dead in the water.

What is next for Terra?

Do Kwon recently discussed a plan for  the recovery of UST and LUNA. The CEO proposed significant UST burning (1 billion in total) to lower the amount of the algorithmic stablecoin and sustain its $1 anchor. In theory, the massive UST burn would take the stablecoin out of circulation, thereby reducing selling pressure of the stablecoin.

Concurrently, as this unfolded, Bybit delisted LUNA/BTC, and eToro, which does not provide crypto futures trading or leverage, also removed LUNA/USD. Additionally, Crypto.com has reportedly delisted LUNA and suspended withdrawals as well. Needless to say, Terra needs a miracle at this point if the project wants to have any hopes of surviving now.

The global acceptance of digital resources and currencies is changing dramatically. State-run administrations and foundations across the globe are actively considering adopting Bitcoin (BTC) and other cryptocurrencies for payment purposes, including a small private institution outside Boston.

Bentley University in Waltham, Massachusetts, will thus be among the first educational institutions in the U.S to accept tuition payments made in Bitcoin, Ethereum (ETH), and also the stablecoin USD Coin (USDC).

The college will accept these payments through its partnership with Coinbase, one of the world's biggest cryptocurrency exchanges (and the largest in the United States). It also intends to accept gifts and donations in crypto.

Elsewhere, a school in Dubai, UAE, recently talked about potentially accepting tuition payments in both Bitcoin and Ethereum via a computerized process which automatically converts crypto into AED, the country's official currency. Emirates Airlines also recently announced that they shall be accepting payments in BTC as well, in addition to taking part in both the metaverse and NFT sectors too.
 

Continental Diamond, a jewelry business in St. Louis Park, will now be accepting Bitcoin, Shiba Inu and other cryptocurrencies as payment.

As such, Continental Diamond has become the inaugural diamond store in Minnesota to accept crypto payments, further opening the door for other stores to do the same in the future. The jewelry company, which was founded in 1981, will reportedly use cryptocurrency payment processor BitPay for merchant services.

Other premium apparel companies and businesses have begun accepting crypto payments as well. Gucci, a well-known fashion company, recently announced that it would start taking Bitcoin, Dogecoin, Shiba Inu, and other cryptocurrencies at certain stores in North America.

Elsewhere, Camper & Nicholsons, a premium yacht charter and brokerage firm, also accepts Shiba Inu and other crypto assets as payment.

As if being in a bear market wasn't bad enough, the collapse of the world's third-biggest stablecoin ecosystem has surely made matters even worse.

The Luna Foundation Guard (LFG), a Singapore-based non-profit which maintains the Terra network, has reportedly been reaching out to investors in the hopes of obtaining funding to shore up the troubled stablecoin.

The LFG hopes to generate over $1 billion in order to collateralize the UST stablecoin. Do Kwon, the founder and CEO of Terraform Labs, has mostly remained silent about the whole thing, and the aforementioned funding has yet to be confirmed.

Although the CEO has promised to make things right, it may infact be too late as numerous investors have already lost faith in Terra and UST and even Binance has stated that LUNA and UST withdrawals have since been suspended due to network congestion.

The United States Department of Justice has accused Mining Capital Coin CEO Luiz Capuci Jr. of conducting a large-scale crypto fraud operation. The CEO faces a possible jail sentence of up to 45 years after being charged with wire fraud, securities fraud, and money laundering.

Authorities believe that Capuci and others cheated investors out of a whopping $62 million. Mining Capital Coin claimed that it had invested in cryptocurrency mining and trading, however this was not the case.

The CEO told investors that the company controlled a vast network of mining operations capable of generating long-term returns. He also promoted the companys trading bots to investors by suggesting that they were created by top programmers from around the world.

However, as per federal prosecutors, Mining Capital Coin turned out to be little more than a pyramid scheme. The cash collected from investors was never invested in any of the previously mentioned projects, and the CEO had reportedly transferred the stolen funds to his own crypto wallets without fulfilling any of his promises.

The AMF (Autorité des marchés financiers) has officially provided Binance France a DASP (Digital Asset Service Provider) registration, with the consent of the ACPR (Autorité de Contrôle Prudentiel et de Résolution).

This achievement marks Binances first DASP in Europe and reflects the exchanges dedication to becoming a compliance-first global exchange, which is also in line with CEO Changpeng Zhaos previous comments wherein he declared that it would be in everyones best interests if Binance and various regulatory authorities were to work together going forward.

A big win for Binance

The exchange has been granted permission to offer trading and custody services for Bitcoin (BTC), Ethereum (ETH), and numerous other cryptocurrencies now that it is classified as a registered DASP by the French stock market watchdog AMF.

Compliance and regulation are crucial success factors for the crypto and blockchain sector. Binance has thus made steps to assure compliance over the years, including expanding its global compliance staff and advisory board, in addition to actively assisting in the battle against fraudulent activities, ransomware and hacks. Binance is hence glad that the exchanges efforts seem to have paid off, and that the team went through tough French compliance criteria in order to receive DASP certification which Changpeng Zhao believes is necessary for the survival of this industry.

What's next?

Binance once took pride in the fact that it had no official headquarters. However, following a backlash from authorities in a number of countries, including the United Kingdom, Italy, and Singapore last year, the exchange is now attempting to reach an agreement with regulators instead. To that end, Changpeng Zhao previously stated that the company intends to build its European headquarters in Paris.

Lastly, Binance will considerably expand its activities in France in order to make cryptocurrency trading and other related services increasingly accessible to everyone. Keeping in line with the overall objective to be the main framework services provider for the blockchain ecosystem, the Binance team wants to continuously grow their global workforce in order to pursue additional infrastructure development for the foreseeable future.

Elsewhere, Binance recently made headlines when it was revealed that the exchange shall be backing Elon Musk's Twitter takeover alongside others such as Sequoia Capital.

As the Cardano (ADA) ecosystem grows and evolves, its team has been working tirelessly in terms of providing important updates which outline all of the developments that regularly occur with the eventual goal of adhering to the projects roadmap. Most recently, all eyes are on the upcoming Vasil hardfork.

What can we expect?

Regarding its underlying technology, there have been significant changes to the upcoming Vasil hardfork. The hardfork is set for next month and will reportedly assist in scaling the protocol as well as drastically boost transaction throughput, volume, and liquidity.

As per Cardanos most recent status reports, the node and consensus teams have been prepping the Ouroboros protocol, which is the current consensus method on the Cardano blockchain, for the imminent hardfork since the end of April.

Furthermore, the teams have been hard at work on improving the performance features of UTXO HD, which define how the Cardano blockchain is stored, testing diffusion pipelining as well as benchmarking. Cardano has also raised its block size by 10% so as to improve network performance by an even greater extent.

A crucial time for Cardano

On May 5th, Tim Harrison, Vice President of Community and Ecosystem at Input Output, announced that Cardano was planning two developer gatherings for the end of May and around mid-June, with one scheduled to take place in Barcelona and the other in Austin, Texas.

He went on to say that the Barcelona event in particular shall focus on audit and certification, whilst the Austin event will mainly work on the projects smart contracts platform Plutus and Marlowe, a language built for developing and executing Cardanos financial contracts. Moreover, the number of Plutus Scripts surpassed 2,000 in late March of this year. As part of the previous hardfork event, these smart contracts had been deployed on the Cardano blockchain in September 2021.

Ultimately, this summer could be a make or break period for Cardano as all eyes are on Charles Hoskinson and his project. ADAs price has not been performing at the levels that many had hoped, but Cardano enthusiasts are hopeful that a rally is just around the corner thanks to the Vasil hardfork and all the other developments that have been taking place.

Google is reportedly assembling a Web 3.0 team to create new services for developers operating blockchain apps.

Google Cloud Vice President Amit Zavery stated that, while Web 3.0 is still very much in its embryonic stages, the market has nevertheless demonstrated tremendous potential. He went on to say that numerous customers have already requested that the company increase its support for Web 3.0 as well as crypto-oriented technologies.

One of the primary principles of Web 3.0 is decentralization, which is achieved through the use of blockchain technology and is a big step forward from Web 2.0, which was primarily dominated by large corporations such as Google itself. Now though, these companies realize that the time has come to focus on Web 3.0.

Gucci has announced that it shall start accepting payments in crypto at 5 of its U.S stores by the end of May, with the store also sharing its ambitions of eventually expanding the new payments service to all 111 of its North American locations.

Gucci will thus reportedly accept a number of popular cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Wrapped Bitcoin (WBTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB), along with 5 stablecoins as well.

In preparation for the launch, Gucci's employees have begun their training and instruction on crypto, NFTs, and Web 3.0. In related news, the store had also purchased digital property in The Sandbox (SAND) back in February and established a virtual retail experience similar to its Vault e-store.