In the aftermath of heavily criticized U.S government sanctions against cryptocurrency mixer Tornado Cash, Zac Williamson, CEO of the Aztec Network Ethereum privacy layer, recently discussed what the future of Web3 privacy may end up being.

The CEO claims that future networks would most likely not conform to existing regulatory structures but shall instead be consistent with regulators goals while simultaneously protecting user privacy. Essentially, he believes that regulators went about banning Tornado Cash incorrectly and that an alternative solution could have been explored.

A foresighted government would therefore contemplate directly issuing base money onto networks such as Ethereum, which, when combined with hyper-fungible real-world assets, private self-custody as well as low barriers to entry from open networks, would usher in a new financial golden age, according to Williamson.

He contended that, despite the current sanctions regime, cyber criminals from North Korea or elsewhere would continue to use Tornado Cash or a replica. According to the CEO, suspicious entities will thus undoubtedly provide off-ramps to fraudulent entities who have done the bare minimum for plausible deniability.

 

The United States Federal Reserve has publishing its final guidance for new financial institutions to gain access to its master accounts, which are required for these firms to partake in the global payment system.

The announcement seems to be indicative of the countrys central bank inching closer to potentially permitting Wyoming SPDIs (Special Purpose Depository Institutions) such as Custodia and Kraken Bank to gain access to these accounts without the need for any intermediary banks.

In 2021, the Federal Reserve issued its first guidance, inviting public comments and discourse. Approximately 300 people responded, prompting a second public feedback process which took place earlier on in 2022.

The guidance is broadly similar to what was initially proposed last year, as it shall reportedly establish a multi-tiered system that will enable the Federal Reserve to tailor its evaluation process for giving access based on the type of financial institution applying. Also, each tier would correspond to a more stringent review procedure.

As such, Tier 1 banks will be federally insured under the guidance. Although Tier 2 banks would not be federally insured, prudential supervision would still be applicable for these via a federal banking agency. Finally, Tier 3 includes firms which are not federally insured and are not subject to prudential supervision, which most likely includes Wyoming cryptocurrency banks.
 

Given the rapid growth of the crypto and blockchain sector, governments all over the world are searching for viable ways to regulate the industry, including the European Union which recently provided their contribution to solving the issue via the MiCA (Markets in Crypto Assets) bill. Also, both the SEC and CFTC agree that cryptocurrencies are not going anywhere and that it is high time to regulate these assets properly, with the CFTC chairman even claiming that the agency is prepared to begin regulating crypto as soon as possible.

This increase in the number of regulatory policies is the result of various factors, including the recent market crash and the mainstream attention being given to crypto and digital assets in general.

Why is the new bill important and what can it do?

According to the European Commissions Cybersecurity Policy and Technological Innovation Advisor, Peter Kerstens, if the bill is passed then it shall bring numerous changes to the market, including the implementation of stringent standards designed to avoid situations like the Terra disaster, in addition to viewing NFTs as digital assets similar to cryptocurrencies.

Peter stated that the $40 billion Terra ecosystem meltdown would not have occurred if the MiCA bills provisions, which necessitate stablecoin projects to become more transparent as well as enable client withdrawals on request, had been in place. Due to this, MiCA would reportedly be able to prevent such schemes from entering the market, according to the advisor.

It should also be noted that the proposed rules and regulations outlined in the MiCA bill are set to become law in 2023, but are not expected to be fully implemented throughout the EU until at least 2024.

What about NFTs?

The MiCA bill outlines regulations for cryptocurrencies but it does not ignore NFTs either, as Peter pointed out that EU legislators have a very narrow definition of what an NFT actually is. According to the advisor, in the event that a token may be issued as a series or collection, even if the issuer calls it an NFT and every individual token within that particular series is indeed unique, it is still not considered as an NFT and the requirements would therefore still be applicable.

To put it another way, should the bill be passed, NFT issuers would be required to publish a whitepaper detailing all of the specifics concerning the underlying protocol as well as all relevant details. Additionally, it would prevent the issuers from making misleading or overly optimistic claims regarding the NFTs future worth.

Ultimately, many in the crypto and NFT community believe that this is a positive development as MiCA has the potential to finally eliminate scams and other kinds of fraudulent entities which would hence shift the focus to worthwhile and profitable projects which provide real value.

FTX.US President, Brett Harrison, recently explained why he believes the ongoing crypto winter could be ending sooner rather than later.

According to him, the new Coinbase and BlackRock partnership is a strong indicator of the crypto winter coming to an end, citing the huge impact of rapidly growing institutional demand regarding cryptocurrencies and other digital assets.

Moreover, Brett strongly believes that now is the time to continue building and developing the crypto and blockchain sector so as to have the necessary tools and capital for when investors eventually resume trading heavily in cryptocurrencies once more.

Lastly, when asked about the number of layoffs made by notable companies like Google, Microsoft, Robinhood and Coinbase, Brett stated that having additional employees does not necessarily lead to more growth, and that this is a lesson that every company should learn prior to the market finally getting back on track.

The Goerli testnet merge was finally completed earlier today at approximately 1:45 AM UTC, thereby finishing the final trial run for Ethereum's Merge event.

The testnet merge, which included the Goerli testnet merging with the Prater testnet (a PoS Beacon Chain), is the last test run before the Merge. When Goerli reached a total difficulty of 10,790,000, the merge with Prater officially occurred.

The Goerli testnet merge is the clearest indication thus far that Ethereum's highly anticipated Merge event, which will involve the transition to a Proof-of-Stake network, will indeed occur this fall. During last month's Consensus Layer Call, Ethereum Foundation member Tim Beiko stated that September 19th is the tentative date that everyone should be marking on their calendars.

If successful, the Merge will have long-term implications for Ethereum including paving the way for sharding, significantly decreasing energy usage, and bolstering ETH's price. In a more general sense, the crypto industry would also benefit from the Merge as JPMorgan analysts claim that it could provide a strong basis for the market going forward.
 

Circle, the creator of the USD Coin (USDC) stablecoin, has frozen more than 75,000 USDC in funds connected to the 44 Tornado Cash addresses sanctioned by the United States Treasury Departments Specially Designated Nationals and Blocked Persons (SDN) list.

Tornado Cash is a dApp that hides the history of previous crypto transactions on the Ethereum blockchain. Presently, Tornado Cashs smart contract addresses hold an estimated $437 million in assets, including wrapped Bitcoin (WBTC), Ethereum and stablecoins. Due to this, issuers are expected to try and prevent such assets from being traded or redeemed.

The digital currency mixers Ethereum and USDC smart contract addresses on the SDN list are hence not allowed for U.S individuals, businesses, and any other entity. Moreover, penalties for willful non-compliance could range from anywhere between $50,000 to $10,000,000 in fines along with 10 to 30 years in prison.

To make matters worse, Tornado Cash's new sanctions could even complicate simple interactions like Gitcoin donations, project work, and withdrawing or depositing from smart contracts as they could all be interpreted as violations from now on.

BitMEX is among the cryptocurrency markets longest-running derivatives exchanges. It has recently expanded into traditional financial markets via the launch of perpetual swap contracts which are tied to international currencies.

The company announced the debut of FX perpetual swap contracts, which shall reportedly enable users to trade over 20 foreign currency contracts. This is BitMEXs most significant move into non-cryptocurrency related products since it rebranded and hired exchange veteran Alexander Hoptner as CEO to replace founder Arthur Hayes.

Despite some initial setbacks, the launch of the contracts is indicative of BitMEXs continuing strategy wherein the company will keep on providing new and existing users with a wider range of cryptocurrency-margined contracts. These will also include products which shall enable traders to gain access to various commodities and currencies.

BlackRock Inc. is teaming up with Coinbase Global Inc. to simplify the process for institutional investors to manage and trade Bitcoin (BTC), ushering the worlds biggest asset manager into a crypto market roiled by falling prices, regulations, and government investigations.

Whats there to know about the partnership?

According to a statement issued last week, BlackRock clients will be able to utilize its Aladdin investment system to manage their exposure to BTC alongside other portfolio assets like bonds and stocks, as well as to facilitate trading and financing via Coinbase. Additionally, BlackRock representatives have stated that the partnership with Coinbase shall initially focus on Bitcoin with discussions for incorporating other cryptocurrencies like Ethereum to be considered at a later date.

Although 2022 has mostly been a negative year so far for many digital asset markets, BlackRocks move has nonetheless bolstered Wall Streets traditional financial players involvement in cryptocurrencies and related technologies. Still, there is no denying that Bitcoin has taken a massive hit this year thanks to incidents like the Terra disaster and the downfall of Three Arrows Capital. Incidents like these have raised concerns regarding the markets resilience which has since also resulted in more regulatory scrutiny as of late.

A new day for Coinbase and crypto?

The collaboration with BlackRock has provided a brief respite to the largest U.S cryptocurrency trading platform, as Coinbases stock had recently lost over two-thirds of its value this year. The United States Securities and Exchange Commission has also been investigating Coinbase for allowing American citizens to trade digital assets which should have reportedly been registered as securities.

Nevertheless, Coinbases situation could soon improve thanks to the new collaboration. BlackRock selected Coinbase as a partner primarily because of its market scale and role in offering trading and custody services, as well as prime brokerage and reporting functionalities.Lastly, although both companies clients shall be able to use the services, perhaps the more important aspect of the partnership is that it is indicative of the sheer amount of interest in Bitcoin and digital assets by institutional investors. This would imply that although the cryptocurrency market is yet to fully recover, many large-scale companies and corporations are keen to explore the possibilities of crypto, blockchain, NFTs, the metaverse, and DeFi in general for their respective features and services going forward.

Following the shock of Michael Saylor stepping down as MicroStrategys CEO, with his replacement being the companys President and CFO Phong Le, we now have an offiical explanation from Michael justifying his decision.

Saylor clarified that the primary responsibility of a CEO is to run a software company. He claims that the decision to make Phong Le CEO was made as the company grew to 2,200 employees and gained thousands of customers. There had hence reportedly been a succession plan in the works for about two years, with Phong first becoming COO and then President.

As Michael emphasized, MicroStrategy officially entered into a Bitcoin strategy while Phong was the companys President. Moreover, the now former MicroStrategy CEO stated that this was the underlying reason for the company to promote Phong to President and CEO.

Michael also stated that he has been wanting to take on the role of Executive Chairman for some time, and that he was going to step down as CEO eventually.

From now on, Michael will continue to serve as the Chair of the Investments Committee, which supervises the companys Bitcoin acquisition strategy, and his primary role will be advocacy, education, and innovation, with a focus on technology leadership opportunities.
 

The rise of cryptocurrency has opened up new opportunities for the global online betting industry and today the number of betting sites and online casinos accepting cryptocurrencies is growing at an unprecedented rate. 

But what if you dont own Bitcoin or Ethereum? While these are the most popular cryptocurrencies fuelling the growth of the online betting market, there are other, just as valid options, such as Ripple. Heres why XRP should be your coin of choice when gambling online. 

Ripple (XRP): An Overview

Unlike other cryptocurrencies like Bitcoin, Ripple is built specifically to streamline payments between financial institutions databases. XRP - which is the native crypto coin of the system created by Ripple Labs - is running on its own blockchain infrastructure (XRP Ledger), which enables instant, secure, and trustless international transactions. 

While most coins are now in what is called a crypto winter, NASDAQ predicts that XRP could reach a value of $3.61 by the end of 2025. But what made Ripple the third-largest cryptocurrency in the world is its ambitious goal to become the preferred tools for international banks to transfer money and complete cross-border payments. 

Choosing XRP For Online Gambling: What Are The Benefits

Online gambling and betting are one of the most popular entertainment use cases for Ethereum and other cryptocurrencies like Bitcoin. But the unique features of XRP might make it an even better choice for gamblers. 

Here are some of the benefits of choosing an XRP-friendly casino:

• XRP transactions (including deposits and withdrawals) are much faster than Bitcoin or Ethereum transfers, which take several minutes
• With the average transaction cost standing at a fraction of a cent, XRP payments are low-cost or nearly free of charge.
• The Ripple system is among the safest infrastructures for payments and it is backed by main financial institutions like Santander
• Unlike Bitcoin, XRP coins are pre-mined and already in existence, making them immune to inflation

Tips For Online Gamblers Using Ripple

Choose Your Casino Wisely

There are a few key factors to consider if you are looking to choose your preferred XRP casino. Firstly, the availability of XRP-friendly games and features is a must. Choosing a casino that only offers a few games might limit your winning and entertainment opportunities. 

Other factors to keep in mind include:

• Security and privacy standards
• Availability of bonuses
• House-edges and fees
• Certifications and licenses
• Customer support standards and tools

Understand Market Fluctuations

While XRPs price has reached an all-time high of $2.7593 in the past, recent market fluctuations have caused the coin to lose nearly 50% of its value in just 30 days. 

While the high volatility is a common feature among all cryptocurrencies, it is especially important for gamblers taking a bet on XRP to understand what impact these market fluctuations can have on their winnings. Keep an Eye on Emerging Trends

XRP has been steadily growing since its debut in 2018, and today, it holds a whopping market capitalization of $17.3 billion. However, events that have taken place over the past years, including the lawsuit launched by SEC in 2020, have shaken Ripple to the core. 

If you are looking to invest in this cryptocurrency and use it for most of your withdrawals and deposits, you might be able to capitalize on possible IPOs and the appreciation expected to take place over the next 3-8 years.

On the other hand, the lawsuits outcome can have a severe impact on the value of your investment. 

In any case, Ripple gambling will remain legal and safe regardless of upcoming market fluctuations and trends, and opting for this cryptocurrency instead of Bitcoin or Ethereum can be an excellent way to enjoy secure and fast transactions. 

As the crypto and blockchain industry continues to become increasingly mainstream, the Law Commission of England and Wales has issued a consultation paper on the cryptocurrency market, addressing numerous components of the digital asset class.

The document primarily focuses on reforming laws governing certain virtual assets as property rights objects. Comments and responses will be accepted by the Law Commission until November 4th, 2022.

For cryptocurrencies and NFTs, the consultation paper analyzes private law principles as well as private property laws. It claims that digital assets and any associated technologies have the potential to create an Internet of property.

Moreover, property rights conferred on an asset class aid in the official characterization of several modern and complex legal relationships. As per the paper, these rights would play a vital role in insolvency cases along with situations involving the vesting of property on personal bankruptcy, succession on death, and finally tracing in cases of theft, fraud, or any other type of breach of trust.

In a nutshell, the document aims to officially define digital assets and the role they will play going forward. The main goal is to ensure that investors are protected at all times and that there are laws and regulations put in place to help those affected by fraudulent activities.

According to the Bureau of Economic Analysis, the United States economy has shrunk once again in the year's second quarter, causing many to believe that a recession could indeed be inevitable. GDP, a broad yet crucial indicator of economic activity, decreased by nearly 1% year on year from April to June. This drop represents a significant symbolic threshold for the most widely used, however unofficial, definition of a recession with regards to two consecutive quarters consisting of negative economic growth.

What is perhaps more interesting though is the notion that individuals are moving away from traditional financial institutions and practices in favor of new digital assets such as cryptocurrencies. After all, many believe that we are on the cusp of entering the Web3 era and that plenty of economic activity which was previously used as a measure of success could soon become obsolete.

How did we get to this point?

The decline in second-quarter GDP activity in 2022 was primarily caused by a drop in inventory levels. In recent quarters, businesses have attempted to resupply stockpiles depleted during the pandemic, and in attempting to adjust for supply chain disruption, they have ended up being overstocked at a time when consumers are experiencing reduced purchasing power due to rising inflation. As a result, inventory investments in the second quarter were considerably lower than in the year's first quarter.

Still, there are some who believe that things are not as bad as they appear. The current administration made the unusual choice of publishing a sort of explainer, arguing that two consecutive quarters of economic contraction do not necessarily constitute a recession. Recently, the White House stated that, in addition to GDP, data on the labor market, personal and corporate spending, production, and different types of income all contribute to defining a recession in this day and age. Others believe that the economy has just slowed down, and that this is not an accurate measure of micro-level statistics such as employment levels, salaries, and overall consumer behavior.

A shift in attitude

As previously mentioned, rising inflation rates and the very real possibility of a looming recession has resulted in a growing number of individuals actively seeking alternative means of securing an income. Apart from those typically involved with mainstream digital assets like cryptocurrencies and NFTs, there are also many people who are utilizing the P2E concept alongside the metaverse to generate passive income, despite the fact that the metaverse in particular has not been around for very long.