Log in
- > Australia’s Reinstated PM Urged to Rethink Crypto Regulations
- > Ripple Sets Sights on Stablecoin Giant Circle
- > Worldcoin’s Controversial Digital Identity Cryptocurrency Arrives in the United States
- > Arizona Governor Rejects Bitcoin Reserve Following Senate Success
Australia’s Reinstated PM Urged to Rethink Crypto Regulations
It was a tough weekend for the Australian Opposition, who suffered a significant loss in the Federal election to the presiding Albanese government.
The Liberal government’s push for crypto regulation wasn’t enough to sway voters, with the two-party-preferred vote showing nearly a 10% margin against the party.
Throughout their campaign, the re-elected Labor administration signaled support for cryptocurrency. And now, with strong Senate backing, the blockchain industry is urging them to act on regulatory reform.
Coinbase’s Asian Pacific Managing Director believes setting up a Crypto Asset Taskforce in Australia is a crucial first step for Albanese and co.
‘With global regulatory momentum accelerating, the new Albanese Labor government must show it is serious about making the country a home for Web3 development and digital finance and unleashing the productivity growth this technology can provide.’
– John O’Loghlen, Coinbase’s Asian Pacific Managing Director
Specifically, several industry heavyweights have implored Labor to stick to a 100-day timeline for digital asset reform originally proposed by the Opposition.
‘We also look forward to working with the incoming minister responsible for cryptocurrency, to ensure that this legislation meets the needs of both consumers and the industry…It is important that our politicians now turn their attention to drafting fit-for-purpose crypto legislation.’
– Vakul Talwar, Crypto.com’s Australian General Manager
Despite the calls, many in the sector are pleased at the stability posed by a second run of the Albanese government. MHC Digital Group’s Head of Finance, Edward Carroll, believes the current administration is on the right track toward fostering Web3 innovation in Australia.
‘We’re optimistic that the Labor government can follow through with their commitment to implementing their proposed crypto regulatory framework…If done right, these reforms could bring Australia back in line with the rest of the world so that we can retain talent and build a really exciting and innovative ecosystem’.
– Edward Carroll, MHC Digital Group’s Head of Finance
The new government is yet to issue an official statement on crypto policy. However, during their campaign, Treasurer Jim Chalmers outlined a new digital asset regime to improve the nation’s relationship with cryptocurrency.
‘We want to seize these opportunities and encourage innovation at the same time as making sure Australians can use and invest in digital assets safely and securely with appropriate regulation.’
– Jim Chalmers, Australian Treasurer
The stage is set for policymakers to turn their digital asset vision into reality.
Ripple Sets Sights on Stablecoin Giant Circle
Ripple is looking to expand its influence over the stablecoin sector, after Bloomberg reported the blockchain company launched a multi-billion dollar bid for Circle.
Circle, the issuers of USD Coin (USDC), are renowned among the industry for their transparency and filed for an IPO earlier this year. USDC is the second-highest volume stablecoin in the crypto market, falling just behind Tether’s USDT.
According to reports, Ripple’s buy offer was somewhere in the US $4-5 billion USD range. This is four times as much as the company paid to acquire brokerage platform Hidden Road, which they purchased in April. This figure was supposedly not enough for Circle to accept the offer.
The exact objective of Ripple’s approach isn’t quite clear, as neither company has publicly confirmed the bid ever happened. However, it is likely part of the business’s broader growth strategy, with the team identifying stablecoins as key to the future of Web3.
Interestingly, several dubious and unconfirmed (yep, that’s crypto Twitter for you) reports have emerged that Circle’s rejection didn’t dissuade Brad Garlinghouse and the Ripple team. In fact, some have posted that Ripple immediately bumped its offer to a whopping $20 billion USD – but most were quick to shout this down.
So…where to from here?
Will Circle continue with its IPO plans, following in the footsteps of Coinbase? Or will they yield to a Ripple offer that’s simply too good to ignore?
And what would that mean for the stablecoin industry?
Worldcoin’s Controversial Digital Identity Cryptocurrency Arrives in the United States
After years of biding its time, Worldcoin has finally taken its first step into the United States.
The blockchain-based biometrics project uses patented technology called the Orb to record biological details of humans without ‘retaining…images or collecting other information’.
Essentially, Worldcoin is building the next generation of digital identification.
However, the project has run into speedbumps in nearly every stage of its journey. Some governments believe that the Orb is a wolf in sheep’s clothing, and is being used to collect data on the global population.
Other, less aggressive perspectives argue that Worldcoin’s venture is a breach of individual privacy rights. This has led to its banishment from Spain and Portugal, while authorities in Singapore and Vietnam are currently investigating the project’s legitimacy.
So it’s pretty easy to see why Worldcoin was tentative about entering the United States.
But despite the controversy, Worldcoin has registered over 26 million users and issued billions of its native token WLD.
And last week, the company successfully made its mark in the USA, expanding into six major cities (Atlanta, Austin, Los Angeles, Miami, Nashville and San Francisco).
This means residents of the Worldcoin locations can get their biometrics scanned, in exchange for free cryptocurrency (WLD).
The move is all part of Worldcoin’s plan to revolutionise how we identify ourselves online. Ideally, the project will almost eliminate digital fraud, while making verification a seamless process across a range of services.
Arizona Governor Rejects Bitcoin Reserve Following Senate Success
The promise of United States metamorphosing into the global capital of crypto has hit a few snags since Donald Trump’s election in November last year.
Though the Federal Government officially introduced a digital assets stockpile, it has been slow-moving at a State level.
Arizona was poised to become an early adopter of a Bitcoin Strategic Reserve, following a House bill narrowly passing with a count of 31-25. However, Arizonian Governor Katie Hobbs snuffed out these prospects, vetoing the investment in, what she labelled ‘untested’ assets.
In a statement, Hobbs succinctly summarised her decision:
‘Today, I vetoed Senate Bill 1025. The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments. Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency.’
Katie Hobbs, Arizonan Governor
Although her decision hinged upon the validity of BTC as a retirement asset, getting anything past her desk was going to be a challenge given the local climate. In fact, Hobbs implied she would act as a roadblock for all future legislation until bipartisan disability funding was actioned.
Despite the recent failure, Bitcoin’s life in Arizona is far from over. Another, broader bill, targeting a strategic reserve comprising up to 10% of crypto assets, is still working its way through the administration.
Ben Knight
