EU's New Crypto Rules, Major Firms Embracing Crypto, and More: This Week in Crypto
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EU's New Crypto Rules, Major Firms Embracing Crypto, and More: This Week in Crypto
Here are the top news in the crypto and blockchain world this week:
1. EU Seals Deal on Crypto Bank-Capital Rules
The European Union (EU) has reached a political agreement on new bank-capital rules, including those for crypto assets, with lawmakers favoring "prohibitive" rules to keep unbacked crypto out of the traditional financial system. These changes still need to be voted on by member states in the EU’s Council and by lawmakers to become legislation. Learn more here.
2. Firms Managing $27T in Assets are Embracing Crypto
Major U.S. financial institutions managing a staggering $27 trillion in assets are actively seeking to provide clients with exposure to Bitcoin and other cryptocurrencies. Institutions include BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America. Dive into the details here.
3. U.S. Secret Service's NFT Collection
The United States Secret Service has clarified its nonfungible token (NFT) collection on OpenSea. The Secret Service’s San Francisco field office, known as the “Digital Asset Technology Alliance” (DATA) Squad, indicated they wanted to better understand how NFTs worked. Read more here.
4. Swiss Central Bank Announces Plans for Wholesale CBDC Pilot
The Swiss National Bank (SNB) will soon launch a wholesale central bank digital currency (wCBDC) pilot project. This project will involve issuing real money equivalent to bank reserves for testing real transactions with market participants on the Swiss SIX digital exchange. Find out more here.
5. Bull Markets Make Money, Bear Markets Make Opportunities
Some of the most influential blockchain projects, including Solana, Cardano, and CryptoKitties, were developed during bear markets. Bear markets can lead to the pioneering of groundbreaking inventions and trends in the crypto space, providing fruitful opportunities for those willing to adapt to changing market conditions. Learn more about these strategies here.
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