According to CoinShares’ latest crypto fund flows report, crypto-backed investment funds experienced net outflows for the fourth week in a row, with a total outflow of $200 million over the four-week period. Last week, outflows totaled $53.8 million, a similar amount to the previous week’s outflow of $53.7 million. The outflows were primarily driven by
Blockchain
The crypto industry is no longer just a backlash to traditional finance as it has recreated both fractional reserve banking and a shadow banking crisis. While people in crypto were initially distrustful of traditional banks, they still wanted the benefits of maturity transformation, hence the rise of crypto shadow banks. However, these companies operate without
The European Union has given its final approval for the world’s first comprehensive set of rules to regulate crypto assets, known as the Markets in Crypto-Assets (MiCA) regulation. This decision has put pressure on countries like the United States and the United Kingdom to follow suit. The regulations, which are expected to take effect from
China has announced plans to train 500,000 blockchain professionals through the newly launched National Blockchain Research Center. In 2018, Chinese President Xi Jinping identified blockchain as a growth sector, leading to a surge in blockchain salaries in the country. However, Chinese blockchain activities have since slowed down. To reinvigorate the sector, Beijing has established the
Florida Governor Ron DeSantis recently signed a new bill, SB-7054, which effectively bans the use of central bank digital currencies (CBDCs) in the state. The bill prohibits the use of CBDCs as a form of currency within Florida, as well as any CBDCs issued by other governments. It also calls on other states to follow
Binance, the largest cryptocurrency exchange in the world, has announced that it will be withdrawing from the Canadian market. The decision comes following new guidance around stablecoins and investor limits. Binance had been exploring alternative options to protect their Canadian user base, but ultimately determined that none were feasible. Canadian Securities Administrators Tightens Regulations The
The US Securities and Exchange Commission Republican leader, Hester Peirce, believes that Europe’s recent legislation to regulate cryptocurrency could serve as a model for the US. Peirce, who is also known as “Crypto Mom,” spoke at a Financial Times event, where she praised the Markets in Crypto Assets law (MiCA) passed by the European Union
10T Holdings, a crypto-focused investment firm, has announced the launch of a new digital-asset startup investment fund, TenSquared Capital (10SQ). The fund aims to raise $200 million from investors and will back digital asset startups at various stages of growth. The fund has already secured commitments from limited partners of 10T for its upcoming investments.
Coinbase has launched a Global Advisory Council to help guide its leadership team, with former US lawmakers Patrick Toomey, Tim Ryan, and Patrick Maloney joining the council. The announcement follows a regulatory probe from US regulators and lawmakers working on legislation to write rules for crypto. Toomey, Ryan, and Maloney were all active in introducing
Hong Kong-based Animoca Brands has announced that it is financially stable to continue its operations and is sitting on $2.7 billion worth of token reserves. The company has disclosed that it has a stablecoin reserve of $194 million and $566 million worth of liquid digital assets, including SAND, a utility token for the Sandbox NFT