Payment Expert’s Blockchain Bulletin analyses how the world of blockchain is constantly evolving and having a major impact on the payment industry, with cryptocurrencies, NFTs and the metaverse revolutionising the space.
This week, Coinbase ramped up regulatory action in the US after filing a lawsuit against the Securities and Exchange Commission (SEC) whilst a landmark crypto legislation has finally been passed in Europe.
Coinbase sues SEC over crypto regulation guidelines
One of the world’s largest cryptocurrency exchanges Coinbase has filed a lawsuit against the US Securities and Exchange Commission (SEC) over alleged failed attempts to properly address crypto regulation guidelines in an effort to address clarity over regulation.
The legal action taken stems from a petition filed by Coinbase back in July 2022 which asked the SEC to provide specific guidelines and regulations on financial securities and if they are applicable to cryptocurrency tokens.
Paul Grewal, Coinbase Chief Legal Officer, stated: “From the SEC’s public statements and enforcement activity in the crypto industry, it seems like the SEC has already made up its mind to deny our petition. But they haven’t told the public yet.
“So the action Coinbase filed today simply asks the court to ask the SEC to share its decision.”
MiCA bill passed by ECB becoming world’s first comprehensive crypto legislation
One of the world’s most comprehensive and cleared cryptocurrency legislations has been passed by the European Parliament – the Markets in Crypto Assets (MiCA) bill – to regulate all crypto transactions in Europe.
European Parliament voted 529 in favour of MiCA and could shape the global cryptocurrency market for the foreseeable future as it attempts to also negate any and all crypto money laundering and other fraud attempts in the space.
The fundamental aim of MiCA is to ensure that crypto transactions do not violate any money laundering or other financial-related laws by tracing data. Every Crypto Asset Service Provider (CASP) in Europe will now have to report crypto transaction’s data and report any suspicious transaction dealings.
Binance.US’ $1bn acquisition of Voyager assets called off
Binance.US’ potential $1bn acquisition of Voyager Digital’s assets has been called off, after confirming the decision via a letter yesterday.
A major factor cited by Binance.US was the “hostile and uncertain regulatory climate in the United States”, which is a result of the Securities and Exchange Commission‘s (SEC) intensified crackdown on crypto firms that they believe are circulating unregistered securities.
Digital Euro in its ‘final stages’ as ECB member outlines integration period
The digital euro is in its final stages of its development, according to European Central Bank (ECB) Executive Board Member Fabio Panetta, who recently ironed out some of the final details that the governing body analysed.
When Panetta spoke in front of the Committee last January, he revealed that the ECB and the Eurosystem were looking into a dedicated digital euro app for the central bank digital currency (CBDC) to be housed under, connected with QR codes and contactless payment capabilities.
TransUnion taps into blockchain tech to offer credit applications with Spring Lans and Quadrata
TransUnion has teamed up with Spring Labs and Quadrata to deliver a streamlined credit application process for lenders using blockchain technology.
The new partnership aims to ‘break new ground’ by deploying off-chain credit scoring to DeFi and Web3 applications for the first time.
All credit data processed through the new TransUnion service will be processed by DeFi applications through Spring Labs and its subsidiary Quadrata – a digital passport network.
