EU Study Says Treat Crypto Assets as Securities [ Crypto Espresso 6.2.23 ]

It's Friday and that means your host Andrew is kicking the Summer Weekend off Right by reading news Look it's all I know how to do this is Crypto espresso your teeny tiny daily Shot of caffeinated crypto headlines and Surfs Up headline surfing I mean first Up the EU has officially signed its Markets in crypto assets Mica rules into Law bringing a comprehensive regulatory Framework to the crypto industry Concurrently a study commissioned by the EU Parliament suggests that crypto Assets should be treated as Securities By default the study proposes that Alternative classifications would Require exemptions from National Competent authorities this development May provide validation for SEC chair Gary Gensler who faced criticism from The crypto industry for his assertion That most crypto tokens are securities Additionally us SEC commissioner Hester Pierce has viewed the eu's Implementation of Micah as a potential Learning opportunity for the US usdt the Most popular stablecoin in the crypto Market has reached a new milestone in Its market cap according to data from Wellcoin market cap you USD teased Market cap I've said market cap a lot is Currently over 83.2 billion dollars Which means it has recovered all of its Losses since the implosion of the Terra

Blockchain ecosystem roughly one year Ago usdt aims to provide stability and Liquidity to the volatile crypto Market As well as a bridge between Fiat and Digital currencies recently tether Revealed that they're using their Profits to hold a Bitcoin as excess Reserves and get involved in the Bitcoin Mining industry through a project in Uruguay notably usdt has continued to Grow at a time when the stablecoin Market as a whole has been in Decline One of the main drivers of usdt's growth Is the demand from institutional and Retail investors who want to access the Crypto space without exposing themselves To Crazy price fluctuations usdt also Benefits from its integration with Multiple blockchains such as ethereum And Tron which increases its Interoperability and scalability Dr John Forsyth a prominent figure in the crypto Space and an emergency room doctor was Found dead on May 30th with a gunshot Wound he had been missing for a week After failing to show up for work at the Mercy Hospital in Cassville Missouri his Car was discovered near the hospital With his belongings inside but his cell Phones were missing the police did not Suspect any Foul Play in his death Forsyth was the co-founder of unfo coin A referral based cryptocurrency Project Based on social mining he was also an

Early adopter of Bitcoin and a vocal Critic of the US dollar in 2020 Forbes Called him a Bitcoin millionaire who had A passion for mathematics and a Blockchain technology forsyth's death is The latest in a series of unfortunate Fatalities among crypto enthusiasts and Entrepreneurs in April Bob Lee the Creator of cash app and former Technology Chief at Square was stabbed To death in San Francisco last June Merkaya papescu a controversial Bitcoin Billionaire drowned in Costa Rica Texas Is demonstrating its support for the Bitcoin mining industry with the passage Of two bills in the latest legislative Session while another bill that could Have impacted miners was halted at the Committee stage the two bills aim to Provide support and incentives for Minors however a bill known as SB 1751 Which could have limited the industry's Participation in cost-saving demand Response programs was stopped at the Committee stage demand response programs Offer power credits to minors for Reducing their operations during times Of high energy demand while the bill was Not prioritized during the session and Can be reintroduced in the future Industry Advocates believe that increase In communication with the relevant Authorities will improve transparency And publicly available data on mining

Outside of Texas both Arkansas and Montana have passed the legislation to Protect mining activities while similar Bills in Missouri and Mississippi did Not advance in contrast New York has Imposed a moratorium on new fossil Fuel-based Bitcoin mines and Oregon is Considering legislation to reduce Greenhouse gas emissions from data Centers including miners meanwhile the Proposed 30 tax on Bitcoin mining put Forth by the Biden Administration Appears to have stalled due to debt Ceiling consolations and finally the uni Swap decentralized exchange has decided Not to charge protocol fees to its Liquidity providers where the ones who Supply crypto assets for trading According to the official webpage of The Proposal the vote was very close the Proposal was only a preliminary survey And may be revised in the future uni Swap is a DEX that allows users to trade Crypto assets without intermediaries it Charges a fee up to one percent per swap Depending on the pool and this fee goes Entirely to the liquidity providers the Uni token holders who are supposed to Govern the protocol do not receive any Share of this fee The Proposal aimed to Change this by enabling a fee switch That would divert a portion of the swap Revenue to the uni swap Dow supporters Of The Proposal argued that uniswap has

Grown enough to afford charging a Protocol fee and that this would Generate significant revenue for the uni Swap Dow they also claimed that uni swap Would still be competitive and Attractive for LPS compared to other Exchanges like coinbase and binance a Opponents of The Proposal raised Concerns about the tax and Regulatory Implications of receiving protocol fees For uni holders they suggested that uni Swap should either become a legal entity Or develop a decentralized mechanism to Distribute the fees directly to UNI Holders who are performing work for the Dow and speaking of Performing work here Are the three things that you can do Like this video subscribe to our YouTube Channel and click on that little bell Icon to get buzzed whenever a new crypto Espresso video goes live thoughts on Today's episode don't just put those Thoughts under your pillow drop me a Line in those comments below because I Read those comments and I take them far Far too seriously questions about our Headlines or crypto in general take that Plunge and ask Alex in the description Below Alex is always a great resource For all things web 3 and the metaverse And that about does it for today as Always I've been your host Andrew these Have been your headlines and ladies and Gentlemen

The weekend see you Monday