Europe Has Adopted a New Crypto Regulation [ Crypto Espresso 5.17.23 ]

It's Wednesday and you know what that Means right it's news pay attention I'm Your host Andrew and this is crypto Espresso your teeny tiny daily shot of Caffeinated crypto headlines when you Have the news you just can't lower your Enthusiasm I mean it's news it's it's Exciting first up the EU has adopted a New regulation on markets in crypto Assets Mica that will provide a clear And harmonized legal framework for Crypto asset issuers and service Providers across the block the Regulation covers various types of Crypto assets including utility tokens Asset reference to tokens and stable Coins as well as crypto asset trading Platforms and custodial wallets Micah Aims to ensure Financial stability Investor protection and innovation in The crypto asset sector the regulation Was approved by the European Parliament On April 20th 2023 following a proposal By the European Commission in September Of 2020. the regulation will enter into Force in mid-2024 after after being Published in the official Journal of the European Union as of now Micah is the First and only legislation of its kind In the world and should hopefully set a Precedent for other jurisdictions the Demise of Signature Bank was caused by a Combination of factors including poor Management liquidity problems and since

We're reporting on it apparently Exposure to the volatile crypto industry At least this was the view of the FDIC Chairman Martin grunberg who testified Before the house Financial Services Committee on oversight of Prudential Regulators grunberg cited the recent Cases of Silicon Valley Bank and Silvergate bank which also collapsed due To massive withdrawals by their Customers these withdrawals were Triggered by fears about the bank's Solvency and their involvement in the Crypto sector according to a report by The FDIC Chief risk officer Signature Bank failed to manage its risks properly And relied too much on uninsured Deposits from the crypto industry Meanwhile both the U.S government Accountability office and the New York State Department of Financial Service Services have both downplayed crypto's Role in the bank's shutdown well the SEC Has responded to coinbase's request for Clear crypto regulation in court saying Not really anything at all uh Specifically that it has no duty to Issue new rules for the industry and That it may take a long time to do so if It even wants to that was editorializing The SEC also claimed that coinbase's Petition was too broad and complex in That it had not enough time for the SEC To consider it coinbase had filed a

Petition asking the court to compel the SEC to whether it would undertake Rulemaking for the crypto sector the SEC Then asked the court to reject the Petition saying that mandamus was an Extraordinary remedy and that coinbase Had no right to it Paul Grewal Coinbase's Chief legal officer expressed His disappointment with the sec's Response on Twitter saying that the SEC Admitted that it would rely on Enforcement actions instead of Rulemaking for the foreseeable future And that it disregarded the public Statements of its chair Gary Gensler who Said that there were enough rules in Place and that most of crypto was a Security a recent service offered by Ledger wallet has sparked some Controversy among the crypto Community This new service allows users to recover Their lost or forgotten recovery phrases Which are essential for accessing their Crypto assets however some users have Raised concerns about the security and Privacy implications of this service Ledger wallet claims that the service is Safe and secure as the recovery phrase Is held in an encrypted form and split Up for storage by multiple parties the Service also requires users to verify Their identity before proceeding with The recovery process Ledger wallet says That the service is intended to help

Users who have no other way of accessing Their funds just like those people Digging around landfills looking for Bitcoin they had on their old hard Drives or something however some crypto Experts and enthusiasts have criticized The service arguing that it undermines The core principle of self-custody and Decentralization they claim that the Service exposes users to potential risks Of hacking phishing or social Engineering attacks and they also warned That the service could create a false Sense of security among users who might Be careless with their recovery phrases Some users have suggested that ledger Wallet should instead just educate users On how to properly store and back up Their recovery phrases and finally Lightning Labs a company that develops Infrastructure for the lightning network Has announced the launch of Taproot Assets a new way to create and use Tokens on top of Bitcoin Taproot assets Is a rebranding of the tarot project Which was first revealed in 2022 Taproot Assets allows users to issue and Transfer tokens on the lightning Network A layer 2 scaling solution that enables Fast and cheap transactions on bitcoin Unlike brc20 tokens which have cost Congestion and high fees on the network Taproot assets is focused on asset Issuance on top of Bitcoin in a cheap

And efficient manner Taproot seems to be A major Improvement to bitcoin's privacy And scalability as it allows users to Hide complex scripts inside of simple Public Keys Taproot assets uses this Feature to create tokens that look like Regular Bitcoin transactions but Taproot Assets can be used for various purposes Such as loyalty points stable coins nfts Gaming items and more notably the Creator of the brc20 standard has Referred to Taproot assets as an Unequivocally better solution and what Is most definitely an unequivocally Better solution than not liking this Video subscribing to our YouTube channel And clicking on that little bell icon to Get buzzed whenever a new crypto Espresso video goes live The doing all that stuff that's a better Solution thoughts on today's show drop Me a line in that comment section below Because I read those comments and by Golly do I take them to heart and cry Before bed questions about today's Headlines or crypto in general why not Take the plunge and desk Alex in that 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 we'll see all of your beautiful Shining faces tomorrow

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