15 March

“A proposed rule that could have, in effect, banned the popular cryptocurrency bitcoin across the European Union (EU) has been quashed.

The European Parliament’s economic and monetary affairs committee voted 30-23 on Monday to keep the provision out of a draft of the proposed Markets in Crypto Assets (MiCA) framework, the EU’s comprehensive regulatory package for governing digital assets.

The proposal required all cryptocurrencies to be subject to the EU’s ‘minimum environmental sustainability standards with respect to their consensus mechanism.’ The proposal met with a heavy backlash from crypto advocates worldwide.

[Notably], a slim majority of the monetary committee voted in favor of a compromise that calls on the European Commission to offer alternative regulation:

By 1 January 2025, the Commission shall present to the European Parliament and to the Council, as appropriate, a legislative proposal to amend Regulation (EU) 2020/852, in accordance with Article 10 of that Regulation, with a view to including in the EU sustainable finance taxonomy any crypto asset mining activities that contribute substantially to climate change mitigation and adaptation.”

“The European Union’s (EU) landmark regulatory framework for governing crypto assets has passed another threshold on its way to ratification. On Monday, the EU parliament’s Economic and Monetary Affairs Committee voted 31-4 in favor of a new draft of the Markets in Crypto Assets (MiCA) framework.

The framework broadly captures the issuance and trading of cryptocurrencies, and promises to make it easier for crypto firms to expand throughout the EU’s 27 member states by facilitating a “passportable” license that would be valid between countries.

See Also: ‘Shark Tank’s’ O’Leary Lobbies Congress for Sen. Lummis’ New Crypto Bill

“Inflation appears to have become a top concern both on Wall Street and main street days before the U.S. Federal Reserve (Fed) decides its response to rising prices. Surging prices for food, energy and housing have sent inflation in the U.S. to a four-decade high and the Russia-Ukraine war is expected to worsen the situation.

Inflation is likely to be persistently high (but lower than now) for some years. This adds fuel to the bitcoin-as-a-hedge thesis and could encourage even more portfolio allocations to a liquid asset with an independent monetary policy and a hard cap on supply.

The Fed is likely to raise borrowing costs by 25 basis points later this week and signal a continued fight against inflation through the rest of the year. The expected first rate hike since 2018 seems to have been priced in by markets. Bitcoin has dropped nearly 40% in the past four months, predominantly on the Fed rate hike fears.”

See Also: Carnage: China Breaks, Apple Cracks Key Support, Yields Soar As Rate Hike Odds Surge

“The small but blossoming non-fungible television space got a bit bigger on Monday with the announcement of “The Gimmicks,” an animated wrestling show backed by actress Mila Kunis’ Sixth Wall production company.

The adult series, self-described as “South Park meets WWE,” follows a group of washed-up wrestlers longing for former glory. The non-fungible token (NFT) component comes in the form of a “choose your own adventure” mode for owners of the show’s NFTs, allowing holders to vote on the direction of the show’s plot at the end of each episode.

I see the tech and community that comes with NFTs and Web 3 allowing for the audience to directly communicate with and inform creators of what they like and what they don’t.

The pipe dream of token-backed content creation is a landscape where producers and filmmakers can fundraise for projects while retaining creative control and distribution rights.”

“The Ukrainian government launched a new crypto donations website on Monday, streamlining its multimillion-dollar effort to turn bitcoin into bullets, bandages and other war materiel.

“Aid for Ukraine,” which has the backing of crypto exchange FTX, staking platform Everstake and Ukraine’s Kuna exchange, will convert crypto contributions into fiat for deposit at the National Bank of Ukraine. Oleksandr Bornyakov, an official at the digital ministry, hinted that an upcoming NFT collection ‘will give the next boost to the crypto fundraising process.’

Crypto assets proved extremely helpful in facilitation of funding flows to Ukrainian citizens and soldiers, as well as in raising awareness and engaging people worldwide.

The country’s collective efforts have already raised some $48 million in bitcoin (BTC), DOT, ether (ETH), SOL, tether (USDT) and other cryptocurrencies, according to the website. Other estimates place the amount closer to $100 million.”