18 March

“Warren (D-Mass.) announced Thursday a new bill to block cryptocurrency companies from conducting business with sanctioned companies. The bill seems to extend beyond just Russian sanctions, however.

The U.S. Treasury secretary could also require that crypto exchanges operating in the U.S. not conduct transactions for, or otherwise work with, crypto addresses belonging to people based in Russia if this is deemed to be in the national interest.

Another provision would authorize the Financial Crimes Enforcement Network (FinCEN) to identify users transacting with more than $10,000 in crypto.

Not later than 120 days after the date of enactment of this Act, the Financial Crimes Enforcement Network shall require United States persons engaged in a transaction with a value greater than $10,000 in digital assets through [one] or more accounts outside of the United States to file a report.”

See Also: Sberbank Gets License From Russian Central Bank to Issue, Exchange Digital Assets

The bipartisan group sent a letter to SEC Chairman Gary Gensler asking for answers around the probing of crypto companies. The questions asked were about the SEC’s use of authorities in its Division of Enforcement and Division of Examination to obtain information on digital asset and blockchain firms.

It appears there has been a recent trend towards employing the Enforcement Division’s investigative functions to gather information from unregulated cryptocurrency and blockchain industry participants in a manner inconsistent with the Commission’s standards for initiating investigation.

Crypto startups must not be weighed down by extra-jurisdictional and burdensome reporting requirements. We will ensure our regulators do not kill American innovation and opportunities.

The congress members called for their queries to be answered no later than April 29.”

“Chris Dixon and Arianna Simpson praised Optimism’s ‘exceptional team, carefully designed developer experience, major scaling benefits, years of research and testing, and full composability.’

Optimism is a layer 2 scaling solution built on the Ethereum blockchain that uses a transaction execution method called optimistic rollups to improve throughput and lower transaction fees while still maintaining the security properties of the underlying blockchain. The funding will largely go toward hiring, according to the company.”

See Also: Polygon onboards Simba Chain for Ethereum scaling and infrastructure development

“GameStop also noted that it had hired dozens of people in Q4 with experience in areas including blockchain gaming, e-commerce and technology. In February, GameStop said it would be partnering with layer 2 system Immutable X for the launch of its NFT plans.

GameStop expects its NFT marketplace will include ‘billions of low-cost, in-game assets that can easily be bought and sold.’

We recognize that our special [connection] with gamers provides us a unique opportunity in the Web 3 and digital asset world.”

See Also: APE Token Tied to Bored Ape Yacht Club NFTs Sinks 80% in Opening Hours

See Also: DeFi Blue-Chip Token Aave Up 17% Amid Latest Upgrade

“The director of the Science and Technology Supervision Bureau of China’s Securities Regulatory Commission, Yao Qian, has called for a special focus on Web3, deeming it to be the future of the internet. Yao predicted that Web3 will reconstruct the organizational form and business model of the internet economy to greatly improve the existing internet ecosystem.

The Chinese regulatory executive believes Web3 will effectively solve the problems of monopoly, lack of privacy protection and malicious algorithms in the Web2 era, and make the internet more open, inclusive and secure.”

See Also: Bank of Canada collaborating with MIT on CBDC research