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US House to Vote on Crypto and Stablecoin Legislation

US House to Vote on Crypto and Stablecoin Legislation

Jun 23, 2023
| Issue

Hi all! Welcome to another edition of the Datwallet newsletter, your place for all things crypto-related. As usual, here, we cover topics for all knowledge levels, so sit back, take your favorite drink and enjoy the news. 

Today’s drop will cover these key daily news items:

  • US to vote on Crypto and Stablecoin legislation
  • 3AC founders launch a VC firm
  • Ripple secures in-principle regulatory approval in Singapore
  • BitGo terminates plans to buy Prime Trust
  • Startup Kaito gets $87.5 million valuation
  • Polygon launches its own Copilot

U.S House to Vote on Crypto and Stablecoin Legislation

In an ambitious move, the U.S. House Financial Services Committee, led by Chair Patrick McHenry, is set to redefine the crypto landscape this July. They'll debate two significant bills; one clarifying the journey of digital assets from securities to commodities, potentially easing regulatory restrictions, and another setting a comprehensive regulatory structure for stablecoins. The outcomes could shift the crypto landscape dramatically. 

Although these bills still need Senate Democrats' approval and President Biden's sign-off, this is a clear stride towards integrating digital currencies into the mainstream financial framework. This July, we'll see if these crypto-legislation efforts will rise or fall, with impacts resonating across the crypto-verse.

3AC founders launch a VC firm

OPNX, a cryptocurrency exchange supported by 3AC founders Kyle Davies and Su Zhu, made waves in the crypto community on Wednesday with an announcement about a new ecosystem partner. 

The exchange revealed its partnership with a venture firm known as 3AC Ventures, which plans to invest in projects that are developing on the exchange's ecosystem. According to the statement on the firm's website, which appears to be a separate landing page with an email address link, "3AC Ventures is committed to superior risk-adjusted returns without leverage."

Davies caused a stir on Twitter with his post, "3AC is dead, long live 3AC Ventures," which drew disparaging remarks from several market players who had observed the hedge fund's downfall the previous year. Davies and Kyle were served via Twitter by the firm's liquidators after remaining elusive since the start of the bankruptcy proceedings.

Ripple secures in-principle regulatory approval in Singapore

Singapore has consistently been a leader in the advancement of digital assets, supporting this emergent technology with comprehensive and forward-thinking regulations for innovators.

The latest development saw the Monetary Authority of Singapore (MAS) giving Ripple an In-Principle Approval for the Major Payments Institution Licence application. This will enable Ripple Markets APAC Pte Ltd, Ripple's Singapore-based global business division, to provide regulated digital payment token services and products within the city. As of now, less than 20 such approvals and licenses have been issued to cryptocurrency businesses by the MAS.

BitGo terminates plans to buy Prime Trust

On Thursday, BitGo withdrew from its preliminary deal to fully acquire Prime Trust, as issues with Prime Trust's deposits reportedly interrupted the planned acquisition's finalization. Through a tweet, BitGo indicated that after exerting significant effort to establish a workable arrangement with Prime Trust, they made the tough call to cancel the purchase.

Startup Kaito gets $87.5 million valuation

Kaito, a startup, has successfully secured $5.5 million through a Series A funding round, thereby achieving a valuation of $87.5 million. The company's objective is to develop an AI-powered search engine specifically designed for the cryptocurrency sector, as shared with CoinDesk. The crypto industry is gradually adopting AI to supplement revenue sources or improve product and feature quality. Post a cryptocurrency downturn and regulatory oppression that negatively influenced the perception of digital assets among investors and the public, AI is surfacing as the preferred technology.

Polygon launches its own Copilot

The roster of Web3 businesses implementing AI is expanding, with blockchain scaling solution Polygon unveiling its AI assistant, Polygon Copilot, on Wednesday.

"Polygon Copilot, an AI-driven interface, is designed to cater to everyone from serious developers to enthusiasts and inquisitive users. It opens up a world of interactions, made accessible just by 'asking,'" shared Polygon in a piece. "Its conversational UI signifies a significant enhancement in user experience quality."

Other breaking news

Wrapping up

That's all for today's Datwallet crypto newsletter. From potential game-changing U.S. legislation to exciting AI initiatives in the crypto space, we've got you covered. Remember to stay tuned for your daily dose of comprehensive crypto insights. Thanks for reading, and here's to successful trading! See you tomorrow.