Charles Morgan Bitcoin Miners Trapped In Venezuela Corruption | Ripple’s Partner SPAC Raises XRP Questions

From: Forbes Crypto Confidential - Saturday Apr 22, 2023 06:00 pm

EU PARLIAMENT APPROVES CRYPTO LICENSING

European lawmakers approved a comprehensive package of rules aimed at regulating the cryptocurrency industry in a vote Thursday. The legislation, known as the Markets in Crypto Act, or MiCA, will take effect next year and require any company offering crypto-related services in the European Union to gain registration in at least one of the bloc’s member states and inform consumers about the risks associated with their operations. Issuers of stablecoins like tether and usdc will have to maintain sufficient reserves; those pegged to non-euro currencies will face a €200 million ($220 million) daily cap on trading volume within the region. Subject to the European Union’s transfer of funds regulation, also known as the Travel Rule, cryptocurrency exchanges will need to send information on senders and recipients of crypto assets to their local anti-money laundering authorities.

RIPPLE PARTNER’S RECENT FILINGS RAISE QUESTIONS ABOUT XRP USE

Ripple came out of the 2022 crypto upheaval better than most of the digital-assets industry. Its RippleNet global payments network partnered with new money transmitters and remittance companies in Asia and the Middle East. XRP, the cryptocurrency created by Ripple’s founders and the heart of the company’s current business, may no longer be a Top 3 token (as it was for much of the seven-year-stretch between 2014 and 2020), but it’s still the seventh largest by market value at about $26 billion.

Yet, recent financial filings by Tranglo, a Malaysian payments company and key partner—that is 40% owned by Ripple—raise questions about that growth story and the extent to which customer adoption of the XRP token is driving that growth. Read more.

Source: Forbes Digital Assets. Prices as of 4:00 p.m. on April 21, 2023.

CRYPTO RALLY PAUSES

Bitcoin and other cryptocurrencies are sliding as investors appear to be adopting risk-off strategies. Bitcoin dropped to $27,412 on Friday afternoon in New York, falling from the $31,000 level it passed just a few days ago. The cryptocurrency has lost almost 10% this week. Ether, the second-largest cryptocurrency by market value, is down 11%.

A LESSON IN DUE DILIGENCE FROM TAYLOR SWIFT

The pop star avoided signing a $100 million sponsorship deal with crypto exchange FTX by asking one simple question. According to Adam Moskowitz, a lawyer handling a class-action lawsuit against several FTX promoters, Swift asked the company’s representatives if the assets listed on its platform represented unregistered securities. Moskowitz claimed she was the “only person” who consulted her legal team and did proper due diligence on the exchange.

ELSEWHERE

Coinbase Gets Bermuda License, Plans To Launch Offshore Exchange In Coming Weeks [Fortune]

Republicans Rip SEC Chief For Crypto Lawsuits, Climate Rules [The Hill]

Major Crypto Firms Deny Investing In OPNX, Distancing From 3AC Founders’ Claims About Their Exchange's Backing [CoinDesk]

Steven Elrich
Nina Bambysheva
Reporter
Forbes Money & Markets

Steven Elrich
Steven Ehrlich
Editor
Forbes CryptoAsset & Blockchain Advisor

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Charles Morgan Bitcoin Miners Trapped In Venezuela Corruption | Ripple’s Partner SPAC Raises XRP Questions