This article is more than one year old

EU sets date for MiCA debate, crypto bleeds despite Bitcoin rally, US governor seeks to ban CBDCs

EU sets date for MiCA debate, crypto bleeds despite Bitcoin rally, US governor seeks to ban CBDCs
Florida Governor Ron DeSantis, left, wants to ban CBDCs while US Senator Cynthia Lummis, right, wants to to legislate so the US isn't left behind.

EU to hold final MiCA debate on April 18

The European Parliament has announced that April 18 will be the date for final debates regarding the bloc’s upcoming Markets in Crypto-Assets Regulation (MiCA), which will set new precedents for digital asset regulations worldwide.

EU lawmakers will iron out details of the regulation, setting the stage for a bloc-wide framework for licensing and regulating crypto companies and custodians.

The Parliament’s vote on MiCA will come the following day, April 19.

NOW READ: Europe’s MiCA offers crypto utopia for Americans in a banking crisis. But it’s not that simple

Crypto haemorrhage continues for sixth week despite Bitcoin rally

Bitcoin’s price is pumping, but digital asset outflows continue for the sixth consecutive week, with a total of $424 million leaving the space.

Last week saw $95 million in outflows, as crypto-friendly banks such as Silvergate Bank and Silicon Valley Bank collapsed due to runs on liquidity.

Bitcoin has nearly doubled in price since the beginning of the year, defying crypto’s close associations with several of the banks hardest hit in March.

NOW READ: Bitcoin becomes haven during bank bloodbath with 28% surge: ‘Extra liquidity, that’s the difference’

Join the community to get our latest stories and updates

Florida Governor DeSantis proposes bill to ban CBDCs

Florida Governor Ron DeSantis announced legislation on Monday to ban central bank digital currencies (CBDCs) in the state, including the proposed centralised digital dollar in development by the Biden administration.

DeSantis stated a federally adopted digital dollar would “stifle innovation and promote government-sanctioned surveillance” and called on other states to fight the tech “within their respective “commercial codes.”

The Biden administration set policy objectives in 2022 which hinted at the implementation of a national CBDC.

NOW READ: Swedish CBDC head: The state doesn’t care how people pay for things

$197m Euler Finance exploiter wants to ‘come to an agreement’

The exploiter responsible behind the $197 million attack on Euler Finance communicated intentions to “come to an agreement” with the DeFi protocol on Monday, via an on-chain message.

The possible concession comes following Euler’s ultimatum last week, which gave the exploiter 24 hours to either accept a 10% portion of the stolen funds or face legal action.

Euler posted a $1 million dollar bounty when the deadline was not met, but the exploiter yesterday expressed “no intention of keeping what is not [theirs],” and proposed to enter communications to return funds. The exploit is the biggest such attack of 2023.

NOW READ: Euler hack victim who got 100 ETH: ‘He was probably moved by my message’

US senate’s ‘Crypto Queen’ fears lack of regulations will send industry elsewhere

US Republican Senator Cynthia Lummis expressed the need for America to adopt crypto regulations in a Monday interview, lamenting the speed with which Europe is developing its own MiCA regulatory framework.

Lummis, who has been referred to as the “Crypto Queen” among US regulators, has been a vocal proponent of the technology and last year introduced the Responsible Financial Innovation Act, alongside Democrat Senator Kirsten Gillibrand with aims of developing a regulatory framework for crypto.

Lummis said the collapse of exchange FTX in November chilled US progress in crypto adoption, but states that regulatory strides made by other, more crypto-friendly nations such as Switzerland and Australia will renew interest in the industry.

NOW READ: US sends team to Brussels to study EU’s landmark crypto law amid SEC crackdown

US Supreme Court hears Coinbase crypto case in industry first

For the first time in its history the US supreme court will hear arguments in a crypto case, where lawyers for defendant exchange Coinbase will try and convince federal judges to pause two class-action lawsuits.

Coinbase’s hearing takes place Tuesday, and will see its lawyers fight to send the two cases to arbitration where a settlement can be reached out of court.

Both lawsuits differ in allegations, with Bielski vs. Coinbase focusing on unpaid reimbursements for a phishing scam, whereas Suski vs. Coinbase relates to a 2021 lottery sweepstakes held by the exchange.

Coinbase has been the focus of several class-action lawsuits over the years, but never before has a case made it to the Supreme Court.

More web3 news from around the web…

Coinbase pauses support for Signet crypto payment network Wall Street Journal

Microsoft’s browser update includes a crypto wallet prototype. A researcher is ‘pretty confident’ of a wider release Fortune Crypto

FTX sues for control of Bahamas assets, calls FTX Digital Markets ‘a front’ to defraud customers The Block