New York Could Ban Bitcoin Mining, Japan Regulates Stablecoins, and Could Bitcoin Become Legal Tender in 3 Years? These stories and more this week in crypto.
Steps from New York Bitcoin mining invoice
lawmakers in New York have passed a bill ban certain bitcoin mining operations that run on carbon-based energy sources. The bill calls for a two-year moratorium on mining operations that use proof-of-work methods. If signed into law by Governor Kathy Hochul, it would be the first US state to ban any kind of blockchain infrastructure.
The parliament of Japan has approved a bill designed to regulate stablecoins in the country following the recent collapse of the algorithmic stablecoin Terra USD. By law, stablecoins must be pegged to legal tender and only licensed banks and registered agents can issue them in Japan.
Loyalty plans Crypto hiring Spree
Loyalty is planning a recruitment day to add Ether trading and custody services to their cryptocurrency business. The company says the recruitment efforts are justified by the steady growth in demand for digital assets. Meanwhile, Coinbase has extended its hiring freeze implemented two weeks ago, and Gemini also cut 10% of its workforce as the industry entered a crypto winter.
Binance Labs Secure $500 million for Web3
Binance Labs, the venture capital arm of Binance, has raised $500 million in funding to invest in Web3 and blockchain startups. According to Binance CEO CZ, the goal of the recently closed investment fund is to discover and support projects and founders with the potential to build and lead Web3 across DeFi, NFT, gaming, metaverse, social and more.
NBA’s Crypto Fuels Registration of sponsorships
Cryptographic sponsorships have become the second most a lucrative sponsorship category for the NBA, behind technology. The National Basketball Association has earned a record $1.6 billion in sponsorship revenue this season, with crypto responsible for the big rise of companies like Coinbase, Crypto.com and FTX.
Charge an OpenSea employee NFT Insider Trading
A former employee of OpenSea, one of the leading NFT markets, was loaded with privileged information from the US Department of Justice. The defendant was accused of secretly purchasing 45 NFTs before they appeared on OpenSea’s homepage, only to flip them for profit immediately after they appeared on the platform.
Warner Bros. Publications Looney Tunes NFT
Warner Brothers will be released an NFT series featuring Looney Tunes characters. The company is working with NFT platform Nifty’s on the project, called Looney Tunes: What’s Up Block? which will go on sale at the end of summer. The project will also incorporate access to unique events, merchandise discounts, and other “real world” rewards for NFT owners.
People wait Bitcoin become Legal owner, legal possessor, legal owner
a study, commissioned by Crypto.com, interviewed consumers and corporate investors from all developed and developing countries and found that a third of respondents strongly agreed that Bitcoin would become legal tender. While 43% were undecided on the matter, only 18% of respondents said they did not expect Bitcoin to become legal tender in their country within 3 years.
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That’s what happened this week in crypto, see you next week.