What’s going on in the blockchain space this week?

This article will give you a quick overview of the articles that moved me the most - and a summary of each piece. Quick for you to read on the go. No need to google for hours.

You can get all your updates here without having to search through dozens of different websites. I have done all the hard work for you! All it takes is just one click, and you are up-to-date with everything that happened in the blockchain space this week—no more wasting time searching for news yourself. So let me do it instead! Let’s dive right into what happened last week…

News on regulation

Tough crypto regulation coming into force in the US (?)

A little-known law from 1984, originally intended to discourage large cash transfers, has been repurposed as a crypto regulation and tucked into the massive US infrastructure bill. The new rule would require receivers of a crypto payment that totals at least $10,000 to collect and report the Social Security number or tax ID of the sender to the Internal Revenue Service. Failure to do so could lead to a felony charge. Critics say it could be used as a tool of surveillance that steps around other existing laws.

Read more here: Crypto Regulation Tucked Into Infrastructure Bill Raises Surveillance Concerns; Receivers Would Have To Collect Tax IDs on Transactions Over $10,000 - CPO Magazine

US senators introduce new blockchain bill

President Biden signed the $1.2 trillion infrastructure plan into law, which includes new digital asset reporting requirements. A bipartisan group of senators has proposed changes to the crypto reporting requirements included in the infrastructure bill. Senators emphasized the necessity of fostering American innovation in the digital assets sector. Senator Lummis issued a warning: “Digital assets are here to stay in our financial system and the decisions we make now will have impacts far into the future. We need to be fostering innovation, not stifling it”

Read more here: Crypto regulation amendment bill is introduced by senators - TechStory

Israel: New crypto regulation comes into force

Israel: A money laundering prevention ordinance comes into effect that will apply to all providers of financial services: fintech companies, credit providers, and cryptocurrency companies. The ordinance paves the way to the award of permanent licenses to dealing in digital currencies. The regulator is still in the process of examining the various cryptocurrency entities that have filed license applications. The Money Laundering Prohibition Ordinance sets rules on identification and verification of those receiving service and for carrying out a "know your customer" procedure, requirements for reporting to supervisory authorities.

Read more here: New cryptocurrency regulation comes into force - Globes

The SEC vs. blockchain and crypto

The SEC attacks BlockFI. The review concerns whether these accounts ought to be considered as securities. The accounts at issue offer annual yields that can reach as high as 9.5%, whereas most savings accounts at banks offer a paltry average interest rate of 0.06%. Regulators are concerned customers could lose all their funds if a firm bottoms out. Some US states have already taken action against BlockFi, including New Jersey, Texas, Alabama, Vermont and Kentucky.

Read more here: BlockFi Crypto Lending Products Draw Eye of SEC Following Regulation Debate - BeInCrypto

Fundamental rights for Blockchain by Binance

Cryptocurrency giant Binance has published “10 Fundamental Rights for Crypto Users” A carefully worded balancing act pushing for innovation in the face of fast-arriving regulation. Binance’s would-be crypto constitution bullet-points financial inclusion, “smart regulation,” personal data privacy, reliable security and rules around selling crypto derivatives. Founder “CZ Changpeng Zhao said in a statement: “We want to do everything possible as an industry to work with regulators and world leaders to identify what is going to be the effective regulatory policy that protects users and spurs innovation”

News ideas on DeFi regulation

In recent months, the fast-growing pace of the decentralized finance (DeFi) market has captured the attention of regulators looking to fit this new area of crypto into existing regulatory frameworks. DeFi challenges that core foundation by replacing those key financial primitives with programmable, autonomous smart contracts. A potential approach to tackle this challenge could be leveraging existing regulatory models while also exploring new frameworks that at least consider the uniqueness of the DeFi space. The vast majority of the regulated DeFi debate centers around applying frameworks such as applying.

A Few Unorthodox Thoughts on DeFi Regulation (coindesk.com)

Biden Administration should regulate crypto

The Biden administration declined to establish more stringent rules for part of the mushrooming cryptocurrency industry. The President’s Working Group on Financial Markets said in a report released on November 1 that so-called stablecoins should be regulated like banks, but that it would be up to Congress to establish such a regulatory framework. The top stock market regulator, Securities and Exchange Commission (SEC) chair Gary Gensler, has called stablecoins “poker chips at the casino” The market for stablecoins, which is now worth roughly $138 billion, has increased in size by more than 500 percent in past year.

Read more here: Biden Administration Is Playing With Fire by Failing to Regulate Cryptocurrency (truthout.org)

General Blockchain news

Apple Coin coming?

Apple Coin coming? This could be a total gamechanger for blockchain and crypto !

According to Apple CEO Tim Cook, there is a possibility ‘Apple Coin’ could become a reality. Bitcoin was recently valued at around $68,000 - more than all U.S. currency in circulation. The question is whether Apple will add a feature to its mobile payment system to support it. The company has not confirmed that it will do so, but it is looking at the possibility of adding it to the system to pay for the next generation of smartphones and other apps.

The rich and the crypto

The rich and the crypto world: Average family office now has 1% of its portfolio invested in cryptocurrency, according to research by Campden Wealth. Family offices own approximately 4.2% of the entire cryptocurrency market. In North America alone, roughly one third of family offices have invested in crypto. Many are diversifying and hedging, says a digital asset manager that deals mostly with family offices. Some billionaires, including Paul Tudor Jones, have been publically bullish on bitcoin. But not all family offices are so bullish about crypto.

Read more here: Billionaires Own 4% Of All Cryptocurrency Through Discrete Family Offices (forbes.com)

Bitcoin vs. Ripple

Cryptocurrency is now integrated in the lives of people living in the modern era. While Bitcoin remains as the leading crypto in the industry, another cryptocurrency has been carving a niche for itself. In 2012, a US-based company called RippleLabs introduced Ripple to the industry. Despite their similarities, both Ripple and Bitcoin are entirely different in many ways. In this article, we will shed light on the differences between the two giants playing in the market of cryptocurrency. The aim of both cryptos is to improve the speed of receiving and sending funds without the presence of mediators.

Read more here: Bitcoin vs Ripple: The Differences Between Them - Blog - Bitcasino

Will Quantum computing kill crypto?

Quantum computers are impossibly-superior at certain, select tasks. One of those tasks happens to be breaking encryption. That's a concern for security agencies the world over, but also for people invested in cryptocurrencies. Quantum computers with this kind of processing power simply don't exist, for now. Researchers are working hard to accelerate development on this new kind of computer because they can allow rapid progress on sticky issues that traditional computers struggle with, like biotech research and materials sciences. It'll be awhile before we start seeing quantum computers with the capability to crack open cryptocurrency.

Read more here: Quantum Computers May Spell Doom For Cryptocurrency; Will We Be Able To Buy GPUs Again? (hothardware.com)

Futurist film maker Ian Khan is helping governments combine AI with blockchain

Ian Khan is a futurist who expects that blockchain, artificial intelligence and the Internet of Things will merge together to create an entirely new type of world. Khan is the inventor of the Future Readiness Score and the chairperson of the Money 20/20 fintech conference. Khan's positioning in the industry is very much in contrast to the cypherpunk movement — the old guard of the blockchain revolution. Khan runs a Toronto-based company future-readiness business called Futuracy, which has worked with corporations and governments around the world.

Read more here: Futurist film maker Ian Khan is helping governments combine AI with blockchain (cointelegraph.com)

The 5 Biggest Blockchain Trends In 2022

During 2022, spending on blockchain solutions by businesses is forecast to hit $11.7 billion. Non-Fungible tokens (NFTs) were the big news in the blockchain scene during 2021. We are likely to see a great deal of emphasis on attempts to “greenify” blockchains. National cryptocurrencies – central banks create coins that they can control, rather than adopting existing decentralized coins – are another where we will see growth in 2022. At least five developing countries will start to accept Bitcoin next year, driven by global inflation.

Read more here: The 5 Biggest Blockchain Trends In 2022 (forbes.com)

The blockchain space is growing and evolving at a rapid rate. There are new concepts, buzzwords, and players popping up every day. If you want to stay on top of all the latest developments in this exciting industry but don't know where to start, I am here for you! Follow me on LinkedIn or listen to my podcast "Law of the Future," available on all major podcast platforms. Or join the forum www.blockchainlawyersnetwork.com for free. Connect with me there, and we will work together towards mastering the law of tomorrow today!