Over the past week, the European Union, the United States and other places have made progress in encryption regulation, which is undoubtedly good for the encryption industry.

Supervision.

On Monday, the U.S. Monetary Audit Office (OCC) said in its latest guidance that the Commonwealth Bank could hold reserves for stable currency issuers. In a six-page explanation letter, the OCC said: "Stable currency issuers may wish to deposit assets into reserve accounts at national banks to ensure that issuers have sufficient assets to support stable currencies with a custodian wallet." "

On Thursday, the U.S. House of Representatives introduced two major encryption bills. One is to determine which cryptocurrencies are securities, and the other places the supervision of exchanges in the responsibility of the country's commodity regulator.

In addition, the U.S. Central Bank, the Federal Reserve, and several regional federal banks have been studying digital currencies. Loretta Mester, president of the Federal Reserve Bank of Cleveland, revealed the details at a virtual event on Wednesday. Mester said some Fed staff, including software developers at the Federal Reserve Bank of Cleveland, are contributing to the study.

In Europe, the European Commission on Thursday proposed a complete regulatory framework for cryptocurrencies. It proposes legislation to turn cryptocurrencies into a regulated financial instrument, according to the European Union's official announcement. The bill, known as The Crypto Asset Market Regulation (MiCA), will clearly define what constitutes an "encrypted asset" and the different subcategories of tokens.

Speaking in the French-German parliament, ECB President Christine Lagarde said that if the ECB created a digital euro, it could only be used to supplement, not replace, the traditional euro. "We are also exploring the benefits, risks and challenges of introducing a digital euro, which can be a complement to, not a substitute for, cash," she said in her speech. It offers an alternative to private digital currencies and ensures that sovereign currencies remain at the heart of Europe's payment system. "

A report released by the European Central Bank on Tuesday said well-designed and well-regulated digital assets could be a veritable asset, but that some examples could not become essentially stable currency substitutes, as the term "stabilized currency" implies.

German Finance Minister Wolfgang Stosolz on Thursday pledged to speed up financial reforms in the euro zone to regulate crypto assets and deepen capital markets, which he said could help speed up economic recovery under the new crown. Scholz said he welcomed the European Commission's latest proposal to regulate crypto assets and their underlying blockchain technology.

Russia's finance ministry also introduced a new bill this week that would force cryptocurrency holders to disclose their wallets or face fines or even jail time.

In addition, Venezuela has a new law that requires state control of bitcoin mining activities in the country. The law, issued on Monday, requires all Bitcoin miners to join a state-owned mine pool and will regulate all aspects of mining activities.

Cryptocurrencies

The crypto market has risen slightly over the past week, with Bitcoin, the highest-value cryptocurrency, rising slightly to more than $10,700.

Mike McGlone, senior commodities strategist at Bloomberg, remains bullish on Bitcoin, despite a period of weakness. He believes a key chain indicator suggests that the price of bitcoin (BTC) is now significantly undervalued. Bitcoin's hash rate has recently hit an all-time high, and the 30-day average of active Bitcoin addresses has also risen, suggesting that the asset level should be $15,000.

Among the other major cryptocurrencies, there has been little volatility, while the heat of the previously eye-catching DeFi boom appears to be receding.

Financing.

De-centered finance aggregator APY.Finance announced Monday that it has completed a $3.6 million seed round of financing from investors including Arrington XRP Capital, Alameda Research, Cluster Capital and Coin Gecko. APY said it is working on a liquidity mining project that will help optimize token lending and develop risk-adjustable AI consultants. With new funding, APY plans to accelerate the development of its platform, which will be launched in mid-October.

Robinhood, the trading app, raised $660m in its latest G-round of funding. The round initially raised only $460 million, but then D1 Capital increased its investment by $200 million. Robinhood is now valued at more than $11.7 billion, a company spokesman said.

Safety.

New York's Mellon Bank handled $137 million in funds linked to the OneCoin scam, according to documents from the U.S. Financial Crimes Regulator.

The U.S. government seized $6.5 million in cash and cryptocurrencies in a recent "dark web raid." It was the largest anti-drug operation in U.S. government history, seizing half a ton of drugs, millions of dollars in cash and cryptocurrencies from drug dealers using the dark web, according to officials at the U.S. Department of Justice.

Craig Wright, an Australian who describes himself as the creator of Bitcoin, is due to stand trial in January 2020 on charges of embezzling $10 billion in bitcoin assets. In an order signed Monday by Judge Beth Bloom of the Southern District of Florida, the court denied Wright's motion for a summary sentence.

Wes Ratings, an encryption rating agency, advised investors on Twitter not to use USDT, the most stable currency by market capitalisation. On Twitter, Weiss Ratings said USDT's issuer's reserves were not publicly audited, following allegations that the stable currency was not 100 per cent supported and operated like a bank holding part of the reserve. "We therefore recommend avoiding contact with the USDT stable currency," the agency stressed. "

Project.

Ethereum app UniLogin closed due to high gas charges. UniLogin, which announced the news on its official blog, made it easier for users to sign in to online apps with a userna name, but the company was shut down because of the high Cost of Gas for some time. Alex Van de Sande, the company's co-founder, says UniLogin is particularly sensitive to Gas prices because the project deploys a new wallet in the user's name and registers an Ethereum Name Service name before signing up with the user. Sometimes, he says, the entire process of training a new user costs more than $130, the equivalent of a hardware wallet.

Morgan Beller, one of the creators of social media giant Facebook's global stable currency program Libra, joined venture capital firm NFX. NFX announced Tuesday that Beller, 27, has become the company's fourth general partner and that her position will involve investing in networks and markets across multiple industries.

Exchange.

The crypto exchange Zebpay launched a Bitcoin-themed ad during the Indian Cricket Super League. According to Twitter user MoHit Rai Sharma, Zebpay's ads appeared on the streaming platform Disney plus Hotstar during a series of cricket matches that began on September 19. "Know simple, secure Bitcoin," the ad says, and viewers can start using bitcoin for just over $1. Sharma said the ads represented "a historic moment for India's cryptocurrency."

On September 23rd the Firecoin Cryptocurrency Exchange announced that It had launched its crypto-trading mobile app for the Russian market. Russian users can now access firecoin's spot market on iOS and Android and trade major cryptocurrencies such as Bitcoin (BTC) through their mobile apps.

Russia has blacklisted the websites of the main cryptocurrency exchanges. Russia's telecommunications regulator Roskomnadzor has added the cryptocurrency exchange's website to its list of banned platforms because of the spread of data on bitcoin transactions involving bitcoins, according to a statement posted on the Russian-language Telegram channel.

Application.

Terry Angelos, Visa's global head of fintech, says encryption companies are scrambling to work with Visa. Angelos told forbes, a business media outlet, that encryption companies had shown "great interest" in working with them. But he did not specify which encryption companies were, saying only that many wanted access to Visa's global payment processing network, which has 60 million merchants in more than 200 countries and is the world's largest.

Speaking at the Oslo Freedom Forum in 2020, Twitter and Square CEO Jack Dorsey said on Friday that blockchain technology is Twitter's future. "Blockchain and Bitcoin point to a future and a world in which content will always exist," Dorsey said. "We're not going to be in content hosting, we're going to be in discovery."

Blockchain company ConsenSys announced on Friday that it had been jointly involved in the Inthanon-LionRock cross-border payment network research project by the Hong Kong Monetary Authority (HKMA), and ConsenSysys said it would be involved in the development of technology for the central bank's digital currency proof of concept. In May 2019, the Hong Kong Monetary Authority and the Bank of Thailand signed a memorandum of understanding to launch the Inthanon-LionRock project to study the use of central bank digital currencies in cross-border payments, according to ConsenSys.