The first Elliptical blog post of 2024 highlights key developments and trends in #crypto regulatory and policy for the year 2024. The US SEC's approval of 11 spot #BitcoinETFs is seen as a positive step, offering hope for clearer regulatory developments in the country. The top five trends to watch in 2024 include:
1. Stablecoins Regulation: The opportunities and risks of #stablecoins will be a focal point, especially with new requirements for stablecoin issuers in the European Union coming into effect. Financial crime risks associated with stablecoins will also be a priority on the international agenda.
2. Leading Crypto Hubs: Paris, Dubai, and Hong Kong are identified as leading hubs for well-regulated crypto activity. These cities are expected to entrench their status in 2024, providing clarity in regulatory frameworks, though with high standards for market participants.
3. US Regulatory Uncertainty: The US is predicted to remain uncertain due to structural factors, jurisdictional entanglements, and legislative challenges. Despite this, institutional players are expected to drive progress in opening up the US financial sector to greater crypto-related innovation.
4. DeFi in the Spotlight: 2024 will be crucial for decentralized finance ( #DeFi ), with regulators focusing on aligning efforts globally to address perceived challenges. The year will determine if the DeFi space can be made compatible with regulation while remaining decentralized and innovative.
5. AI and Crypto Fusion: There will be increasing regulatory discussion around the potential fusion of artificial intelligence (AI) and crypto. Innovators envision the convergence of #AI and blockchain technologies, prompting regulators to scrutinize the risks and issues associated with this convergence. The EU's proposed AI Act is mentioned as a regulatory framework similar to MiCA, governing both AI and crypto.
Overall, 2024 is expected to be a defining year for the crypto industry, with a spotlight on stablecoins, leading crypto hubs, US regulatory challenges, DeFi, and the potential fusion of AI and crypto.

📅 As of January 5th, the total market value of #stablecoins has surged to an impressive $131.9 billion.
💪 Dominating the space, #USDT takes the lead with a staggering circulation of over $92.7 billion, securing a dominant stablecoin market share of 70.28%!
🔥 The crypto world is witnessing remarkable growth, and USDT is at the forefront, playing a pivotal role in shaping the market dynamics.
🚀 Stay tuned for more updates as the crypto landscape continues to evolve! #CryptoNews #USDTDominance 🌐
#BTC
$BTC $PEOPLE $JTO

John Deaton, a prominent advocate for the cryptocurrency XRP, has publicly criticized Senator Elizabeth Warren following her recent anti-stablecoin correspondence with Treasury Secretary Janet Yellen. Deaton voiced his concerns on the social media platform X, questioning Senator Warren's focus amidst other pressing issues in Massachusetts.
Senator Warren's Anti-Stablecoin Efforts
In a detailed letter dated April 16, Senator Warren addressed Secretary Yellen, expressing her concerns about the potential threats posed by cryptocurrencies, especially stablecoins, to national security. She highlighted the risk of their exploitation by terrorist organizations and rogue nations, urging for stricter anti-money laundering (AML) measures within any forthcoming stablecoin legislation.
Warren's letter suggested incorporating AML/CFT requirements for all digital asset intermediaries, including miners and validators, to counter the anonymity and decentralization that might facilitate illicit financial activities. Her concerns were amplified by the testimony of Deputy Secretary Adewale O. “Wally” Adeyemo, who emphasized the need for additional AML authorities to manage the misuse of cryptocurrencies.
Deaton's Response and Political Aspirations
John Deaton's critique on X called out what he perceives as Warren's misplaced priorities. He argued that the Senator's efforts appeared more aligned with banking industry interests rather than addressing immediate state issues like immigration, inflation, and public health crises.
Deaton also pointed to the lack of attention given to local issues, such as those affecting Steward Hospitals, suggesting that such matters are overshadowed by her focus on cryptocurrency regulations. His response was triggered by a post from Alexander Grieve of Paradigm, who shared parts of Warren’s letter, which also mentioned enhancing the regulatory framework to include DeFi system nodes in AML strategies.
Furthermore, Deaton revealed his plans to submit an amicus brief on behalf of Coinbase in their lawsuit against the SEC, underscoring his ongoing involvement and support for cryptocurrency advocacy. This action precedes his own announced intention to run for Senate, indicating a potential shift towards more direct political engagement in the crypto regulatory conversation.
The Broader Impact of Regulatory Proposals
Senator Warren's continued push for comprehensive regulatory oversight of cryptocurrencies reflects a growing governmental focus on the intersection of digital assets and national security. Her call to action highlights the complexity of regulating a rapidly evolving digital landscape while balancing the need to protect national interests against potential misuse by adversarial entities.
$XRP
#Ripple #stablecoins

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Tether has introduced a new payment option for residents of the Philippines, allowing them to pay their social security system (SSS) contributions using its stablecoin, USDT.
Social Security System (SSS) in the Philippines
The SSS is a state-run social insurance program providing support to employees in both formal and informal sectors. It aims to offer financial assistance during challenging times and administers two key programs: the social security program and the employees’ compensation program.
Tether Partners with Uquid
Tether has partnered with Uquid, a leading Web3 shopping and infrastructure firm, to facilitate USDT payments for SSS contributions on the TON blockchain. Uquid is known for its decentralized commerce infrastructure platform that leverages blockchain technology and decentralized finance to offer crypto payment options. With a user base of over 260 million across various markets, Uquid is well-positioned to support the adoption of cryptocurrencies in daily transactions.
Growing Demand for Stablecoins
Stablecoins have seen increased demand in recent years, reflecting broader cryptocurrency adoption. They have played a crucial role in driving mainstream acceptance, initially serving as an on-ramp tool for centralized exchanges and now becoming vital liquidity providers in both centralized and decentralized markets. Advocates argue that stablecoins' near-instantaneous transactions and low costs make them ideal for disrupting the payments sector.
Stablecoin Integration in Payment Systems
PayPal introduced its PYUSD stablecoin last year to facilitate instant and lower-cost transfers within its payment infrastructure. Similarly, Stripe announced on April 25 that it would allow merchants using its platform to accept stablecoins for online transactions, starting with USDC on the Solana, Ethereum, and Polygon blockchains. Additionally, stablecoins are gaining traction for cross-border payments at the institutional level, highlighting their potential to revolutionize traditional financial systems. Recently, PayPal announced a feature allowing users to convert PYUSD stablecoin in their linked PayPal accounts to USD and use it as a funding source to send money to recipients in 160 countries globally.
Changes in Stablecoin Holdings
Despite the growing adoption of stablecoins, holdings among institutional and retail investors have decreased from 50.2% in December to 42.8% in May. Bitcoin remains the largest single asset held, accounting for 26% of their total assets as of May 2024. Retail traders and institutions alike continue to prefer BTC over ETH, despite renewed optimism for ETH Spot ETFs. Institutional positions in BTC and ETH are more concentrated compared to those of retail traders, with holdings of 39.4% and 20.9%, respectively, as of May. Following the SEC’s approval of Bitcoin Spot ETFs in January 2024, institutional Bitcoin holdings have consistently increased, while Ether positions have surprisingly decreased, suggesting a preference for Bitcoin due to concerns about Ether Spot ETFs not including staking rewards. In contrast, retail traders have demonstrated their ability to time the market effectively during the March-April 2024 correction.
Conclusion
The partnership between Tether and Uquid to enable USDT payments for SSS contributions in the Philippines marks a significant step towards integrating stablecoins into everyday transactions. As stablecoins continue to gain acceptance, they have the potential to transform traditional payment systems, offering faster and cheaper alternatives for cross-border transactions and everyday use. However, the shifting preferences and holdings among institutional and retail investors indicate an evolving landscape in the cryptocurrency market.
#Tether #USDT #crypto #stablecoins

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Circle, the stablecoin issuer, announced the release of Euro Coin on Avalanche, the first in a series of planned multi-chain launches for the euro-backed stablecoin.

According to Circle, integrating Euro Coin into Avalanche applications, which already support the USDC stablecoin, will be a straightforward process. The acceptance of Euro Coin on the Avalanche blockchain platform reflects the growing demand for a wider range of stablecoin options across various blockchain networks.

It is said that bringing Euro Coin to #Avalanche could help increase euro liquidity. Additionally, it was noted that Euro Coin could provide options for global users who want to transact in euros or USDC.

According to Circle's statement, several applications on the Avalanche platform have expressed their inclination to include Euro Coin. It is expected that decentralized finance (DeFi) applications such as Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets, and Trader Joe, operating on the Avalanche network, will adopt the stablecoin.

Furthermore, individuals with Circle accounts can now use Euro Coins on the Avalanche platform for various purposes, such as cryptocurrency trading, lending, asset protection, and transactions.

Currently, Circle holds a pair of fiat-backed #stablecoins one being USD Coin. Designed to reflect the value of the US dollar, this stablecoin has a market capitalization of approximately $29 billion. According to data provided by CoinGecko, the market value of Euro Coin is relatively low at $48 million.

#binancepizza #feedfeverchallenge #avax