This weekly round-up covers the latest developments in Web3, including legal battles, technological innovations, and strategic partnerships in the cryptocurrency space.
Points
- Nigerian Central Bank official testifies against Binance.
- The U.S. House revisits the controversial SEC rule, SAB 121.
- Tron founder Justin Sun announces a revolutionary gas-free stablecoin.
- Highlights of interesting projects and partnerships in the Web3 space.
Welcome to the 100th edition of our Weekly Round-Up, where we bring you the latest and most impactful developments in the Web3 space. This week has been eventful, with significant legal battles, technological innovations, and strategic partnerships shaping the future of cryptocurrency and blockchain technology.
Nigerian Central Bank Official Testifies Against Binance
Olubukola Akinwumi, a Deputy Director at the Central Bank of Nigeria （CBN）, recently testified against Binance, accusing the exchange of illegal financial transactions and money laundering worth $35.4 million. Despite Binance suspending its peer-to-peer feature in Nigeria, Akinwumi highlighted that the platform still allows users to deposit and withdraw Naira, which violates CBN regulations. This testimony is part of a broader crackdown on crypto in Nigeria, with the country’s National Security Adviser labeling crypto a security threat and the Securities and Exchange Commission demanding re-registration from crypto exchanges.
House Set to Revisit Controversial SAB 121
Next week, the U.S. House will revisit the controversial SEC rule, SAB 121, after President Biden vetoed its rollback in May. This rule mandates that firms holding cryptocurrency for customers must record these assets as liabilities. The House needs a two-thirds majority to overturn Biden’s veto, a challenging goal given the current vote deficit. While some, like Alexander Grieve from Paradigm, believe bipartisan support could make it possible, others remain skeptical.
Tron Founder Justin Sun Announces Revolutionary Gas-Free Stablecoin
Justin Sun, the founder of Tron, has announced the development of a new stablecoin that allows users to transfer funds without paying gas fees. This innovation is expected to launch on the Tron blockchain and later expand to Ethereum and EVM-compatible blockchains by Q4 this year. Sun believes this gas-free stablecoin will make it easier for large companies to use stablecoins, boosting blockchain adoption. This new offering could rival PayPal’s PYUSD and USDC transfers on Coinbase, both of which offer fee-free transactions in different ways.
Spotlight on Interesting Projects
Tezoro
Tezoro is a notable project featured this week. It allows users to securely manage and transfer assets without the risk of unauthorized changes or replacements. Tezoro’s technology ensures that the amount and backup address remain unaltered, providing a high level of security and trust.
Conclusion
This week’s developments highlight the dynamic and evolving nature of the Web3 space. From legal battles and regulatory challenges to technological innovations and strategic partnerships, the cryptocurrency industry continues to grow and adapt. Stay tuned for more updates in our next Weekly Round-Up!
解説
- The Nigerian Central Bank’s crackdown on Binance highlights the ongoing regulatory challenges faced by cryptocurrency exchanges.
- The U.S. House’s revisit of the controversial SEC rule, SAB 121, underscores the regulatory complexities in the crypto industry.
- Justin Sun’s announcement of a gas-free stablecoin marks a significant technological innovation, potentially boosting blockchain adoption.
- Projects like Tezoro demonstrate the continuous evolution and innovation within the Web3 space, focusing on security and user trust.
- These developments reflect the dynamic nature of the cryptocurrency industry, with ongoing legal, regulatory
, and technological changes shaping its future. Staying informed about these updates is crucial for investors and participants in the Web3 space.