Crypto Flipsider News – U.S Won’t Ban Crypto, Singapore Licenses

Read in the Digest

• Breaking news: The U.S. won’t ban crypto.
• Visa (NYSE:) unveils unified payments, Robinhood’s popularity wanes, Binance pushes for regulatory compliance.
• Singapore regulators licence DBS Bank and IR, South Korea to begin crypto tax in 2022.
• TikTok joins the NFT trend, JPEG’d to launch CryptoPunks lending.

Breaking News: The U.S, Won’t Ban Crypto

China’s brutal stance on crypto, along with some misconceptions, have led many to believe that the U.S. may be next in line to exile crypto. However, the chairman of the Federal Reserve, Jerome Powell, has announced that the United States won’t follow the path of China in trying to ban crypto.

Reports about a possible ban of cryptocurrencies in the U.S. rose after Powell told the House Financial Services Committee that “you wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency.”

In a recent address, Powell said he “had misspoken,” and the U.S. isn’t planning to ban crypto. Powell had made the earlier statements amidst a post-covid economic downtrend and concerns about slowing down the $120 billion in bond purchases in July.

Janet Yellen, the Treasury secretary, has, on the other hand, said that it is necessary to regulate stablecoins. In addition to this, U.S. officials plan to introduce recommendations for sealing the various holes in stablecoin regulation.

Flipsider:

• While the U.S. is looking forward to the regulation of crypto, China is reportedly preparing more anti-crypto policies

Why You Should Care

With China’s crackdown on the crypto industry, the United State’s resolve not to ban cryptocurrencies should give the industry the necessarily stability to recuperate from its losses.

Visa Unveils Unified Payments, Robinhood’s Popularity Wanes, Binance Pushes for Regulatory Compliance

So far in 2021 Visa has entered into numerous partnerships in its race to full crypto integration. As it edges closer to its goal, the payments giant has announced a blockchain channel to unify crypto, stablecoin, and CBDC payments.

Visa has stated that its Universal Payment Channel (UPC) initiative, which will connect blockchain and CBDC networks across the globe, could launch in the “not-too-distant future,”.

In a bid to strengthen its regulatory compliance, Binance, the world’s largest crypto exchange, has employed the services of veteran IRS investigators. Former IRS special agent Tigran Gambaryan will serve as the VP of global intelligence, while Matthew Price is senior director of investigations.

Binance has added Nils Andersen-Röed, a Europol investigator formerly of California, and Chainanalysis detective Aron Akbiyikian to their team following its regulatory battles with the U.S., China, and Singapore.

Flipsider:

• Unable to keep up with the…