Daily Crypto News

1. California Assembly Passes Crypto Regulation Bill That Requires Bank-Issued Stablecoins — The Digital Financial Assets Law, dubbed California’s “BitLicense,” takes after New York’s BitLicense regulation, which came into effect in 2015. California’s law, if signed by Newsom, a Democrat, would go into effect in January 2025.
2. D.C. AG sues former MicroStrategy CEO Michael Saylor for tax evasion — The Office of Attorney General for the District of Columbia (OAG) is suing former MicroStrategy CEO Michael Saylor, claiming the billionaire bitcoin influencer has “unlawfully deprived the District of tens of millions of dollars in tax revenue.”
3. NFT Case Promises to Test Boundaries of Insider-Trading Laws — A group of lawyers argues that prosecutors’ first NFT insider-trading case opens the door to an overly broad use of the wire-fraud statute to penalize unauthorized use of workplace information.
4. Mythical Games Is Building an Ethereum-Compatible Chain — John Linden, CEO of gaming technology company Mythical Games, said his company his company is testing an “adjacent” blockchain that will be compatible with the Ethereum blockchain.
5. Sam Bankman-Fried says his bailouts of sputtering crypto firms were snap judgments and the results have been mixed — The CEO of digital asset exchange FTX told Bloomberg in an interview published Wednesday he felt spearheading bailout deals was the right thing to do for the industry. The 30-year-old entrepreneur has been behind about $1 billion worth of deals
6. Bitcoin mining difficulty at its second highest on record, rises over 9% — Bitcoin mining difficulty rose by 9.3% on Wednesday, marking the biggest jump since January and the second highest level on record, according to data from BTC.com.
7. Tether pushes back at WSJ doubts on its reserves — In response to the Wall Street Journal alleging that Tether’s USDT stablecoin is not adequately backed by reserves, Tether called the report a series of “unsubstantiated conclusions” that tried to “discredit Tether’s work on transparent and honest communications to the public.”
8. House committee inquires into 5 crypto companies amid rise in fraud — The rise in crypto scams over the past year has drawn the attention of a House committee, which is now launching inquiries into Coinbase, Binance.US, FTX, Kraken, and KuCoin.
9. Is USDN Like UST? No, Says Waves Founder Sasha Ivanov — Waves founder Sasha Ivanov dismissed criticism of the protocol’s recent decision to add the new SURF token as part of the basket of tokens that backs its USDN stablecoin, which some detractors say has “created a model similar to UST,” referring to Terra’s algorithmic stablecoin.
10. LG Electronics to launch Hedera-based crypto wallet — “Wallypto” is built on the Hedera Hashgraph blockchain and currently supports Hedera’s HTS tokens, but is expected to expand the list of supporting networks and tokens upon official release.

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