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Why is the US one of the most crypto-friendly countries in the world?

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It may come as a surprise to some, but the United States is undoubtedly one of the friendliest countries when it comes to cryptocurrencies.

With the majority of Bitcoin and Ethereum nodes in place, it occupies the number one spot, and regulators are particularly interested in the topic. The administration of President Joe Biden published a number of federal reports in September that discussed possible regulations for cryptocurrency in the coming year.

Encoder adoption

In those papers, the Office of Science and Technology stated that the government’s role is to “defend” people from the harmful effects of crypto-related pollution and climate change. The largest ever US investment in renewable, climate-resilient, and greenhouse gas emissions is President Biden’s Inflation Reduction Act. A $370 billion incentive fund, including tax credits for green energy, has been set aside as part of a plan to encourage the broad development of clean energy technology and promote the electrification of American society.

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By enabling the coordination of distributed energy resources, the use of blockchain technology in small power grids has the potential to support “technical, social and economic innovations to restructure the sustainable energy supply chain.”

The most popular blockchain, Ethereum, recently underwent a transition to a more environmentally friendly Proof of State (PoS) consensus process through its Merge event. The network is now offering an attractive return on staking, and the upgrade has increased its viability and security and has taken steps to increase its scalability.

According to a September 2022 report by the Crypto Carbon Ratings Institute, Ethereum’s shift from Proof of Work to Proof of Stake reduced the amount of electricity used by the grid and carbon emissions by more than 99.992%. This should help the United States achieve its climate goals, which are “a 50% to 52% reduction in greenhouse gas emissions by 2030, a carbon-neutral energy system by 2035, and a net-zero emissions economy no later than 2050.” , according to the Bureau of Science and Technology.

Bitcoin adoption

Some of the biggest asset managers have entered the digital asset space as a result of the crypto market crash, including MassMutual and BlackRock. Five years after CEO Larry Fink referred to Bitcoin as a “money laundering indicator,” BlackRock launched an investment fund that tracks the price of the cryptocurrency.

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KKR’s second $491 billion Healthcare Strategic Growth Fund will be tokenized by digital asset development firm Securitize Capital. Charles Schwab, Citadel, Fidelity Digital Assets, and others are launching an entirely new cryptocurrency exchange called EDX Markets, which is scheduled to open in November.

Meanwhile, cryptocurrency exchange Coinbase announced in September that it would contribute financially to a lawsuit against the Treasury Department that claims it overstepped its authority by ruling against Tornado Cash’s crypto-shuffle business.

The federal government is ready to create digital money for the central bank

In July 2022, the Treasury Department’s Office of Financial Research published a working paper that examined the potential effects of a central bank digital currency (CBDC) on the stability of the larger financial system. Two potential impacts of CBD on financial stability have been noted: “First, banks undergo less maturity shifts when depositors gain access to digital central bank currencies, thus reducing their exposure to depositors’ operations. Second, by monitoring how funds enter digital central bank currencies. Regulators can respond to stressful situations faster, reducing the short-term incentive for depositors and other creditors to withdraw assets.”

Meanwhile, stablecoins and bank cryptocurrencies have been scrutinized for a September 2022 Treasury Department report titled “The Future of Funds and Payments,” which noted a “normal use case” of central bank digital currencies. In order to “create the future of money and payments,” “strengthen US global financial leadership,” “promote financial inclusion and equity,” and “reduce risk,” the study takes these aspects into account.

NFTs on the green side

In an interview with me, John Crane, co-founder and CEO of non-fungible token platform SuperRare, explained the effects of PoS: “Artists have always been at the forefront of progressive causes, so Ethereum Proof of Stake is truly a game-changer in terms of solving one of the biggest problems in the world. NFT technology. […]

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We believe this will benefit the art of crypto and expect that it will only help the sector thrive. The revised PoS Ethereum mainnet will host one of the first viable NFTs, according to ConsenSys, founded by Ethereum co-founder Joe Lubin.

Encryption is used for illegal purposes

The alleged crimes relate to a former Coinbase product manager, according to the Department of Justice, which reported in June 2022 that it had detained three people in connection with the “first insider trading of cryptocurrency guidelines.”

To support its “efforts to combat the growing threat posed by the illicit use of digital assets to the American public,” the department published its report titled “The Role of Law Enforcement in Detecting, Investigating and Prosecuting Criminal Activities Related to Digital Assets” in September 2022 and established the National Digital Asset Coordinator Network.

BC casino game

Attorney General Merrick Garland stated, “We must work alongside departments and agencies across government to prevent and disrupt the exploitation of these technologies to facilitate crime and undermine our national security as digital assets play an increasing role in our global financial system.”

“Advances in digital assets have created a new landscape for criminals to exploit innovation for more significant criminal and national security threats both domestically and abroad,” said Assistant Attorney General Kenneth Bullett Jr. of the Department of Justice’s Criminal Division. he added: “By creating the DAC Network, the Criminal Division and the National Crypto Enforcement Team will continue to ensure that the administration and prosecutors are in the best position to combat the evolving criminal use of digital asset technology.”

Regulatory framework

The White House recently released a fact sheet outlining the regulatory framework for digital assets to protect consumers by “issuing guidelines, increasing enforcement resources, and aggressively prosecuting scammers.” This was done in accordance with Biden’s executive order to ensure the responsible development of digital assets.

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The Treasury Department’s Office of Foreign Assets Control (OFAC) has also updated its guidance to the crypto sector on how individuals and organizations can continue to comply with its sanctions against Tornado Cash, an Ethereum privacy shuffling tool that has been blacklisted over allegations that North Korean hackers have used it to launder money. According to the government, individuals may apply for an OFAC license to remove funds related to Tornado Cash.

IMPT Token Presale

IMPT.io A brand new project focused on using blockchain technology to create a greener world, it is currently on pre-sale and has already raised over $1.8 million.

This blockchain-based ecosystem aims to transform the opaque carbon credit market by incentivizing individuals and businesses to reduce carbon dioxide emissions.

IMPT’s core service is to simplify the process of obtaining and trading carbon credits, which plays an essential role in the fight against climate change. These carbon credits are essentially contracts that allow the holder to release a specified amount of carbon dioxide into the atmosphere. Each carbon credit is usually associated with one ton of carbon dioxide emissions.

Interestingly, these carbon credits can also be traded, with prices set based on the laws of supply and demand. You can refer to the technical document for this project over here.

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IMPT raises more than $1.8 million in the first few days of pre-show

IMPT’s presale has begun, and the project has already raised more than $1.8 million. As the pre-sale progresses, the price will rise steadily, which means that the first buyers will end up with the best deal.

Currently, IMPT is in its first pre-sale phase with IMPT tokens selling for just $0.018. A total of 600,000,000 tokens (3 billion IMPT is the maximum offer) were raised during this round, with another 660 million to be sold for $0.023 during the second round, and another 540 million to be sold during the third and final presale phase for $0.0280.

The price will rise gradually throughout the pre-sale period and thus will end up with the first buyers at the best value.

Visit IMPT

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Blockchain

Ankr posts $15 million to make users full as Helio stablecoin recovers after exploit

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Stablecoin Helio Protocol, which issues the HAY stablecoin pegged to the US dollar, He said In a Dec. 7 tweet, she said she had bought back $3 million worth of bad debt in HAY so far on the open market. The previous day, the blockchain infrastructure platform Ankr advertiser It will set aside $15 million to buy back bad debts generated from its recent exploitation and the resulting increase in HAY’s trading.

A series of seemingly unrelated incidents occurred on December 2 when a hacker tampered with vulnerabilities in Ankr’s smart contract code and compromised private keys following a technology upgrade. As a result, the hacker mined 20 trillion Ankr Reward Bearing Staked BNB (aBNBc), which was tied to BNB (BNB), and dumped them, with the aBNBc price dropping to less than $2 from about $300.

However, one trader then took advantage of the alleged hard-to-coding of pegged prices between aBNBc and BNB on the Helio protocol. The trader bought 183,885 aBNBc with just 10 BNB and used it as collateral to borrow 16 million HAY, which was then exchanged for 15.5 million USD (BUSD), Achieving a profit of 5,209 times from their original capital.

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After the exploit, HAY lost its peg and fell as low as $0.20 per coin before recouping most of its losses to trade at $0.96 at press time. Immediately after the incident, the Helio team stated that it would buy back the excess HAY and send it to the copy address. Originally, users were able to mint HAY by depositing BNB as collateral of 152%. The total value of the protocol was about $90 million before the accident.