Luna Heading Towards Fork, Panama President, G7 and Fed Regulation Updates and Bitcoin Pizza Day
ENEDEX DeBrief — Week 3, May 2022
Welcome to the third iteration of ENEDEX Debrief, where we recap 5 major news in the crypto and blockchain industry in bite size by the end of each week. Let’s get to it!
- Luna Heading Towards Hardfork
On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain’s market cap. As told by Kwon, Terraform Labs will put forth a new governance proposal on May 18 to fork the Terra Luna blockchain called Terra (token name: LUNA).
However, the new chain will not be linked to the TerraUSD (UST) stablecoin. Meanwhile, the old Terra blockchain will continue to exist with UST and will be called Terra Classic (LUNC). Under Kwon’s plan, if passed, the new LUNA blockchain will go live on May 27
Do you think this is the best approach? Let us know on what you think on the comment
2. Bitcoin Pizza Day
On this day 12 years ago, May 22nd, Laszlo Hanyecz spent 10,000 BTC for an order of pizza. Every year it’s celebrated by the crypto community to serve as a reminder of how bitcoin is a hard money that grow exponentially as a hedge for inflation.
How different would his life be now if he ordered just 1 pizza for 5k BTC?
3. Fed vice chair for supervision calls for congressional action on stablecoins
Michael Barr, a law professor and former advisory board member of Ripple Labs who is United States President Joe Biden’s pick for vice chair for supervision at the Federal Reserve, called for U.S. lawmakers to regulate stablecoins in an effort to address “financial stability risks.”
In a confirmation hearing before the Senate Banking Committee on Thursday, Barr said innovative technologies including cryptocurrencies had “some potential for upside in terms of economic benefit” but also “some significant risks,” citing the need for a regulatory framework on stablecoins to prevent the risk of runs. Barr added that the Fed potentially releasing a central bank digital currency was an issue that required “a lot more thought and study,” echoing Fed chair Jerome Powell’s views concerning due diligence.
4. Panama’s President Pending Signing of Crypto Bill
Laurentino Cortizo, the president of Panama, has said he won’t sign off on a crypto bill recently approved by the country’s National Assembly without additional Anti-Money Laundering rules.
Speaking at the Bloomberg New Economy Gateway Latin America conference on Wednesday, Cortizo said the bill recently passed by Panama’s legislature must go through legal checks before reaching his desk, but added he needed more information before potentially signing it into law. Describing the legislation as an “innovative law” and a “good law,” the president said he approved of certain aspects of the bill but hinted at possible illicit uses of cryptocurrencies that needed to be addressed. Thus he won’t sign the bill into law at the moment.
5. G7 financial officials call on Financial Stability Board to step up crypto regulation
The top financial officials from the Group of Seven (G7) largest advanced industrial economies have called on the Financial Stability Board to speed up crypto-asset regulation, Reuters reported Thursday, citing a copy of a communique it had obtained. The officials from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States met in Koenigswinter, Germany, following a G7 foreign ministers’ meeting earlier in the week to discuss the matter.
Those are 5 notable news on the cryptoverse this week! Anything that we missed?
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