Here's What Happened in Crypto Yesterday
![](data:image/svg+xml;utf-8,<svg xmlns="http://www.w3.org/2000/svg" width="947" height="520" />)
Yesterday, the crypto market witnessed significant developments, ranging from regulatory breakthroughs in the United States to growing support for central bank digital currencies (CBDCs) in emerging markets. Additionally, the legal status of cryptocurrencies received attention in the Singapore High Court.
1. Bipartisan Crypto Bills Passed in the US
In a "huge win" for the US crypto industry, a key United States House panel approved two bipartisan bills aimed at providing regulatory clarity. The first bill, known as the Financial Innovation and Technology for the 21st Century Act, establishes rules for crypto firms regarding registration with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC). The second bill, the "Blockchain Regulatory Certainty Act," seeks to remove hurdles and requirements for blockchain developers, service providers, and decentralized finance (DeFi) platforms.
2. Growing Support for CBDCs in China and India
According to a survey conducted by the CFA Institute, a majority of investment professionals in China (70%) and India (66%) support the introduction of central bank digital currencies (CBDCs). However, support in developed markets, such as the United States, remains lower, with only 31% in favor of a digital dollar. The survey also highlighted that many investment professionals still have a modest understanding of CBDCs, suggesting that attitudes may change as knowledge increases.
3. Crypto Ruled as Property by Singapore High Court
In a significant legal ruling, the High Court of Singapore declared that cryptocurrencies are considered property and can be held in trust. The court case involved a former employee of Bybit, who was accused of transferring Tether from the exchange to her private accounts. The judge emphasized that crypto possesses value, similar to fiat money, and can be identified as digital tokens despite lacking physical presence. The ruling provides essential insights into the juridical status of digital assets.
These developments indicate the ongoing efforts by regulators and market participants to bring clarity and stability to the crypto industry. As the sector continues to evolve, it remains essential to stay informed about the latest trends and events shaping the cryptocurrency market.
Please note that this article is for informational purposes only and does not offer investment advice. Readers are advised to conduct their research and exercise caution when making investment decisions.
8 comments