Industry Pulse

In a significant step towards establishing its blockchain ecosystem, PayPal has filed a patent application outlining a system for purchasing and transferring nonfungible tokens (NFTs). The patent application, filed in March and published on September 21st, details a method for conducting NFT transactions, both on and off the blockchain.

Visa, the global payments powerhouse, has recently unveiled plans to significantly enhance its utilization of Circle's USDC stablecoin within its network.

PayPal has made a significant move by enabling Venmo users to purchase its newly introduced stablecoin, PayPal USD (PYUSD), thereby increasing the range of cryptocurrencies available within the app to five.

The United States Securities and Exchange Commission (SEC) has postponed its decision on the application for a Bitcoin exchange-traded fund (ETF) submitted by BlackRock, a global asset manager.

E-commerce behemoth Shopify has now embraced Solana Pay within its array of payment options, extending the ability for countless merchants to seamlessly facilitate crypto transactions. This milestone launch debuts with the inclusion of USD Coin stablecoin payments.

Amid an ongoing legal tussle with authorities over alleged securities law violations, Coinbase has clinched a regulatory nod to introduce crypto futures trading for retail customers in the United States.

PayPal is gradually introducing a new stablecoin, PYUSD, issued by Paxos, to eligible customers across the United States. This innovative addition empowers users to utilize the stablecoin for funding purchases via PayPal's Checkout with Crypto feature and transfer PYUSD between PayPal and compatible external wallets. The stablecoin also facilitates person-to-person payments and seamless conversion between PayPal-supported cryptocurrencies and PayPal USD.

According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, the probability of approval for a spot Bitcoin exchange-traded fund (ETF) in the United States has significantly increased from a mere 1% a few months ago to 65%.

In a significant development, a key United States House panel has given its approval to two bills that could bring much-needed regulatory clarity to cryptocurrency firms. The bills aim to address the distinction in jurisdiction between the U.S. securities and commodities regulators, providing clear guidelines for the crypto industry.

Republican members of the Agriculture and Financial Services Committees in the United States House have collaborated on a significant legislative initiative aimed at creating a regulatory framework for digital assets. The 212-page bill, named the "Financial Innovation and Technology for the 21st Century Act," was officially presented on July 20, following months of joint effort by the two committees.

In a significant legal development, Ripple has now risen to become the fourth-largest cryptocurrency by market capitalization after securing a partial victory against the Securities and Exchange Commission (SEC) on July 13.

Lightning Labs recently introduced a toolkit that facilitates artificial intelligence (AI) applications, like OpenAI's ChatGPT, to interact with the Bitcoin network. This allows AI systems to conduct Bitcoin transactions and hold the cryptocurrency on the Lightning Network's layer-2 solution. 

The upper house of the United Kingdom's Parliament has taken a significant step towards introducing legislation that could pave the way for the regulation of cryptocurrencies within the country.

CME Group recently revealed its intention to launch futures contracts for the Ether/Bitcoin Ratio. The scheduled release of these contracts is on July 31, pending regulatory approval.

If you haven’t been living under a rock, you would know that Binance and Coinbase are being sued by the SEC. Why? The SEC is accusing Binance of offering 12 cryptocurrencies out of the 68 that the SEC labeled as “securities.”

The Securities and Exchange Commission (SEC) has expanded its list of cryptocurrencies deemed as "securities" to a total of approximately 67. This number includes additional cryptocurrencies identified in the SEC's lawsuits against Binance and Coinbase.

Tether, the leading stablecoin, has reached an unprecedented all-time high (ATH) market capitalization exceeding $83 billion, solidifying its dominance in the market. This achievement comes amidst a challenging year for other stablecoin issuers who grapple with regulatory obstacles. Binance CEO Changpeng "CZ" Zhao echoed these concerns, highlighting the situation with Binance USD (BUSD), a fully regulated stablecoin issued by Paxos. 

The Solana Foundation, a nonprofit organization behind the Solana blockchain, recently announced the integration of AI into its ecosystem. This integration was made possible through the utilization of a ChatGPT plugin developed by Solana Labs.

Ripple expressed that venturing into custody solutions will unlock fresh revenue prospects while also highlighting that this acquisition aligns with their strategy of expanding their global footprint beyond the United States, given the uncertain regulatory environment in the country.

MetaMask has joined forces with PayPal, enabling users in the United States to select PayPal as their preferred payment option when purchasing ETH.

A new regulatory proposal has been made by the taxation arm of His Majesty’s Treasury in the United Kingdom to facilitate DeFi tax and lessen the “administrative burden” for taxpayers

Countries and governments are increasingly becoming involved in blockchain technology, particularly in the fields of regulation, new infrastructure, and new solutions. Here’s what has been happening in crypto.

Many changes that could permanently affect users’ interaction with crypto are currently taking place, from industry leaders planning game-changing crypto projects to countries adopting a new financial system and crypto regulatory standards.