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This Week in Crypto...

July 18, 2021
On Monday, Sotheby's sold a 101 carat diamond for $12.3 million in crypto, making it the most expensive gem ever to be purchased with cryptocurrencies.

On Tuesday, 

The Bank of New York Mellon will be providing ETF services for Grayscale's Bitcoin Trust, with BNY CEO of asset servicing Roman Regelman stating this partnership with Grayscale:

“stands squarely at the intersection of trust and innovation.”

On Wednesday, 

Visa approved a Bitcoin debit card in Australia via startup CryptoSpend.

Chairman of the Federal Reserve of the United States, Jerome Powell, stated that stablecoins must be more carefully and strictly regulated, arguing that there is no regulation in place to control these markets. Speaking to the recent financial crisis, he said this about stablecoins: 

"The market just disappears. And that’s when people will want their money. It’s very simple: These are economic activities very similar to bank deposits and money market funds, and they need to be regulated in comparable ways.”

On Thursday, 

The Australian DeFi industry is pushing a new initiative that would legally recognize DAOs. 

The US Government announced a program offering up to $10 million in bounties for help finding the perpetrators behind cyberattacks on US infrastructure. 

On Friday, 

Janet Yellen, U.S. Secretary of the Treasury, announced the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the President's Working Group on Financial Markets will be meeting on Monday, July 19 to discuss stablecoins. 

“Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system. In light of the rapid growth in digital assets, it is important for the agencies to collaborate on the regulation of this sector and the development of any recommendations for new authorities.”

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