US Congressman Patrick McHenry said the United States, considered the world's leading power, is at risk of falling behind in digital asset innovation due to a lack of adequate regulation for the industry. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
McHenry on the future of digital assets in the United States
📍Congress debated the future of the digital asset ecosystem during a hearing before the Financial Services Committee. US Congressman Patrick McHenry on Tuesday opened a debate on the future of cryptocurrencies and digital assets in the United States. McHenry began his speech referring to the innovation of the digital ecosystem created by Bitcoin in 2009 and highlighted the need to establish appropriate legal frameworks to regulate this innovation in the country, in order to promote its development and ensure solid protection of users and investors.
McHenry highlighted that digital assets have spread across the globe. Speaking about Bitcoin, the US congressman said that the cryptocurrency has become “the new architecture of the Internet, with ownership, digital identity and storage of value native to the technology.” However, despite the innovation offered by the digital asset ecosystem, the United States is lagging behind its global competitors.
“The United States has always led in technological invention and, if not invention, then implementation. Today, we risk falling behind competitors around the world.”
Together with Chairman Thompson and Subcommittee Chairs French Hill and Dusty Johnson, they released a draft bill to close the regulatory gap between securities and commodities laws, in order to provide “much-needed clarity for digital assets” today.
Despite seeking to establish a regulatory environment that allows innovation to flourish in the country, McHenry's bill imposes far more onerous requirements than those established for the traditional financial system. Likewise, companies in the crypto industry will have to comply with strict requirements regarding the segregation of customer assets and the raising of capital.
Hong Kong extends invitation to crypto companies
📍Hong Kong invites cryptocurrency companies to set up shop on its territory. Hong Kong Legislative Council member Johnny Ng tweeted: extended an invitation to cryptocurrency companies to establish themselves within its jurisdiction, which is building a new favorable legal framework with the development of this industry.
On Twitter, the lawmaker emphasized that American crypto companies like Coinbase are facing a time of regulatory uncertainty in the United States. The lawmaker also stated that crypto companies interested in establishing themselves in Hong Kong can turn to him for guidance and any help in this regard.
Hong Kong has started a A new chapter for cryptocurrencies in China and the world by launching a new licensing regime for digital asset service providers and allowing retail investors to enter this digital financial ecosystem.
Black Station, a web3 experience created by Puma
📍Sports brand Puma has introduced a new Web3-focused virtual experience for its consumers. On Twitter, the brand announced the launch of Black Station, a new 3D virtual space that allows consumers and users in general to experience the brand's products from a completely new and innovative perspective.
Puma's new virtual experience will be accompanied by limited edition physical and digital products and items, the company explained.
Continue reading: Will the UK become the next oasis for the crypto industry?
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