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Banking enforcement targeting legal crypto businesses appears to violate the FDIC’s mandate. It may also be amplifying financial contagion.

Bitcoin continues to trade higher into the U.S. Federal Reserve’s latest interest rate decision. 

The leading cryptocurrency by market cap was trading at around $28,650, up about 1.7% in the past few hours, according to TradingView data. The U.S. central bank is expected to increase rates by 25 basis points.

“The consensus has shifted to what we posted last week, that no hike, or worse, a surprise cut, will ironically signal more panic for markets,” digital asset investment firm QCP Capital wrote in a market update on Tuesday. The policy committee’s decision is “crucial for markets as a pivot.” 

“Bitcoin and gold rallied exponentially partly because of the large Fed liquidity injection, but more so because of the lack of resolve amongst Fed policymakers,” the note read.

The decision is slated for 2 p.m. EDT today. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Policymakers in the French National Assembly voted in favor of an amendment that would ban influencers from promoting crypto assets which haven’t received a stamp of approval from government regulators.

Since no company currently holds a Financial Monetary Authority license – which is currently optional — influencers in France are essentially not allowed to endorse any digital asset. Those who violate the rules could face a two-year prison sentence as well as a fine of €30,000 ($32,000). 

French lawmakers approved the amendment in a bill addressing scams coming from influencers on social networks. Alongside crypto, the ban was also placed on gambling and certain pharmaceutical products and procedures.

The move comes as celebrity endorsements of digital assets have caught the attention of regulators around the world. In the U.S., the Securities and Exchange Commission targeted Kim Kardashian over an ad endorsing the token belonging to EthereumMax in a case that was settled with a $1.3 million fine last October.

A lawsuit last week claimed a group of social media influencers promoted fallen crypto exchange FTX to their followers without disclosure of compensation.

Changing regulatory landscape

In France, crypto firms currently have two options to become regulated — the first being registration and the second a hard-to-attain license. While major players like Binance, Societe Generale and, most recently, Circle have registered with the AMF, not a single firm has gained the license.

New rules are set to come into effect in January 2024, tiering up the registration requirements for new firms. These requirements will bridge over into the European Union’s Markets in Crypto-Assets regulation, which is expected to come into force later in 2024, but give firms additional time to transition. 

MiCA offers a passporting regime, meaning that a company licensed in one EU country can extend its services to any of the others in the 27-nation bloc. This regime may ease the implications of the ban on influencer’s crypto ads in the coming years.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Tools that track “whale activity” can provide real-time insight into how capital is moving in digital assets such as bitcoin and liquid staked ether and can inform investing decisions.

The domain provider will allow users to send encrypted messages to one another, helping Web3 projects foster community.

Gotchichain is a permissioned version of Polygon optimized for Aavegotchi-themed games and dapps.

The effort by the Texas senator adds to a similar state-level measure proposed earlier this week by Florida Governor Ron DeSantis.

USDT has been added to Telegram’s @wallet bot, expanding the messaging app’s facility for buying and selling crypto.

Social media stars wouldn’t be allowed to shill unlicensed crypto under anti-scam plans voted on by the National Assembly’s Economics Committee Wednesday

TYB (Try Your Best) is built on the Avalanche blockchain and provides brands with tools to expand their customer loyalty programs.