Last week on Crypto Twitter, Tesla and SpaceX CEO Elon Musk surprised everyone by announcing Linda Yaccarino as Twitter’s new Chief Executive. Yaccarino, the former head of advertising at NBCUniversal, will oversee business operations while Musk will continue serving as CTO and executive chairman, focusing on product design and new technology. The decision came after Musk shared his vision of transforming the social media platform into a comprehensive app called X, something similar to China’s WeChat, which may also incorporate cryptocurrencies.
Being a prominent advocate of cryptocurrencies, Musk’s Tesla is one of the biggest institutional Bitcoin holders, even after selling three-quarters of its original stake. Additionally, Musk has frequently shared his support for Dogecoin, which has led to price surges. With his increased involvement in Twitter and a firmer influence on product design, it is entirely possible a cryptocurrency integration could be in the platform’s future.
Meanwhile, Coinbase CEO Brian Armstrong praised the United Arab Emirates’ (UAE) progressive stance on cryptocurrency regulations. He cited their clear rule book and dedicated crypto regulator as being innovative and business-friendly while also providing strong customer protections. Armstrong’s acknowledgment of the benefits of a regulated environment highlights the hostile regulations facing the US-based company, which has been driven offshore to countries such as Bermuda, where it has established an international exchange.
In contrast, European Union (EU) lawmakers approved the Markets in Crypto Assets (MiCA) bill, creating a unified regulatory approach across the 27-member block. This move was hailed by Circle’s EU strategy and policy director, Patrick Hansen, as a significant development for crypto in Europe, with the share of venture capital investment into EU crypto projects up from 5.9% in Q1 2022 to 47.6% in Q2 2023.
US President Joe Biden took a more aggressive stance, aligning wealthy crypto investors with “MAGA House Republicans” who exploit loopholes to avoid taxes. However, this view was debunked by fact-checkers clarifying that all crypto profits are subject to capital gains tax.
MicroStrategy CEO Michael Saylor shared another bullish outlook for Bitcoin in a video where he claims the cryptocurrency’s price will continue to rise with volatility, driving mining revenue levels back to where they were a year ago. Stablecoin issuer Tether also boasted a higher revenue than BlackRock, the world’s largest asset manager, with Q1 2023 net incomes of $1.48 billion compared to BlackRock’s $1.16 billion.
ZachXBT, the well-known blockchain investigator, exposed another crypto scammer, while independent Ethereum educator Anthony Sassano lauded Ethereum staking as a strong aspect of the network.
A positive development came from the Texas Legislature, which voted 139 to 2 to update the Bill of Rights, allowing residents to own, hold, and use digital currencies. This sent a powerful signal to other states that digital asset ownership and usage should be protected.
Lastly, Web3 law expert MetaLawMan shed light on the US Chamber of Commerce’s recent amicus brief filed in support of Coinbase’s ongoing court petition. Coinbase is seeking clarification from the US Securities and Exchange Commission on its rules regarding digital assets, arguing that regulatory uncertainty is hindering innovation and violating constitutional rights. This recent move by the Chamber of Commerce highlights once again the need for regulatory clarity in the US to foster growth and maintain its competitive edge in the digital asset space.
