Web3 Diaries-G20 Welcome FSB’s Tougher Crypto Rules
The Group of Twenty (G20) welcomed the high-level recommendations of the Financial Stability Board (FSB) on crypto asset activities and global stablecoin arrangements, said Nirmala Sitharaman, Finance Minister of India, which currently holds the G20 presidency, during a press conference on Tuesday.
On Monday, international standard-setter FSB called for tougher rules on safeguarding crypto clients’ assets and avoiding conflicts of interest, after multiple allegations of bad behavior emerged during crypto’s recent turbulent year.
The recommendations follow a consultation in which traditional finance companies pushed for stronger crypto controls, while the likes of Binance and Coinbase have warned that tougher rules could constrain innovation.
Crypto VC Firm Polychain Capital Raises $200 mn For Fourth Fund
Blockchain-focused venture capital (VC) firm Polychain Capital has raised around $200 million in an initial close for its fourth crypto venture capital fund, Fortune reported citing a person familiar with the matter.
According to Fortune, Polychain still intends to raise a total of $400 million for the fund, which is in line with the target sum stated in a filing made in April with the U.S. Securities and Exchange Commission for its Polychain Ventures IV (Parallel) LP fund. The filing demonstrates that the fund had not yet raised any money.
In order to adjust its investment emphasis, the VC company has also let go of three members of its roughly 15-person research team, according to Fortune, which quoted the source.
Robert F. Kennedy Jr Vows To Back US Dollar With Bitcoin If Elected President
If elected president, Democratic presidential candidate Robert F. Kennedy Jr. has pledged to gradually back the US currency with Bitcoin.
Kennedy asserted that supporting the U.S. dollar with so-called “hard currency,” such as gold, silver, platinum, or Bitcoin, may aid in re-stabilizing the American economy while speaking at a Heal-the-Divide PAC event on July 19.
Kennedy said that the process would be slow and that, based on the outcome of the plan, he would change the dollar’s level of support.
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