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US House Financial Services Committee members, led by Chair Patrick McHenry, are seeking clarity from the SEC and FINRA about how Prometheum secured a special purpose broker-dealer (SPBD) license.
They're probing if the SEC used Prometheum as a model firm to support Gary Gensler's stance that existing laws suffice for crypto regulation in the U.S.
Despite Prometheum's claims of being pivotal for regulated digital asset offerings, the lawmakers pointed out that the firm hasn't served any customers yet. Also they raised concerns about potential ties between Prometheum and the Chinese Communist Party.
The committee has requested related documents and communication records by Aug. 22. 
US stablecoin legislation negotiations have stalled, with House Financial Services Chair Patrick McHenry blaming the White House. McHenry noted that the parties were closer than ever to a bipartisan deal after 15 months of talks.
However, Rep. Maxine Waters criticized the current stablecoin bill as "deeply problematic," voicing concerns about state regulators approving stablecoin issuances without Federal Reserve input. She also feared companies like Amazon and Facebook issuing their own digital currencies. 
Cryptocurrency Regulation in Estonia: Key Features Unveiled
With a welcoming attitude towards digital assets, Estonia makes running a digital business just as straightforward as it would be in Lithuania, Poland, Malta, or Gibraltar. For this reason, numerous cryptocurrency companies have chosen to register in this jurisdiction. Cryptocurrencies Trapped by High Interest Rates
Analytical company Nansen has issued a report examining the impact of inflation on both the traditional and cryptocurrency markets. Their experts forecast global growth following the conclusion of the era marked by interest rate hikes and the implementation of transparent regulation. 
Crypto Regulation and Market Anticipations
The MiCA's ratification has effectively legalized the cryptocurrency market across 27 EU countries. Eight more potential member nations will soon modify their laws to comply with MiCA. This move means the legislation will impact over half a billion people, making it a unique event of unprecedented scale. 
Singapore’s central bank, the Monetary Authority of Singapore (MAS), has released a final regulatory framework for single-currency stablecoins (SCS) under its regulation.
MAS stated that the framework’s goal is to guarantee “a significant level of value stability” for stablecoins.
This framework will be applicable to all stablecoins tied to the Singapore Dollar or any other G10 currency issued within Singapore. 
"Simply put, no. Bitcoin raises concerns among both local and European regulators. Our primary business demands our focus, and it wouldn't be rational to jeopardize it by engaging with a high-risk asset like Bitcoin," says Mykhailo Rohalskyi.
He believes that cryptocurrency lacks advantages over fiat money, apart from the potential to sidestep local currency regulations.
Speaking on Ukraine's crypto landscape, the Monobank co-founder added:
"I'm skeptical about the widespread acceptance of cryptocurrencies in our country. The approach of the National Bank of Ukraine to crypto regulation remains uncertain." 
Brian Armstrong has publicly urged US residents to actively support the 21st Century Financial Innovation and Technology Bill, which promises to bring much-needed clarity to cryptocurrency regulation.
Armstrong emphasized that it is ordinary Americans who can have a decisive impact on the outcome of the vote by sending an email to their representatives asking them to support the bill.
In a more detailed statement, Coinbase added that the bill, in addition to protecting consumer rights and enhancing national security, has the potential to spur job creation in the US. 
The United States Government Accountability Office (GAO) has published a report suggesting that a more robust regulatory framework is required for the use of blockchain in finance.
The report highlighted the lack of regulation around crypto asset trading platforms and stablecoins and identified non-security crypto asset spot markets as the main regulatory gap. According to the GAO, Congress could address these issues by designating a federal regulator to oversee these markets.
Moreover, the report suggests a need for more regulatory coordination and proposes the establishment of a formal mechanism to identify risks and respond to them within an agreed timeframe. At the UN Table: AI's Bright Horizons vs. Looming Threats
In mid-July, for the first time, world leaders assembled at the UN Security Council to grapple with the risks tied to widespread AI adoption. The discussion bore fruit in the form of a three-year action plan, with the United Kingdom poised to potentially take the lead in global regulation. Cracking Down on Deepfakes: AI Regulation News
Deepfakes, the brainchildren of AI, are swiftly morphing into a colossal issue. Not only are they infringing upon the personal lives of average citizens, but they're also jeopardizing U.S national security. As federal regulations lag, individual states are stepping up to rein in the rampant misuse of AI. An Exclusive Interview with Trustee CEO Vadym Grusha
During the Incrypted Web3 conference in Kyiv, we managed to secure an engaging discussion with Vadym Grusha, the co-founder and CEO of Trustee Wallet. Our conversation covered a wide range of topics, including the unique features and advantages of the Trustee service, its challenges and hurdles, along with Grusha's personal insights on the regulation of the crypto market in Ukraine and the world. The Challenge of Global AI Regulation: Is it a Feasible Goal?
Calls for universal principles to regulate the AI sector are voiced by supporters and skeptics of the swift evolution of large language models alike. Yet, the cues from international institutions and historical precedents suggest it's unavailing to anticipate any significant progression in this direction until a clear crisis emerges. 
