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UK Committee Suggests: Regulate Crypto Trading Like Gambling
In an unorthodox move, a group of British legislators has proposed that the trading of "unbacked cryptoassets" such as Bitcoin and Ethereum should be regulated akin to gambling, not as a financial service, according to a recent House of Commons Committee report. 
Blockchain games dominate the market, outpacing DeFi by 2x
DappRadar, in collaboration with BGA Games, has released a report on blockchain games for February 2023. The report provides an overview of the industry's current state, user engagement, and financial performance, indicating that the industry still has potential despite facing obstacles. 
According to the March 2023 reserve report , a total of 8.7 billion USDC is being held in six banks. However, three of these banks – Silvergate, Signature, and Silicon Valley Bank – are currently experiencing liquidity and solvency issues. The situation is especially dire for Silicon Valley Bank, which held 3.3 billion USDC and has been forced to close by the California Department of Financial Protection and Innovation.
The USDC price has dropped by 15%, to $0.86, in response to these developments. Additionally, the DAI stablecoin has fallen by 10%, as up to 50% of its collateral is held in USDC.
Currently, US Treasury bills account for 77% of the USDC reserves. The remaining 23% is held in cash at various banking institutions. The fate of these funds will depend on the outcome of the bankruptcy process for the affected banks and the amount of funds that can be recovered. Bank of America: 2023 will be the year of utility tokens
According to the BoA's latest report (https://www.coindesk.com/markets/2023/02/28/2023-will-be-the-year-of-crypto-token-price-divergence-bank-of-america/), the market is expecting a significant divergence in token prices this year. Industry analysts believe that utility tokens will outperform governance and memecoins. 
Microstrategy Stands Firm with its Bitcoin Holdings
In their recent report, Microstrategy revealed that it has maintained a steadfast position on its Bitcoin holdings, retaining 140,000 BTC on its balance sheet throughout Q1 2023. This unwavering commitment showcases the company's confidence in the long-term potential of the cryptocurrency. 
U.S. Department of the Treasury Takes on DeFi
The US regulators have recently dealt a series of significant blows to the largest cryptocurrency exchanges and have shifted their focus towards decentralized platforms. As a strong message, they have published a detailed report highlighting the potential risks involved in DeFi. Are Web3 Developers Fleeing the US?
The US is on track to lose a whopping 1 million Web3 developer jobs and millions of related non-technical jobs over the next seven years, all thanks to its love affair with "regulation by enforcement." A recent report from Electric Capital reveals the US's global share of web3 developers has plummeted from 40% to 29% in the past six years. Report a Fake Wallet and Earn a Reward
A Ukrainian startup called HAPI Labs, which specializes in developing cybersecurity tools for DeFi, has launched a project called Scamfari OSINT. It collects and analyzes information from open sources to identify cryptocurrency wallets associated with fraud, terrorist financing, or sanctions violations. White House report on crypto
The White House has recently published the 2023 Economic Report of the President, which says that cryptocurrencies do not have a fundamental value and are not a reliable substitute for traditional money. The report also highlights that digital assets are highly unstable and prone to fraud. 
