Russia and Belarus face crypto sanctions, Biden signs executive order on crypto and other news

Sanctions on Russia and Belarus will include crypto — European Commission

View this email in your browser A week in review: March 6–12 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: #1. Sanctions on Russia and Belarus will include crypto — European Commission The European Commission stated on Wednesday that its latest sanctions on Russia and Belarus would also extend to crypto assets, with member states agreeing that the amended crackdowns will ensure "even more effectively that Russian sanctions cannot be circumvented, including through Belarus." The expanded sanctions came after the commission announced last month that it would be booting several Russian banks from the SWIFT cross-border payment network. Under the crypto-related sanctions, digital assets fall under the scope of "transferable securities," while loans and credit provided via crypto will not be permitted as part of these restrictive financial measures. Continue reading #2. Biden to sign executive order on crypto, authorize all-government effort to consolidate regulation While many in the crypto community previously feared the worst regarding regulation, President Joe Biden on Wednesday signed an executive order on digital assets that had a relatively favorable approach to the crypto sector. While the order didn't explicitly outline the scale of regulatory measures that could be expected, the general sentiment from the U.S. federal government appeared to be constructive as opposed to stifling. Per the order, the federal government's regulatory oversight of the crypto sector will focus on six areas: consumer and investor protection; financial stability; financial inclusion; responsible innovation; the United States' global financial leadership; and combating illicit financial activity. The order directs specific agencies to lead in designated policy and enforcement domains. Continue reading #3. Crypto.com gives users in excluded countries one week to repay loans Many Crypto.com users were reporting on Wednesday that the platform was giving them until March 15 to pay down their crypto loans or face liquidation to recoup the borrowed value of the assets. Users from nations such as Germany, Switzerland and the U.K. were notified via email after Crypto.com updated the list of countries barred from its loan program. This list now includes the United States and 38 other counties. The sudden policy change left customers anguished and in disbelief, with many claiming that the exchange's recent splurge on advertisements and marketing has started to take a toll on its balance sheet. Crypto.com has not yet responded to Cointelegraph's requests for comment. Continue reading #4. Prediction of the week. $40K Bitcoin price is in reach, but analysts warn that a sweep of recent lows is likely Bitcoin had a week of indecisive price action filled with notable ups and downs. Inside the week, BTC visited lows below $37,500 and highs above $42,500, based on price data from Cointelegraph's BTC price index. Cointelegraph's Jordan Finneseth wrote an article, published on Thursday, detailing a number of points regarding Bitcoin. Among other quotes and data, the article included a possible outcome explained by ExoAlpha chief investment officer and managing partner David Lifchitz. "BTC remains still stuck in the $33,000-$45,000 range," Lifchitz said. "Without any follow-through in the next 48 hours and a possible break above $45,000 toward $50,000, BTC will probably keep on bouncing in the range." Continue reading #5. FUD of the week. DeFi 'Godfather' Cronje quits as TVL and tokens tank for related projects Respected developer and Yearn.finance founder Andre Cronje deleted his Twitter account after he and his long-time colleague Anton Nell both stepped away from the crypto sector altogether. Nell stated on Sunday that the duo will no longer contribute to the DeFi and crypto space moving forward, as he announced that they will be shutting down roughly 25 apps and services that they were operating. The community reaction was mixed, with some sympathetic toward the duo needing a long-overdue break. However, others grabbed the pitchforks when crypto prices and total value locked (TVL) across DeFi started to tank. "Was this a RUG? Nah. I see a developer who signed up to build but didn't sign up for all the bullshit & drama that comes with it. He reached a tipping point where it wasn't worth it for him anymore," said The DeFi Edge on Twitter. Continue reading #6. FUD of the week. DeFi detective alleges this 'suspicious' smart contract code may put dozens of projects at risk Pseudonymous Online DeFi detective Zachxbt highlighted that 31 nonfungible token projects may be exposed to financial risk due to "suspicious code." Zachxbt initially pointed to NFT project The Starslab, which was allegedly compromised for 197.175 Ether. The detective quoted fellow pseudonymous blockchain investigator MouseDev, who noted, after reviewing the code behind The Starslab (which is prevalent in a lot of other projects): "The smart contract [for this project] can never truly be renounced or transferred! Only an additional owner. The original deployer will always be considered the owner! [...] This means if they still have the private key of the deployer, they can pull the money, even though the owner is the null address." 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