• Recognizing that crypto has to be regulated as part of the regular economy is a first step in arguing for rules tailored to its unique innovations.
• The current environment surrounding crypto represents an existential threat to digital assets and could have serious implications for traditional market participants and the broader economy.
• Unless something changes, the American people and lawmakers in Congress may think twice before enrolling in the next semester of cryptocurrency.

Cryptocurrency has been a hot topic in the United States over the past few months, and with the recent collapse of the FTX crypto exchange, it has become even more so. Americans are now getting a crash course in crypto, and the current environment could have serious implications for the future of digital assets and traditional market participants.

Cryptocurrency was once seen as an innovative, if a bit quirky, technology, but with the recent events, it has become the financial equivalent of Operation Varsity Blues. While a small number of Americans held crypto, many more had friends or relatives who dabbled in it and some saw commercials for it during last year’s Super Bowl or other sporting events.

For the crypto industry to survive and thrive, it must be regulated as part of the regular economy. This means that rules must be tailored to the unique innovations of crypto. It is important that the American people and lawmakers in Congress understand the implications of their decisions, as they will ultimately determine the success or failure of digital assets.

It is paramount that the industry take steps to prevent the current crypto winter from becoming an ice age. If something is not done soon, people may be less likely to invest in crypto and the industry will be worse off as a result. Industry leaders must take steps to ensure that the environment is conducive to innovation and investment. This could include advocating for laws and regulations that are more favorable to crypto, as well as educating the public on the benefits of digital assets.

The future of cryptocurrency is uncertain, but one thing is for certain: the industry must take steps to ensure its survival. By recognizing that crypto must be regulated as part of the regular economy and advocating for rules that are tailored to its unique innovations, the industry can prevent the crypto winter from becoming an ice age.

• The European Union’s Markets in Crypto Assets Regulation (MiCA) has been delayed due to technical reasons
• EU’s leading financial-services official Mairead McGuinness said that new European Union crypto rules are pointless unless the rest of the world follows suit
• Isabella Chase discusses what this means for the crypto industry

At the World Economic Forum in Davos, Switzerland, the European Union’s leading financial-services official, Mairead McGuinness, spoke to CoinDesk about the current state of global cryptocurrency regulation. McGuinness, an influential member of the European Commission, the executive branch of the European Union, discussed the importance of global cooperation when it comes to creating a unified regulatory framework for the burgeoning crypto industry.

McGuinness emphasized the need for a global approach, noting that the European Union’s own proposed Markets in Crypto Assets Regulation (MiCA) was being delayed due to technical reasons. She warned that the new European Union crypto rules would be pointless unless the rest of the world followed suit and adopted similar regulations.

Her remarks come as the crypto industry is facing a new wave of scrutiny in light of the recent collapse of the crypto exchange FTX. The event has ignited a debate over the need for stricter regulations and enforcement around crypto, with many calling for increased oversight and consumer protection.

McGuinness echoed this sentiment, stressing that any future innovations in the crypto space should be focused on people, not technology. She stated that while the industry needs to find ways to effectively deal with the issue of regulation, it’s important to remember that the technology is still in its early stages and needs to be nurtured.

TRM Labs Senior Policy Advisor Isabella Chase discussed the implications of McGuinness’ remarks, noting that the delay in the MiCA could create a situation where the European Union is left behind in the global race for crypto regulation. Chase argued that the European Union must ensure that its proposed regulations are in line with global standards, so as to not hinder innovation.

The European Commission has indicated that it is open to international cooperation when it comes to cryptocurrency regulation, and is currently exploring ways to work more closely with its international counterparts. McGuinness’ comments suggest that the European Union is eager to take a collaborative approach in order to ensure that its regulations are implemented in a way that reflects the global nature of the industry.

Overall, McGuinness’ comments reinforce the idea that global cooperation is essential when it comes to creating effective regulations for the crypto industry. If the European Union is to succeed in creating a unified regulatory framework, it must make sure that its proposed regulations are in line with global standards and that the rest of the world follows suit.

•Ukraine Deputy Prime Minister, Mikhail Fedorov, has expressed interest in taking his salary in a Central Bank Digital Currency (CBDC) when it is available.
•Fedorov is hoping to make Ukraine the world’s leading jurisdiction for virtual currency and announced a successful wartime fundraising campaign.
•The news was announced at the World Economic Forum in Davos, Switzerland, where topics including Bank of America’s new report on CBDCs, the European Union’s MiCA vote, and crypto’s tax implications were discussed.

At the World Economic Forum in Davos, Switzerland, Ukraine Deputy Prime Minister, Mikhail Fedorov, expressed his interest in taking his salary in a Central Bank Digital Currency (CBDC) when it becomes available. Fedorov hopes to make Ukraine the world’s leading jurisdiction for virtual currency and announced a successful wartime fundraising campaign alongside the news.

The forum included topics such as Bank of America’s new report on CBDCs, the European Union’s (EU) MiCA vote postponement until April, and the tax implications of cryptocurrencies. IBM Consulting Executive Partner, Shyam Nagarajan, Deloitte Tax LLP Partner, Rob Massey, TRM Labs Senior Policy Advisor, Isabella Chase, and Marta Belcher of the Filecoin Foundation all joined the conversation.

Fedorov believes that CBDCs will bring about positive change for Ukraine, and is eager to become the first user of the technology. He is confident that the country’s new laws will make it the world’s leading jurisdiction for virtual currency.

The Deputy Prime Minister explained that his decision to take his salary in a CBDC was motivated by the success of the country’s wartime fundraising campaign. He believes that the technology could be used to further support the economy and citizens of Ukraine, and that this will be possible with the introduction of CBDCs.

The news generated much excitement and interest at the World Economic Forum, as many experts and leaders discussed the possibilities of CBDCs. Bank of America’s new report on the technology was met with enthusiasm, as was the EU’s decision to postpone the MiCA vote until April. Additionally, the tax implications of cryptocurrency were discussed in detail.

Overall, the forum provided an opportunity for experts from different fields to come together and discuss the potential of CBDCs. The Deputy Prime Minister’s announcement that he will be taking his salary in the technology has generated a lot of interest and optimism, and many are now looking forward to seeing what the future holds for Ukraine and other countries as they explore the possibilities of CBDCs.

• The Fyre Festival of 2017 was an ill-fated event fueled by mendacious influencer marketing.
• Celebrities such as Kendall Jenner had to pay out of pocket for their involvement in promoting the festival after government agencies got involved.
• Crypto marketing needs to change and 2023 should be the year for influencer accountability.

The Fyre Festival of 2017 was an event that captivated the public’s attention for all the wrong reasons. It was a beachside paradise with A-list models such as Kendall Jenner, but the reality did not match the hype. Instead of a luxurious experience, attendees found themselves stranded in a disorganized mess of dilapidated cheese sandwiches and wrecked local businesses.

The root cause of the fiasco was the deceptive use of influencer marketing. Without properly vetting the concept or disclosing financial relationships to Fyre, celebrities were happy to cash in on the opportunity. After the media circus was over, Jenner was forced to pay a hefty price for her involvement in promoting the festival—$90,000 out of pocket to the government.

In light of the Fyre Festival, it’s clear that crypto marketing needs to change. Companies must take more responsibility for the influencers they enlist to promote their products, and influencers must be held accountable for the services they provide. This is especially true in the age of social media, when celebrities have the power to sway public opinion and shape public conversations.

2023 should be the year for influencer accountability. Companies should make sure that their influencers are transparent about their financial relationships and have a clear understanding of what services are being provided. Influencers should not be held to a higher standard than companies—they should be held to the same standard.

The crypto industry has great potential, and it will only reach its full potential if it embraces greater transparency and accountability. Companies should take more responsibility for the influencers they enlist and the services they provide. It’s up to us to make sure that 2023 is the year that crypto marketing takes steps towards greater accountability.