The week ends on another appeal to the powers that be arguing that crypto regulation would pinpoint the exact value of the industry and help it progress.
Coinbase argued on Thursday that a new crypto regulator should be created, independently from the Federal Reserve and Securities and Exchange Commission (SEC), as to allow the cryptocurrency industry to develop.
On the other side of the pond, the Bank of England has cautioned that regulation is indeed needed to ward against a future where cataclysmic events in the crypto sector spill over to regular finance.
These forecasts chime in with what the International Monetary Fund (IMF) said earlier this week, with the IMF cautioning that DeFi and other crypto innovation could lead to financial instability.
Over-regulation has not quashed people's ambition to use cryptocurrencies, as we’ve seen in Nigeria, where the population continues to defy the country's Central Bank.
Meanwhile, cryptocurrencies have continued to develop. The Lightning Network commands some $169m now staked.
This week also brought us the first NFT marketplace launched on Cardano and not surprisingly so, after Visa announced that it would seek to collaborate with digital artists and raise awareness for the NFT sector, which it sees as a quick way to onboard the general public onto blockchain and DeFi solutions.
But just like any other week, we saw some friction as well. South Korea is forging ahead with a plan to tax its crypto industry, but one of the country's opposition parties has objected to the move arguing that it would be far more productive to delay the implementation of an already agreed-upon law.
Tether, the altcoin that is pegged to the value of the US dollar, also caught itself a bit of news after Bloomberg published a highly-critical article of the currency's liquidity to which the company responded in this week's rebuttal.
On the regulatory front (again), we saw two important developments. First, it transpired that many Premier League players may be treating cryptocurrencies as gambling and investing unreasonable sums in it. Then, Sorare, another soccer blockchain platform, was targeted by the UK Gambling Commission in a move that can only be described as bizarre.
In fairness, Sorare's case is somewhat caused by the UKGC's recent debacle involving Football Betting Index, a fantasy betting company that went bankrupt after it turned out it didn't have enough money to pay dividends.
That was occasioned due to a miscalculation on managerial level with the platform increasing dividends to stoke interest but failing to budget properly and eventually running short on liquidity which caused the UKGC to suspend its license. Sorare though has operated in the UK without a gambling license because it does not constitute a game of chance.
There were more great developments this week, too, most of which you can quickly reference in our news archive with a single click.