A full week of crypto is now (almost) behind us, and a lot has happened. Crypto.com pulled out from a $500m deal with UEFA. This is the first time a cryptocurrency company of Crypto.com’s stature has reneged publicly on a big sponsorship deal, but it also signals a more cautious approach towards investment.
While it has been popular to snap up big stadiums or air crypto commercials during major sports events, a more pragmatic approach has been guiding crypto companies who have cut down on discretionary consumer-acquisition-focused spending.
South Korea continued to crack down against cryptocurrency companies and individuals that it believes are involved in various financial crimes involving cryptocurrencies. The country has a big rate of cryptocurrency adoption and is now working on regulatory frameworks to tax both “air drops” and usual cryptocurrency gains that exceed $1,860.
This week, the US Federal Bureau of Investigation (FBI) has once again issued a warning to consumers not to use DeFi platforms without due diligence. Even then, the FBI argued that there are still risks that stem from the fact that many DeFi platforms are developed in a hurry, and they leave security risks for users.
Singapore’s central bank said that it would be interested in promoting cryptocurrencies. This would allow the bank to approach the crypto industry in a way that is more controlled and focused on consumer needs.
Even though jurisdictions such as Singapore and Thailand have been toughening the stance on cryptocurrencies in general, both countries seem inclined to still be recognized as innovative digital currency hubs.
Ripple CEO Brad Garlinghouse had to deny accusations this week. A website shared an article that Garlinghouse had participated in some nefarious arrangement to found a legal company that only targets competitors to Ripple Labs.
Garlinghouse has been hailed as one of the most respected executives in the industry and trustworthy. His commitment to defend Ripple and the company’s investors has won him praises from the crypto community.
Speaking of C-level integrity, Dogecoin co-founder Billy Marcus turned down a $14m offer to push a knockoff coin to Doge and promote it.
Dogechain as the “fake imitation” is called has been trying to get prominent crypto figures to raise awareness. Dogecoin’s team has called the currency fake and intentionally misleading.