Market Buzz-
Bitcoin at Rs 16.55 lakh
Major cryptocurrencies were trading in the red early on September 3 as the global crypto market dropped 0.16 percent to $977.35 billion over the last day. The total crypto market volume over the last 24 hours reached $62.61 billion, making a 0.85 percent increase. The total volume in DeFi stood at $5.07 billion, 8.10 percent of the total crypto market 24-hour volume. The volume of all stable coins was at $56.98 billion, which is 91.01 percent of the total crypto market 24-hour volume. The price of Bitcoin hovered over Rs 16.55 lakh, according to CoinMarketCap. Bitcoin’s dominance is currently 39.02%, a decrease of 0.06% over the day.
Big Story-
Georgia Follows EU’s Crypto Regulation Lead, Hopes to Become a ‘Hub’ for the Sector
Georgia’s government is taking steps to update its crypto regulation in line with the European Union – and hopes that the move will help this country at the intersection of Europe and Asia become a “hub” for the global industry. Per iXBT and News Georgia, the nation’s Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili, claimed that a “bundle” of draft bills had already been sent to parliament. The minister was confident that these bills would be approved, and that legal “changes” would be OKed during the upcoming autumn parliamentary session.
Stablecoin-
House’s Stablecoin Bill May Face Fatal Delays for 2022 Progress
One of Congress’ most serious efforts toward stablecoin oversight may have hit an insurmountable snag as negotiations in the House Financial Services Committee drag out further than the calendar is likely to allow.
A legislative push toward the crypto industry’s first significant set of U.S. regulations remains bogged down over negotiations between the panel’s Democratic chairwoman and its ranking Republican, despite initial plans that aimed to release a draft of the bill as early as this week, according to three people familiar with the talks. There have been a number of points to iron out, including such thorny topics as the role of state regulators, the possibility of a future digital dollar in the U.S. and the treatment of customer money held by crypto platforms.