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Crypto Privacy Moves to the Legislative Forefront as Web3 On-Boarding Grows

Crypto Privacy Moves to the Legislative Forefront as Web3 On-Boarding Grows

Photo: Freepik.com
Photo: Freepik.com

The world of cryptocurrency has seen a flurry of legislative activity in recent days, as lawmakers in the United States and Montana seek to establish regulations governing the industry. Meanwhile, the DeFi space continues to grow with new partnerships and Web3 integrations.

Congressman’s proposed bill could spell disaster for CBDCs

On February 22, Republican Congressman Tom Emmer introduced a bill to ban the Federal Reserve (Fed) from issuing a central bank digital currency (CBDC), a move that could have significant implications for the future of digital currencies in the United States. The bill, titled the “CBDC Anti-Surveillance State Act,” aims to safeguard the financial privacy of American citizens by prohibiting the creation of a CBDC by the Fed without prior review and approval from Congress.

Emmer has made it clear that he is not against the potential technological advancements that could accompany the creation of a CBDC. However, he remains adamant that such innovations should not infringe on the rights of citizens. The proposed legislation, if passed, would represent a major setback for the Federal Reserve’s CBDC project, which has been in the works for some time.

Could Montana be the new hub of cryptocurrency mining?

In a significant move for the cryptocurrency mining industry, the Montana state has officially passed a bill to protect mining rights. The bill, known as the “Right to Mine,” was passed by a landslide vote of 37-13 and aims to shield at-home mining, preventing “discriminatory digital asset mining utility rates,” according to the legislation.

The “Right to Mine” bill was led by Dennis Porter and the Satoshi Action Fund, and its passage represents a significant victory for miners. However, Porter is already looking ahead to the next steps in the legislative process, namely approval from the state’s House and the governor’s signature.

Alchemy Pay and Conflux Network partner to improve accessibility to web3 ecosystem

Payment solution provider Alchemy Pay has announced a new integration with Conflux Network, which offers users fiat-crypto payment services. Through Alchemy Pay’s On-Ramp solution, users can purchase crypto using fiat currencies and bring fiat to the Conflux ecosystem to improve its accessibility.

Alchemy Pay’s payment gateway supports payments with Visa and Mastercard in 173 nations and has recently announced integration with Apple Pay and Google Pay. The integration with Conflux Network is expected to significantly improve the accessibility of the web3 ecosystem for users.