Crypto Daily Roundup: Bipartisan Bill Got Clearance

Singapore's High Court has recognized crypto as a property capable of being held in trust

A key congressional committee on Wednesday advanced a bipartisan bill that aims to develop a regulatory framework for cryptocurrencies, a milestone for Capitol Hill in its efforts to codify federal oversight for the digital asset industry. Singapore's High Court has recognized crypto as a property capable of being held on trust, in a case involving Seychelles-based exchange Bybit and a contractor, according to a court judgment published on Tuesday. With this crypto daily roundup, you can jumpstart your day with the latest updates on cryptocurrencies like Bitcoin, Ethereum, and more.

Crypto Price Movement 

Bitcoin extended its gains, adding about a percent but remained below the 29,500 mark, while Ethereum outperformed and gained more than a percent but remained below $ 1,900 levels. Other popular altcoins like Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) were seen trading sideways across the board. The market fear and greed index stood at neutral, with a score of 52 (out of 100). The global cryptocurrency market cap was trading quite higher, rising down to the $1.19 trillion mark as it gained about a percent in the last 24 hours.

Crypto Bills Pass Congressional Committee in 'Huge Win'

A key congressional committee on Wednesday advanced a bipartisan bill that aims to develop a regulatory framework for cryptocurrencies, a milestone for Capitol Hill in its efforts to codify federal oversight for the digital asset industry. The crypto industry has been in the regulatory crosshairs since investors were burned last year by the sudden collapses of Celsius Network, Voyager Digital, FTX, and other companies.

According to Reuters, the bill passed by the House Financial Services Committee would define when a cryptocurrency is a security or a commodity and expand the Commodity Futures Trading Commission's (CFTC) oversight of the crypto industry, while clarifying the Securities and Exchange Commission's jurisdiction, as many crypto advocates complain of the agency's perceived overreach.

More than 70 Startups Have Raised over $600 Million

The Web3 ecosystem could become the next golden opportunity for digital marketers, with almost 200 companies already thinking deeply about how to utilize the Web3 tech stack. On July 25, Web3 marketing analytics firm Safary released a comprehensive report titled "The Web3 Growth Landscape 2023." It noted that the 2010s were the "golden age of digital marketing" with Web2 growth seeing 150 marketing companies in 2011 increase to 11,000 in 2023.

Crypto as a Property

Singapore's High Court has recognized crypto as a property capable of being held on trust, in a case involving Seychelles-based exchange Bybit and a contractor, according to a court judgment published on Tuesday.

Bybit brought a case against Ho Kai Xin, claiming that in breach of her employment contract, she abused her position to transfer over 4.2 million USDT (stablecoin issued by Tether) to addresses owned and controlled by her. He also transferred a quantity of fiat currency to her own bank account.

"Like any other thing in action, USDT is capable of being held on trust," Judge Philip Jeyaretnam, who presided over the case, said.