🔨 SEC vote to make crypto asset holding harder for major clients, USDC litigation rumors

🔨 SEC vote to make crypto asset holding harder for major clients, USDC litigation rumors 🖼️ BTC Taproot achieves record adoption rates because of NFTs 🔑 Polygon is ready to launch zkEVM mainnet in March

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🔨 SEC vote to make crypto asset holding harder for major clients, USDC litigation rumors 

🖼️ BTC Taproot achieves record adoption rates because of NFTs

🔑 Polygon is ready to launch zkEVM mainnet in March

SEC vote to make crypto asset holding harder for major clients, USDC litigation rumors

Bloomberg recently reported that the SEC is set to vote on a proposal that could make it harder for crypto companies to hold digital assets on behalf of their clients. We're sure the SEC knows what it's doing, but we can't help but laugh at how obtuse their bureaucratic methods can be.

According to the report, the regulator is set to vote today. The voting will require a majority of the panel, which is 3 out of 5, to vote in favor of the proposal.

If SEC implements this new rule, we can expect the private equity firms, pension funds, hedge funds and other major crypto-clients of custodians to bear the brunt of the impact. This is because they will no longer be able to rely on their custodians of choice to hold digital assets, and they may need to find alternative ways of storing their assets.

Also yesterday some rumors emerged on Twitter that the stablecoin issuer Circle has received a litigation notice from the SEC. However, the rumor was quickly debunked by Circle's Chief Strategy Officer and Head of Global Policy.

The black week of crypto regulation continues as we wait for the SEC to drop even more bombshells on the industry.

BTC Taproot achieves record adoption rates because of NFTs

It's not all doom and gloom in the crypto world, after all. According to Glassnode, the Taproot BTC upgrade which went live back in November 2021 seems to be doing very well, as its adoption and utilization rates recently hit an ATH due to miners and users alike taking advantage of its features.

One of the new projects that utilized this feature was Ordinals which allowed users to attach images, videos, and other types of data to their BTC transactions. Basically, it made NFTs possible on the blockchain and it seems that the market is loving it.

It's important to note, however, that this is just the tip of the iceberg. The industry is full of innovative projects and technology advancements, we can look forward to some incredible advancements in the blockchain tech over the coming years. If we're lucky, it won't all be about moonboys and cashing out Xs, but rather real and meaningful implementations of the technology that will benefit us all.

Polygon is ready to launch zkEVM mainnet in March

Polygon has picked March 27 as the date to launch their zero-knowledge Ethereum Virtual Machine (zkEVM) beta mainnet. According to their blog post, they've been very tight lipped about what the beta network will include and have offered little insight into its security.

When the Polygon PoS network becomes ZK-compatible, it will become something they call a Validium

...which, let's be honest, sounds like a magical powder that wizards use to protect their treasury from trolls. However, in reality, validium is a way of ensuring that transactions can't be tampered with by storing transaction data off-chain instead of on the Ethereum network.

The testnet for zkEVM has already seen some impressive figures with over 75,000 ZK proofs and 5,000 smart contracts being deployed so the mainnet should be no exception. However, with the increased stakes comes more responsibility and one can only hope that the team at Polygon have taken the necessary measures to ensure a secure network.