FameEX Morning Crypto News Recap | August 30, 2023

Debate Among US Congress Members Over Potential Impact of Proposed Tax Regulations on the Cryptocurrency Industry
US Congress members, including Patrick McHenry and Cynthia Lummis, hold differing views on the implications of proposed crypto tax reporting rules. Concerns arise over potential disruptions to the industry, particularly decentralized finance and stablecoins.

Grayscale Prevails Over SEC in Lawsuit Regarding Bitcoin ETF Conversion, Court Rules
Grayscale, a major crypto asset manager, secured a victory as a D.C. court sided with it over the SEC's refusal to convert GBTC into a bitcoin ETF. The court emphasized the SEC's unequal treatment of comparable products, highlighting the absence of justification for this divergent approach.

Venom Foundation CEO Highlights Governments' Vision of CBDCs Improving Economic and Financial Efficiency Nationally
Venom Foundation CEO Christopher Louis Tsu notes that governments seek to launch CBDCs not out of concern for private digital currencies, but to improve economic efficiency. CBDCs are regarded as tools to enhance competitiveness and technology adoption on a national level.

Vietnam, Philippines, and Brunei Adopt ASEAN QR Payment System to Decrease Dependency on US Dollar
Vietnam, the Philippines, and Brunei are joining an ASEAN QR payment system enabling cross-border transactions using local currencies within the bloc. This expansion of the operational initiative between Indonesia and Malaysia aims to unite all ASEAN nations, reducing dependence on the US dollar.

Elon Musk's Venture, X, Advances Toward Crypto Payment Integration via Recent State License Procurement
X has received an official currency transmitter license from Rhode Island regulators. This follows X's approval for comparable licenses in Michigan, Missouri, and New Hampshire on July 5. This addition brings X's total secured transmitter licenses in the US to seven.

Legal Expert in Cryptocurrency Critiques SEC's Generalization of NFTs as Securities
The SEC's first action against an NFT project has sparked community concerns. Its potential effects on similar projects have been highlighted, generating apprehensions about potential future interventions by the SEC. This has led to a broader discussion about the regulation of NFTs and their status as securities.

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