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EU on Track to Ban BTC, Elon Musk Mocks Web3 with Meme, John Deaton Makes Predictions on Ripple-SEC Case: Crypto News Digest by U.Today

Thu, 02/24/2022 - 16:12
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Valeria Blokhina
Check out U.Today’s news digest and make sure you are up-to-date with the latest events in the industry!
EU on Track to Ban BTC, Elon Musk Mocks Web3 with Meme, John Deaton Makes Predictions on Ripple-SEC Case: Crypto News Digest by U.Today
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Here are the top four news stories over the past day presented to you by U.Today.

EU on track to ban Bitcoin

As reported by BTC-ECHO media outlet, the European Parliament introduced the final draft of the Markets in Crypto-Assets (MiCA) framework, which includes a provision forbidding the “environmentally unsustainable” consensus mechanism. This means that starting from Jan. 1, 2025, Bitcoin and other proof-of-work (PoW) cryptocurrencies could become illegal within the EU. According to Patrick Hansen, head of growth and strategy at DeFi start-up Unstoppable Finance, such a move would kill the entire crypto industry in the European Union.

Bitcoin Mining Ban Proposed by Top EU Financial Regulator

Elon Musk posts hilarious meme about Web3 and Ethereum

Elon Musk is known to be a critic of Web3, and thus, no one was surprised to see a new meme mocking the hottest buzzwords in tech on his Twitter page. The meme consists of three photos and depicts the evolution of the internet. A photo of Google co-founders Larry Page and Sergey Brin stands for the Web1 section, Silicon Valley oracle Tim O'Reilly represents Web 2.0, and Web3 is embodied by Ethereum co-founder Vitalik Buterin in a hilarious bear costume. It is unclear what the intended message behind Musk’s tweet is, but many started sharing memes in response.

Elon Musk Derides NFTs and Web3

CryptoLaw founder John Deaton makes bold predictions on Ripple-SEC lawsuit

In his recent Twitter thread devoted to predictions on the Ripple-SEC lawsuit, John Deaton, founder of CryptoLaw, has shared that he sees the case ending favorably for XRP since the SEC may have to prove that Ripple's Chris Larsen and Brad Garlinghouse had actual knowledge that XRP was a security—or that they were reckless in not knowing. The task of determining this, Deaton writes, might be an impossible burden for the SEC.

As reported by U.Today earlier today, Ripple has scored another small victory in the case, with District Judge Torres denying the SEC's motion to file a sur-sur-reply in support of its motion to strike the company’s fair notice defense.

Opera goes full DeFi by integrating Ethereum Layer 2

Opera Software has added support for DeversiFi, a decentralized exchange on the Ethereum blockchain, making its debut in the DeFi sphere. From now on, Opera users will be able to make cheap transactions on DeversiFi, benefiting from ZK-rollups technology. Last month, Opera released a special Web3 browser that is jam-packed with various  cryptocurrency features, including NFTs. The new product is aimed at making crypto more accessible to average users.

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About the author

Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.