Last week in review: US Treasury releases ‘fact sheet’ for international crypto regulation

As Bitcoin continues to prove its resilience in the markets, last week saw an interesting mix of regulation and adoption stories.

From a former head of TikTok gaming creating a company focused on blockchain functionality in video games to Ethereum recording its lowest network fees since 2020 due to NFT cool down, crypto headlines appear to be following similar highs and lows.

Meanwhile, the US Treasury Department published a fact sheet detailing how it could work with foreign regulators to address the crypto sector and a legal case brought to court by Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC) NFT project, will challenge the “Ryder Ripps Bored Apes Yacht Club”, which is said to be an exact copy of the BAYC collection.

As always, there is never a dull moment in crypto. Here are our top picks of last week’s headlines.

TikTok’s ex-gaming lead creates Meta0 for blockchain gaming integration

What

Jason Fung, Tiktok’s former head of gaming, has announced his new job as the CEO of Meta0. The company, also co-founded by Fung, will focus on making it easier for game developers to integrate blockchain functionality into games

Why

Speaking on the news to Blockworks, Fung said “I left TikTok because I saw a clear opportunity to offer a solution to the current segregated nature of infrastructure options available to developers looking to build blockchain games,” and that this was a “problem in the market worth solving”.

What next

Fung added that the current bear market “provides an excellent opportunity for building” and that he will not be distracted by market speculations or volatility in crypto markets while building Meta0

Read the full story here

Ethereum records lowest network fees since 2020 due to NFT cool down

What 

The Ethereum network this Sunday recorded its lowest transaction fees since December 2020

Why 

The current reduction in fees, in median terms, can be attributed mainly to the current bear market, which has led to a drop in activity on the network. Recall that network fees reached all-time highs during the peak of the NFT boom in May last year, which played out on NFT marketplaces built on Ethereum   

What next 

Another contributing factor to lower transaction fees in USD terms is a drop in the price of Ether relative to the Dollar. Fees have increased to $1.45 at the time of writing from a low of $0.87 in late June. For perspective, transaction fees reached all-time highs in May last year, peaking at $37 

Read the full story here

US Treasury releases ‘fact sheet’ for international crypto regulation

What

The US Treasury Department has published a fact sheet detailing how it could work with foreign regulators to address the crypto sector

Why 

The first publication following US President Joe Biden’s executive order on digital assets, the fact sheet is intended to ensure ‘America’s core democratic values are respected,’ in reference to consumer, investor and business protection

What next

According to the fact sheet, to support this work, the Treasury Department said the US should hold engagements and other types of forums

Read the full story here

BAYC NFT legal case could clarify law on digital ownership

What

A legal case brought to court by Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC) NFT project, will challenge the “Ryder Ripps Bored Apes Yacht Club”, which is said to be an exact copy of the BAYC NFT collection

Why

Yuga Labs says the copycat project created by Ryder Ripps has generated “ill-gotten profit. The case will seek damages for copyright infringement, false advertising, unfair competition and cybersquatting

What next

In the filed lawsuit, Yuga Labs lawyers stressed that the case was “no mere monkey business” and that Ripps was causing confusion for NFT buyers 

Read the full story here

To catch up on other big stories from last week, be sure to check these headlines:

One last hurdle for Ethereum developers after successful testnet transition to proof of stake

Reddit reveals blockchain-backed avatars for Polygon network

Ugandan gold discovery could strengthen Bitcoin’s fundamentals