The adoption of central bank digital currencies (CBDCs) is gaining traction, with over 80% of central banks considering launching a CBDC or have already done so, according to a report by PwC. Climate change is also on the agenda, with the SEC proposing that public companies submit standardized climate reports. Meanwhile, Greg Tanaka, a crypto advocate, is running for Congress in California’s 16th district, with his primary objective to clarify the language used in Joe Biden’s infrastructure act, to adopt cryptocurrency as legal tender and proposes a capital gains tax holiday on all crypto assets.
CBDCs: Central Banks Jump on Board
Central banks are considering launching a central bank digital currency, or CBDC, with over 80% having already done so or considering it. Unlike cryptocurrency, a CBDC is centralized, and transactions would no longer be anonymous. Haydn Jones, a blockchain specialist at PwC, states that each country has different motivating factors when it comes to CBDCs, including financial inclusion, facilitating cross-border payments, and controlling financial crime. In the coming years, stablecoin FUD may magically align with the rollout of CBDCs.
SEC Complicates Climate Change
Although climate control is an important topic, the SEC has released a 500-page document with over 1,000 footnotes that proposes to require public companies to submit standardized climate reports. Besides disclosing the risk climate change represents to their business, companies must report plans to lower emissions and the total level of greenhouse gas they emit, directly and indirectly. The SEC, formerly attacking XRP, has found a backdoor way to crack down on crypto, raising compliance costs for companies while further complicating the issue of climate change.
Crypto Connoisseur Running for Congress
As midterm elections approach in November, Greg Tanaka runs for Congress, aiming to kill the cloudy language used in Joe Biden’s infrastructure act. Tanaka is the first truly pro-crypto advocate, proposing a capital gains tax holiday on all crypto assets and the adoption of cryptocurrency as legal tender. Also, Tanaka has a DeFi project called Mozaic Finance that anticipates the future price of tokens and predicts the liquidity pool’s future yields using AI and machine learning. Tanaka would be a game-changer.