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The US Treasury releases a framework for cooperation with international regulators on cryptocurrency

According to President Joe Biden’s executive order on digital assets, which was released in March, the Treasury report was necessary.



In order for American government agencies to collaborate with their overseas counterparts on cryptocurrency, the Treasury Department of the United States has given President Joe Biden a framework.

In a statement released on Thursday, the U.S. Treasury said that in accordance with President Biden’s executive order on digital assets issued in March, it had reported on a regulatory framework for cryptocurrencies after consulting with the Secretary of State, the Secretary of Commerce, the Administrator of the U.S. Agency for International Development, and other government agencies. The framework, according to the Treasury Department, aims to promote the creation of digital assets while upholding “America’s essential democratic ideals” and guaranteeing the stability and security of the international monetary and financial systems.

The Treasury Department was mandated by President Biden’s executive order to coordinate an interagency effort to make policy recommendations for reducing the risks connected with cryptocurrency. Given the potential dangers to investors from “uneven regulation, supervision, and compliance across jurisdictions,” the government agency underlined the need for “international cooperation among public authorities, the private sector, and other stakeholders.”

The Treasury report stated that the ability of the United States to look into illicit digital asset transaction flows that frequently cross international borders, as is frequently the case in ransomware payments and other cybercrime-related money laundering, is hampered by inadequate anti-money laundering and combating the financing of terrorism (AML/CFT) regulation, supervision, and enforcement by other nations.

The Treasury Department announced that it would interact with G7 policymakers and regulators on matters relating to digital assets, including central bank digital currencies, and the integration of new technologies into the global monetary system. This is in terms of international cooperation and coordination. Additionally, the United States will collaborate with G20 members to identify possible threats to financial stability posed by digital assets, advance rules for cryptocurrencies, and hold discussions with participants about “macro-financial problems.”

The Financial Stability Board, Financial Action Task Force, Organization for Economic Cooperation and Development, International Monetary Fund, Federal Reserve Board forums for central banks at the Bank of International Settlement, the World Bank, and other Multilateral Development Banks are additional regulatory bodies that the United States will engage with and coordinate crypto-related policy through:

“With this core group of friends and partners, the United States will explore options for cooperative experimentation on digital asset technologies, market innovations, and CBDCs to boost our shared learning about how to construct systems that satisfy our shared policy goals.”
President Biden’s executive order, which was unveiled in March, mandated collaboration and consolidation among U.S. government departments and agencies in order to create a consistent national policy on cryptocurrencies. The order asks the Federal Reserve to look into the creation of a central bank digital currency in addition to Treasury’s suggestions for a regulatory framework. The Justice Department published a report in June on how it may “strengthen international law enforcement cooperation” on the unauthorized use of digital assets as part of its obligation under the executive order.


Launching with a partnership with, the Cronos-based NFT platform Minted

Minted, a non-fungible token (NFT) marketplace promoted by Cronos Labs, debuted on Thursday and announced a partnership with market leader



Even though there are other NFT marketplaces on Cronos, Minted enables top-tier NFT projects like Moonbirds, Otherdeeds, and other well-known NFTs frequently based on Ethereum to be featured alongside Cronos-based ones. The platform will support over 10 million NFTs from 2,800 projects.

Following their collaboration, Minted will handle any secondary trades of Cronos-based NFTs initially sold on

Users can list their NFTs built on Ethereum on the marketplace in exchange for $MTD, the platform’s native coin. Then, $MTD can be staked to earn yield for a predetermined period. The user receives more benefits while using well-known NFTs, such as Moonbirds and Otherdeeds, or uncommon NFTs.

Looksrare and other NFT marketplaces have previously provided users with prizes for listing NFTs. The Block earlier claimed that Looksrare saw significant wash-trading before losing popularity.

According to a project manager at Minted who went by the pseudonym Marco and spoke to The Block, the site has parameters to prevent users from abusing rewards. One such strategy is incentivizing users to price their NFTs fairly instead of doing so at an inflated or depressed cost. According to Marco, they receive one more point if they list the NFT for two times the floor price. The points increase to two if they advertise it at 1.1 times the floor price, though.

Overall, Minted wants to be multi-chain from the beginning with Ethereum and Cronos and give users a more intentional experience, Cronos managing director Ken Timsit told The Block.

“The concept is simply to construct a collection of features more thoughtfully for creators, companies, and users that deliver an NFT experience that is more curated and careful.”

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HitPiece, a music NFT platform, prioritizes ownership rights following a difficult test debut

The music non-fungible token (NFT) platform HitPiece, which caused controversy when it first went live in beta back in February, is fully operational. Additionally, the revised version will try to steer clear of the copyright problems that the beta version encountered, according to co-founder Rory Felton.



The beta debut of HitPiece sparked controversy among musicians who alleged that their works were posted on the platform without their knowledge or consent. HitPiece ultimately made the decision to delete its beta website.

Felton told The Block that the company improved the platform based on community feedback in an effort to make it the go-to location for music NFTs.

highlighting property rights
Felton asserted that there was absolutely no music available on the HitPiece beta platform and that the business would never offer music for sale without the necessary commercial rights. According to him, it was designed to be a private experience that was created on a private blockchain. Nothing was decentralized or marketable through a third party.

However, when artists discovered their work on HitPiece, they asserted that it had been minted as NFTs against their will. The Recording Industry Association of America even demanded HitPiece stop selling NFTs in a letter of demand.

Clearly, we realized we made some mistakes after receiving the criticism in early February. Fletcher stated. “We didn’t put the required safeguards in place to make sure that only creators and owners of the rights to use their intellectual property could mint NFTs containing their creative assets. Therefore, we removed that beta and created a product that, in our opinion, makes sense for both the market and artists.

Five months later, HitPiece is prioritizing ownership rights and advancing the interests of the platform’s artists as it goes public.

Felton claimed that the company’s Wednesday announcement of a partnership with Audible Magic shows that emphasis. We collaborated with [Audible Magic] because we believe it’s crucial that only the song’s owners and rights holders mint NFTs with that music on them.

By 2021, there will be over 100 million songs available on Audible Magic from over 400,000 record labels. To make sure that no copyright laws will be breached by minting an NFT, artists and rights holders must register on HitPiece, validate their identity, and have their uploaded content reviewed against Audible Magic’s database.

Additionally, HitPiece will pay the transaction fees and minting expenses incurred by platform-using artists. However, according to Felton, the platform might never cover the cost of gas and other costs.

Felton, a lifelong music enthusiast, and Jeff Birmingham, a Spotify early investor, co-founded HitPiece in 2020. According to Felton, “it became obvious to me that there were chances for music artists who take advantage of the space to produce new revenue streams and engage with their audience in novel ways.”

According to musician ATL Jacob, who spoke at the platform’s debut, “Web3 has great potential to be a catalyst for increasing artistic integrity, autonomy, and engagement for any musician, regardless of their reach.” ATL Jacob is one of the “dozens” of musicians already utilizing the platform, according to HitPiece, and he currently holds the top spot on Billboard’s Hot 100 Producers chart.

Every musician should eventually sign up for web3, according to Felton. “I think some will move into this area faster than others, but I think it’s here and I think that’s kind of like an ostrich burying its head to ignore it,” the speaker said.

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Avalanche Increases by Nearly 15% Amid Rising NFT Volumes

Avalanche, a well-known Ethereum rival, has increased by double digits as the network’s NFTs gain popularity.



Among the top 20 largest cryptocurrencies by market capitalization, Avalanche (AVAX) is leading the increases.

The trade volume for AVAX, the coin that powers the layer-1 blockchain, increased by 23 percent during the last day and is up 14.18 percent.

According to information from CoinMarketCap, the coin is presently trading at about $29.3. The cryptocurrency is still down 80.55 percent from its all-time high of $146.22 in November 2021, despite a 25 percent increase during the previous seven days.

Data from DefiLlama shows that the total value locked (TVL), a measure of on-chain DeFi activity, has increased 1.74 percent during the previous 24 hours. Avalanche currently has a TVL of $2.42 billion.

The bullish movement of today destroyed short traders. Data from Coinglass shows that over the last day, short positions on AVAX totaled $1.98 million. Over the same time period, long deals totalling $363.8K were also liquidated.

NFT Demand on Avalanche is Growing
The rapid expansion of Avalanche-based NFTs looks to be one of the primary drivers of today’s bullish price movement.

Data from CryptoSlam shows that trading volumes have surged by 30.90% during the last 24 hours. Over the same time period, the overall number of sales grew by 12 percent, going from 125 to 140.

According to data from CryptoSlam, the most popular Avalanche NFT collection Navy Seal Game trade volume increased by 62.7 percent in the last day. The trade volume of other NFT collections, such as Avapepes and Pizza Game Chefs, has also increased significantly during the same time frame.

Along with Avalanche, the two most popular cryptocurrencies over the previous day have seen gains: Bitcoin (BTC) and Ethereum (ETH).

Bitcoin has increased by 5% over the last day and is currently trading at about $24,129, according to statistics from CoinMarketCap.

According to data from CoinMarketCap, the price of ETH has increased by 5.3 percent during the last 24 hours to be about $1,772.

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