Blockchain and Cryptocurrency News Roundup

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  • July 4, 2022
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4th of July 2022

Here’s a short summary of some of the biggest headlines in Crypto: New York State Denies Air Permit to Greenidge Crypto Mining Facility on Seneca Lake, EU Partially Agrees to Establishes Anti-Money Laundering Authority. lastly, Deutsche Bank Sees Bitcoin Touch $28,000 By 2022 End But Warns of Risks Ahead.

New York State Denies Air Permit to Greenidge Crypto Mining Facility on Seneca Lake

Greenidge Generation LLC has been denied a renewal of its air permit to continue operating its Bitcoin mining on the shores of Seneca Lake in New York. The New York State Department of Environmental Conservation (NYSDEC) made the decision on Thursday that Greenidge’s Bitcoin mining operation does not meet the requirements of state climate laws.

Greenidge Generation applied for the renewal of its air permit in March 2021.

In a statement, NYSDEC said that Greenidge’s application was inconsistent with the climate goals highlighted by the state’s Climate Leadership and Community Protection Act (CLCPA), which focuses on reducing New York’s greenhouse gas emission by at least 85% by 2050.

The regulator stated that a significant rise in greenhouse gas emissions from Greenidge’s Dresden-based power generation facility has been noticed since the previous permit was issued to the crypto mining company in 2016 and after the Climate Act (CLCPA) was enacted in 2019.

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EU Partially Agrees to Establishes Anti-Money Laundering Authority

The establishment of this new body will be to boost the efficient functioning of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CTF) framework of the Union. The challenge of money laundering is a prevalent menace in all countries today. Despite the proactive role being played by regulators across the board, cybercriminals are notably advancing in their approach by the way.

While it may be hard to curb the activities of these cybercriminals individually, safeguards can be put in place amongst financial services providers to block all possible loopholes being exploited by money launderers and terrorist financiers. The emergence of the AMLA will be targeting creating avenues by which institutions it oversees are AML-proof in all regards.

“Given the cross-border nature of the crime, the new Authority is expected to make a strong and useful contribution in fighting anti-money laundering and the financing of terrorism. Among other tasks, it will contribute to the harmonization and coordination of supervisory practices in the financial and non-financial sectors, the direct supervision of high-risk and cross-border financial entities, and the coordination of financial intelligence units,” the press release from the Council reads.

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Deutsche Bank Sees Bitcoin Touch $28,000 By 2022 End But Warns of Risks Ahead

The price of Bitcoin is now at $20,108.16, a change of -0.59% over the past 24 hours, as of 2:38 AM, 30th June East African time. Currently, the crypto market is experiencing bad days with prices trading lowest since December 2020.

In connection with these events, Deutsche Bank (DB) issued its report on Wednesday that said the free fall in the crypto market could continue due to the complexity of its system.

First, Deutsche Bank said the stability of crypto prices is difficult not only because of the high fragmentation within the market but also because there are no common valuation models like those used in investment banking and public equity systems.

Furthermore, the bank said speculative trades are likely to use multiple coins simultaneously, which increases spillover effects.

Liquidity might exist in such markets, but could quickly evaporate, further erode confidence in prices and increase contagion impacts, the bank said.

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