While Trump wrapped up a โ๐๐ฟ๐๐ฝ๐๐ผ ๐ช๐ฒ๐ฒ๐ธโ in US.
In India, CoinDCX lost around โน 368 crore to a security breach.
Let's try to uncover these 2 huge developments in Crypto World
So what exactly happened in USA
3 major pro-crypto bills were passed by Congress
1) ๐๐๐ก๐๐จ๐ฆ ๐๐ฐ๐
- A law that creates a full-fledged legal framework for ๐ฆ๐๐ฎ๐ฏ๐น๐ฒ๐ฐ๐ผ๐ถ๐ป๐
- Stable coins are digital currencies that are pegged to real-world assets like the U.S. Dollar. Less volatile than other cryptos
- Opening doors for banks and fintechs to issue trusted digital dollar
- Fast tracked and signed into law by Donald Trump on July 18
2) ๐๐๐๐ฅ๐๐ง๐ฌ ๐๐ฐ๐
- Redefine which crypto assets are securities (under SEC oversight) versus commodities (under CFTC)
- Fast-tracked through the House and waiting now for full Senate approval
3) ๐๐ป๐๐ถโ๐๐๐๐ ๐ฆ๐๐ฟ๐๐ฒ๐ถ๐น๐น๐ฎ๐ป๐ฐ๐ฒ ๐ฆ๐๐ฎ๐๐ฒ ๐๐ฐ๐
- This bill aims to ban any Federal Reserve-issued digital dollar (CBDC)
- Prevent Govt tracking of citizens' spending.
- Protection of privacy in a digital world.
But Trump didnโt stop at legislation.
He also issued executive orders to:
- Establish a ๐ฆ๐๐ฟ๐ฎ๐๐ฒ๐ด๐ถ๐ฐ ๐๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐ฅ๐ฒ๐๐ฒ๐ฟ๐๐ฒ โ treating Bitcoin like digital gold
- Create a ๐๐ถ๐ด๐ถ๐๐ฎ๐น ๐๐๐๐ฒ๐ ๐ฆ๐๐ผ๐ฐ๐ธ๐ฝ๐ถ๐น๐ฒ โ a U.S. Treasury-backed plan to accumulate crypto assets for national use
Meanwhile in India -
๐ฆ๐ฒ๐ฐ๐๐ฟ๐ถ๐๐ ๐๐ฟ๐ฒ๐ฎ๐ฐ๐ต
- CoinDCX suffered a $44โฏm security breach in, only few months after WazirXโs $230โฏm breach
- Although user wallets were unaffected, both breaches exploited internal operational accounts
๐ฃ๐ฟ๐ฒ๐๐ฒ๐ป๐ ๐ฅ๐ฒ๐ด๐๐น๐ฎ๐๐ถ๐ผ๐ป
- Crypto is legal but heavily taxed, with a flat 30% capital gains tax and 1% TDS per transaction
- No unified regulatory framework exists to enforce platform accountability
๐๐ถ๐ด๐ถ๐๐ฎ๐น ๐๐๐ฟ๐ฟ๐ฒ๐ป๐ฐ๐
- RBI launched Digital Rupee (eโนโฏCBDC) in December 2022
- Over 6โฏmillion users across 17 banks are now part of the retail pilot
- RBI has adopted phased approach to the CBDC rollout
- It is assessing the impact before proceeding with a complete national launch
Frequent platform breaches, unclear regulatory direction, and high taxation have created an uncertain environment for Indian investors.
I believe India has the tech talent, user base and digital infrastructure to become a leader in Crypto space. All it needs is a progressive policy framework, one that balances innovation with oversight๐ย