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This Week on Crypto Twitter: Musk Welcomes New Twitter CEO to Get to X—the Everything App

Mon, 15 May 2023, 00:35 am UTC

Twitter's CEO Elon Musk announced on Friday that Linda Yaccarino will be taking over as the platform's new chief executive.

Musk will continue to serve as CTO and executive chairman as he works towards his vision of transitioning Twitter into X, an all-encompassing app that combines social media and payments, possibly including cryptocurrencies like Bitcoin and Dogecoin.

Coinbase CEO Brian Armstrong praised the UAE for its clear regulations regarding cryptocurrencies, which is driving his company offshore due to the hostile regulatory environment in the United States.

Coinbase recently obtained a license to operate in Bermuda and is currently in talks with the Financial Services Regulatory Authority in Abu Dhabi to open a regulated exchange there.

European Union lawmakers approved the Markets in Crypto Assets bill, or MiCA, last month, which will establish unified regulations throughout its 27 member states for crypto companies.

On Tuesday, U.S. President Joe Biden spoke out against wealthy crypto investors seeking tax loopholes and advocated for capital gains tax on all crypto profits.

Bitcoin mining revenue levels are now at the same level as they were a year ago, according to Will Clemente, co-founder of digital asset research firm Reflexivity Research. Tether's revenue is over a billion, surpassing even the largest asset manager in the world, Blackrock.

Blockchain sleuth ZachXBT exposed another crypto scammer, while independent Ethereum educator Anthony Sassano called Ethereum staking "up only" and retired ExxonMobil exec Tom Glass reported that Texas lawmakers voted in favor of including digital currencies in the state's Bill of Rights.

Finally, on Thursday, the U.S. Chamber of Commerce filed an amicus brief in support of Coinbase's court petition to get the securities regulator to clarify its rules, which was deemed significant by Web3 law expert MetaLawMan.

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