Welcome to the NiceHash crypto news digest. Let's see what happened these last few days.

New U.S. Bill Aims to Establish Crypto Regulations Amid Disputes Over Asset Definitions

The U.S. House Republicans introduced the Financial Innovation and Technology for the 21st Century Act, aiming to establish a regulatory framework for digital assets. The legislation hopes to address the lack of regulatory clarity that has prompted some crypto businesses to consider leaving the U.S.

The bill was initially drafted in June and proposes a regulatory pathway for crypto exchanges to register with the SEC. This would allow exchanges to trade digital securities, commodities, and stablecoins all in one place.

However, some industry experts have expressed concerns about changes to the bill that exclude traditional securities such as stocks and bonds from the definition of "digital assets".

DoJ Expands Crypto Crime Team to Intensify Fight Against Cryptocurrency Misuse

The US Department of Justice (DoJ) is merging its National Cryptocurrency Enforcement Team (NCET) with the Computer Crime and Intellectual Property Section (CCIPS) to better tackle cybercrime and cryptocurrency-related offenses.

This merger more than doubles the number of attorneys working on cryptocurrency cases, elevates cryptocurrency work within the Criminal Division, and enhances the Department's ability to trace cryptocurrency and prosecute related crimes.

The newly integrated team will continue its focus on crimes involving cryptocurrency misuse and prioritize combating ransomware. The DoJ is committed to working in collaboration with other government agencies and leveraging its expanded capabilities to combat evolving cyber threats.

El Salvador's Bonds Surge Alongside Bitcoin's Rise

El Salvador's government bonds due in 2027 have surged 60% in parallel with Bitcoin's 80% increase since the start of the year. Despite Fitch Ratings predicting a debt default in January 2023, the country managed to repay a $800 million bond and has seen its bond performance improve.

Other contributing factors include the appointment of former IMF official Alejandro Werner as an advisor to the finance ministry. El Salvador, which made Bitcoin legal tender in 2021, holds approximately 2,546 Bitcoin, worth about $76.6 million. The country plans to use Bitcoin-backed 'Volcano Bonds' to pay off sovereign debt and fund Bitcoin City's construction.

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