Block 1: Essential news
 

Intel, the end of the road for mining chips

Intel plans to stop production of its Blockscale ASICs dedicated to Bitcoin mining this autumn, according to Reuters. Production is expected to cease on October 20, with shipments continuing until April 20, 2024. Intel justifies this decision by prioritizing its IDM 2.0 strategy, which aims to outsource some components and increase in-house production of other chips.
 
Coinbase continues to expand
 
Coinbase, the US cryptocurrency platform, is continuing its international expansion by obtaining a Class F licence in Bermuda. The archipelago was chosen as one of the company's international hubs due to the sector's upbeat financial regulator, the Bermuda Monetary Authority (BMA), which in the process wants to become a hub for the crypto-currency industry. Coinbase is also in discussions with global market regulator Abu Dhabi to expand into the United Arab Emirates.
 
Russia opens up to crypto-currencies
 
The Central Bank of Russia is allowing some international Russian companies to experiment with using cryptocurrencies for international settlements, amid economic sanctions related to the conflict in Ukraine. The decision marks a change in attitude towards crypto-currencies, previously seen as direct competitors to the Russian sovereign currency. However, cryptocurrencies remain banned for domestic use.
Block 2: Crypto Analysis of the Week
 
While US lawmakers continue to bicker and struggle to reach consensus on an approach to cryptocurrency rules, their European counterparts have dared to go where no lawmaker has gone before, blessing a Markets in Crypto-Assets (MiCA) law that is the most comprehensive attempt to regulate the sector in any developed global economy. Crypto industry leaders around the world are paying close attention to Europe's pioneering move, even if they consider it only a first step.
 
The rules have been described as a "world first" by EU Financial Services Commissioner Mairead McGuinness, and also as the "end of the Wild West era for crypto-assets", according to Green Party lawmaker Ernest Urtasun.

The European Union's MiCa regulation, which is a monumental step for European crypto assets, has finally come into force after years of deliberation, multiple delays and countless meetings. It is the first major attempt to provide a comprehensive set of rules for crypto companies so they know in advance what they can and cannot do and where their responsibilities lie if they want to operate in the 27-nation strong trading bloc.
 
Without going into detail, any company offering crypto-currency related services in the EU must register in one of its member states. Europe's top financial watchdogs will be tasked with ensuring that crypto-currency companies comply with the rules, including having proper risk management and governance processes in place to avoid another FTX-like collapse.
 
While MiCA is not perfect, with shortcomings such as the lack of coverage of digital asset staking, lending, decentralized finance (DeFi) or NFTs, it is an important step in the right direction, providing a much needed regulatory framework. The laws, which will be implemented at state level, still need to be formally approved by the supra-governmental body, the EU Council, but they are pretty much ready to come into force next year. 
 
Binance CEO Changpeng Zhao welcomed the decision, calling it a "pragmatic solution" that his platform will comply with.

Eager to remain relevant in the cryptocurrency regulatory arena, the US held congressional hearings on the role of the Securities and Exchange Commission (SEC), including oversight of cryptocurrencies and future stablecoin legislation. The result? A plethora of contentious debates and a divisive atmosphere, with little progress towards comprehensive cryptocurrency regulations. SEC Chairman Gary Gensler has been criticised for his lack of clarity on crypto-currency rules, but has maintained that the industry should simply comply with existing guidelines.
 
In the US, political wrangling and regulatory uncertainty have left the industry in a state of limbo, with major players such as Coinbase, Circle and Binance looking to strengthen their presence in Europe. With Coinbase CEO Brian Armstrong saying this week that "everything is on the table" in terms of its future operational footprint. 
 
Meanwhile, in the land of the Great Wall, China's official ban on crypto activities may not be an eternal freeze - at least in one Hong Kong financial sandbox. Recent signals suggest that a thaw may be on the horizon, potentially paving the way for growth and legitimisation of the sector in the Middle Kingdom. In reality, the country has not been able to completely eradicate cryptocurrency trading or mining, and the legitimisation of parts of the industry could be a boon to those looking to get back in.
 
So, will the US step up its regulation or let Europe take the lead on crypto regulation? Only time will tell. Will the Old Continent become a global benchmark for digital currency regulation? In any case, it is taking the path.

Block 3 : Gainers & Losers


MarketScreener

Block 4 : Things to read 

Digital assets and US power (Project Syndicate)

Take It Easy, Man: The philosophies behind Bitcoin and "The Big Lebowski (Bitcoin Magazine)

Are screens stealing my childhood? (Wired)