Visa Advances USDC Payments on Solana for Global Settlements
Visa, the world's leading payment processor, has announced its integration with Solana blockchain to enhance USDC-based international settlements. This strategic move eliminates costly wire transfers by leveraging Solana’s high-speed, low-fee infrastructure.
Key Highlights:
- Pilot Success: Visa tested the system with merchants Worldpay and Nuvei, confirming faster transaction times.
- Blockchain Shift: Previously reliant on Ethereum, Visa now utilizes Solana for its scalability and efficiency.
- Market Impact: SOL token surged 4% post-announcement.
Australia Defers Crypto Regulation Bill Amid Industry Concerns
Senator Andrew Bragg’s 2023 Digital Assets Market Regulation Bill faced rejection due to insufficient detail and conflicts with existing policies.
Industry Perspectives:
- Swyftx Proposal: Advocate for modified traditional frameworks to regulate crypto exchanges similarly to stockbrokers.
- Regulatory Delays: Treasury’s mid-year consultation on crypto licensing remains pending.
"Regulating crypto shouldn’t be in the slow lane," criticized Bragg.
Ethereum Declared a Commodity in Uniswap Lawsuit Dismissal
A New York court dismissed a class-action lawsuit against Uniswap, affirming that the platform isn’t liable for third-party scam tokens.
Landmark Rulings:
- Commodity Status: Judge Failla classified ETH as a commodity, challenging SEC’s ambiguity.
- Legal Precedent: Compared Uniswap’s role to PayPal—facilitating, not endorsing, transactions.
SEC Delays Spot Bitcoin ETF Decisions Until October
All pending Spot Bitcoin ETF applications (e.g., BlackRock, Invesco) face a 240-day review period.
Critical Context:
- Futures vs. Spot ETFs: SEC permits futures ETFs despite near-perfect correlation with spot markets.
- Legal Pushback: Courts criticized SEC’s past rejections as "arbitrary."
FAQ Section
1. Why did Visa choose Solana for USDC?
Solana offers lower fees and higher throughput compared to Ethereum, optimizing Visa’s settlement efficiency.
2. What’s next for Australia’s crypto regulation?
The Treasury plans further consultations, with industry players urging alignment with traditional finance laws.
3. How does Ethereum’s commodity status impact regulation?
It weakens the SEC’s ability to treat ETH as an unregistered security, fostering clearer guidelines.
4. When will Spot Bitcoin ETFs launch?
Expect decisions by mid-October 2023, though approval seems inevitable per experts.