Welcome to the latest edition of MelegaSwap's weekly cryptocurrency news roundup. In our usual roundup, we bring you up to speed on the latest happenings in the dynamic and ever-changing world of digital currencies. This week, which spans from April 16th to 22nd, 2023, has been an exhilarating time for cryptocurrency enthusiasts, as the long-standing and enigmatic crypto regulator has faced a contentious session from United States lawmakers.

However, Bitcoin (BTC) experienced a significant drop below the $30,000 mark, while ether (ETH) similarly plummeted below its $2,000 threshold, which had only been achieved late last week. These drops can be attributed to a range of regulatory uncertainties and other fundamental factors. 

This week's updates include the launch of a new Euro-pegged stablecoin, the comprehensive crypto legislation adopted by the European Parliament, the forthcoming release of Nike's sneakers with non-fungible tokens (NFT), and the possibility of Gary Gensler, the Chair of the American SEC and a skeptic of cryptocurrency, being removed from his position.

As we continue to stay ahead of the curve, we are delighted to bring you all the latest developments every step of the way. Without further ado, let's dive in!

TOP STORIES THIS WEEK (APRIL 16-22 2023)

●      Societe Generale-Forge Joins the Stablecoin Race with Euro-Backed Digital Asset

●      EU Sets Standard Crypto Regulations with MiCA

●      Nike launches virtual sneaker collection "Our Force 1" as NFTs on .Swoosh platform.

●      Tribe Capital is reportedly considering reviving FTX

●      Bittrex and its former CEO charged by SEC for unregistered operations

●      Silvergate Bank in trouble as it faces class-action suit and multiple lawsuits

#EURO Societe Generale-Forge Joins the Stablecoin Race with Euro-Backed Digital Asset

Societe Generale-Forge (SG-Forge), a subsidiary of French bank Societe Generale, has launched EUR CoinVertible, a new euro-pegged stablecoin for institutional clients. The Ethereum blockchain-based stablecoin, with the ticker symbol EURCV, will only be available to Societe Generale's investors who have undergone Know Your Customer and Anti-Money Laundering procedures.  

However, the coin's centralized nature and "worst code" assessment has drawn criticism from researchers who analyzed its smart contract code. ERC-20 transfers of the stablecoin require authorization from an in-house registrar, which some experts argue is incompatible with the blockchain's decentralized ethics. Each transfer must be authorized in a separate ETH transaction submitted by the centralized registrar, causing concerns about the coin's security and potential impact on the broader cryptocurrency market.

EU Sets Standard Crypto Regulations with MiCA

The European Parliament has approved the Markets in Crypto-Assets Act (MiCA), marking a significant milestone for the crypto industry. This new legislation aims to establish clear regulations and harmonized rules for crypto assets at the EU level, providing legal certainty for the industry and investors. 

Moreover, the regulation will establish guidelines for digital asset token issuers' operation, structure, and governance, as well as offer rules on transparency and disclosure requirements for issuing and trading crypto. 

EU financial services commissioner Mairead McGuinness hopes the regulation will serve as a model for other countries, ensuring a robust global approach that safeguards consumers and financial stability.

#NFT Nike launches virtual sneaker collection "Our Force 1" as NFTs on .Swoosh platform.

Nike introduces its first-ever NFT sneaker collection called "Our Force 1" on the new .Swoosh platform. The virtual sneaker is based on Nike's iconic Air Force 1 design and will be available for purchase on May 10 via the .Swoosh marketplace. 

Early access to the sale on May 8 is granted through virtual "AF1 posters" airdropped to randomly selected .Swoosh users. This marks a significant move by Nike to capitalize on the NFT trend that has taken the art and fashion worlds by storm.

#FTX Tribe Capital is reportedly considering reviving FTX

Tribe Capital, a San Francisco-based investment firm that previously invested in FTX, is reportedly considering injecting more funds into the insolvent centralized cryptocurrency exchange. 

Sources familiar with the matter revealed that Tribe Capital is planning to lead a $250 million fundraising effort, with $100 million coming from the company and its limited partners. The venture capital firm is said to be interested in working with other investors to bring the struggling crypto firm back to life. 

While the talks are still in the early stages, sources say that Tribe Capital is optimistic about the potential for a successful revival of FTX. If successful, the exchange’s name would remain FTX.

#Bittrex Bittrex and its former CEO charged by SEC for unregistered operations

Crypto asset trading platform Bittrex and its former CEO, William Shihara, have been charged by the United States Securities and Exchange Commission (SEC) for operating an unregistered national securities exchange, broker, and clearing agency. 

Bittrex Global is also being charged for its operation of a single shared order book along with Bittrex. The SEC argued that six tokens traded on Bittrex, including OMG, Dash, and Algorand, are securities. However, the SEC has been criticized for claiming tokens are securities only at the time it files such complaints. 

#silvergate Silvergate Bank in trouble as it faces class-action suit and multiple lawsuits 

Silvergate Bank, a California-based bank that offered banking services to cryptocurrency clients, is facing three combined lawsuits from investors alleging that the bank assisted FTX, a cryptocurrency exchange, in fraudulently stealing their funds. 

The US District Judge for the Northern District of California, Jacqueline Scott Corley, consolidated the three separate lawsuits against Silvergate Bank, stating that they all shared common legal and factual questions. In February, four investors filed lawsuits, accusing the bank of knowingly supporting FTX's alleged inappropriate conduct. The bank had already disclosed plans to liquidate assets and shut down operations following a bank run in March.