WhiteboardCrypto Newsletter - Jul 6

Welcome back to this week's edition of our WhiteboardCrypto Newsletter!

ZKsync adopts multi-chain approach

ZKsync's latest upgrade, 3.0, introduces the "Elastic Chain" ecosystem, which connects multiple Layer 2 rollups. This new system reduces costs and enhances security by integrating chains natively, avoiding the need for cross-chain bridges. The upgrade aims to solve issues like high transaction fees and fragmented liquidity on Ethereum.

Learn more here.

Circle complies with MiCA

Circle, the issuer of the USDC and EURC stablecoins, has received regulatory approval from the European Union's Markets in Crypto-Assets (MiCA) regulatory framework. MiCA is the first regulatory framework in the world to provide clear rules. The compliance is effective immediately so holders of the stablecoins don’t have to do anything about it.

Learn more here.

US overturns Chevron Doctrine

The U.S. Supreme Court has overturned the Chevron Doctrine, a legal precedent from the 1980s that allowed federal agencies to interpret vague laws. The Court argued that such authority should rest more with the courts rather than with the agencies themselves. This ruling is a major shift in how federal regulations will be handled, likely leading to increased judicial involvement in regulatory decisions. One implication of this is that the SEC will have less freedom in how laws are interpreted. The decision reflects ongoing debates about the balance of power between branches of government and could impact various sectors, including financial and environmental regulations. But, as Kyla Scanlon and others have pointed out, while the executive branch has less power, the judicial branch has more, and we don’t elect the judicial branch and the judges are in it for life, so this may not be all good.

Learn more here.

Thanks for reading and I hope you learned something!

- Theodore