G20 Leaders Agree On IMF-FSB Crypto Roadmap; Binance NFT Ends Support For Polygon

Here are some of the major developments from the world of crypto over the past few days.

Leaders of the G20 nations agreed on a “Synthesis Paper” prepared by the International Fund (IMF) and the Financial Stability Board (FSB), providing a roadmap towards a coordinated, comprehensive, and regulatory framework for cryptocurrencies. In a declaration, G20 stressed it will continue to closely monitor the risks related to the crypto asset ecosystem.

“We endorse the Financial Stability Board’s high-level recommendations for the regulation, supervision, and oversight of crypto-assets activities and markets and of global stablecoin arrangements,” the declaration said. 

“Taking into account the full range of risks and risks specific to the emerging market and developing economies (EMDEs) and ongoing global implementation of FATF standards to address money laundering and terrorism financing risks," it added.

Binance NFT Ends Support For Polygon 

Binance’s non-fungible token (NFT) marketplace has announced that it would shortly stop supporting NFTs built on Polygon. The Sandbox NFT Staking Programme will end later this month, Binance NFT said in a blog post on September 8, 2023, citing, among other reasons, a decision to consolidate the platform’s product offerings.

Users can use the application to stake Polygon-based Land NFTs from The Sandbox to get SAND token payouts, but it will end on September 26, 2023. Users’ NFTs will be automatically safe and transferred back to their spot wallets, it said in the blog post. Users have until December 31, 2023 to remove all their Polygon NFTs from the market before support for the Polygon network ends on the same day.

Binance NFT further said in a statement that more details will be provided to impacted users at a later date.

NFT Restaurant Plan Put On Hold

The SHO Group has put on hold its plans to build a non-fungible token (NFT)-based restaurant and private members lounge in San Francisco on grounds of difficult macroeconomic reasons.

Joshua Sigel, CEO of Sho Group, told San Francisco-based news website SFGATE on September 7, 2023 that it was no longer possible to complete the building, adding that the company has terminated its leasing agreement in July 2023.

The “Sho Club Sky Lounge” and “Sho Restaurant” were the names of the two establishments that were being constructed on Salesforce Park. Only owners of the Sho Club NFTs – which ranged in price from $7,500-300,000 and provided access to more upcoming Sho Group hospitality offers – were to be provided access to the restaurants.

US Representative Tom Emmer Sponsors Amendment To Limit SEC’s crypto Oversight

Tom Emmer, the Majority Whip of the US House of Representatives, on September 8, 2023 sponsored an appropriations amendment limiting the US Securities and Exchange Commission’s (SEC’s) use of funds for enforcement of digital assets.

Emmer intends to introduce an appropriations amendment that will limit the SEC’s utilization of funds for digital asset enforcement until comprehensive rules and regulations are implemented. Emmer has previously voiced his displeasure with the SEC’s actions in the cryptocurrency industry.

Emmer also criticized SEC Chair Gary Gensler in his remarks, claiming that he has overstepped his bounds and is harming the interests of the American people. Emmer also asked the US Congress to use its legal tools and established protocols to prevent Gensler and the SEC from possibly misusing taxpayer money.

Emmer has previously co-sponsored several initiatives that aim to increase regulatory transparency in the US.

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