The Week in Crypto – Worldcoin, Crypto Bills, and Lawsuits

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This week in the crypto world we saw Worldcoin’s controversial launch, two crypto bills approved in the U.S., and Craig Wright facing a huge legal bill.

Eyeballs down for a full house.

Worldcoin Goes Live

Worldcoin, the controversial cryptocurrency co-founded by OpenAI CEO Sam Altman, launched this week, stirring both excitement and controversy in the crypto space. The token aims to address online identity authentication and income inequality using advancements in artificial intelligence (AI), but it has faced significant pressure over how it goes about collecting data. The project was first mooted in 2021 where it was likened, in looks as well as behavior, to the Death Star from Star Wars.

Vitalik Buterin for one is not a fan, saying this week that the platform’s ‘proof-of-personhood’ authentication method puts users’ data privacy and security at risk, but that didn’t stop users queuing up around the block to get their eyeballs scanned by ‘the orb’.

Two Crypto Bills Pass U.S. Committee

The House Financial Services Committee successfully advanced a set of crypto bills this week after a landmark markup session that pushes a more positive narrative for the digital space in the country. The legislation’s approval marks a crucial step in providing much-needed clarity and regulation to the rapidly evolving digital asset market.

Despite the occasionally frosty discussions, most committee members, including Republicans and Democrats, eventually rallied in favor of H.R. 4763, known as the Financial Innovation and Technology for the 21st Century Act, and H.R. 1747, the Blockchain Regulatory Certainty Act.

Craig Wright Faces $515,000 Legal Bill

Craig Wright will have to put up $515,000 if he wants to pursue his ‘passing off’ cases against Kraken and Coinbase. A UK judge this week ruled that Coinbase and Kraken should be awarded the interim payments for their legal fees given that Wright has a history of not paying his legal bills and the fact that one of the entities involved in the case, Wright International Investments, is registered in Seychelles.

Wright claims that the two exchanges are passing off BSV as BTC and says he is owed billions in damages. The case will only go ahead if Wright wins the ‘identity case’ in January next year, at which point he will have to stump up multiple millions if he wants to pursue all his cases.