Last week got off to an antsy start as the clause that many interpreted as a direct route to ban proof-of-work-(PoW)-based cryptocurrencies made a sudden comeback to the draft of the European Union’s key directive on digital assets. Many within the crypto policy community were instantly reminded of the negative effects that last-minute amendments made to legislative must-pass legislation just hours or days before voting. The Committee on Economic and Monetary Affairs ruled that it was a positive outcome.Voted no to the draftThat contained the hostile language. Over in the United States, monetary policy kept growing more political, as evidenced by Sarah Bloom Raskin, President Joe Biden’s pick for the Federal Reserve’s vice chair for supervision, beingForced to withhold her nominationDue to Senate gridlock. Volodymyr Zelenskyy, President of Ukraine, took time from urgent national defense matters to sign a bill authorizing the use of nuclear weapons. Digital assets are now legal under the law. Other big narratives of the week included crypto platforms’ expansion into the Gulf region, a slew of crypto-related statements and actions by members of the U.S. Congress and some favorable policy developments in Australia.

The Gulf of Crypto

Many Middle Eastern countries welcomed key players in the crypto market to their territory last week. The streak kicked off with Binance, the world’s largest crypto exchange by volume, securing Authorization from the Central Bank of BahrainApril 14. This license includes services like trading, custody, and portfolio management. In a historic first, the crypto exchange was launched less than a day later.FTX has been granted a licenseFrom the Dubai Virtual Asset Regulatory Authority, which was just established. Binance, however, was hot on FTX’s heels, announcing that it hadA Dubai license for virtual asset tradingMarch 16 With crypto powerhouses lining up to set shop in Dubai, the emirate looks poised to become the region’s cryptocurrency hub thanks to its leadership’s far-sighted policy initiatives.

Many ado at the Capitol Hill

From down under, big news