Banking Regulators Crypto Oversight - The WAGMI Journal #28

I thought they said it's all just a fad?

In today’s issue:

The crypto market continues to chop sideways with the global crypto market cap sitting slightly above $2.7 trillion. P2E gaming and Metaverse-related tokens are continuing to gain traction. In other news, US banking agencies released their crypto oversight road map, Niantic Labs (the people behind Pokemon GO) enter the Metaverse, and India continues to flip flop its crypto regulation.


Starting today, our daily issue will be sent out before 9 am EST.

We’re continually improving our content — based on our readers’ suggestions, we are working to add:

  • a section showing open interest and other trading-related metrics 24-h changes

  • a section showing newly released projects

Please reach out if you have any other ideas or would like us to recap a segment of the market.

- Curated by Marco Manoppo (@manoppomarco)

📰Market News

⎆US Banking Regulators Crypto Oversight Road Map

The Federal Reserve and other US banking agencies have released an agenda outlining their focus on crypto oversight which includes aspects such as custody, lending, and many more. The agenda doesn’t directly affect any current regulations, but officials want to expand on it throughout 22 to provide greater clarity on what banks can and can’t do with crypto assets.

⎆Pokemon GO Creator Niantic Labs Enter the Metaverse

Partnering with Fold, the Augmented Reality powerhouse will provide the technology for Fold to enable its users to catch Bitcoin rewards. Similar to Pokemon GO, Fold users will be able to get rewards (instead of catching Pokemon) while exploring the world around them. Even though not many details have been announced, Niantic's move to the Metaverse is an exciting one considering the firm’s previous success with a real product, Pokemon GO.

⎆India to Propose Prohibiting All Private Cryptocurrencies

At this point, one might even have to wonder if we should care about crypto news coming from India. A new bill was proposed to help India’s central bank create an official digital currency. The contents of the bill haven’t been finalized, but it also seeks to prohibit all private crypto in India. USDT/Indian Rupee crashed ~20% from its peg before recovering in a few hours.

My take:

It is not surprising for a developing country to do this. Having lived in one myself, the vested interests of multiple political and corporate entities are just too great. Nepotism, corruption, lobbying, “collaboration”, or whatever you want to call it is much more apparent. Simply put, everyone wants a piece of the pie. And if they don’t get their shares, they will continue to poke any piece of legislation, delaying a clean conclusion industry participants are waiting for.

Share The WAGMI Journal

👨🏻‍💻Decentralized Finance (DeFi)

  • Twitter Fight Between VC and Devs Stirs Angst Over Ethereum Gas Fees

  • Rising Fees on Avalanche Trigger Scramble for Solutions

  • Ardana Partners With Near Protocol on Cardano Bridge Infrastructure

  • $DOG Airdrops for $ANKH Holders

  • Jupiter Collab With CoinGecko: Get Alpha Page

  • Rari Capital, Fei Protocol Look to Overcome Bagholder Bias in Ambitious DeFi Merger

  • OlympusDAO Mistake Lets User Spend $50,000 to Buy $1.43 Million in OHM

🏛Governance - Active Proposals

  • Gitcoin - FDD Workstream Q4 2021 Budget

  • Babylon Finance - BIP-4: Uniswap V3 Pool + Harvest Vault

  • Pool Together - PTIP-44: Continuation of C4 Partnership

  • Elyfi - NAP6: Request for verification of ABToken

  • Indexed - Recover assets from and destroy exploited index pools, upgrade remaining pools

🦮NFT & Metaverse

  • Macy’s Launches Ethereum NFT Collection Based on Thanksgiving Day Parade

  • Rarible Adds Messenger Feature to Ethereum NFT Marketplace

  • ConstitutionDAO Irks Donors as Gas Fees Eat Into Refunds

  • French Luxury Fashion Brand Givenchy Drops 15 NFTs on OpenSea

  • Canadian Investment Company Buys $2.5 Million Worth of Virtual Real Estate in Decentraland

  • South Korea Financial Authority Rules That NFTs Are Taxable

Top Sales (Last 24-h); Source: https://dappradar.com/nft

📈Deal Flow & Capital Raise

⚖️Regulatory Update

📚Noteworthy Reads

Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.


DISCLAIMER:

All the information presented on The WAGMI Journal publication and its affiliation is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, and any other forms of advice. Writers, authors, and contributors of The WAGMI Journal may hold any assets mentioned in the issue.