Stablecoin Regulatory Development - The WAGMI Journal #12
USDC King MC JA is in the house
In today’s issue:
The crypto market is up with the global crypto market cap sitting above $2.8 trillion. Loopring is one of the best performers as it is rumored to be doing a partnership with GameStop for its NFT platform. Additionally, the US ramps up its focus on stablecoin regulation, DCG plans to launch a wealth management business, and Binance temporarily stopped withdrawals.
oh, and also…
We’re finalizing our internal workflow and content.
Starting today, our daily issue will be sent out before 9 am EST.
Based on our readers’ suggestions, we are working to add:
a section tracking top projects (primarily DeFi) governance proposals/activities
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 on a daily basis.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆U.S. Regulators: Issuers of ‘Stablecoins’ Should Be Policed Like Banks
The long-awaited US Treasury Department report on stablecoin was finally released. In essence, there is a growing effort to regulate/polices stablecoin issuers like banks, subjecting them to the same requirement akin to insured depository institutions with strict supervision from the banking regulators while at the same time providing them with the benefit of government backstop in the event of crises.
⎆DCG Is Hiring Advisors for a Planned Wealth Management Business
Crypto juggernaut Digital Currency Group (DCG) is planning its move to hire advisors and launch a wealth management business aimed at newly minted crypto millionaires. All-in-all, this is a smart and obvious move from DCG as it is incredibly difficult for non-crypto native institutions to provide the technical know-how as well as the breadth of options available in regards to managing one’s crypto portfolio, especially if it includes participants in a decentralized environment. DCG is very well equipped to educate its newly hired advisors while providing them with access to other institutional crypto players.
⎆Binance Temporarily Disables All Crypto Withdrawals
Due to the backlog, Binance temporarily stopped all crypto withdrawals. This serves as a reminder that there is strong merit to further decentralize the crypto ecosystem and not rely on centralized parties. Innovations surrounding self-custody wallets and applications such as Gnosis Safe will continue to be crucial and beneficial for the broader digital asset ecosystem. We have even seen moves from firms such as GSR stating that the decentralized ecosystem will eventually bypass the centralized ecosystem.
👨🏻💻Decentralized Finance (DeFi)
Avalanche Joins Layer 1 Funding Boom with $200M War Chest for Devs
Ethereum Name Service Announces Governance Token Plan
Ethereum Is Now the Primary Collateral for Decentralized Stablecoin DAI
Unofficial Squid Game Token Crashes 99% as Devs Dump for $12 Million
GSR Turns Up DeFi Activity in Strategic Shift
DeFi Startup Notional Expands Fixed-Rate Lending Presence With V2 Upgrade
Ribbon Finance Announces Ribbon Treasury
🦮NFT & Metaverse
Ethereum NFT Frenzy Cools as OpenSea Monthly Volume Drops 12%
Huobi Trials NFT Marketplace to Further GameFi and Metaverse Strategy
The Recording Academy and OneOf Announce Grammy Awards Partnership
CryptoPunk Worth $850,000 Sells for Just a Fraction of Its Price
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Beta Finance - $5.8M Unknown Round
Koi Metaverse - $2.6M Pre-Series A
Phantasia - $1.85M Seed Round
Enjinstarter - $5M Seed Round
CoinRoutes - $15M Series B
The Sandbox - $93M Series B
Agara - $40M - $50M Acquisition (by Coinbase)
Sfermion - $100M NFT Fund
Avalanche ‘Blizzard’ - $200M Ecosystem Fund
Digital Currency Group - $700M Secondary Sale
⚖️Regulatory Update
Kleiman v. Wright: Bitcoin’s Trial of the Century Kicks Off in Miami
Biden Administration to Congress: Put Stablecoins Under Federal Supervision – Or We Will
US Treasury Releases Long-Awaited Report on stablecoin Risk, Features Request for New Laws
Europe’s MiCA Crypto Rules Are Coming Soon
Australian Regulatory Body Greenlights Bitcoin, Ethereum Spot ETFs
📚Noteworthy Reads
Daniel Chung’s Thread on Arweave
Coinbase Ventures Q3 2021 Activity Report
Sino Global Capital’s How-to-Solana Report Chapter 4
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.