šµUS Stablecoin Draft Bill - TWJ #234
The bill will criminalize endogenous stablecoin.
Hi folks,
A few days ago, Fred Wilson of USV wrote a brilliant piece on the importance of public perception about controversial technologies. In his piece, he made a point that there have been many promising technologies that suffer a lack of growth due to negative public opinion. Nuclear, vaccines, and web 3.0 are examples of how negative branding could lead to underinvestment and unsophisticated regulations. Iāve been commenting on crypto branding issues for a while and finally decided to dedicate an issue to this topic since Iām not seeing any significant improvements or initiatives from industry leaders. Crypto needs a better brand strategy.
In todayās issue:
The crypto market is flat with its total market cap above ~$900 billion. XRP (XRP) has been the best performer in the top 100 in the past 7-d. Fed officials are meeting today and the market is expecting the 5th rate hike.
In other news, Bloomberg acquires US stablecoin bill drafts, Binance and FTX bids for Voyagerās assets, and Tether was ordered to produce documents showing USDT backing.
Weāre continually improving our content, please reach out if you have ideas or want us to recap another market segment.
- Curated by Marco Manoppo (@manoppomarco)
š°Market News
āUS Stablecoin Bill Drafts
Bloomberg acquires a US House draft stablecoin bill that will place a 2-year ban on coins similar to TerraUSD, āendogenously collateralized stablecoinsā.
āBinance and FTX Bids for Voyagerās Assets
Crypto giants Binance and FTX have made top bids for bankrupt crypto lender Voyagerās assets.
The current bid from Binance is about $50 million, slightly higher than the competing bid from FTX, according to the people. At the time of its bankruptcy filing in July 2022, Voyager said it had total assets of $5 billion and total liabilities of $4.9 billion.
āTether Ordered to Produce Documents Showing USDT Backing
In perhaps a never-ending battle, Tether is once again ordered by a US judge in NY to produce documents showing USDT backing.
The order requires Tether to produce āgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statementsā, as well as records of any trades or transfers of cryptocurrency or other stablecoins by Tether including information about the timing of the trades. It also orders Tether to share details about the accounts it holds at Bitfinex, Poloniex, and Bittrex.
šØš»āš»Decentralized Finance (DeFi)
Helium Founders, T-Mobile Launch Crypto-Powered 5G Mobile Service
Rari Fuse Hack Payment has Passed
Wintermute Hack Update
StarkNet Live on Infura
Maple Finance Launches $300M Lending Pool for Bitcoin Mining Firms
BNB Chain Launches a New Community-run Security Mechanism
veQI is now Live
Axelar Partners With LongHash Ventures for an Accelerator
Miners Sold Nearly 15,000 Ethereum Leading Up to the Merge
šGovernance - Active Proposals
š¦®NFT & Metaverse
OpenSea will Support Arbitrum
OpenSea to Allow Creators to Host NFT Drops Directly
BNV Will Launch Its Own Metaverse
Okay Bears Signs Licensing Deal With IMG
Top Sales (Last 24-h); Source: https://dappradar.com/nft
šDeal Flow & Capital Raise
Integral - $8.5M Unknown Round
Tres - $7.6M Seed Round
Sardine - $51.5M Series B
Transformation Capital Partners - $300M Tech Fund
āļøRegulatory Update
Latest Draft of US Crypto Law Would Temporarily Ban Terra-Like Stablecoins
Crypto Needs āGlobal Regulatory Framework,' IMF Says
Hong Kong Monetary Authority to Begin CBDC Trials in Q4: Report
Colorado Residents Can Now Use Crypto to Pay Taxes
šNoteworthy Reads
Mattiās Read on The Next Big Crypto Narrative
Regan Bozmanās Thread on Crypto Startups on Bear Market
Adam Cohranās Thread on Is ETH a Security?
Feel free to reach out to manoppomarco@gmail.com ā feedbacks and constructive criticisms are much appreciated.