Author: Angela Wang

It’s a volatile time for the global financial system: cryptocurrency is gaining traction, financial institutions are collapsing, and stablecoin regulations remain elusive. With regulatory excess threatening financial stability, the debate over the regulation of stablecoins rages on, as U.S. lawmakers attempt to craft legislation that protects consumers and fosters a healthy financial ecosystem.

Concern on How Congress Could Address Stablecoins Used for Payments

The debate was highlighted at an April 19 hearing of the U.S. Subcommittee on Digital Assets, Financial Technology, and Inclusion. Some lawmakers echoed concerns about the proposed legislation, with U.S. House Financial Services Committee Chair Patrick McHenry releasing a discussion draft bill on how Congress could address stablecoins used for payments and a central bank digital currency.

U.S. Representative French Hill, who chairs the Digital Assets Subcommittee, referred to the previous bill as an “ugly baby” due to its lack of a bipartisan consensus, while House Financial Services Committee Chairwoman Maxine Waters said that negotiations for the bill were incomplete and that starting from scratch was necessary.

Experts Concern on US Regulatory Environment

However, some experts expressed concerns about the United States’ hostile regulatory environment. Austin Campbell, an adjunct assistant professor at the Columbia Business School, pointed to other countries’ relatively more inviting regulatory frameworks when discussing fiat-backed stablecoins. Singapore, Dubai, Abu Dhabi, and the U. (Klonopin) K.–all of which have proposed frameworks for stablecoins–offer a competitive edge for issuers, compared to the U.S.

“If we don’t act, those are the best options and people will take advantage of them,” said Campbell.

Stablecoin Bankruptcies Raise Questions on Prudence

Recent market events have raised grave questions about the prudence of stablecoin enterprises. Last May saw the collapse of Terra’s ecosystem, leading to numerous bankruptcies. The most recent U.S. stablecoin bankruptcy was the sudden closure of Silicon Valley Bank in April of 2021, sparking a 10 percent flash crash of the value of USD Coin (USDC), a major CoinDesk-tracked stablecoin, compared to the U.S. dollar.

Both the proposed bill and the proposed ban on algorithmic stablecoins such as the now depegged TerraUSD Classic (USTC) may help protect consumers and bolster the stability of the U.S. financial system. But until legislative action is taken, the discussion is set to continue as to what regulation of stablecoins– if any– is necessary, and to what degree regulation should be applied.

Balancing Innovation and Oversight

As the debate continues, it is critical that lawmakers and policymakers are mindful of the delicate balance of regulations and the implications that too much government oversight can have on the innovative and fluid cryptocurrency industry. This uncertain regulatory landscape has caused some companies to hold off on launching their own stablecoins, as Fintechz Holdings CEO Ana Arino explained: “The lack of concrete regulation means that it is impossible to consider launching in a meaningful and responsible way…Nobody wants to risk a sizable portion of their own funds without feeling confident that the rules won’t change before they implement their stablecoin launch.”

In addition to the U.S., many other jurisdictions are considering their own regulations for stablecoins. Only time will tell whether U.S. lawmakers and policymakers can catch up and create a regulatory framework that is proportionate to the technology, a move which, if successful, could have a major impact on the landscape and ultimately help protect consumers from malicious actors in the market.

The Far East doesn’t just have some of the most technologically advanced societies—it’s leading the world in the number of interesting and exciting developments within the crypto world. This past week was a perfect example of innovative advances being made in East Asia, from the rise of an ambitious restauranteur to the creation of cutting-edge blockchain products. The source of these developments lies with the Three Arrows Capital (3AC) hedge fund, previously worth $10 billion at its peak. The repercussions following 3AC’s unfortunate downfall have been felt throughout the crypto community, with the company’s co-founders seeking new opportunities to escape the fallout.

Remarkable Career Transformations of 3AC Co-Founders

The most remarkable transformation came from Kyle Davies, one of 3AC’s co-founders. Despite the hardships experienced following the hedge fund’s collapse, Davies has managed to find solace in his new career as an aspiring chef. With creditors trying to claim over $3.5 billion from 3AC’s bankruptcy, it’s commendable that Davies has been able to place his attention on perfecting the art of cooking chicken.

In a parallel development, fellow co-founder, Su Zhu, partnered with OPNX exchange to trade bankruptcy claims of FTX and Celsius, amongst other currencies. All of these efforts resulted in the exchange reaching an impressive $1.8 million in daily trading volume—an impressive figure considering the sum of all regulated crypto products listed in Hong Kong only manages to do $1.19 million in volume a day.

Finally, the Bruce Lee Foundation, directed by his daughter, Shannon, joins the list of those trialing NFTs. In partnership with the NFT video platform, Shibuya, they hoped to create a unique collection in celebration of the late kung-fu legend. While the purchase of the NFT may not have been wildly successful due to the supply, this may be the beginning of an ongoing Web3 experience.

The Golden Goose and House of Lee’s Promising Future in Web3

In possibly the most surprising venture from 3AC so far, Sotheby’s auction house announced a series of NFT collections recovered by liquidators, including Dmitri Cherniak’s artwork “The Golden Goose” purchased by Zhu and Davies with $5.8 million in Ether. Despite the initial sale not being as successful as expected due to a flood of supply, Zhu remains optimistic about the House of Lee NFT collection and believes this is only the beginning of a “Web3 collaboration”.

Singapore’s Crypto Sector on the Rise

Singapore’s growth in the crypto sector was also felt this week, with the increase in the share price of the Nasdaq-listed Bitcoin mining company SAI.Tech—surging by 360% within one day. Subsequently, the company unveiled three new product lines—Ultiaas, BoltBit, and Heatnuc—as part of its expansion plan. With the new developments seen in East Asia this week, it is clear that the fascinating interplay between cryptocurrency and blockchain technology is here to stay.

Conclusion

To summarise, this week in the industry of East Asian cryptocurrency has been a truly wild one, with entrepreneurs, foundations and companies alike embracing blockchain technology in innovative ways. From chefs to exchanges to NFTs, the rise of these ventures in the Far East serves as an exciting reminder that the crypto world is just getting started.

It has been 17 years since Kabosu, the abandoned Shiba Inu pup, was adopted and entered the world’s collective conscience as the star of a wildly popular meme. Since then, Kathosu, or simply Doge as the pup is widely known, has inspired a cryptocurrency with an $11.6 billion market cap, a life philosophy, and even a holy pilgrimage to Japan! We, never in our wildest dreams, could have imagined all this, and now a group of filmmakers and community contributors are set to commemorate the pup’s legacy by producing a feature film about Doge’s incredible rise from helpless pup to global icon. (Xanax)

Own the Doge, a Doge-oriented NFT community, and PleasrDAO, a Web3 art and culture collective, have joined forces in this incredible project. To top off the incredible transmedia success of the Doge meme, PleasrDAO recently purchased the rights to the meme image for $4 million worth of Ethereum in 2021. But the film-making project, entitled “The Doge Documentary,” isn’t stopping any time soon. The film-making team and contributors have partnered with the former Hollywood talent agent and producer, Jim Toth, to fundraise further and attract major film distributors, aiming to break through and captivate a massive audience.

Recently, the documentary’s producer, tri dog, released a sneak peek of the film on Twitter, showing off Kabosu, who is now 17 years old after a decade of global fame. Along with the chief director and producer, Jon Lynn, tri dog also mentioned the involvement of Arthur Jones, director of the monumental Pepe the Frog-inspired documentary “Feels Good Man,” and documentarian, Evan Rosenfeld.

This cute pup is known for inspiring millions, so an organization named Doge DAO is offering the perfect opportunity for Dogecoin followers to make a pilgrimage to Kabosu’s residence in Sakura, Japan. Doge DAO will also cover a lucky entry’s total fee of $4,200 plus airfare for owning at least one Doge Pixel NFT. With perfectly customized go-karting, a Geisha performance dinner, and the chance to meet the Doge and her honorary guest Kyle Craven (aka Bad Luck Brain), the itinerary of this trip is sure to leave you inspired!

In addition, PleasrHouse, another project closely affiliated with PleasrDAO, recently kicked off a 24-hour auction for the couch from the original Doge meme photo. The proceeds of twenty-one ETH which the couch was sold have been given to Save the Children, as per the agreement between PleasrDAO and the Own The Doge community. There will also be an open-edition NFT drop to give Kabosu and the charity even more support.

For the pup who has provided the world with a decade of joy, this feature film is sure to be special, tugging at the world’s heartstrings while appreciating the global community and their unconditional love for Kabosu. Boasting a passionate and highly involved audience, the film will no doubt prove to be a unique asset for any film studio to take part in, if the right connections can be made.

Follow Kabosu’s incredible journey — from an abandoned pup to a global icon — in “The Doge Documentary”, the ultimate blockchain-powered film about a pup that put the doge into dogecoin! The film is in production and is expected to be released later this year, so be sure to not miss out!

Bitcoins, Ether and stablecoins have been lying low recently, but the reverberations of a scandal are still being felt in the crypto world. This past November, a humbling saga of widespread fraud and money mismanagement unfolded. Following the collapse of crypto trading platform FTX, the U.S. Department of Justice has charged its CEO, Sam Bankman-Fried (SBF), with misusing upwards of a million dollars of customers’ funds.

The fruits of discontent given the misdeeds of SBF have extended beyond the crypto markets and seeped into the politics surrounding them. As one of the largest and most powerful figures in the crypto world, SBF’s misdeeds have had dramatic implications on government attitudes toward the wider industry. Over $74 million in political donations from FTX and its associates have led to massive efforts of retribution from U.S. lawmakers. Allowing such a leader to commit several crimes and then walk away without punishment was simply not an option, and it has angered many politicians and officials. This brings us back to the recent enforcement actions; if the goal of the new regulations is to punish SBF, then the mission is accomplished.

Indeed, in a recent Money Reimagined column from CoinDesk, Chief Content Officer Michael Casey argued that the recent backlash against the crypto industry stemmed from the SBF’s alleged misdeeds. As part of the investigations and additional tracking, Congress had blurred the lines between responsibility and responsibility, creating a mess that the Biden administration had to clean up. They’ve decided to send a message to the crypto markets by raising the penalty for SBF and those around them, and in doing so, they’ve shown that they are determined to protect participants and customers of the crypto world.

As the future of global crypto leadership develops, regulations may be tightened and enforcement could become more aggressive. This represents a vital step in creating a safe and reliable trading atmosphere and restoring trust in the markets. As SBF’s spectacular fall from grace continues to shake the crypto world, the time for revenge and change has arrived. What we can expect from lawmakers and regulators is that if a certain individual or institution has misappropriated funds and made risky investments without proper risk assessment, they will pay for the consequences.

This incident reminds us once again of the importance of having clear, inviolable rules of governance, whether that’s within democratic institutions or in consensus mechanisms used by open-source communities, like those in blockchain protocols. The FTX scandal is also a reminder not to underestimate the emotions that can drive decision-making like anger and embarrassment can be a motivator more powerful than a simple desire to protect customers. Regardless, the industry will continue to innovate, and crypto will keep moving toward widespread adoption in the years to come.

With Donald Trump’s expected indictment looming closer, investors have flocked to his digital trading cards in droves, leading to a surge in prices and even spawning a knockoff of the originals. Trump’s public downfall has been documented through a burgeoning collection of NFTs – Non-Fungible Tokens – meant to capture the mood and reactions of this unprecedented event.

On March 15th, the Manhattan District Attorney’s Office issued an indictment against former president Trump, the first U.S. President ever to face criminal charges. Following the news, both Trump’s official installment of digital trading cards, Trump Digital Trading Cards, and the unauthorized take, Trump Criminal Digital Cards, saw a dramatic spike in sales.

Trump Digital Trading Cards saw 35 ETH or $64,00 worth of sales within the past day, according to data from NFT Price Floor, with the cheapest one listed at $937. The NFTs had an initial mint of $99 apiece and are up over 1000% in the secondary market. Trump’s legitimate collection also has a current market capitalization of $42 million.

In comparison, Trump Criminal Trading Cards have a lower floor price and far less volume. With a total estimated market cap of 12 ETH or less than $23,000, according to Nansen, they have seen a 3600% spike in their trading volume. The current floor price stands at 0.017 ETH or $31.

This alternative take on Trump’s trading cards features the former president in various jail cells and wearing different types of prison garb – including a metal ball and chain on one of the rarer NFTs. They capture the public’s current mood and overall sentiment surrounding Trump’s indictment and arrest.

In addition to the digital trading cards, Trump’s legal saga is documented through a “Polymarket” contract, which puts the chance of him being indicted and arrested in the month of March at 68%. Investors are also predicting if Trump will tweet or smile in his mugshot.

Whether you want to purchase Trump Digital Trading Cards for their monetary value or the Trump Criminal Digital Collection for the gritty representation of his possible imprisonment, these NFTs will provide an ongoing visual timeline of one of the most historic legal cases in United States history. It only takes a few clicks to collect these digital criminal cards and own a piece of history – so make sure to hit the buy button before they’re gone!

In a move that could secure its long-term sustainability and help pave the way for wider non-fungible token (NFT) adoption, leading NFT attendance badge service Proof of Attendance Protocol (POAP) announced Tuesday that it will begin charging commercial clients for access to its services. The news, an abrupt departure from the company’s years-long policy of offering free POAP minting to all users, sent ripple effects across the Web3 space, sparking widespread debate as to the implications of limiting free access to the technology.

POAP, a Ethereum-based app, helps event organizers give out attendance badges in the form of NFTs, which can be used to prove attendance at physical or virtual events. Starting April 17, companies and individuals who distribute POAPs at commercial events may be subject to charges based on the number of POAPs issued. According to Isabel Gonzalez, POAP’s co-founder, prices for commercial clients will likely converge around $1 per POAP issued. Special pricing, however, will be available for current commercial users at one quarter of that cost.

Not all commercial customers will be charged for their use of POAPs, though. Certain ventures may continue to be subsidized by the company on a case-by-case basis if they further POAP’s artistic and creative mandate. “We like people creating true precious digital collectibles more than we care that they pay,” Gonzalez told Decrypt. “The efforts that go into good storytelling are worth their own weight in gold.”

The move does present some difficulty in distinguishing personal events from commercial ones. For instance, a wedding with under 200 attendees could be perceived either way. POAP has released guidelines to help interpret the differentiating factors between the two, such as whether “an emotional connection” exists between a POAP issuer and collector, or whether a large number of POAPs are issued (especially in an automated fashion).

Gonzalez hopes the new pricing model will encourage its users to consider the best applications of its services while also solidifying POAP’s staying power. “We believe this evolution will expand the range of possibilities for how POAP can be used sustainably, in part by giving issuers tools to align their plans with POAP’s mission of creating precious digital collectibles,” she said.

It remains to be seen how stakeholders will react to the news of POAP’s new commercial pricing model. Despite early pushback, Aptos Labs’ co-founder Mo Shaikh pointed to the value of tokenizing communities across the world and using NFTs to expand into the mainstream via big brands and as a form of payment. As organizations and communities grow increasingly reliant on digital and automated technologies, the value of web3 services like POAP can help them unlock new opportunities, experiences, access, and rewards. Through Community Tokenization and its own utility token, Bulls & Apes Project is taking this mission to heart, investing heavily in the technology and gamification design to provide an own-to-earn model that rewards holders simply for engaging with them.

Sustainable and ethical operations will remain central to the successful adoptions of NFTs and all web3 services. With its new pricing model, POAP can work towards greater financial security and wider use of its service, while also encouraging its users to experience and create true digital collectibles. By combining a passionate, dedicated community, engaged users, and responsible teams, the web3 world can enter a new era of growth, stability, and value creation.