Crypto News Recap: Memecoins & Crackdowns with Chad Barraford
Worldcoin/ChatGPT founder Sam Altman prepares to testify in front of Congress
By: Zack Abrams
May 15, 2023
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This week: the U.S. government’s anti-crypto push intensifies as Bermuda beckons, DeSantis goes after CBDCs as Zimbabwe sells gold-backed crypto, and Worldcoin looks ahead to $100M of new funding. Also, Islamic Coin is set to launch in May.
Here’s what’s happening in crypto this week:
In Governments and Regulation…
A memo leaked to Fox Business journalist Eleanor Terrett has provided insight into House Democrats party-line stance regarding digital assets. The memo reiterates the assessment made by SEC Chair Gary Gensler that “the problem isn’t ambiguity—it’s mass non-compliance with existing laws” when it comes to regulating crypto.
The leaked memo comes amidst reporting that Eun Young Choi, director of the U.S. Department of Justice’s National Cryptocurrency Enforcement Team, is stepping up the agency’s enforcement of crypto firms.
Meanwhile, Bermuda is emerging as a possible refuge for crypto companies fleeing the U.S. following the country’s licensing of companies such as Circle, Block, and Coinbase, which just launched an offshore derivatives exchange in the country.
Also: Zimbabwe sells the equivalent of $39 million of gold-backed crypto despite the IMF’s warning. DeSantis bans CBDCs in Florida: “Biden Bucks stop here.” G-7 finance ministers discuss crypto ahead of the summit next week.
In Blockchain News…
A new L1, Canton Network, has been announced. The network plans to target traditional financial institutions and already has support from Microsoft, Goldman Sachs, Deloitte, Moody’s, and others.
Bitcoin Cash has seen a small price bump following its recent hard fork which supports smart contracts.
I can’t stop laughing at this article about Islamic Coin, the world’s first Sharia-compliant cryptocurrency. Why not!
In Other Headlines…
Primordial NFT? Someone tried to sell a JPEG for BTC months before Bitcoin Pizza Day
Ether Holders Embrace Near Month-Long Wait for Staking ETH
Ethereum Staking Tokens Lido, Rocket Pool Soar Double Digits on the Week
Bitcoin addresses holding 1 BTC or more reach one million: Glassnode
Our Latest Episode...
It’s being reported that Worldcoin, another startup from OpenAI founder Sam Altman, is expecting to announce an additional $100M in funding soon. Maybe he’ll talk about that in front of Congress tomorrow.
But what is Worldcoin? What is the company promising? And will it stop rich people from skipping me in line in the airport? For answers to those questions, check out our latest episode.