28 May

U.S. billionaire and one-time cryptocurrency skeptic Carl Icahn is contemplating a potential $1.5 billion investment in digital currencies. The activist investor said he’s looking at investing in crypto in “a relatively big way.”

I’m looking at the whole business, and how I might get involved with it.”

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The asset manager becomes the second firm to submit an ETH ETF application with the U.S. regulator, after VanEck. Approval would see Ethereum investments become readily available to U.S. retail traders.

Canadian regulators have moved much more swiftly on both fronts. There, investors can choose between multiple bitcoin and ether ETFs.”

The Uniswap community has voted in favor of launching the leading decentralized exchange’s v3 iteration on layer-two scaling solution, Arbitrum. Arbitrum claims to have achieved a reduction in gas costs of 55 times for its testnet port of Uniswap v2 in November 2020, supporting 390 swaps per second compared to jusseven on the Ethereum mainnet.

Uniswap’s creator, Hayden Adams, announced the vote on May 27, revealing the proposal’s governance vote received 41.35 million votes in favor and zero opposing votes from UNI token holders. He noted that work is already underway to plan the deployment and design its interface.

Adams said that the Uniswap team remains “incredibly excited” for the launch of rival layer-two scaling solution, Optimism. Adams noted Uniswap is still targeting a deployment on Optimism for ‘the near future.'”

Brian Brooks: US-based CBDC Is ‘Never’ Going to Happen

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“What is unique is that every resource from raw ore and spaceship fuel to planetary manufacturing bases and utterly unique starships is an immutable non-fungible token (NFT) built on Ethereum’s ERC-721 standard — with a twist.

Specifically, the Farsite token (FAR) is a cNFT, a proposed standard for a nonfungible token that holds some amount of ERC-20 tokens, making it usable as loan collateral or for staking. Within Farsite, these cNFTs contain the game currency — credits — with 1 FAR token hard-coded to 1,000 credits. While those cNFTs are largely designed to be used in-game, they will also be tradable on external NFT marketplaces like OpenSea, giving an extra financial impetus to the game’s economy.

That said, Farsite makes use of those credit-loaded NFTs in-game in a number of ways. Most notably, they act as insurance policy for spaceships, as they are unlocked and returned to the owner if a ship is destroyed in battle. However, they also allow players to use ships and other high-value items — ship blueprints, manufacturing stations and the like — as collateral for in-game loans.”

On May 28, the United States president will announce the massive fiscal policy, the largest since the Second World War. Biden reportedly wants the federal government to spend $6 trillion in 2022. He also plans to raise the total spending to $8.2 trillion by 2031.

Biden had earlier proposed significant tax hikes on America’s richest companies and individuals to fund his massive spending program. But it would take the government at least until 2030 to shrink its budget deficits, the Times reported. That means the United States would face a monumental debt burden as it borrows money to finance Biden’s record proposal.

The government is proposing to push our country further into debt while simultaneously destroying the value of our currency. Historians will write that the government accelerated the destruction of the world reserve currency as the citizens cheered them on.”

“Securitize, a digital asset securities firm, has launched two crypto security yield funds: one based on bitcoin (BTC) and the other denominated in the stablecoin USDC.

We will get inflow of money into the fund in fiat currency, convert into USDC or BTC and lend back to Genesis and Anchorage and collect yield.

The Securitize Capital BTC Yield Fund will offer investors exposure to BTC with a 2% annualized yield. The USDC Yield Fund will offer a much higher yield of 6% to 8% annually. And both funds will have a management fee of 0.50%. For now, both yield funds will be available to accredited and qualified investors.”

“Crypto lending platforms and so-called decentralized finance (‘DeFi’) platforms raise a number of challenges for investors and the SEC staff trying to protect them.

Gensler previously told the House Financial Services Committee that stronger regulation around crypto exchanges could help protect investors. In particular, he suggested a dedicated market regulator for the crypto markets would provide some protection around fraud and manipulation, two concerns the SEC has often cited in rejecting bitcoin exchange-traded fund (ETF) applications.”

See Also: US SEC wants to work with Congress to regulate crypto exchanges
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“CipherTrace, which has counted Binance as a client for some time, will likely appease crypto regulators with regard to the experimental DeFi space, an area the global anti-money laundering watchdog the Financial Action Task Force (FATF) recently warned is on its radar.

One of CipherTrace’s duties is assessing the degree of know-your-customer (KYC) activity that happens across the universe of virtual asset service providers (VASPs).

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China’s nationwide crackdown on crypto mining could create a competitive environment in which only the biggest miners can survive, said a co-founder and managing partner of Waterdrip Capital, a major investor in the Chinese crypto mining industry.

Finding suitable sites outside the mining hubs requires a lot of resources such as capital and network. Only the most experienced and deep-pocketed miners will be able to carry out such a plan.”

“Blockchain’s potential to sustain a distributed, tamper-proof infrastructure for collective digital memory has taken on an unexpected political salience for citizens in Hong Kong.

Soon after Hong Kong’s public broadcaster Radio Television Hong Kong, or RTHK, revealed its intent to erase any archived content older than one year, residents hurried to save a trove of past news footage that had until now been freely available to the public.

The fight over the collective record of the past has long been underway at an official level, encapsulated by the Hong Kong police’s attempt to rewrite the narrative of one of the most violent and traumatic episodes in the 2019 protests: an indiscriminate assault on civilians at the suburban subway station Yuen Long.

With LikeCoin’s blockchain infrastructure, in 10 (or however many) years from now, it will be possible to know whether or not the content has been tampered with by tracking any changes to its digital fingerprint. When it comes to historically significant archived video footage, that could offer a clue that the original file may have been reedited in a deliberately misleading way.”