6 November

“Bakkt Holdings (NYSE: BKKT) will soon allow its customers to trade ether. Bakkt also said institutional clients can opt to use the Bakkt Warehouse for custody of ether.

Shares of the Alpharetta, Georgia-based company, which started trading Oct. 18, rose about 4% Friday. The stock soared last month after Bakkt signed pacts with Mastercard and Fiserv for crypto payments.”

Legal experts have warned that a section of the Infrastructure Bill, which is due for a vote on Friday, amends a part of the tax code and makes a failure by businesses and individuals to report digital asset transactions a criminal offense.

It’s bad for all users of digital assets, but it’s especially bad for decentralized finance. The statute would not ban DeFi outright. Instead, it imposes reporting requirements that, given the way DeFi works, would make it impossible to comply.

The amendment to section 6050I is an affront to the rule of law and to the norms of democratic lawmaking. It was slipped quietly into a 2,700-page spending bill. The proposal deserves attention now, while there is still time to stop it.”

See Also: US Stablecoin Report Gets Mixed Reviews From Crypto Industry

mBridge, a multilateral project by four monetary authorities to build infrastructure for connecting central bank digital currencies (CBDC), revealed 15 use cases and 22 participants for the project at Hong Kong Fintech Week on Thursday. Goldman Sachs, HSBC, Société Générale, and China’s biggest state-owned banks are part of the project.

Goldman Sachs Asia will test tokenized bond issuance and atomic settlement, DBS Bank Hong Kong will trial cross-boundary insurance payments between mainland China and Hong Kong, HSBC will try out “feature-rich” programmable trade finance, and Société Générale subsidiary FORGE will look into issuing digital native corporate bonds.

Colin Pou, executive director at the HKMA, explained it is better to build a new system for CBDC settlement rather than try to recalibrate the existing infrastructure.”

See Also: EU central banks working on DLT-based asset settlement

“This week’s NFT.NYC conference, which was first held in February 2019 as a quirky curiosity before an audience of a few hundred early enthusiasts, was spread across six venues, with three days of programming covering 600 speakers. Some 5,500 tickets were sold – with space limitations leaving 3,000 more on the waitlist.

There were 15 different NFT-themed billboards in Times Square. There were parties, dinners, EDM raves and digital art galleries around town, many of which boasted NFT-promoting film and music stars. And there were countless newly created projects promoting everything from royalty solutions for musicians to whisky-backed NFTs. It was a carnival of innovation, a sprawling celebration of possibility.

But what is it all pointing to?

The most striking aspect of all this is how rapidly this industry has sprung up, seemingly out of nowhere, spawning new business models and inventions built on top of those new ideas. That’s what makes the evolution of this space so difficult to predict.”

See Also: S. Korean Regulator Says NFTs Are Not Virtual Assets
See Also: 3 reasons why DeFi users are bullish on Abracadabra, Magic Internet Money and SPELL

“Chia Network, the blockchain and smart transaction platform created by BitTorrent founder Bram Cohen, is developing a data-sharing prototype for the World Bank’s Climate Warehouse that will enable countries to share information on carbon credits and other climate-related issues.

Chia described the project as a ‘non-exclusive, open source and no-cost solution that we are developing for the public good.’ The system will be operational by the first half of 2022.”

“New York, San Francisco, and Los Angeles are the leading centers for crypto jobs in the U.S., according to a study conducted by LinkedIn for Bloomberg. The study found that the crypto industry has yet to adopt a single hub, with the three cities taking the lion’s share of crypto job hires in 2021, followed by Miami and Chicago.

The study comes at a time when U.S. politicians are making efforts to lure crypto businesses to their municipalities.”

“Dave Kleiman’s estate is suing Craig Wright for money that Wright claimed to control as part of his assertion that he is Satoshi. The Kleiman suit largely treats those claims as valid, for the very good reason that it gives the estate standing to claim a large share of Wright’s claimed billions in bitcoin.

This, then, is a lawsuit claiming that Wright defrauded Kleiman out of a legacy that Wright has himself claimed through allegedly fraudulent means. The whole thing has the bizarre air of a snake eating its own tail, except neither the snake nor the tail actually exists.

The show continues on Monday with what is likely to be one for the books: The notoriously aggressive and flinty Wright is expected to take the stand himself.”