16 February

“The bill would designate certain stablecoins as “qualified,” making them redeemable on a one-to-one basis for U.S. dollars.

Both bank and non-bank financial institutions would issue them subject to their meeting certain conditions on reserve requirements with cash collateral held in a segregated Federal Deposit Insurance Corporation (FDIC)-insured account.

The Office of the Comptroller of the Currency (OCC) would also have oversight of stablecoin issuers and issue rules on leverage ratios, auditing requirements, anti-money laundering/know-your-customer compliance and so on.”

“The bill was introduced on Feb. 15 by Rep. Warren Davidson (R-Ohio), a member of the Blockchain Caucus, and would ban agencies from ‘restricting the use of convertible virtual currency by a person to purchase goods or services for the person’s own use, and other purposes.’

The legislation also prevents agencies from prohibiting users from ‘conducting transactions through a self-hosted wallet.’

Larger institutions are awaiting more regulatory clarity, but a “really substantial wave” of capital is ready to be put to work across the cryptocurrency industry. Vanderwilt said his conversations with investors suggest many are seeing the recent plunge in crypto prices as a buying opportunity.

Compared with estimates of global wealth of around $450 trillion, that means the total market cap of crypto, excluding venture capital, is only about 40 basis points of total global wealth.”

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“In a bid to become a global hub for the incorporation of DAOs, The Republic of the Marshall Islands has recognized decentralized autonomous organizations as legal entities, becoming the first sovereign nation to do so.

The new law essentially grants DAOs the same privileges as limited liability corporations (LLC), allowing them corporate personhood and the ability to hold real estate. The islands have several advantages over individual U.S. states as a potential DAO domicile, namely not being subject to U.S. federal laws.

The first DAO putting the new legislation to the test is Admiral DAO, which has registered its company Shipyard Software, a decentralized exchange software developer, under Marshall Island jurisdiction.”

“Notice of a proposed rule change to list and trade shares of the Grayscale Bitcoin Trust as a spot-based ETF has generated a long list of comments with a large majority in approval. Bloomberg senior ETF analyst Eric Balchunas observed that 95% [of recent comments] are in favor of the proposed conversion.

The current structure of the closed end fund has led to price of the fund trading at a premium and discount to net asset value which has created arbitrage opportunities for more sophisticated traders to take advantage of unsuspecting retail investors.

Grayscale originally hinted at converting the world’s largest BTC fund into a spot ETF in October. On Feb. 4, the SEC delayed the decision on the conversion of the $37-billion GBTC fund, citing the same familiar concerns regarding manipulation, liquidity and transparency.”

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The New York Stock Exchange (NYSE) has filed an application with the U.S. Patent and Trademark Office (USPTO) to provide an online marketplace for various digital goods including NFTs, cryptocurrencies, digital media and artwork. If the exchange follows up with these plans, it would be competing with the likes of OpenSea and Rarible.

In April, the NYSE minted its first set of NFTs with homages to six hot tech stocks that debuted on the world’s largest bourse.”

“JPMorgan, the largest bank in the U.S., said it has become the first lender to arrive in the metaverse, having opened a lounge in Decentraland. In January, electronics giant Samsung opened a version of its New York store in Decentraland, and in November Barbados established a metaverse embassy, also in Decentraland.

As well as the unveiling of the Onyx lounge (the name refers to the bank’s suite of permissioned Ethereum-based services), JPMorgan also released a paper exploring how businesses can find opportunities in the metaverse.

There is a lot of client interest to learn more about the metaverse. We highlight what needs to be built next in technology, commercial infrastructure, privacy/identity and workforce, in order to maximize the full potential of our lives in the metaverse.

In time, the virtual real estate market could start seeing services much like in the physical world, including credit, mortgages and rental agreements.”

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