Issue #34

Do Kwon arrested, ZkSync mainnet launches, US SEC take aim at Coinbase, Bitcoin hash rate hits all time highs & more & more...


Market Overview

As of the time of writing (Monday 5pm), the total market cap of the crypto asset market is $US1.20T, flat (-%) from last week.

Below is the weekly performance of the top crypto and NFT assets. 

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News Headline Highlights

 Crypto Asset Project Updates

Regulation Station

  • The US Securities and Exchange Commission (SEC) has issued a Wells Notice to Coinbase in relation to their exchange, its staking service and the Coinbase Ethereum Wallet. The Wells Notice is the SEC’s means of notifying the company of an ongoing investigation into a business and adds to a continuing string of regulatory warning shots fired at crypto firms in the U.S. 
  • The US Securities and Exchange Commission (SEC) charged Justin Sun, the founder of Tron, with fraud. Also entwined in the lawsuit are eight celebrities including Lindsay Lohan and rapper Soulja Boy who are accused of illegally promoting Sun’s assets.
  • House Whip Tom Emmer (R-MN) and Congressman Darren Soto (D-FL) introduced a bipartisan bill, “The Blockchain Regulatory Certainty Act”. The bill’s core message is that companies which do not hold customer assets should not be considered money transmitters. 
  • The White House’s newly released Economic Report of the President included sections on digital assets for the first time since its first issue in 1950. The report included 35 pages dedicated to digital assets, where it was highly negative, commenting that crypto has failed to deliver on touted benefits such as the improvement of payment systems and financial inclusion.
  • Several prominent Republicans, including Florida Governor Ron DeSantis, have rebelled against the idea of a Central Bank Digital Currency (CBDC), a central bank issued dollar-pegged cryptocurrency, that would be issued by the Federal Reserve. DeSantis went as far as proposing an outright ban on CBDCs in his state.

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Metric of the Week

Bitcoin’s hash rate has consistently been increasing since the start of the year. The 7 day average recently peaked at ~340 exa-hashes per second, with the daily average reaching as high as 400 exa-hashes per second.

Source: Bitcoin Magazine Pro and Glassnode

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