Weekly Update: 04 May 2023
1) White House pushes for punitive tax on crypto mining [CoinDesk]
– The Biden administration is campaigning for a tax first sought in a recent federal budget proposal, advocating that crypto miners pay an amount equal to 30% of their energy costs.
2) Binance, Circle chime in on UK’s proposed crypto regulatory framework [The Block]
– Binance and Circle provided feedback to the UK government on pending crypto regulation. Binance cautioned against disproportionate regulation that could impede innovation.
3) 3AC founders run into fresh trouble in Dubai over new exchange OPNX [Cointelegraph]
– Dubai’s digital asset regulator claimed it had sent two cease and desist notices to the exchange in February and an investor alert against it in April.
4) FTX seeks to claw back $4B from Genesis in a battle of the bankrupt [Cointelegraph]
– The bankrupt crypto exchange wants to recoup billions from the bankrupt crypto lender claiming it was “instrumental” to FTX’s “fraudulent” business model.
5) Jury convicts former OpenSea manager in NFT-insider trading case [Cointelegraph]
– Prosecutors claimed Nathaniel Chastain profited from inside information about which NFTs would be featured on the marketplace.
6) Mastercard launches Web3 user verification solution to curb bad actors [Cointelegraph]
– Mastercard’s new solution revolves around providing “secure transactions between users, verified according to standards” set by the company.
7) New Cosmos chain will use liquid staking tokens from other networks for security [Cointelegraph]
-Staked ETH, BNB, ATOM, SOL and MATIC will be usable on Tenet as “restakes” to gain further rewards.
8) SUI mainnet goes live as token sees immediate action on Binance, OKX, others [Cointelegraph]
– The total supply of the SUI token is capped at 10 billion coins, with tokens running on a delegated proof-of-stake consensus algorithm.
9) Temasek denies $10M investment in algorithmic currency system Array [Cointelegraph]
– The new algorithmic currency system aims to provide a more “stable, efficient and scalable” asset than common coins like Bitcoin.
10) Fuse blockchain pledges $10M for ecosystem development [Cointelegraph]
– Grants valuing between $5,000 and $25,000 will be allocated to qualifying project teams.
