The Wall Street Journal suggests the NFT market is collapsing, given data provided by the website NonFungible. But cryptoevangelists have pushed back on the piece, saying the WSJ founded its arguments off incomplete data.
Read MoreThis morning the Securities and Exchange Commission said it would create an additional 20 positions in the unit overseeing crypto markets and internet-based threats. It also announced that the unit would be renamed Crypto Assets and Cyber Unit, previously known as the Cyber Unit, to reflect its additional crypto-based purview.
Read MoreA study by the U.S. National Bureau of Economic Research has deemed El Salvador’s decision to accept bitcoin as legal tender to have been an economic failure. The cryptocurrency has failed to spread as a popular medium of exchange, and cost the country up to 1% of its GDP.
Read MoreThis afternoon, Fort Worth, Texas, became the first city government in the U.S. to mine bitcoin. The pilot program is limited to three machines mining Bitcoin for six months.
Read MoreAfter dumping millions into advertisements for the Big Game earlier this year, market insights experts said they failed to see an influx of retail investors. Sources cited market uncertainty, including the Russian invasion of Ukraine, as reasons for the tepid response.
Read MoreAccording to PwC, 80% of central banks worldwide are considering rolling out a central bank digital currency (CBDC). PwC estimates the larger stablecoin ecosystem to be worth $190B.
Read MoreInvestigative work by the New York Times revealed that lawmakers in at least six states have worked directly with crypto lobbyists to draft legislation. Some bills copy-paste wording directly from lobbyists’ proposals.
Read MoreThe National Payments Corporation of India, which maintains the country’s Unified Payments Interface (UPI), released a voluntary statement saying it did not know of any crypto exchange using UPI. This came after Coinbase announced its launch in the country featuring UPI support.
Read MoreUkraine’s government has raised more than $600,000 through the Ukrainian MetaHistory NFT-Museum. The proceeds will be used to rebuild museums and other cultural institutions that have been damaged or destroyed by the Russian invasion of the country.
Read MoreEuropean Union lawmakers have voted to apply AML regulations to crypto, while also requiring ID verification for payers and recipients of any amount of cryptocurrency. The E.U. may also cut off unregulated crypto exchanges from financial systems if they fail to comply.
Read MoreIn a research report, Morgan Stanley said it expects growth within decentralized finance to slow down. It cited regulation and overcollateralization as the two primary factors affecting DeFi’s deceleration.
Read MoreFTX announced that tennis star Naomi Osaka will become a brand ambassador for the crypto exchange. She will get an equity stake and be compensated in crypto as well.
Read MoreIn an update to the state’s bribery- and corruption-prevention laws, the New Jersey General Assembly may soon vote to prevent public officials from receiving NFTs and virtual currency as gifts. The bill was approved by the Science, Innovation, and Technology Committee last week.
Read MoreOn Thursday, Stripe CEO John Collison announced that Stripe is re-entering the crypto space. FTX US said it will use Stripe to automate KYC processes, approvals, and crypto purchases from debit cards and ACH transactions.
Read MoreLBRY, a blockchain-based file sharing and payment network, has been the subject of a yearslong case by the Securities and Exchange Commission (SEC). The government body claims that LBRY’s token, LBC, is a security.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
