3 trends shaping celebrity power in fin
/Four years of hindsight, especially the underwhelming results of crypto’s Super Bowl ad blitz, suggest the power of celebrity endorsements in finance is overhyped, or, at the least, uneven.
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Has the NFT market really plummeted?
/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 MoreSEC nearly doubles Crypto Assets and Cyber Unit size
/This 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 MoreStudy suggests El Salvador’s bitcoin project has failed
/A 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 MoreWhat’s next for Robinhood?
/On Tuesday, Robinhood CEO Vlad Tenev announced that the online brokerage would lay off 9% of its 3,800-person full-time workforce. Shares dipped by more than 5% after news of the layoffs broke.
Read MoreFort Worth city gov first to mine bitcoin
/This 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 MoreSuper Bowl ads and the future of crypto trading
/After 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 MoreMastercard links bonuses to ESG goals
/In a memo to staff, Mastercard CEO Michael Miebach said all employees’ compensation would be tied to the company’s ESG goals. This had previously only been the case for Mastercard executives.
Read MoreHow can crypto affect the future of taxes?
/Adam Willems, Lead Reporter for The Financial Revolutionist, wrote about the future of taxes for WIRED. Looking at crypto’s efforts to tokenize city taxes, Adam argues that crypto is trying to turn taxes into another investment vehicle.
Read MoreMajority of central banks mull CBDCs
/According 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 MoreThe crypto industry is writing its own laws
/Investigative 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 MoreIndian payments body dismisses Coinbase launch
/The 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 MoreCan NFTs help rebuild Ukraine?
/Ukraine’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 MoreE.U. to outlaw anonymous crypto transactions
/European 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 MoreMorgan Stanley doubts DeFi growth
/In 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.
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