Chain Reaction - 6th February 2023
Chain Reaction - 6th February 2023
Token Mapping and more regulation coming
The biggest piece of news that hit our desks last week was the announcement of the Token Mapping exercise from Treasury. You can see CoinDesk reaction here https://www.coindesk.com/policy/2023/02/03/australia-releases-token-mapping-consultation-paper-plans-to-reveal-crypto-rule-framework-in-2023/
The full papers are out on the Treasury website too https://treasury.gov.au/consultation/c2023-341659
And later in the (and over the weekend we got to see him on a Twitter Spaces talking about Token mapping - see below)
Also this week, we saw co-founder (Captain DeFi/Mark) in this IxDA podcast talking all about the journey we’re all on in web3 - check it out on Spotify here
and their tweets about it too
Then it was this podcast with the folks at B4REAL - Buy Real Estate With Crypto talking tokens, where web3 is going and how we can use blockchain tech to improve the way we do business today
News
Adelaide crew highlighted here in this article showing the various folks who are building in the #web3 #blockchain space over there in the City of Churches. From Verida to STEPN to Fluidity, there are amazing people there in our space.
https://citymag.indaily.com.au/commerce/meet-the-crypto-characters-building-web3-in-adelaide/
Crypto and money laundering are on the rise as we see in this article from The Chainsaw, but, this still pales in comparison to money laundering in TradFi. Thanks to data from Chainalysis here too https://thechainsaw.com/defi/crypto/crypto-money-laundering-2022
In fact the total amount of crypto laundered in 2022 is only a little more than 1% of the estimated US$2 trillion in fiat currency that gets laundered every year though banks from offline crimes such as drug trafficking.
It’s been a while since FTX has been highlighted in our newsletters but here we are with the identities of folks behind the $250m bail bond of their founder Sam Bankman-Fried but here the are https://www.coindesk.com/policy/2023/01/30/judge-rules-identities-of-2-parties-who-backed-sam-bankman-frieds-250b-bond-can-be-revealed/
Additionally FTX related is this rejection of Voyager and their creditors of the Alameda Research attempt to clawback $446m of loans https://www.coindesk.com/business/2023/02/01/voyager-creditors-reject-alamedas-attempt-to-recover-446m/
Twitter is up to #crypto stuff with this new leaked screenshot highlighted by Ben from Collective Shift - see more here
Interesting here to see talk about web3 being aligned with tech when it comes to the layoff and gloomy outlooks we’re seeing recently.
https://www.coindesk.com/layer2/2023/01/27/techs-money-woes-beginning-of-the-end-for-web2/
If you’re curious to see how mainstream crypto like ETH and BTC are similar to tech stocks and ETFs, you can check out our CRYPTOtracker here https://tinyurl.com/cryptocurrencytracker
If you’re into regulation, check out this commentary from the awesome Jazz Osvald (from KWM), an awesome community member in our group. As he says, the DeFi part is very interesting and upon reading it, we can see why (hint, its definition driven)
Great recap here from the Coin Bureau on happenings this week including the bear market rally being much more of a Bitcoin one rather than any other tokens. Interestingly, whilst institutions are driving this push, its not really moved the dial for Ethereum which could signal apprehension given an upcoming update allowing validators to finally withdraw ETH. This could also be a positive sign because easier withdrawals makes it easier for others to become validators but this isn’t being reflected in the price.
A weekly wrap-up from the folks at Bankless here is worth watching as Bitcoin gets more programmability and even NFTs (plus more). Could Bitcoin become even more programmable?
Great short video highlighting some of the tools that Guy at CoinBureau uses - well worth checking this out.