SEC Sues Jake Paul for Crypto Promotion Without Disclosure

• The U.S. Securities and Exchange Commission (SEC) has sued internet personality Jake Paul for allegedly promoting Justin Sun-linked cryptocurrencies without disclosing he was being paid to do so.
• Paul settled the charges with the SEC, who also alleged that TRX and BTT were unregistered securities.
• This is not the first time Paul’s crypto escapades have come under scrutiny, as he was recently sued for allegedly participating in a pump-and-dump scheme run by SafeMoon.

SEC Sues Jake Paul

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against internet personality Jake Paul alleging that he illegally promoted Justin Sun-linked cryptocurrencies without disclosing he was being paid to do so.

Paul Settles Charges

Paul settled the charges with the SEC, who also alleged that TRX and BTT were unregistered securities. Additionally, his brother Logan has raised eyebrows with his failed nFT project CryptoZoo.

Previous Crypto Scrutiny

This is not the first time Paul’s crypto escapades have come under scrutiny, as he was recently sued for allegedly participating in a pump-and-dump scheme run by SafeMoon.

Justin Sun Charged With Market Manipulation

As part of these actions, the SEC also charged Justin Sun with market manipulation related to TRX and BTT tokens.

Conclusion

The SEC’s lawsuit against Jake Paul serves as a reminder of the importance of full disclosure when it comes to promoting cryptocurrencies or other assets tied to digital currencies such as blockchain technology.

Stablecoins Get Lifeline from Bailout: How Bitcoin is Changing the Game

• The U.S. government is backing a stablecoin, USDC, with 8% of its collateral reserves.
• Circle CEO Jeremy Allaire discussed emergency measures taken to prevent USDC from depegging from the U.S. dollar and explored the possibility of turning stablecoins into “straight-through government obligation money”.
• Arthur Hayes proposed a new stablecoin called NakaDollar (NUSD) that would be backed by bitcoin and bitcoin derivatives in order to provide stability to traders and investors.

Government Backs Stablecoin

The U.S Treasury Department, Federal Reserve, and FDIC recently announced plans to backstop all deposits at two failed banks while also pledging to secure at least 8% of the collateral for the USDC stablecoin issued by Circle. This bailout benefited Circle as they worked overtime over the weekend when USDC depegged from the U.S dollar in order for them to take emergency measures and game theorize about spreading out its cash in order turn stablecoins into “straight-through government obligation money” according to Circle CEO Jeremy Allaire’s recent “Bankless” episode .

NakaDollar Proposal

Arthur Hayes, co-founder of crypto exchange BitMEX has proposed NakaDollar (NUSD), a stablecoin backed by Bitcoin (BTC) and Bitcoin derivatives which could theoretically become deeply liquid and attractive for traders due to it being backed by BTC or other crypto assets providing stability if accepted and used by investors or crypto exchanges according to “The Hash” panel discussion on the proposal and future of the stablecoin market.

Benefits of Government Backed Stablecoins

The benefits of having a government back a Stablecoin are manyfold including but not limited too ensuring that USD based contracts remain reliable even when unexpected events occur such as bank failures, improving liquidity due to more assuredness of capital being available when needed, as well as allowing users access more easily to their funds without needing multiple banks thus reducing time spent on paperwork etc.. Additionally there is potential for increased trust among users who may feel safer knowing their money is going through an entity regulated by government channels rather than through one that isn’t regulated at all or just lightly so is seen as riskier or less trustworthy than one regulated heavily like USDC with 8% collateral reserves secured by three federal entities such as Treasury Department , Federal Reserve , FDIC.

Risks Involved With Government Backed Stablecoins

One major risk involved with having governments back a Stablecoin could be political interference where governments may start interfering with how these coins are used leading people away from using them due either fear of regulation or simply not wanting their activity monitored especially if they are using them for activities which could potentially be deemed illegal in some countries such as gambling online etc.. Additionally another risk might be that those governing bodies backing these coins may start pushing certain agendas onto users who rely on them so it’s important that people who use these coins understand what type of power those governing bodies have over them before investing any significant amount money into these types of coins and make sure they fully understand what type policies will apply should anything go wrong during transactions involving these coins .

Conclusion

In conclusion while there are some risks involved when relying on governments backed Stablecoins there are also plenty benefits associated with them such as increased liquidity due assuredness capital availability , reduced paperwork times associated with multiple bank accounts , potential increase trust amongst users since now their money is going through an entity highly regulated instead unregulated ones which can seen riskier thus making it easier for people access funds even during unexpected events like bank failures .

Rebrand DAI Stablecoin? MakerDAO Founder Calls for Makeover

• Rune Christensen, the founder of Ethereum’s MakerDAO, called for the rebranding of DAI stablecoin.
• He believes DAI suffers from bad branding that could be slowing its growth and proposes a complete new name and look with a different approach to user acquisition.
• MakerDAO should position DAI as a currency users can generate yield with and market it as “the safest and most reliable gamified crypto of all.”

Rune Christensen Calls for Rebranding of DAI Stablecoin

FinanceMakerDAO Founder Rune Christensen said on a call with community members that DAI suffers from bad branding that could be slowing its growth. During the call to discuss the protocol’s decentralization plan, “Endgame,” he proposed a complete rebrand, with a new name and look, plus an alternative approach to user acquisition.

The Need For Rebranding

Christensen argued that in order to appeal to “normal people,” the token needs to include USD in its name but this would imply it will stay pegged to the dollar which there is no guarantee it will do. The discussion focused on how MakerDAO should rebrand itself in order to make it more understandable and approachable.

Positioning Of The Token

In order to boost its use, Christensen suggested positioning DAI as a currency users can generate yield with, claiming it is “the safest and most reliable gamified crypto of all”. He added that this was part of broader debate about MakerDAO’s decentralization plan which he admitted few understand.

Reactions To Proposal

Not everyone on the call was convinced by Christensen’s argument but he encouraged people who disagree with him to come up with their own ideas or better ways forward for MakerDAO’s future development.

Conclusion

It remains unclear if or when any changes will take place but the discussion over rebranding shows how important it is for projects like MakerDAO making sure they communicate efficiently across different channels in order to gain more traction in today’s competitive cryptocurrency landscape.

Shapella Upgrade: Ethereum Devs Unite Shanghai & Capella for Biggest Upgrade Yet

• Ethereum developers have started to refer to the blockchain’s upcoming hard fork as “Shapella.”
• The upgrade consists of two layers: Shanghai for the execution layer and Capella for the consensus layer.
• The merging of the two names to “Shapella” is a clever way of referring to the whole upgrade.

What Is Shapella?

Ethereum developers have started to refer to the blockchain’s upcoming hard fork – a key upgrade – as “Shapella.” This name is cleverly derived from Shanghai, which is technically only on the execution side of Ethereum, and Capella, which is simultaneously happening on the consensus side.

Ethereum Layers Explained

To understand what Shapella is, one needs to understand Ethereum prior to when it went through its last upgrade: the Merge. Prior to this, Ethereum’s proof-of-work blockchain was also known as its execution (application) layer. When it shifted towards proof-of-stake (PoS), this became known as its consensus layer. To make things easier for developers, they decided to merge these two chains together – hence why it’s known as the Merge.

Why Is It Called Shapella?

The reason why Shapella has become an important term in crypto and Web3 circles is due to its combination of both Shanghai and Capella – thus giving us Shapella. As mentioned earlier, Shanghai pertains only to the execution layer while Capella pertains only to the consensus layer; combining them into one word refers simultaneously refers to both upgrades that will be taking place soon.

When Will Shapella Take Place?

Shapella is expected by next month – though there is no exact date yet on when this will happen. However, given that Ethereum continues pushing forward with their plans for an upgraded protocol (including Layer 2 solutions such as Optimistic Rollups) one can expect that news regarding Shapella will arrive soon enough!

Conclusion

In conclusion, Shapells refers specifically towards a combination of both Shanghai and Capellla – two separate upgrades happening in Ethereum soon that are aimed at improving overall protocol performance and scalability. Developers are cleverly combining both names into one term so that people easily remember what exactly this hard fork entails!

Optimism Token Sube 6.5% Mientras Coinbase Construye su Capa 2

• Coinbase está construyendo una capa 2 para el protocolo Optimism usando el OP Stack.
• El precio del token nativo de Optimism (OP) subió 6,5% después del anuncio.
• La blockchain de capa 2 de Coinbase no tendrá un token nativo y se espera que tenga un buen rendimiento cuando la red principal esté activa.

Coinbase Construye su Blockchain de Capa 2 con Optimism

Coinbase ha anunciado que está construyendo su blockchain de capa 2 utilizando el OP Stack en colaboración con Optimism. Esto provocó que el precio del token nativo de Optimism (OP) aumentara 6,5%. La nueva red, llamada Base, no tendrá un token nativo.

Aumento del Precio del Token Optimism

El jueves 23 de febrero, después del anuncio realizado por Coinbase, el precio del token optimism (OP) aumentó 6,5%, llegando a US$3,04 (Cryptowatch).

Características de la Red Base

Base será una red de prueba y se espera que cuando la red principal esté activada los productos similares tengan un buen rendimiento como Arbitrum, Polygon y Optimism. A diferencia de otras blockchains como Polygon (MATIC), la blockchain Base no contará con un token nativo.

Otros Productos Lanzados por Coinbase

Este no es el primer movimiento innovador realizado por Coinbase ya que el año pasado abrió su marketplace para tokens no fungibles (NFT). Aunque fue bien recibido, su volumen ha sido menor comparado con otros competidores como OpenSea y LooksRare.

Conclusiones

La nueva red Base promete ser un gran avance para la escalabilidad en Ethereum al permitir mejoras significativas en los procesos dapps. Con este lanzamiento se esperan grandes avances en productos descentralizados como los exchanges descentralizados y protocolos de préstamo criptográfico.

Japan to Launch Digital Yen Pilot in April: BoJ

• Japan is set to launch a pilot program in April to test its version of a central bank digital currency (CBDC) called the digital yen.
• The aim of the pilot program is twofold: first, to test the technical feasibility and second, to utilize the skills and insights of private businesses.
• The move comes after more than two years of proof-of-concept experiments by the BoJ around the digital yen.

Japan To Launch Pilot Program For Digital Yen In April

The Bank of Japan (BoJ) announced on Friday that it will launch a pilot program in April to test its version of a central bank digital currency (CBDC), known as the digital yen. Executive Director Shinichi Uchida said that this move comes following two years of proof-of-concept experiments by the BoJ around the digital yen.

Pilot Program Aim

Uchida stated that the aim of this pilot program is twofold: first, to test out its technical feasibility and secondly, to utilize private business’ technology and operational skills for designing a CBDC ecosystem in case social implementation occurs.

FTX Japan Customers

According to Liquid by FTX’s blog post, FTX customers may be able to withdraw their funds as early as mid-February which would make them some of the first customers of this collapsed crypto exchange who can get their money back. CoinDesk executive director Emily Parker discussed how Japanese regulatory framework made it possible for such withdrawals from FTX Japan customers.

Leadership Transition

The launch also comes at a time when there is expected leadership transition at BoJ with Kazuo Ueda taking over from Haruhiko Kuroda when his second five year term ends in April.

China’s Digital Yuan

The development also follows China’s progress on its own CBDC, or digital yuan which has already extended into more than 105 countries representing over 95% of global GDP.

Digital Surge Set to Resume Trading After Stakeholders Sign Recovery Plan

• Australian cryptocurrency exchange Digital Surge is set to come back online after stakeholders signed the recovery plan.
• The exchange is expected to resume trading next week, and it is the first successful restructuring of an Australian crypto exchange.
• Michael Bacina, digital asset specialist and partner at Piper Alderman, said that the deal shows the goodwill seen in the blockchain community in Australia.

Australian Crypto Exchange Digital Surge Set to Come Back Online

The 25 prominent institutions in Australia have come together to start a research program to explore digital asset opportunities. Stakeholders signed a recovery plan for the Brisbane-based exchange on Wednesday, according to documents submitted to ASIC. The exchange is expected to resume trading next week, and it will be the first successful restructuring of an Australian cryptocurrency exchange.

Stakeholders Sign Recovery Plan

The stakeholders signed a recovery plan a day before the exchange was set to go into liquidation, according to documents seen by CoinDesk. Creditors were notified earlier today through a circular. The recovery plan comes after Digital Surge was hit hard by FTX’s collapse as it held 33 million Australian dollars on the defunct platform founded by Sam Bankman-Fried.

Testament To Blockchain Community Goodwill

Michael Bacina, digital asset specialist and partner at Piper Alderman, said that this deal shows goodwill seen throughout Australia’s blockchain community: “Digital assets face challenging legal issues, and it took the hard work of knowledgeable specialists to get here. The deal is a testament to the goodwill seen throughout the blockchain community in Australia.”

Voluntary Administration Process

In December 2020, Digital Surge passed into voluntary administration – a process whereby management hands over control of their company or organisation’s finances & assets over licensed insolvency practitioners who are appointed as administrators or receivers (depending upon whether voluntary or court administration). This can enable them access funds which may have otherwise been unavailable due eto lack of liquidity or other financial barriers faced by companies operating within Australia.

Digital Asset Opportunities Research Program

The research program initiated by 25 prominent institutions seeks out digital asset opportunities & aims at exploring potential investments & partnerships within this space – this could include anything from venture capital investments in new technology startups throught othe purchase of tokenized securities or bonds through established exchanges such as Binance or Coinbase Pro . This could also open up avenues for further collaboration between regulators & industry participants – thereby helping foster innovation & development within this sector across Australia!

Uniswap DAO Approves Boba Network Deployment, Unlocking $4.5M in Value

• Uniswap’s version 3 (v3) was approved to be deployed on Boba Network in a community vote.
• This will allow Uniswap to expand its user base and transaction volume.
• The Boba Foundation has committed $1 million worth of BOBA tokens to foster the adoption of Uniswap v3 on the Boba Network.

Uniswap DAO Approves Boba Network Deployment in Latest Community Vote

The decentralized exchange Uniswap recently received overwhelming support from its community for the deployment of its version 3 (v3) onto the Boba Network, a separate blockchain that works atop Ethereum and allows for faster and cheaper transactions. As part of this additional use grant, the Boba Foundation receives license to use the Uniswap Code to fully deploy the Uniswap Protocol v3 onto Boba network layer 2 on Ethereum blockchain.

Opportunity To Expand Community

With its deployment on Boba Network, Uniswap has the opportunity to expand its community to include users within Boba’s multichain ecosystem, significantly increasing both its total value locked and transaction volume. Currently, Boba Network holds over $4.5 million in locked value.

Boba Foundation Commits Funds

The Boba Foundation has committed $1 million worth of BOBA tokens to foster the adoption of Uniswap v3 on the Boba Network. These funds will be sent to a multisig wallet co-owned by the Uniswap Grants Program and the Boba Foundation, which will distribute them among promising projects aiming at boosting adoption of Uniswap v3 on Base Network.

Benefits Of Deployment

Deploying V3 on Base network grants several benefits for both users and investors alike as it expands their user base with more people joining from different blockchains as well as bringing down transaction fees drastically due to high throughputs offered by Layer 2 networks like Base network built upon Ethereum mainnet. This could potentially increase total value locked in DeFi protocols & bring about more liquidity within this space leading towards financial inclusion for all participants involved directly or indirectly with cryptocurrency markets & DeFi protocols alike.

Conclusion

Overall, deploying V3 of Uinswap protocol onto Base network brings forth immense potential benefits for DeFi space as it increases liquidity & reduces transaction costs while also widening user base by allowing people from different blockchains like Bitcoin or Tron access Uinsawp services through Base network’s cross-chain capabilities making it easier for new users to join & transact using these protocols without worrying about technicalities involved with setting up wallets etc

Wormhole Wins 62% in Uniswap Vote, Securing Governance Bridge

– Uniswap announced a community vote on Tuesday to determine which bridge platform would be designated for its version 3 decentralized exchange on BNB Chain.
– The vote resulted in Wormhole winning 62% of the vote, making it the official governance bridge for Uniswap.
– LayerZero, a major competitor of Wormhole, finished second with 37% of the vote.

Uniswap, the largest decentralized exchange platform by trading volume, announced a community vote on Tuesday to determine which bridge platform would be designated to provide users with the ability to transfer assets and other data between blockchains when its version 3 platform arrives on Binance’s BNB Chain. After a tense voting period, the results were in and the winner was Wormhole, who secured 62% of the vote. This win grants Wormhole valuable new turf in an ongoing battle between bridge platforms, and will make it the official governance bridge for Uniswap.

LayerZero, a major competitor of Wormhole, finished second with 37% of the vote. LayerZero has been the target of recent criticism for under-publicized security risks, but despite that, it still managed to secure a sizable portion of the vote. The Uniswap DAO, which allows holders of Uniswap’s UNI token to vote on major strategy decisions, was responsible for the vote and its passage means that the Wormhole bridge will eventually be used to give Uniswap v3 users on BNB Chain the ability to participate in the Uniswap DAO’s Ethereum-based governance process.

Uniswap aims to deploy its version 3 decentralized exchange on BNB Chain before its business source license expires on April 1. As such, this vote could have major implications for the platform and its ability to keep up with the ever-evolving crypto and DeFi space. This vote is yet another example of the power of decentralized governance and how it can be used to make major decisions in the industry.

UK’s Financial-Services Minister To Engage With Crypto Sector, Promises Balanced Regulations

• U.K.’s Financial-Services Minister Andrew Griffith has pledged greater engagement with the crypto sector as he plans new post-Brexit laws.
• Griffith has committed to having six roundtables with the sector in 2023 in order to bring forward timely, sensible, and balanced regulations.
• Griffith was berated by lawmakers for being too slow in releasing his long-awaited crypto consultation.

As the United Kingdom looks to make a post-Brexit break from the European Union, its Financial-Services Minister, Andrew Griffith, has committed to engaging more with the burgeoning crypto sector in order to bring on timely, sensible, and balanced regulation.

During a Wednesday parliamentary debate on regulating crypto, Griffith said he was committed to working with the crypto industry to establish regulations. In order to do so, Griffith has pledged to have six roundtables with the sector throughout 2023. “We’ll bring forward timely, sensible and balanced regulation in order to allow the safe use of this technology,” said Griffith, “while ensuring regulatory clarity and facilitating financial-technology investment.”

The commitment from Griffith follows on the heels of Prime Minister Rishi Sunak’s April 2020 promise to make the U.K. a “crypto hub”. However, lawmakers were quick to berate the financial-services minister for his lack of progress in releasing a “consultation” document, which is a document put out for discussion on how to govern the financial technology.

“While the Government is taking its time to bring forward a consultation, the sector is evolving rapidly and the UK risks being left behind in the race to be a global leader in this area,” said Siobhain McDonagh, a Labour Party lawmaker.

Griffith responded to the criticism by reaffirming his commitment to engaging more with the crypto sector and to bringing forward timely, sensible, and balanced regulations. He also noted that the consultation document would be released soon, and that the Government was “looking very closely at the issue of consumer protection and the regulation of cryptoassets”.

The U.K. Government’s commitment to engaging more with the crypto sector and bringing forward timely regulations could have far-reaching implications. It could lead to an increase in consumer confidence, which could in turn drive more investment in crypto-related projects. It could also open the door for a regulatory framework that would make it easier for entrepreneurs and investors to navigate the crypto sector.

The U.K.’s embrace of crypto could also have wider implications for the European Union, which has been cautious in embracing digital currencies and asset tokens. The U.K.’s new regulations could set a new standard in the EU and potentially pave the way for more crypto-friendly regulations across the continent.

Only time will tell if the U.K.’s commitment to engaging more with the crypto sector and bringing forward timely regulations will be successful. But, the commitment alone is an encouraging sign for the crypto industry and could potentially pave the way for a future of greater innovation in the sector.

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