Category: Crypto Trends

It’s a volatile time for the global financial system: cryptocurrency is gaining traction, financial institutions are collapsing, and stablecoin regulations remain elusive. With regulatory excess threatening financial stability, the debate over the regulation of stablecoins rages on, as U.S. lawmakers attempt to craft legislation that protects consumers and fosters a healthy financial ecosystem.

Concern on How Congress Could Address Stablecoins Used for Payments

The debate was highlighted at an April 19 hearing of the U.S. Subcommittee on Digital Assets, Financial Technology, and Inclusion. Some lawmakers echoed concerns about the proposed legislation, with U.S. House Financial Services Committee Chair Patrick McHenry releasing a discussion draft bill on how Congress could address stablecoins used for payments and a central bank digital currency.

U.S. Representative French Hill, who chairs the Digital Assets Subcommittee, referred to the previous bill as an “ugly baby” due to its lack of a bipartisan consensus, while House Financial Services Committee Chairwoman Maxine Waters said that negotiations for the bill were incomplete and that starting from scratch was necessary.

Experts Concern on US Regulatory Environment

However, some experts expressed concerns about the United States’ hostile regulatory environment. Austin Campbell, an adjunct assistant professor at the Columbia Business School, pointed to other countries’ relatively more inviting regulatory frameworks when discussing fiat-backed stablecoins. Singapore, Dubai, Abu Dhabi, and the U. (Klonopin) K.–all of which have proposed frameworks for stablecoins–offer a competitive edge for issuers, compared to the U.S.

“If we don’t act, those are the best options and people will take advantage of them,” said Campbell.

Stablecoin Bankruptcies Raise Questions on Prudence

Recent market events have raised grave questions about the prudence of stablecoin enterprises. Last May saw the collapse of Terra’s ecosystem, leading to numerous bankruptcies. The most recent U.S. stablecoin bankruptcy was the sudden closure of Silicon Valley Bank in April of 2021, sparking a 10 percent flash crash of the value of USD Coin (USDC), a major CoinDesk-tracked stablecoin, compared to the U.S. dollar.

Both the proposed bill and the proposed ban on algorithmic stablecoins such as the now depegged TerraUSD Classic (USTC) may help protect consumers and bolster the stability of the U.S. financial system. But until legislative action is taken, the discussion is set to continue as to what regulation of stablecoins– if any– is necessary, and to what degree regulation should be applied.

Balancing Innovation and Oversight

As the debate continues, it is critical that lawmakers and policymakers are mindful of the delicate balance of regulations and the implications that too much government oversight can have on the innovative and fluid cryptocurrency industry. This uncertain regulatory landscape has caused some companies to hold off on launching their own stablecoins, as Fintechz Holdings CEO Ana Arino explained: “The lack of concrete regulation means that it is impossible to consider launching in a meaningful and responsible way…Nobody wants to risk a sizable portion of their own funds without feeling confident that the rules won’t change before they implement their stablecoin launch.”

In addition to the U.S., many other jurisdictions are considering their own regulations for stablecoins. Only time will tell whether U.S. lawmakers and policymakers can catch up and create a regulatory framework that is proportionate to the technology, a move which, if successful, could have a major impact on the landscape and ultimately help protect consumers from malicious actors in the market.

The Far East doesn’t just have some of the most technologically advanced societies—it’s leading the world in the number of interesting and exciting developments within the crypto world. This past week was a perfect example of innovative advances being made in East Asia, from the rise of an ambitious restauranteur to the creation of cutting-edge blockchain products. The source of these developments lies with the Three Arrows Capital (3AC) hedge fund, previously worth $10 billion at its peak. The repercussions following 3AC’s unfortunate downfall have been felt throughout the crypto community, with the company’s co-founders seeking new opportunities to escape the fallout.

Remarkable Career Transformations of 3AC Co-Founders

The most remarkable transformation came from Kyle Davies, one of 3AC’s co-founders. Despite the hardships experienced following the hedge fund’s collapse, Davies has managed to find solace in his new career as an aspiring chef. With creditors trying to claim over $3.5 billion from 3AC’s bankruptcy, it’s commendable that Davies has been able to place his attention on perfecting the art of cooking chicken.

In a parallel development, fellow co-founder, Su Zhu, partnered with OPNX exchange to trade bankruptcy claims of FTX and Celsius, amongst other currencies. All of these efforts resulted in the exchange reaching an impressive $1.8 million in daily trading volume—an impressive figure considering the sum of all regulated crypto products listed in Hong Kong only manages to do $1.19 million in volume a day.

Finally, the Bruce Lee Foundation, directed by his daughter, Shannon, joins the list of those trialing NFTs. In partnership with the NFT video platform, Shibuya, they hoped to create a unique collection in celebration of the late kung-fu legend. While the purchase of the NFT may not have been wildly successful due to the supply, this may be the beginning of an ongoing Web3 experience.

The Golden Goose and House of Lee’s Promising Future in Web3

In possibly the most surprising venture from 3AC so far, Sotheby’s auction house announced a series of NFT collections recovered by liquidators, including Dmitri Cherniak’s artwork “The Golden Goose” purchased by Zhu and Davies with $5.8 million in Ether. Despite the initial sale not being as successful as expected due to a flood of supply, Zhu remains optimistic about the House of Lee NFT collection and believes this is only the beginning of a “Web3 collaboration”.

Singapore’s Crypto Sector on the Rise

Singapore’s growth in the crypto sector was also felt this week, with the increase in the share price of the Nasdaq-listed Bitcoin mining company SAI.Tech—surging by 360% within one day. Subsequently, the company unveiled three new product lines—Ultiaas, BoltBit, and Heatnuc—as part of its expansion plan. With the new developments seen in East Asia this week, it is clear that the fascinating interplay between cryptocurrency and blockchain technology is here to stay.

Conclusion

To summarise, this week in the industry of East Asian cryptocurrency has been a truly wild one, with entrepreneurs, foundations and companies alike embracing blockchain technology in innovative ways. From chefs to exchanges to NFTs, the rise of these ventures in the Far East serves as an exciting reminder that the crypto world is just getting started.

It has been 17 years since Kabosu, the abandoned Shiba Inu pup, was adopted and entered the world’s collective conscience as the star of a wildly popular meme. Since then, Kathosu, or simply Doge as the pup is widely known, has inspired a cryptocurrency with an $11.6 billion market cap, a life philosophy, and even a holy pilgrimage to Japan! We, never in our wildest dreams, could have imagined all this, and now a group of filmmakers and community contributors are set to commemorate the pup’s legacy by producing a feature film about Doge’s incredible rise from helpless pup to global icon. (Xanax)

Own the Doge, a Doge-oriented NFT community, and PleasrDAO, a Web3 art and culture collective, have joined forces in this incredible project. To top off the incredible transmedia success of the Doge meme, PleasrDAO recently purchased the rights to the meme image for $4 million worth of Ethereum in 2021. But the film-making project, entitled “The Doge Documentary,” isn’t stopping any time soon. The film-making team and contributors have partnered with the former Hollywood talent agent and producer, Jim Toth, to fundraise further and attract major film distributors, aiming to break through and captivate a massive audience.

Recently, the documentary’s producer, tri dog, released a sneak peek of the film on Twitter, showing off Kabosu, who is now 17 years old after a decade of global fame. Along with the chief director and producer, Jon Lynn, tri dog also mentioned the involvement of Arthur Jones, director of the monumental Pepe the Frog-inspired documentary “Feels Good Man,” and documentarian, Evan Rosenfeld.

This cute pup is known for inspiring millions, so an organization named Doge DAO is offering the perfect opportunity for Dogecoin followers to make a pilgrimage to Kabosu’s residence in Sakura, Japan. Doge DAO will also cover a lucky entry’s total fee of $4,200 plus airfare for owning at least one Doge Pixel NFT. With perfectly customized go-karting, a Geisha performance dinner, and the chance to meet the Doge and her honorary guest Kyle Craven (aka Bad Luck Brain), the itinerary of this trip is sure to leave you inspired!

In addition, PleasrHouse, another project closely affiliated with PleasrDAO, recently kicked off a 24-hour auction for the couch from the original Doge meme photo. The proceeds of twenty-one ETH which the couch was sold have been given to Save the Children, as per the agreement between PleasrDAO and the Own The Doge community. There will also be an open-edition NFT drop to give Kabosu and the charity even more support.

For the pup who has provided the world with a decade of joy, this feature film is sure to be special, tugging at the world’s heartstrings while appreciating the global community and their unconditional love for Kabosu. Boasting a passionate and highly involved audience, the film will no doubt prove to be a unique asset for any film studio to take part in, if the right connections can be made.

Follow Kabosu’s incredible journey — from an abandoned pup to a global icon — in “The Doge Documentary”, the ultimate blockchain-powered film about a pup that put the doge into dogecoin! The film is in production and is expected to be released later this year, so be sure to not miss out!