• Sports DAOs can offer fans a way to be part of the action and have a stake in their favorite teams.
• They could also provide an opportunity for fans to engage deeply with their team’s mission and vision through community engagement.
• Studies have shown that our self-esteem is linked to how our favorite teams are doing, creating a powerful connection between fan and team.

What Are Sports DAOs?

Sports DAOs (Decentralized Autonomous Organizations) are companies run by everyone at once, where groups of people buy into them using crypto tokens. It’s free to create and scale these DAOs, making them incredibly powerful tools for achieving greater success with a shared vision.

How Can Sports DAOs Help Fans?

Sports DAOs offer fans a chance to be part of the action and have a stake in their favorite teams. Through community engagement, they can also engage deeply with their team’s mission and vision, becoming true superfans. Studies show that our self-esteem is strongly connected to how well our favorite teams are doing, creating an even deeper connection between fan and team.

Why Are Superfans Important?

Superfans act as the fire pushing something skyward; without them sports teams wouldn’t exist! These superfans are the first 100 to 1,000 members who truly connect with the organization’s mission so much that it becomes a part of them – they are what make or break the success of any given DAO.

The Power Of Fandom

Fandom is more than just wearing your favorite jersey or distancing yourself from your team when things aren’t going well; it’s about feeling connected enough that you react as if you were on the field too! This creates an incredible power dynamic between fan and team that sports DAOs can tap into for mutual benefit both on and off the field/court/rink.

The Future Of Fandom

As Ethereum continues to show us how we can build a fairer internet, Sports DAOs will show us how we can revolutionize fandom – putting fans at the center of their beloved teams like never before!

• Silvergate Capital recently closed its SEN platform, a key on-ramp for institutional crypto investors to transfer U.S. dollars to exchanges.
• Market research firm Kaiko believes that this decision will boost the role of stablecoins and their issuers in crypto trading.
• Quinn Thompson of Maple Finance Capital Markets discussed Kaiko’s assessment and the outlook for stablecoins.

Silvergate Closes SEN Platform

Ailing crypto-friendly bank Silvergate recently closed its instant settlement service SEN platform, which has been a key on-ramp for institutional crypto investors to transfer U.S. dollars to exchanges.

Kaiko Believes Stablecoin Role Will Increase

Digital assets data provider Kaiko believes that Silvergate’s decision will boost the role of stablecoins and their issuers in crypto trading as an alternative on-ramp for institutional investors to send money to crypto exchanges.

Outlook For Stablecoins Discussed

Maple Finance Head of Capital Markets Quinn Thompson discussed Kaiko’s assessment and the outlook for stablecoins following the closure of Silvergate’s SEN platform, noting that it could open up opportunities in the market for these digital assets and their issuers.

Institutional Investment In Crypto Services

As large institutional investors continue to enter into the cryptocurrency space, there is an increasing need for more efficient services and products such as those offered by Silvergate’s now defunct SEN platform, or similar ones provided by other banks or digital asset companies like Fidelity Digital Assets or Bakkt, both of which offer custodial services tailored towards larger investors who are looking to add cryptocurrencies into their portfolios.

Conclusion

The closure of Silvergate’s SEN platform could be a boon for stablecoin issuers who can provide an alternative on-ramp with greater efficiency than traditional banking services while also satisfying large institutional investor demand in this emerging asset class.

• Several major Japanese technology, manufacturing and finance companies are collaborating to create the infrastructure for an open metaverse.
• The goal of the project is to help build the framework for corporations to tap into Web3 marketing, work reform and consumer experience initiatives.
• This platform will also implement “Auto-Learning Avatars” which collect user information to provide a personalized metaverse experience.

Japan Metaverse Economic Zone

Several major Japanese technology, manufacturing and finance firms are teaming up to create the infrastructure for an open metaverse to propel the nation’s Web3 strategy. IT services company Fujitsu said Monday in a press release it’s collaborating with nine other companies, including automobile manufacturer Mitsubishi and global bank Mizuho, to create an interoperable metaverse structure called Ryugukoku (TBD) that will be used to expand the “Japan Metaverse Economic Zone.”

Goals of the Alliance

The goal of the metaverse alliance is to help build the framework for corporations to tap into Web3 marketing, work reform and consumer experience initiatives, according to its press release. Ryugukoku (TBD) will serve as a virtual world to connect users to different Web3 services created by companies and government agencies.

Auto-Learning Avatars

This platform will also implement “Auto-Learning Avatars” which collect user information to provide a personalized metaverse experience. The “Pegasus World Kit” will help users create gamified metaverse experiences and its “Multi-Magic Passport” will provide identification and payment methods to facilitate interoperability within the metaverse space.

Japanese Government Support

Japan has been working hard on integrating Web3 technology into their national agenda – Prime Minister Fumio Kishia announced plans in October 2020 for digital transformation services such as NFTs and investing in a decentralized autonomous organization (DAO). Japan’s Digital Ministry has also laid plans in November 2020 towards creating DAOs that can help government agencies enter Web3.

Conclusion

Overall, this agreement between several major Japanese technology firms is aimed at creating an infrastructure for an open metaverse that seeks update Japan through games powered by Web 3 technologies such as Auto-learning Avatars, Pegasus World Kits and Multi-Magic Passport. The Japanese government is also making efforts towards embracing this new initiative with further investments in DAOs which should further strengthen this initiative once implemented successfully.

• The Financial Stability Board (FSB) is set to release its recommendations for regulating crypto and stablecoins in July 2023.
• FSB chair Klaas Knot said many existing stablecoins would not meet the high-level standards set by the global standard setters.
• Regulators around the world are increasing their efforts to oversee payments-focused stablecoins, with some having made efforts to cut private debt out of their reserves and improve transparency.

Regulatory Recommendations for Crypto and Stablecoins

The international standard setter’s recommendations for regulating crypto and stablecoins are set to be released in July 2023. The Financial Stability Board (FSB) is aiming to strengthen governance frameworks, redemption rights and stabilization mechanisms with their upcoming guidance. Furthermore, many existing stablecoins would not meet these ‘high-level’ standards set by global standard setters like the FSB according to its chair Klaas Knot.

Increased Regulatory Oversight

Regulators around the world have been taking steps to oversee payments-focused stablecoins, most of which are backed by fiat currency reserves in the form of cash equivalents or unsecured short-term debt. While issuers have attempted to cut private debt out of their reserves and increase transparency, it may still not be enough to meet the international norms set by payments or securities standard setters either.

Risks To Financial Stability

In February 2022, the FSB warned that crypto risks to financial stability could rapidly escalate due to numerous company collapses such as token issuer Terra and crypto exchange FTX last year. They also stated they will work with other standard setting bodies such as decentralized finance (DeFi) platforms should also be considered when creating regulatory frameworks for digital assets.

Evolving Digital Asset Landscape

As digital asset markets continue to grow globally more attention needs to paid towards strengthening legal frameworks that ensure market integrity while balancing innovation with risk management techniques that protect investors from unfair practices or frauds.

Conclusion

The FSB’s forthcoming guidance is aimed at helping regulators around the world create effective regulatory frameworks that provide adequate protection while allowing innovation in digital asset markets across borders without compromising safety or soundness of financial systems. Hopefully this will provide a platform on which sustainable growth can be achieved within this ever evolving landscape of digital assets

• The SEC has recently reached a $30 million settlement with Kraken and closed down its staking-as-a-service platform to US customers.
• Staci Warden, CEO of the Algorand Foundation, believes that if clear guidelines had been set out by the SEC, Kraken would not be in trouble.
• Warden argues that lack of regulatory clarity is making it difficult for crypto firms to understand what the agency wants from them.

SEC’s Crypto Crackdown Highlights Lack of Regulatory Clarity

Kraken Punished Rather Than Given Guidance

Staci Warden, CEO of the Algorand Foundation told CoinDesk TV crypto-native firms are being punished rather than given guidance. Had the U.S. Securities and Exchange Commission (SEC) laid out clear guidelines, centralized crypto exchange Kraken and its staking-as-a-service platform could have been within the purview of the regulatory agency, said Warden. Instead, Kraken is “being punished, as opposed to given guidance,” she added.

The SEC’s Case Against Kraken

Last week, the SEC reached a $30 million settlement with Kraken and immediately closed down its staking-as-a-service platform to its U.S.-based customers over allegations that it was promoting unregistered securities for sale. According to Warden, if Kraken’s protocol had been more of a “pass-through profit taking from underlying protocol,” then it may have been acceptable under regulation by the SEC.

The Broader Issue: Lack of Regulatory Clarity

Warden claims that regulation for crypto has yet to be defined which is making it difficult for platforms to know what the agency wants from them; citing reports that stablecoin issuer Paxos may also be sued by the SEC over alleged sale of an unregistered security token Binance USD (BUSD). She explains “It’s not so much about regulation but how regulation is taking place” adding that enforcement without clarity is having substantial impacts on crypto use such as stablecoins & staking which according to her are “important primitives” in this industry overall.

Solution: Provide Guidance Rather Than Punishment

Warden suggests that instead of punishment companies should be provided with guidance so they can understand what regulators expect from them; saying “they [crypto natives] are trying to do right thing” but are being hindered by lack of clear regulations in this space . She believes if more clarity was provided then we would see more innovative projects coming up in this space as companies will feel more secure knowing where they stand with regards to regulations when working on new products & services related to cryptos & blockchains .

Conclusion

In conclusion , clearer regulations need to be established for cryptocurrency businesses so they can operate safely without fear of punishment or hefty fines by regulators like SEC who are still trying catch up with pace at which innovation & development happening in blockchain/crypto world .

• Ordinal Protocol has introduced inscriptions to Bitcoin, allowing users to assign arbitrary data to each satoshi.
• This has sparked a debate between some of Bitcoin’s factions about the potential implications of NFTs on Bitcoin’s security budget problem and whether it would lead to blockchain spam.
• This article examines how NFTs might accidentally fix Bitcoin’s security budget issue.

What is the Ordinal Protocol?

The Ordinal protocol assigns each satoshi, or sat (the smallest unit of bitcoin), a sequential number. Once these sats are numbered and identified, users can inscribe the sat with arbitrary data, as long as the transaction doesn’t exceed the 4-megabyte (MB) block size limit. This arbitrary data can be anything from a fully playable version of a first-person shooter game to picture of a Bored Ape cross-pollinated with a CryptoPunk.

How have NFTs Sparked Debate?

Casey Rodarmor’s tweet about the introduction of inscriptions on Bitcoin mainnet sparked a lot of debate among some factions in the cryptocurrency space. These debates covered topics such as whether or not transaction fees will be enough to incentivize miners and if there could be blockchain spam due to NFTs being uncontrollable.

Will NFTs Accidentally Fix Bitcoin’s Security Budget Problem?

Some believe that by having an incentivized fee market in place, driven by Non Fungible Tokens (NFT), this could help solve one of Bitcoin’s biggest problems — its security budget problem — which states that once all 21 million bitcoins are mined, there will no longer be any financial incentive for miners to secure the network since rewards will no longer exist at this point.

What Are The Challenges for Implementing NFTs?

Though it is possible that using NFTs could potentially fix Bitcoin’s security budget issue, there also needs to be consideration given towards scalability concerns and ensuring that transactions don’t become too expensive due to high fees associated with sending these tokens across the network. It is also important that whatever solution is adopted does not compromise decentralization principles or have any other unintended consequences when implemented into production networks like Bitcoin.

Conclusion

In conclusion, while it is too early to tell if non-fungible tokens will provide an effective solution for solving bitcoin’s security budget problem, it certainly provides an interesting look into how new technologies can provide unexpected solutions for existing issues in cryptocurrency networks. As more research and development continues around non-fungible tokens within cryptocurrency networks such as Ethereum and Bitcoin, we may start seeing more creative solutions emerge which may help improve both scalability concerns while simultaneously providing new ways for users to interact with digital assets on these public ledgers in meaningful ways.

Bulletpoints:
– Cryptocurrency exchange Gemini reportedly implied to customers that their assets in its interesting-bearing Earn product were safe because they were backed by the Federal Deposit Insurance Corp (FDIC).
– It is against the law for a financial firm to imply that an uninsured product is FDIC-insured.
– The New York Department of Financial Services (NYDFS) is investigating Gemini.

Cryptocurrency exchange Gemini has recently been in the spotlight for implying that their Earn product was backed by the Federal Deposit Insurance Corporation (FDIC). According to a report from Axios, Gemini repeatedly communicated with customers that their assets in the interesting-bearing product were safe due to FDIC insurance. However, this is against the law for a financial firm to imply that an uninsured product is FDIC-insured.

The FDIC is a government agency that insures deposits in banks and savings associations in the United States. In the event of a bank failure, the FDIC will reimburse customers up to $250,000 for the value of their deposits. The FDIC does not insure other products such as cryptocurrency exchanges.

In light of Gemini’s misleading implication, the New York Department of Financial Services (NYDFS) has launched an investigation. It is unclear what the outcome of the investigation will be, but it is certain that Gemini may face serious penalties if found guilty of misrepresenting the FDIC backing of its Earn product.

As a result, customers of Gemini should be aware that while their deposits may be insured, other products of the exchange may not be. It is important for customers to do their own research and to understand the risks associated with any investments they make. It is also important for businesses to be transparent with their customers about the products that are and are not FDIC-insured.

• Bitcoin surged past $23K on the weekend before retreating back to around $22,750.
• Microsoft has effectively exited the mixed reality space, raising questions about whether other large tech firms can succeed in the augmented and virtual reality space.
• Gold rose 0.3% to a spot price of $1,933, while the S&P 500 closed up 1.9% at 3,972.61.

Bitcoin Price Surges Past $23,000

The weekend saw a major surge in the price of Bitcoin, with the world’s largest cryptocurrency by market cap making a major move past the $23,000 mark before retreating back to around $22,750. This marked the first time since early August that Bitcoin had breached the $23,000 threshold, and the sudden spike in the cryptocurrency’s price is sure to be the subject of much speculation in the coming days.

The surge in Bitcoin’s price occurred as Microsoft announced that it was effectively exiting the mixed reality space, raising questions about whether other large tech firms can succeed in the augmented and virtual reality space. Microsoft’s decision comes as the technology giant grapples with a number of other challenges, including the ongoing pandemic and the shift to remote working.

Elsewhere, the S&P 500 closed up 1.9% at 3,972.61, while gold rose 0.3% to a spot price of $1,933. The latest surge in Bitcoin’s price is sure to be closely watched by investors, with many predicting that the cryptocurrency could move much higher in the coming weeks and months. If the current trend continues, Bitcoin could be in for another period of strong growth, with some analysts predicting that the cryptocurrency could reach as high as $50,000 in the near future.

• Crypto.com has announced a 20% workforce cut due to the current crypto winter and the FTX implosion.
• The firm cited the economic headwinds from the downturn in the crypto and other negative economic developments as the reason behind the layoffs.
• Crypto.com currently has around 3,500-4,500 employees, meaning the current round of layoffs will impact around 700-900 employees.

Crypto.com, one of the major players in the cryptocurrency space, has recently announced a 20% workforce cut due to the economic headwinds that the crypto industry has been facing. The firm cited the current crypto winter and the FTX implosion as the main reason behind the layoffs.

The layoffs come amidst a turbulent period in the crypto industry, which began with the collapse of the multibillion-dollar Terra ecosystem and crypto hedge fund Three Arrows Capital in mid-2022. Following this, Crypto.com had made headcount reductions in anticipation of the crypto winter.

Kris Marszalek, co-founder and CEO of Crypto.com, addressed the matter in a post, saying, “We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments.”

Currently, the company has around 3,500-4,500 employees, meaning the current round of layoffs will impact around 700-900 employees. This is not the first time Crypto.com has had to make such cuts to its workforce, as the company had previously made similar moves in mid-2022.

The Crypto.com layoffs are yet another indication of the current state of the cryptocurrency industry. Many exchanges, startups, and projects have had to make similar cuts in order to stay afloat in the current market conditions. It is unclear when the market will recover to its previous highs, but until then, companies like Crypto.com will have to continue to make tough decisions in order to stay afloat.

• Bitcoin (BTC) experienced its biggest one-day return in two months, jumping 5% to surpass the $19,000 level.
• Security firms such as OpenZeppelin argue that blockchain bridges can benefit from security features built during the ongoing bear market, which could prevent the huge attacks of 2022.
• Other markets such as the S&P 500, Gold, and the Nikkei 225 also rose, with the CoinDesk Market Index (CMI) increasing by 4.0%.

The cryptocurrency market saw a massive surge on Thursday, with Bitcoin (BTC) vaulting over $19K before settling down to around $18,800. This was the biggest one-day return in two months, with the CoinDesk Market Index (CMI) rising by 4.0% and other major markets such as the S&P 500, Gold, and the Nikkei 225 also rising.

The increased activity in the crypto markets was due to a number of factors. First, the US government released its latest consumer price index reading for December, showing that inflation had increased to 1.4%. This was above expectations, sparking renewed optimism about the economic recovery.

Second, security firms such as OpenZeppelin are predicting that blockchain bridges can avoid some of the carnage of 2022 this year by security features built during the bear market. The firm argues that these features will help to protect against large-scale attacks, which could cause significant damage to the cryptocurrency space.

Finally, the increased activity in the crypto markets is also being attributed to institutional investors. These investors have been steadily increasing their holdings in Bitcoin and other cryptocurrencies over the past few months, as they see attractive long-term opportunities in the space.

Overall, the cryptocurrency market appears to be in a good place right now. With the US government’s CPI reading and security firms predicting good news for blockchain bridges, the outlook appears to be positive. This could mean good things for the long-term prospects of the cryptocurrency space, as more investors come into the market and prices remain stable.