• Ethereum co-founder Joseph Lubin praised SEC Chair Gary Gensler as a „shining knight of decentralization“ at ETHDenver.
• Gensler is driving projects in the ecosystem to decentralize themselves, and recently enforced Kraken’s staking product as a security offering.
• Ripple CEO Brad Garlinghouse has been critical of recent regulatory rumblings and believes compliance cannot be achieved through registration alone.

Ethereum Co-Founder Praises Gary Gensler

Ethereum co-founder Joseph Lubin praised Securities and Exchange Commission (SEC) Chair Gary Gensler as a „shining knight of decentralization“ at ETHDenver, a virtual event that ended on March 5th.

Gensler Driving Decentralization Forward

Lubin spoke candidly about recent regulatory enforcement actions, holding Gensler as a catalyst for driving decentralization – much to the audience’s jeers. He used the example of the SEC action against Kraken’s staking product, which was determined to be a security offering due to language that suggested investors would make money based on Kraken’s efforts. This falls under securities laws, specifically the Howey Test which determines whether an investment contract meets the definition of a security.

Ripple CEO Criticizes Regulatory Rumblings

Recent regulatory rumblings have drawn heat from the crypto community with Ripple CEO Brad Garlinghouse being particularly critical of them. He said that compliance cannot be achieved by simply registering, and warned against unfair enforcement actions from regulators.

Kraken Settles with SEC

On February 9th, Kraken settled with the SEC and paid out $30 million in penalties over allegations it was operating an unregistered security offering through its staking program. This spooked other staking providers such as Coinbase who are prepared to defend their own programs if necessary.

Conclusion

This article discussed Ethereum co-founder Joseph Lubin praising SEC Chair Gary Gensler for driving decentralization forward and enforcing regulations such as those involving Kraken’s staking product. Not everyone agrees with these measures however – Ripple CEO Brad Garlinghouse has spoken out against them believing them to be overly restrictive or unfair enforcement actions from regulators not achievable through registration alone.

• Bitcoin breaks $20k following the release of Non-Farm Payroll (NFP) and unemployment data, as markets favour 25bps instead of 50bps.
• Unemployment rate increases to 3.6%, while Dollar Index retreats to 104.8, affecting EUR and GBP currencies.
• FOMC Meeting on 22nd March is expected to announce 25 bps rate with a terminal rate of 5.50%.

Unemployment Rate Increases

The unemployment rate has recently increased to 3.6%, which is higher than the estimated 3.4%. This increase in unemployment has been accompanied by an increase in the price of Bitcoin, breaking past the $20,000 mark for the first time ever.

Non-Farm Payroll Data

The US Non-Farm Payroll (NFP) data was also released alongside this news, with 311k jobs created compared to estimates of 205k. This further supports the idea that there may be some economic recovery taking place despite the increasing number of unemployed people in America.

Dollar Index Retreats

The Dollar Index (DXY) retreated to 104.8 after this news broke out, causing major currencies such as EUR and GBP to strengthen against it. The current market sentiment suggests that a 25 bps rate is most likely for the upcoming FOMC meeting on 22nd March, with a terminal rate at 5.50%.

Crypto Markets React

The crypto markets have reacted positively to this news, with Bitcoin breaking through $20k being seen as a sign of institutional investors entering into the space and increasing demand for digital assets such as cryptocurrencies or digital tokens issued by companies like Coinbase or Huobi Token (HT).

Conclusion

Overall, this news has had positive impacts on both traditional and crypto markets alike; with Bitcoin breaking past $20k indicating an influx of institutional investors into crypto markets and strengthening major currencies against DXY showing improving economic conditions in certain countries across Europe and America alike.

• Coinbase, a cryptocurrency exchange, has announced the acquisition of One River Digital Asset Management (ORDAM).
• ORDAM will now be known as Coinbase Asset Management (CBAM), and will focus on providing institutional customers with industry-leading products and services.
• Eric Peters, ORDAM’s current CEO, will remain in his role and continue to chair CBAM after the acquisition.

Coinbase Acquires One River Digital Asset Management

Coinbase, a leading U.S.-based crypto exchange, recently announced that it had acquired One River Digital Asset Management (ORDAM). Following this acquisition, ORDAM has been transformed into Coinbase Asset Management (CBAM) which is an independent subsidiary wholly owned by Coinbase.

Focus on Institutional Customers

As per the announcement made by Coinbase, CBAM will focus on providing institutional customers with industry-leading products and services. The two companies share an ethos grounded in prudent risk management which enabled both firms to successfully navigate through the recent market turmoil.

Eric Peters Remains CEO of CBAM

Eric Peters who was earlier serving as ORDAM’s CEO will remain in his position and continue to chair CBAM after the acquisition. Prior to this acquisition, ORDAM was already offering investment products for its institutional clients using Coinbase Prime platform.

Joint Passion for Investor Safety

The joint statement released by both entities stated that they shared a joint passion for investor safety which has allowed them to build an innovative digital asset management infrastructure that provides their clients with secure access to digital assets.

Conclusion

With this strategic move made by Coinbase, it is clear that the company is looking forward to strengthen its presence among institutional investors while also making sure that investors are able to make secure investments in cryptocurrencies without any risks involved.

• The US court ruled that using emojis relating to rocket ships, stock charts, and money bags could be classified as investment advice.
• Former SEC branch chief Lisa Braganca warned the public against using certain emojis in promotional materials following the ruling.
• DapperLabs is accused of promoting NBA Top Shot Moments as investment opportunities through its marketing materials with carefully selected emojis.

Court Ruling on Emoji Use

On Feb. 22nd, a US court ruled that using emojis relating to rocket ships, stock charts, and money bags could be classified as investment advice. This ruling was contained in a lawsuit filed against Dapper Labs and its CEO Roham Gharegozlou for allegedly violating securities laws by offering its NBA Top Shot Moments (NFTs).

Warning from Former SEC Chief

Following the court’s decision, former SEC branch chief Lisa Braganca issued a warning via Twitter advising against the use of certain emojis in promotional materials. She noted that these emojis could be interpreted as an attempt to promote investment opportunities.

Accusations Against DapperLabs

The plaintiffs accused Dapper Labs of promoting NBA Shot Moments as an investment opportunity through its marketing materials with carefully selected emojis. They argued that although the word “profit” wasn’t used in any tweet, the selected emoji objectively mean one thing: a financial return on investment. As evidence they referred to a tweet from DapperLabs which showed market performance with rocket ship, stock market and money bag emojiS.

DapperLabs‘ Response

DapperLabs has defended itself by claiming that the use of these emojis was intended to provide accuracy to markets data rather than for sales promotion purposes. Several members of the crypto community have also argued that Emojis could mean different things to different folks and thus having a rule on their usage would impede their freedom of speech.

Conclusion

In conclusion, following a recent US court ruling classifying some emoji use as potential investments advice, former SEC Chief Lisa Braganca warned against such practices while encouraging transparency in all sales promotions activities among cryptocurrency firms and users alike

Summary

• Circle submitted a response to the Central Bank of Ireland on how public blockchains can improve consumer protection.
• The benefits of blockchain technology include increased competition, disaggregation of financial services, privacy protection and improved financial literacy through transparency.
• Circle recommended that financial supervisors support innovation while protecting consumers‘ best interests.

Circle Recommends Adoption of Public Blockchains for Consumer Protection

USDC issuer Circle has engaged with the Central Bank of Ireland to promote the benefits of blockchain technology for improving consumer protection. In its response to the discussion paper issued by the Central Bank, Circle outlined how public blockchains can help increase competition, reduce costs and improve capabilities in fighting illicit finance. The firm also provided recommendations on how financial supervisors can support innovation while ensuring consumers’ best interests are protected.

Benefits Explained

In its response, Circle highlighted several potential benefits associated with using blockchain-based payment systems for consumer protection:

• Increased Competition:

Public blockchains can allow new entrants into the market as well as increase competition among existing players. This could help reduce costs for consumers and provide them with more choice when it comes to accessing financial services.

• Disaggregation of Financial Services:

Blockchain-based payment systems have the potential to break down proprietary and closed-loop stores of data that are built up by large tech companies and other financial service providers. This could give consumers more control over their data and provide greater privacy protections.

• Improved Financial Literacy:

By making transactions visible on a public ledger, blockchains can create greater levels of transparency which may lead to improved levels of financial literacy among users. Additionally, this increased visibility makes it easier for regulators to track any irregularities or market abuse occurring on-chain.

• Enhanced Capabilities in Fighting Illicit Finance:

Real-time tracking of transaction data via public blockchains could also give regulators enhanced capabilities in identifying suspicious activity related to money laundering or terrorist financing activities. With access to this data, authorities would be better equipped in tackling these issues at an earlier stage before they become widespread problems.

Recommendations from Circle

In addition to explaining how public blockchains can benefit consumers, Circle also offered recommendations on how regulators should proceed when dealing with firms offering novel products such as stablecoins:

• Engage With Supervisory Authorities Before Applying: Firms should engage with supervisory authorities prior to filing a formal application so they have time to consider any potential risks associated with their product before it is released into the market place.
  

  < ul >< li >< b >Actively Inform Consumers About Market Abuse/Anomalies : < / li >< / ul >Regulators should actively inform consumers about any irregularities or anomalies seen in transaction data so they are aware of any potential risks associated with using a particular product or service .

  < h2 >Conclusion Overall , Circle’s response highlighted both the potential benefits and risks associated with using public blockchains for consumer protection . By engaging early with regulatory bodies , firms offering novel products such as stablecoins will be able to ensure appropriate measures are taken ahead of launch . Similarly , active efforts from both industry stakeholders and regulatory bodies will be needed if we wish to realize the full potential that blockchain technology offers when it comes safeguarding our finances .

• Bitcoin Supply Last Active (SLA) 1+ years ago indicates hits an all-time high of 66.90%.
• This trend is similar to the 2015 bear market bottom, where all supply last active categories were also at an all-time high.
• This indicates that hodl’ing is the preferred method of choice.

Bitcoin SLA Hits All-Time High

Bitcoin Supply Last Active (SLA) 1+ years ago has reached an all-time high of 66.90%, indicating that hodling is becoming the preferred choice amongst investors. This current trend is similar to the 2015 bear market bottom, where all supply last active categories were at an all-time high, suggesting that long-term investing and holding onto coins is favored over short term trading and selling.

Definition

The percent of circulating supply that has not moved in at least one, two, three, or five years is referred to as “Supply Last Active” (SLA). As longer-term investors accumulate coins, these metrics will tend to rise; conversely if long-term investors spend and distribute their coins this metric will decline with older coins becoming young again as they change hands.

Quick Take

Hodling seems to be the preferred method of choice amongst cryptocurrency investors since Bitcoin’s SLA has hit an all time high in every category analyzed. This trend is eerily similar to what was seen in 2015 when Bitcoin hit its lowest point during a bear market and SLAs for every category were also at record highs .

Supply Last Active Metrics

The following chart displays an overlay of multiple Supply Last Active variants shown as a percentage of Circulating Supply:

– Supply Last Active 1+ Yrs Ago 🔴: 66.90%

– Supply Last Active 2+ Yrs Ago 🟠: 49.88%

– Supply Last Active 3+ Yrs Ago 🟢: 39.06%

– Supply Last Active 5+ Yrs Ago 🔵: 28.11%

Source: Glassnode

Conclusion

This data suggests that hodling remains a popular strategy amongst crypto investors even during bear markets when prices are low and volatility is high; this could mean either that investor confidence in cryptocurrencies remains strong or simply that traders are looking for long term profits instead of quick wins from day trading. Only time will tell which strategy proves successful but it looks like hodlers may have the upper hand right now!

• The market sector of AI crypto is on the rise with the top 30 tokens all in the green over the last 30 days.
• This trend has been fueled by significant investments from companies such as Microsoft and Alphabet Inc.
• Despite this renewed interest, institutional investors remain skeptical of crypto, with many citing that they have no plans to trade it.

AI Crypto Market Sector Sizzles

The market sector of AI crypto continues to sizzle, with the top 30 tokens all in the green over the last 30 days, a trend that has left many investors wondering: how frothy can this top possibly get? AI cryptos are up over 51% over the past week, with a total sector market cap of $3.85 billion (Source: CryptoSlate).

Investment Boosts From Microsoft and Alphabet Inc.

The news comes on the heels of the widely successful launch of ChatGPT, backed to the tune of $10 billion by Microsoft (a significant portion of which comes in the form of cloud computing credits via Microsoft’s Azure cloud platform); as well as a renewed push by Alphabet Inc. (Google’s parent company), who late last week reportedly committed to also invest at least $400 million in a ChatGPT rival, Anthropic. ChatGPT is already upending many workflows and industries. It was the quickest app to achieve 1 million downloads, a feat it achieved only five days after launch last December. It has also been integrated into Microsoft Teams, allowing for powerful virtual agent and office assistant capabilities.

Institutional Investor Skepticism Remains

Despite this renewed interest from large players in technology industry however, institutional investors remain skeptical about crypto investing; with nearly three out four respondents from JP Morgan’s survey saying that they „have no plans to trade crypto“.

What Explains The Price Increase?

So what explains then recent rise in price for AI cryptos? While some point to factors such Cathie Wood’s ARK Invest report citing confluence between AI and blockchain technologies; others look more closely at underlying technologies like decentralized data protocols and human-robot interaction systems driving much of their development and adoption.

Conclusion

In conclusion, while there remains skepticism among institutional investors towards trading cryptos; recent development within both artificial intelligence technology and blockchain have pushed prices up significantly within AI cryptos space; leaving many wondering where this sector will go next!

• Avalanche (AVAX) network recorded a 3.4% growth in active daily addresses and a 514.8% year-over-year growth in daily transactions in Q4 2022.
• The network saw an 84.6% increase in average daily transactions from 1.5 million in Q3 2022 to 2.9 million in Q4 2022.
• Two subnets were launched during this period – DFK and StepNetwork – and facilitated the majority of daily transactions.

The Avalanche network ended 2022 with a bang, recording a 3.4% growth in active daily addresses and an impressive 514.8% year-over-year growth in daily transactions. The fourth quarter of 2022 saw the launch of two new subnets – DFK and StepNetwork – that led to a surge in the number of daily transactions, increasing the average daily transactions by 84.6%.

The Avalanche network is a decentralized, open-source blockchain platform. It is designed to facilitate rapid and secure transactions powered by a new consensus algorithm called Avalanche. The network features instant transaction finality, enabling users to complete their transactions without having to wait for block confirmations. It also features a powerful scripting language that allows developers to create applications on the network.

The network’s growth in the fourth quarter of 2022 was largely attributed to the launch of two new subnets: DFK and StepNetwork. The DFK subnet is designed to facilitate decentralized finance (DeFi) applications, allowing users to easily create and manage their financial transactions. The StepNetwork subnet is designed to facilitate cross-chain transactions, enabling users to easily move their funds between blockchain networks.

The launch of these two subnets led to a significant increase in the number of daily transactions on the network. The average daily transactions rose from 1.5 million in Q3 2022 to 2.9 million in Q4 2022, indicating an 84.6% increase. This is accompanied by a 3.4% growth in active daily addresses and an impressive 514.8% year-over-year growth in daily transactions.

The Avalanche network also saw an 84.6% increase in average transactions per second, from 18 in Q3 2022 to 33 in Q4 2022. This is a testament to the network’s performance and scalability, as it is able to handle an increasing amount of transactions without sacrificing its security or decentralization.

Overall, Avalanche ended 2022 on a high note, with significant subnet improvements and an increased number of daily transactions. This is a promising sign for the network’s growth and adoption in the future, and it will be interesting to see how it progresses in the years ahead.

– Crypto markets have seen net outflows of $27.2 billion over the last 24 hours and currently stand at $1,023.36 billion.
– The top 10 cryptocurrencies all posted losses, with Cardano suffering the biggest losses, down 5.8%, closely followed by Dogecoin, which lost 5.7%.
– Bitcoin saw a loss of 1.2%, falling to $22,617 as of 07:00 ET.

The crypto markets have experienced a sell-off after a recent period of bullish form. Over the last 24 hours, the cryptocurrency market cap saw net outflows of $27.2 billion, bringing the total market cap to $1,023.36 billion – a decrease of 2.6% from $1,050.56 billion. The market leader Bitcoin saw a loss of 1.2%, falling to $22,617 as of 07:00 ET. Its market dominance increased to 42.6% from 42%.

The top 10 cryptocurrencies all posted losses, with Cardano suffering the biggest losses, down 5.8%, closely followed by Dogecoin, which lost 5.7%. Ethereum, the number two cryptocurrency by market cap, lost 4.7% over the last 24 hours to trade at $1,548 as of 07:00 ET, with its market dominance falling to 18.5% from 19.1%. ETH peaked at $1,632 over the reporting period, leading to a sharp dip that found support at $22,297 before 21:00 (ET). A muted recovery ensued, but BTC remains below the 24 hour peak price.

The market cap of Tether (USDT) stayed flat at $66.87 billion, while USD Coin (USDC) increased to $43,75 billion, and BinanceUSD (BUSD) fell to $15.32 billion.

It remains to be seen whether the market will continue to experience losses or if it will regain its recent bullish form. Investors should remain vigilant and keep abreast of the latest market developments before making any decisions.

– National Australia Bank (NAB) is launching a stablecoin called AUDN on the Ethereum (ETH) network.
– The stablecoin will be backed 1:1 by Australian Dollars (AUD) held on trust at NAB.
– AUDN will be used for settlement of transactions, reducing settlement time, bringing down cost of international transfers, and carbon credits.

National Australia Bank (NAB) is making moves to enter the cryptocurrency world, with plans to launch a stablecoin on the Ethereum (ETH) network. The stablecoin, called AUDN, will be backed 1:1 by Australian Dollars (AUD) held on trust at NAB.

The NAB first minted AUDN on the ETH blockchain in December 2022 and burned it to remove it from circulation. Rather than float on crypto markets, AUDN has been created for specific use cases. The NAB is aiming to launch AUDN for institutional clients by mid-year after internal testing. NAB is currently testing AUDN by transferring money between subsidiaries and branches — banking regulators are supervising the process.

The AUDN coin will enable NAB users to settle transactions on the blockchain, focusing on carbon credits and reducing the cost of cross-border transactions. NAB chief innovation officer Howard Silby reportedly told the Australian Financial Review that the bank’s primary focus would be to use AUDN as a settlement token. With AUDN, NAB aims to move towards „atomic“ or instantaneous settlements from the current two days.

The use cases for AUDN are plentiful. It will reduce settlement time, bring down the cost of international transfers, and improve carbon credits and sustainability initiatives. Silby believes AUDN will be a part of the future of finance, saying „We certainly believe there are elements of blockchain technology that will form part of the future of finance.“

NAB is currently considering various options for launching AUDN, including a private Ethereum blockchain, according to the AFR report. The bank is also looking at ways to enable the coin to be used more widely outside of the bank.

If all goes as planned, AUDN could become the first AUD-backed stablecoin on the Ethereum network. It would also be the first stablecoin launched by a major Australian bank, and could pave the way for other banks to follow suit. With AUDN, NAB is taking a bold step into the world of cryptocurrencies and blockchain technology, while at the same time creating a more efficient and secure way to transfer money.