LATERALUS NWSLTR

⚖️ Despite Democratic Opposition, House Committee Progresses Bill Against CBDCs

• House committee advances anti-CBDC bill despite Democratic opposition.

• Republicans aim to block Federal Reserve from issuing CBDC directly to individuals.

• Rep. Tom Emmer introduces "CBDC Anti-Surveillance State Act" to prevent CBDC issuance.

• Other crypto-related bills, including crypto regulation and stablecoins, have progressed.

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🏛️After Temporarily Halting Crypto Investments, Softbank Explores Billions in AI Investment

• Softbank plans to invest billions in artificial intelligence (AI) after pausing crypto investments.

• Founder and CEO Masayoshi Son is considering investing "tens of billions of dollars" in AI, including a potential partnership with Microsoft-backed OpenAI.

• Softbank reported a net loss of $3.3 billion in Q2 2023 but had a $1.1 billion investment gain in its Softbank Vision Fund.

• The company had paused most investments in Q1 but is now refocusing on AI trends.

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📜 Is it Possible for Regulators to Stay in Step with Crypto Markets?

• The agency seeks to formalize standards, assess legal and market risks, and update approved coin lists.

• NYDFS's actions have a global impact due to New York's financial influence.

• The agency's recent announcement addresses token whitelisting and blacklisting, impacting global crypto trading.

• Ensuring market stability during token delistings is challenging due to crypto's global, illiquid nature.

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🇩🇪German Cryptocurrency Regulatory Authority Advocates for Global Regulations Covering Specialized Financial Hubs

• German regulator, BaFin, calls for global crypto regulation to cover all financial centers.

• BaFin's Rupert Schaefer stresses the need for consistent global regulation despite progress in the EU and international bodies.

• Schaefer likens regulators to air traffic control overseeing crypto assets.

• Crypto and blockchain sectors lead fintech investments in Germany and other European markets in H1 2023.

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🗺️Sub-Saharan Africa Embraces Cryptocurrency as a Hedge Against Inflation

• Sub-Saharan Africa sees a surge in crypto activity, totaling $117.1 billion in transactions from July 2022 to June 2023.

• This region contributed 2.3% of global crypto transactions, up from 2% in the previous report.

• Nigeria ranks second on the Global Crypto Adoption Index, with Kenya, Ghana, and South Africa also showing strong crypto adoption.

• Regulatory clarity, as seen in South Africa, has contributed to crypto growth in the region.

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🇧🇷Brazilian Legislators Aim to Include Cryptocurrencies in the List of Protected Assets for Debtors

• Brazilian lawmakers consider adding cryptocurrencies to a bill protecting debtors' savings assets from seizure by creditors.

• Bill 4.420/2021 aims to protect individuals' private savings up to 40 minimum wages.

• Deputy Felipe Francischini supports including crypto assets in the protected funds list.

• This inclusion became possible after the enactment of Brazil's crypto framework in June 2023.

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🏛️Global Financial Consortium Identifies Deficiencies in the Legislative Framework for the Digital Euro

• The Institute of International Finance (IIF) assessed the European Commission's proposed legislation on the digital euro.

• Issues include undefined holding limits for financial stability and bank intermediation, cost recovery challenges for payment services providers (PSPs), undefined privacy controls, and no established anti-money laundering or cybersecurity measures.

• The IIF emphasized the importance of interoperability and avoiding parallel systems.

• The digital euro's legislative proposal is developed alongside its infrastructure, with testing expected after October.

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🇺🇸Ramaswamy Expresses Optimism Regarding Crypto Regulation, Believes it's Within the Reach of a US President to Address

• Republican presidential candidate Vivek Ramaswamy criticizes the SEC's unclear stance on crypto regulation.

• He pledges to reduce the Federal regulatory workforce by two-thirds and supports the "Keep Your Coins Act."

• He highlights the SEC's ambiguity regarding Ethereum's classification.

• Ramaswamy plans to release a crypto policy framework in November and received an endorsement from former President Trump.

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💸 Wall Street Views Blockchain Technology as a Transformative Force

• Wall Street anticipates blockchain technology will tokenize $5 trillion worth of assets by 2030.

• Market regulations and SEC caution could hinder the financial sector's blockchain ambitions.

• Tokenization opportunities include currency, bank deposits, stablecoins, CBDCs, and digital securities.

• Regulatory challenges persist, but major financial institutions, like BlackRock, show interest in crypto and blockchain.

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🧑🏿‍💻 LayerZero Shifts from Decentralization to Google Cloud

• Google Cloud will serve as an oracle provider for LayerZero, a blockchain protocol for relaying messages between blockchains.

• The LayerZero system involves two entities: the oracle and the relayer, which facilitate cross-chain messaging.

• Questions have been raised about the potential collusion between the oracle and relayer, potentially compromising decentralization.

• Google's involvement in blockchain technology is seen as a positive development, though some remain cautious about centralization concerns.

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💼 Grab Introduces Web3 Wallet for Users in Singapore

• Grab launches a web3 wallet for Singaporean users supporting the Polygon network and SGD stablecoin payments.

• Nouns, a prominent NFT collection, splits into two factions with defectors redeeming NFTs for treasury assets.

• PostTech, a social trading platform, achieves millions in daily volume from over 30,000 users within a week.

• Ethereum developers discuss a new standard for storing code audit information on-chain.

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🖱 Apple and Goldman Sachs Had Plans for Stock-Trading Feature on iPhones Until Market Conditions Shifted Last Year

• Apple considered launching an iPhone feature for stock trading in partnership with Goldman Sachs.

• The project was put on hold as markets declined in response to higher rates and inflation concerns.

• Apple and Goldman initially shifted toward launching savings accounts instead.

• Other tech companies like X (formerly Twitter) and PayPal have explored similar ventures.

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🌐 Asset Tokenization's Impact on Insurance, Agriculture, and Real Estate: Transforming the Established Norms

• Asset tokenization is reshaping industries like insurance, agriculture, and real estate.

• Tokenizing real-world assets could become a $16 trillion industry, according to Boston Consulting Group.

• Tokenization offers solutions such as faster insurance payouts for farmers in Kenya.

• Central bank digital currencies and regulations may boost asset tokenization in the future.

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🏎️ The End of the Crypto and Formula One Romance: Can Web3 Rekindle a Struggling Relationship?

• Crypto and Formula One's partnership faces challenges due to the crypto market's downturn.

• Formula One serves as a platform for crypto innovation with NFT tickets, sponsorships, and more.

• The crypto industry's maturity shifts focus to tangible use cases rather than quick gains.

• Formula One explores blockchain for NFT tickets and interactive digital collectibles, aiming for utility and mass adoption.

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🏛️ Citigroup Introduces Digital Token Service to Enhance Banking Services

• Citigroup introduces Citi Token Services, enabling customers to convert deposits into digital tokens for instant global transfers.

• The service enhances cash management and trade finance, backed by Citigroup's private blockchain.

• Aims to address cross-border payment delays and improve trade finance through blockchain-based solutions.

• Collaborated with global banks and the Federal Reserve Bank of New York on the Regulated Liability Network for digital currency transfers.

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🧑🏿‍💻 Coinbase Executive States that Legacy Technology Has Reached Maximum Efficiency

• Tokenization of real-world assets (RWA) will start with stable assets before moving to more volatile ones over the next two decades.

• Stablecoins, particularly tokenized US dollars, are seen as the first major use case for tokenization.

• Liquidity and institutional interest are key factors in bringing more volatile assets on-chain.

• Regulatory challenges, including securities rules, must be addressed to drive adoption of tokenization for real-world assets.

• Improved user interfaces for DeFi protocols and solving customer issues in traditional finance can aid the adoption process.

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Models from OnlyFans and Patreon Explore Web3 as a Response to Payment and Censorship Concerns

• Adult content creators are turning to Web3 platforms due to payment issues and concerns about censorship on centralized platforms like OnlyFans and Patreon.

• Issues include difficulties withdrawing earnings on Patreon and OnlyFans' attempted ban on explicit content.

• Creators are drawn to Web3 for increased control, autonomy, and reduced censorship risk.

• Several Web3 adult entertainment platforms including Friend.tech, Proof of Peach, SEXN, and Keyhole, have emerged.

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💻 Rumors Suggest Microsoft May Include Crypto Wallets in the Next Xbox

• Microsoft is reportedly working on adding crypto wallet support to its next gaming console, Gen 10, as part of a new ecosystem generation.

• The leaked document also mentions support for voice chat, player achievements, AI, and machine learning.

• The details of the crypto feature remain undisclosed, and plans may have evolved since the document's May 2022 date.

• Microsoft is also exploring a non-custodial Ethereum wallet for its Edge browser and has partnered with Ankr for blockchain data access.

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🤖 Alchemy Pay Obtains Money Transmitter License in the State of Arkansas, USA

• Alchemy Pay has secured a Money Transmitter License in Arkansas, USA.

• The license allows Alchemy Pay to offer various financial services, including cryptocurrency-related activities.

• Alchemy Pay aims to expand its presence in the United States and pursue licenses in additional states.

• The company operates a global crypto-to-fiat payment platform, supporting transactions in 173 countries.

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🇨🇾eToro Gains Registration in Cyprus in Preparation for MiCa Implementation

• eToro has received Crypto Asset Service Provider registration from the Cyprus Securities and Exchange Commission.

• This registration paves the way for eToro to offer crypto services across the EU post-MiCa (Markets in Crypto Assets) rollout.

• MiCa aims to establish clearer crypto regulations and is expected to come into effect in December 2024.

• eToro's registration in Cyprus positions it to embrace the new era of crypto regulation in the EU and provide streamlined services.

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🖥️ According to a Google Cloud Executive, Web3 Focuses on Addressing Business Challenges, Not Just Token Values

• Google Cloud's Head of Web3, James Tromans, emphasizes that Web3 should focus on solving business problems with smart contracts, not just token speculation.

• Google Cloud's Blockchain Node Engine offers blockchain services, facilitating innovation, cost reduction, and new revenue streams.

• Tromans believes that blockchain adoption hinges on improving user experience and abstracting away technical complexities, similar to everyday web protocols.

• He envisions a future where Web3 seamlessly solves real-world problems across industries, ultimately becoming indistinguishable from the traditional web.

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🌐Decentralized Finance Requires Alternative Solutions Beyond Blockchain

• Critics often label digital currencies, like Bitcoin, as pyramid schemes.

• Blockchain technology, despite its claims of decentralization, still relies on centralized points of failure, such as miners and powerful network players.

• Concerns arise if the value of digital assets operating on a blockchain surpasses the value of the blockchain's native coin, leading to potential control issues.

• As cryptocurrencies grow, developers should rethink distributed ledger technology (DLT) architecture, exploring alternatives like directed acyclic graphs (DAGs) to overcome blockchain limitations.

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🤖 The Potential Game-Changing Impact of AI Trading

• AI trading disrupts the financial industry by minimizing risk and maximizing rewards.

• AI rapidly gathers and analyzes vast amounts of data to track market trends and account for risk factors.

• Pros: Data capabilities, accurate risk assessment, increased precision, automated decisions.

• Cons: Reliability dependent on data quality, ethical concerns, inflexibility.

• Trading carries inherent risks, so investors should stay informed and only use funds they can afford to lose.

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👩🏾‍💻 Universal Accessibility to Crypto Remains Unfulfilled

• Crypto aims for inclusivity but faces barriers to widespread adoption.

• To bridge the gap, promote visible role models, mentorship programs, and diverse leadership.

• User-friendly crypto apps with clear interfaces and educational resources are needed.

• Simplify jargon, offer multilingual support, and prioritize a user-centric approach.

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📟 ESG and the Crucial Role of Blockchain: Fostering Stronger Connections

• The convergence of ESG and blockchain presents opportunities but faces challenges.

• Bridging Web 2.0 and 3.0 with Web 2.5 intermediaries is crucial.

• Blockchain can enhance ESG transparency and data tracking.

• Real-time use cases in carbon tracking and tokenized assets are emerging.

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🕸 Decentralizing AI: The Question of How

• The intersection of Web3 and generative AI has led to discussions about decentralizing AI.

• The philosophical case for decentralization of AI revolves around digital knowledge and its control by a few big AI providers.

• Decentralization in AI can be considered in different phases: pre-training, fine-tuning, and inference, each with specific dimensions.

• Compute decentralization can help remove control from large cloud providers in pre-training and fine-tuning.

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🔗 Utilizing Blockchain-Based Platforms to Combat the Issue of Ticket Scalping for Event Organizers

• Maxwell Mayhew, founder of UTIX, suggests blockchain-powered event hosting platforms can combat ticket scalping by controlling ticket resale prices.

• Non-fungible tokens (NFTs) can be used as event tickets, enabling easy verification of validity and ownership in the secondary market.

• Blockchain and smart contracts can address issues in the event industry, even for those unfamiliar with the technology.

• Ticketmaster's dominance and U.S. government silence have shaped the current events industry, according to Mayhew.

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