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New Jersey's Acting Attorney General Orders BlockFi to Stop Offering Interest-Bearing Accounts
New Jersey's acting attorney general (AG) ordered crypto lending platform BlockFi to stop offering interest-bearing accounts Tuesday. "The Hash" team digs into the development as the crypto industry faces increasing regulatory crackdowns across the U.S. and globally. "This is maybe a little bit of a cautionary tale," host Benjamin Powers said.
China’s Digital Inequality Dilemma: Open-Source Innovation vs. Control
A new report reveals at least one underreported goal of China's ongoing crackdown on big tech firms is “to reduce inequality and promote what the party calls ‘collective prosperity," but this is a paradox because China is far from adopting decentralized blockchain-based structures, which could solve the problem. "I don't think this is about equality at all," host Naomi Brockwell said. "[China is] specifically targeting people that are getting threatening to the government... it's all about control."
FTX Crypto Exchange Raises Record $900M Funding Round, Firm Valued at $18B
Sam Bankman-Fried's crypto exchange FTX has raised a record-breaking $900 million in a Series B round, bringing its total valuation to $18 billion. "The Hash" panel discusses the "expansion potential" of FTX's ever-growing empire. "Investors clearly think there's another Coinbase in the making," host Zack Seward said. "There's room for another big centralized exchange to serve the market, and Coinbase is not going to be the only one to do it."
US Senators Ask Team USA to Boycott China’s Digital Yuan at 2022 Olympics
As central banks around the world race to establish a CBDC, Republican senators Marsha Blackburn, Cynthia Lummis and Roger Wicker are calling on the U.S. national team to effectively boycott China’s digital currency at the 2022 Winter Olympics in Beijing, citing privacy concerns. “CBDC nationalism could get really ugly,” host Zack Seward said.
NFT Marketplace OpenSea Valued at $1.5B in $100M Funding Round Led by A16z
Non-fungible token (NFT) marketplace OpenSea is the latest crypto unicorn with a total valuation of $1.5 billion after a $100 million Series B round that closed Tuesday, led by Silicon Valley’s best-known VC, Andreessen Horowitz (a16z).
Georgia to Put Its Wine on the Blockchain
The eastern European country of Georgia is partnering with Norway-based blockchain trading platform WiV Technology to put some of its wine on the blockchain, enabling investors and enthusiasts to track provenance and buy and sell associated NFTs. “How do you transfer real-world things to the blockchain?” host Naomi Brockwell asked.
Circle: USDC Backed 61% by Cash and Cash Equivalents
In its latest attestation report, global payments company Circle revealed Tuesday about 61% of its stablecoin USDC is backed by “cash and cash equivalents,” meaning cash and money market funds. “The Hash” panel discusses Circle’s breakdown of its asset reserves, at least partially answering swirling questions about how USDC is supported.
Private Israeli Spyware ‘Pegasus’ Used to Spy on Journalists, Activists, Politicians Worldwide
According to The Washington Post, Israeli technology firm NSO Group’s military-grade spyware “Pegasus” was used to hack phones of journalists, activists, politicians, and two women close to murdered Saudi journalist Jamal Khashoggi.
Cleveland Fed: COVID-19 Stimulus Checks Fueled ‘Modest’ Jump in Bitcoin Price Last Year
The Federal Reserve Bank of Cleveland reported Friday only 0.02% of COVID-19 stimulus checks ended up in bitcoin, saying the relief funds fueled a “significant but modest effect” in bitcoin trading volume and price. “The Hash” panel digs into the data, discussing the role of crypto as a potential store of value.
Report: Turkey Plans to Present Law on Cryptocurrencies in October
The Turkish government plans to present a bill regulating cryptocurrencies to Parliament in October, Sabah reported. "The Hash" panel explores the potential scope for crypto regulation in Turkey and whether other countries are likely to develop their own crypto strategy. "While I do think that [Turkey] might be trying to protect consumers... I also do think it's more of a control thing," host Naomi Brockwell said.