GN HEARTLAND |
How many crypto millionaires has $TRUMP.X ( ▲ 16.25%) minted? Exactly 58, according to a Chainalysis study. Meanwhile, 764,000 have lost money on the coin. You know what they. 1 out of 13,172 ain’t bad. |
— playhaus |
TOKEN | PRICE CHANGE | PRICE |
|---|---|---|
Solana ($SOL) | +1.57% | $149.09 |
Helium ($HNT) | -4.45% | $3.77 |
Pyth ($PYTH) | -11.12% | $0.14 |
Raydium ($RAY) | -14.87% | $2.44 |
(Price changes reflect past 7 days as of 5.6.25)
The one-time bipartisan GENIUS stablecoin legislation is losing support in Congress. Democrats are pulling back amid rumors President Trump and the crypto project most publicly tied to him, the World Liberty Financial, stand to benefit from the legalization of stablecoin products in the U.S. to the tune of $2B.
This is on top of Trump raking in millions from his memecoin and leveraging it as a community reward system that allows presidential executive access via investment in this decentralized project. Something Mike Dudas, one of the leading VCs in the space, knows is not in the best direction of the industry.
We need clarity of AI regulation for the industry to mature, and for more traditional financial institutions to normalize digital assets as products fit for retail consumption. But the Bitcoin $BTC.X ( ▲ 5.33% ) and Ethereum $ETH.X ( ▲ 21.12% ) ETFs that have been approved to date feel less like a step in the right direction, and more like a way to pass future losses onto those ignorant of how digital assets actually work.
It’s clear that those responsible for regulatory clarity are ill equipped to do so. Washington continues to demonstrate an inability to manage legislative policy around other internet infrastructure that benefit from cryptography and distributed data systems in the digital media and advertising spaces, and/or come into contact with data ownership and consumer privacy.
Surveillance Capitalism demonstrates how the data contextualizing consumer transactions is of equal or greater importance to the systems’ forecasting capabilities — meaning the data ownership, security, and privacy of this related transaction data needs access to the same technology systems that legislators are trying to regulate under the context of consumer financial protections.
My largest concern is that by federally legalizing stablecoins, in their current know-your-customer (KYC) systems, we will essentially create a decentralized version of central bank digital currencies (CBDCs). In other words, existing KYC directives would be effectively centralized under federal control, which could easily domino into a digital identity system. My belief is that KYC should be managed by community banks, which offer protection and anonymity to their customers as a service. An evolution for community banks, to become more like a Geek Squad for digital assets.
It’s of course more nuanced than that. But TL;DR: I believe by decentralizing the KYC process and providers, and leveraging local communities to do so, we can persevere access to the anonymous systems that are foundational to this crypto punk movement, while ensuring the mechanisms for free speech which are evermore critical to protect in the surveillance age.
— El Prof
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In last week’s edition of our newsletter, we talked about the surge of innovation and optimism the web3 world is experiencing. Evidence of that is the recent TOKEN2049 conference in Dubai, dubbed “The World’s Largest Crypto Event,” which drew over 15,000 attendees, signaling a new era for decentralized finance (DeFi) and blockchain technologies alike.
ICYMI, Bitcoin is slowing clawing back its post-Liberation Day losses, most recently breaching $97,000, reflecting growing institutional interest and the maturation of the crypto ecosystem. Major financial players like BlackRock and Goldman Sachs are increasingly engaging with digital assets, while regulatory frameworks are becoming more defined, particularly in crypto-friendly jurisdictions like the United Arab Emirates (UAE).
Case in point: Binance, the world’s largest crypto exchange, announced a $2 billion investment from Abu Dhabi’s MGX, strengthening its ties with the UAE and reinforcing Dubai’s position as a global crypto hub. Elsewhere, Emirates NBD, a leading bank in the region, launched crypto trading services through its digital platform Liv, further integrating digital assets into mainstream finance.
The conference also highlighted the evolving regulatory landscape. While the U.S.’s approach to regulation is so 1984, the UAE is looking toward the future. Its Virtual Assets Regulatory Authority (VARA) has been instrumental in establishing clear guidelines for crypto firms, contributing to the country’s removal from the Financial Action Task Force’s “gray list.” This regulatory clarity has attracted numerous crypto companies to set up operations in Dubai, fostering an environment conducive to innovation and growth.
Moreover, the event underscored the increasing convergence of politics and crypto. Eric Trump, representing the Trump Organization, announced plans for a new real estate development in Dubai where apartments can be purchased with Bitcoin, symbolizing the integration of digital assets into tangible assets. This move reflects a broader trend of tokenizing real-world assets (RWAs), bridging the gap between the digital and physical economies.
Despite the celebratory atmosphere, challenges remain. Stablecoins, while gaining traction, still face hurdles in widespread adoption due to regulatory uncertainties and technical complexities. Nevertheless, initiatives like Circle’s new stablecoin orchestration layer aim to streamline cross-border transactions, making crypto more accessible and practical for everyday use.
Ultimately, TOKEN2049 Dubai showcased the dynamic evolution of the web3 landscape, marked by significant investments, regulatory advancements, and the fusion of digital and traditional assets. As the lines between DeFi and TradFi continue to blur, the foundations are being laid for a more inclusive and efficient financial system.
— Muhammed
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