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Wall Street’s largest banks are tapping into the crypto market through derivatives

Episode 51 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and James Stickland, CEO of Elwood Technologies. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected] Elwood Technologies — an Alan Howard backed digital asset platform that is building trading infrastructure for institutional investors — closed a $70 million Series A last month co-led by Goldman Sachs and Dawn Capital. In this …

Marathon CEO explains the 3 key factors that make or break a bitcoin mining company

Episode 50 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Fred Thiel, Chair and CEO at Marathon Digital. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected] Marathon Digital produced a “record” 1,259 bitcoins during the first three months of 2022. Yet the US-based bitcoin mining firm reported a Q1 net loss of $13 million, largely due to the decline in …

Lawmakers introduce bill to include crypto in Congressional disclosures

Representatives Elissa Slotkin (D-MI) and Dusty Johnson (R-SD) have introduced a bill that would require members of Congress to disclose financial interests in crypto. The lawmakers introduced the bill on May 20, when it was referred to the Committee on House Administration as the “Cryptocurrency Accountability Act.” The bill would amend the Ethics in Government Act, a 1978 law passed in the wake of the Watergate Scandal requiring public officials to disclose their financial and employment history and the history …

Binance sponsors The Weeknd’s upcoming music tour

Crypto exchange giant Binance announced Thursday that it is the official sponsor of The Weeknd’s “After hours Til Dawn” tour, marking one of the first instances of a prominent crypto firm funding a popular performing artist. Binance has also partnered with the incubator and accelerator HXOUSE to help release The Weeknd’s NFT collection and to give attendees commemorative NFTs from the tour.  “It made perfect sense to work together [with Binance] and I can’t wait for fans to experience crypto …

Paraguay’s crypto industry regulation advances, despite pushback from central bank

Paraguay’s Chamber of Deputies approved the advancement of a crypto regulation bill to the Senate this week, despite pushback from the country’s central bank.  In a special session on May 25, deputies voted 40 to 12 in favor of moving the bill forward with modifications. The project will now return to Paraguay’s senate for further consideration. The bill, first introduced in Paraguay’s Senate in July 2021, aims to regulate commercial activities relating to virtual assets. This would include licensing and …

Louisiana bill proposes study on crypto campaign donations

A Louisiana house bill calling for the study of crypto campaign contributions was introduced earlier this week. The bill (HR 180) would task the Supervisory Committee on Campaign Finance Disclosure with looking into “issues surrounding the acceptance of campaign contributions in the form of crypto,” according to the text. The current draft cites an opinion from Federal Election Commission, which states that a committee may accept bitcoin as a campaign donation but should report it as an in-kind contribution. “There …

Su Zhu says his ‘supercycle’ price thesis was ‘regrettably wrong’

Three Arrows Capital co-founder Su Zhu has admitted that his “supercycle” price thesis and projection that bitcoin could hit $2.5 million hasn’t played out as expected. “Supercycle price thesis was regrettably wrong, but crypto will still thrive and change the world every day,” he said on Twitter today. The supercycle was an idea pushed by Zhu that suggested the crypto market would gradually rise during this market cycle, avoiding a sustained bear market. In an interview on the UpOnly podcast …

Do Kwon’s plan to rebirth the Terra blockchain gets approved

Quick Take Do Kwon’s proposal to relaunch the Terra blockchain has passed. In total, 65.5% of votes supported the proposal. The governance vote on Do Kwon’s proposal to relaunch the Terra blockchain and create LUNA 2.0 tokens has passed. This will result in the creation of a new blockchain that will airdrop tokens proportionally to those affected, following the sudden collapse of the TerraUSD (UST) algorithmic stablecoin. In total, 65.5% of the total votes supported Kwon’s proposal. Only 13.2% who were …

Congress launches ethics investigation into Rep. Madison Cawthorn’s crypto activities

Republican Congressman Madison Cawthorn will be the subject of an ethics investigation in Congress for his alleged ties to crypto. The investigation by the House Committee on Ethics will look into whether Cawthorn “promoted a cryptocurrency in which he may have had an undisclosed financial interest,” according to a statement issued Monday. It will also probe whether Cawthorn had an “improper relationship” with someone from his congressional staff. Cawthorn publicly supported the Let’s Go Brandon cryptocurrency, which was aimed at …

Fed report shows crypto is favored as an investment tool

The Federal Reserve has issued its annual report examining the financial lives of US residents, and it indicates Americans are more likely to use cryptocurrency as an investment tool than a purchasing mechanism. The Economic Well-Being of U.S. Households in 2021 report is based on the Fed Board’s ninth annual Survey of Household Economics and Decisionmaking, which was circulated in October and November of 2021. For the first time, the ensuing report contained data on crypto use. In 2021, 12% …