Bitcoin Price: US$ 41,002.25 (-0.63%)
Ethereum Price: US$ 2,890.03 (+1.00%)
Running For Money, The Fed’s Predicament, & The Rise of Music NFTs
- StepN is a web3 lifestyle application that allows users to earn GST or GMT tokens while walking, jogging, or running outdoors. Over the past month, StepN has been gaining traction as more users join the “Move-to-Earn” economy. Daily depositors have soared from under 500 at the start of Feb to a new high of 3.6K yesterday.
- GMT is the governance token in StepN and GST is the game token for the ecosystem. Prices of GMT(+400%) and GST(+45%) soared as they were required to unlock new mechanics such as shoe minting and gem upgrades that boost earnings for users.
- Users will be required to own their own NFT Sneakers to participate in the Move-to-Earn application. Each NFT Sneaker is unique and determines their daily energy and token caps based on their stats, levels, and rarity. As these NFT sneakers get used, they’ll get worn out, which will require GST to repair. NFT Sneakers (when paired) can also mint shoes, and this requires GST and/or GMT tokens.
- Once your sneakers reach a certain level, they’ll unlock gem sockets. Users can enhance the stats of their sneakers by inserting the corresponding gems into the sockets.
- Powell himself suggested raising rates and reducing the Fed’s balance sheet is a solution to higher prices pressuring consumers. This means Fed officials acknowledge financial conditions are likely to tighten and economic growth is likely to slow. They’re banking on a strong labor market that’s resilient enough to handle this, but only time will tell.
- Of course, it’s not clear the NFT future will resemble today’s media landscape. But several factors—including collector culture, early adoption, and recent sales figures—suggest music NFTs, in particular, are worth watching closely. In this report, we dive into why they’re well-positioned from a collector’s perspective, as well the nascent trends we’re seeing.
SEC pushes decisions on WisdomTree’s and One River’s applications for spot Bitcoin ETFs
- The United States Securities and Exchange Commission has extended its window to approve or disapprove spot Bitcoin (BTC) exchange-traded fund (ETF) applications from asset managers WisdomTree and One River.
- According to separate Friday filings, the SEC will push the deadline for approving or disapproving a rule change allowing shares of the WisdomTree Bitcoin Trust and One River Carbon Neutral Bitcoin Trust to be listed on the Cboe BZX Exchange and New York Stock Exchange Arca, respectively. The regulator said it would extend its window for the decision on WisdomTree’s Bitcoin investment vehicle to May 15 and One River’s to June 2.
- The spot BTC ETF application from WisdomTree followed the SEC rejecting a similar offering from the asset manager in December 2021 after several delays. The regular said at the time that the BZX exchange did not provide enough data to conclude the crypto market is resistant to manipulation, or address concerns about possible sources of fraud and manipulation. WisdomTree filed for another spot BTC ETF listing in February 2022.
- In contrast, One River’s BTC investment vehicle will be nearing its final deadline in 2022 after the firm filed for a proposed rule change listing on NYSE Arca on Oct. 5. The commission was expected to reach a decision or extend its deliberation window on the crypto ETF by April 3 but chose to push the deadline for an additional 60 days, to June 2, 2022. The SEC has the ability to extend the deliberation window or open the application up to public comment for up to 240 days before delivering a final decision.
Law Decoded: Arab States of the Gulf open up to digital asset services, March 14–21
- Several Middle Eastern jurisdictions have welcomed major players of the global crypto industry on their soil last week. The streak kicked off with Binance, the world’s largest crypto exchange by volume, securing authorization from the Central Bank of Bahrain on March 14. The license covers services such as trading, custody and portfolio management. Less than one day later in a historic first, crypto exchange FTX landed a license from the newly established Dubai Virtual Asset Regulatory Authority. Binance, however, was hot on FTX’s heels, announcing that it had obtained a Dubai virtual asset exchange license on March 16. With crypto powerhouses lining up to set shop in Dubai, the emirate looks poised to become the region’s cryptocurrency hub thanks to its leadership’s far-sighted policy initiatives.
Australian Senator proposes landmark Digital Services Act
- Australian Senator Andrew Bragg opened the Australia Blockchain Week conference with a bombshell legislative proposal that he hopes will lay the groundwork for a new Digital Asset ecosystem down under.
- The proposed Digital Services Act (DSA) legislative package calls for reforms in crypto market licensing, custody, decentralized autonomous organizations (DAOs), debanking and taxes. Senator Bragg said in his address at the conference that he expects the legislation in the Act to “protect [crypto] consumers against malicious operators.”
- Senator Bragg outlined the four main pillars that the DSA is guided by. He explained that the DSA would be technologically neutral, have broad and flexible principles, be regulated by a Minister rather than a bureaucratic agency and use government resources and personnel. In his view, such guidance will help Australia show that the country is ready to take a greater role in the crypto industry.
- “This will show Australia is open for business and things are clear and clean.”
Indian crypto tax policy to treat each digital asset investment independently
- Indian crypto tax policy became even more complicated just a week before the new tax laws are set to come into effect. A new parliamentary note answering queries about the new tax policies on virtual digital assets suggests that traders can’t offset their losses from one digital asset against profit on another.
- As the new tax policy waits for April 1 to come into effect, many experts claim the latest clarification from the government is a death knell for traders. The crypto tax policy of the government expects traders to treat each investment and profit/loss on a digital asset independently.
- WazirX founder Nischal Shetty called the tax policy regressive and “unbelievable” but remains hopeful the government will change its stance. He told Cointelegraph:
- “Treating profits and losses of each market pair separately will discourage crypto participation and throttle the industry’s growth. It’s very unfortunate, and we urge the government to reconsider this.”
Chinese internet giants remove NFT platforms fearing gov‘t crackdown
- China‘s leading social media platforms and internet giants have updated their policy to restrict or remove nonfungible token (NFT) platforms, citing a lack of regulatory clarity and fearing government crackdown.
- Chinese social media giant WeChat reportedly removed several digital collectible platform accounts for violations of the rules. Digital collection platform Xihu No.1, one of the hyped NFT projects in the market, was among the removed platforms. Another platform called Dongyiyuandian revealed that its official app has been banned, reported a local news source.
SBF opens Aussie Blockchain Week as gov’t says we’re ‘open for business’
- FTX CEO Sam Bankman-Fried gave the opening keynote at this year‘s Blockchain Week, with the events of day one held at the headquarters of the Australian Securities Exchange (ASX).
- Addressing the event remotely from the Bahamas, Bankman-Fried used his keynote to announce the launch of FTX Australia, localizing one of the world‘s largest crypto exchanges by volume. FTX is the naming rights sponsor for the event.
- “This is something that has been in the works for a number of months, and it’s been a really high priority for us as a company.”
- According to Bankman-Fried, the launch in Australia is part of a larger move for the exchange to be licensed and regulated in as many countries as possible.
