Citi Expands Digital Offering 🏦

GM. This is Degen Scoop. It’s Tuesday, here’s the scoop:

• Citi Expands Digital Offering 🏦

• Stoner Cats Banned From Exchanges ❌

• Elizabeth Warren Gets More Sponsors 📜

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Citi Expands Digital Asset Custody and Teases Pilot For Tokenized Customer Deposits

Citibank is the third largest bank in the United States overseeing nearly $2T worth of assets and will be expanding their digital custody offerings. It seems Citi was quick to follow in the footsteps of Deutsche who announced their initiative to custody crypto just last week. As we have written before, these Web2 firms will not allow easy money to slip from their hands while competitors try to corner this revenue for themselves.

Digital asset custody is cool, but we find the tokenized deposits pilot far more interesting. It appears as though Citi will have a private blockchain that will enable users to participate in instant transfers across the globe. While it isn’t wholly decentralized as crypto is meant to be, we’re happy to see blockchain see more real world utility even if it isn’t quite as we pictured it. If deposits are global an instantaneous, that is a huge step-up from the current system in place.

Stoner Cats Get Banned From Exchanges Amidst SEC Charges

Last week we talked about the SEC charging Stoner Cats as an unregistered securities sale. We’re starting to see the second order effects in NFT exchanges removing the tokens for sale to remove any liability in trading. So it would seem that those trader who sought to buy the dip and get a return on the fair fund may be out of luck.

Both Opensea, Blur, and Rarible have delisted Stoner Cats from trading. While OTC deals are always possible, liquidity is a concern and far more time restrictive than an open marketplace. The tokens still exist on the blockchain but are less easily able to be traded on exchanges such as LooksRare and X2Y2. Although we would expect these exchanges to delist to avoid SEC retribution.

Elizabeth Warren Obtain New Sponsors For Anti-AML ACT

At the beginning of August, Elizabeth Warren and Bernie Sanders unveiled an initiative to reduce money laundering in the crypto space. The act has since been able to attract nine new sponsors. For those unfamiliar with the American political system, it will take 51 senators in total to vote in support of a bill for it to be passed.

Warren continues to use drug trafficking, gangs, and other boogeymen to clamp down on American use of cryptocurrency. We are supporters of filing your taxes, but to remove use of crypto in this country entirely is wholly undemocratic and diametrically opposed to the founding ideals of this country. We are eager to see beneficial regulations be passed and implemented in the country to foster this new market sector.

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Notable Threads You May Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.