ETH Staking Coming to TradFi 🏦

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

• ETH Staking Coming to TradFi 🏦

• CFTC To Discuss DAOs and DeFi 💵

• Mastercard Launching Blockchain App Store 💳

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

3IQ Intends to Offer ETH Staking to Two Ethereum ETFs

The desire for staked ETH yield knows no bounds, it was inevitable that it would eventually would find its way to TradFi. These would be the first two ETFs in the world to make such an offering and probably will not be the last. As much as crypto natives would like to have this option available to them, it’s unlikely that the SEC would share a similar sentiment at this point in time for American investors.

In all likelihood, what happens i this: Bitcoin Spot ETF gets approved, Ethereum Spot ETF gets approval, then some sort of Ethereum staking product finds its way to the market. It should be noted that 3IQ resides in Canada so this offering would be for Canadians at launch. Although, once one fund finds a way to make it possible there will be others looking to profit off this asset class. Funds will enjoy eating their fee off of speculators hoping to get $ETH staking yield.

In July, The CFTC is Set to Discuss DAOs and DeFi

If you’ve been in crypto for any meaningful amount of time, you’ll recognize that the industry moves fast. Regulation in the real world moves slowly and could never keep pace with the breakneck pace of the crypto industry. The growing power of DAOs and DeFi does require their attention which ultimately necessitated this meeting.

It’s likely that the nature of the CFTC win in the Ooki DAO case will be discussed as well and establish precedent. While DAOs are not as large a force as DeFi, it does require attention as well. The innovation in DeFi happens on a nearly daily pace which is difficult for these dated institutions to keep up with.

Mastercard Set to Launch Blockchain App Store Beta This Summer

Financial innovation doesn’t stop in crypto, industry leaders won’t allow these technological improvements destroy them. To get ahead, Mastercard will be utilized this program to test apps and use cases with other financial institutions. The beta version of the Multi-Token Network (MTN) is set to launch in beta this summer.

MTN will launch its beta in the UK and slowly work its way to other global markets. At its core, Mastercard intends to sell other companies on using Mastercard’s permissioned blockchain. In preparation for this launch, Mastercard has partnered with a number of crypto exchanges such as Binance and Bybit. These partnerships allow Mastercard to issue cards to customers allowing them to make purchases while using their digital holdings as cash.

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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.