The Federal Reserve Opens Door to Crypto 🏦

GM. This is Degen Scoop. It’s Wednesday and we’re already halfway through the week, here’s the scoop:

• The Federal Reserve Opens Door to Crypto 🏦

• Crypto.com is Coming to Singapore 🇸🇬

• Maker Dedicates 10% of Profits to AaveDAO 🧧

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

The Fed Begins New Program That Will Enable Banks to Participate in Crypto

There are those that still don’t believe we’re in the beginning of the next bull market; they couldn’t be more wrong with developments like this. Put simply, this program will provide clear guidance to banks in regards to the requirements for launching digital asset activities. This opens the door to a large sector of TradFi to more easily participate in the crypto markets.

The current ‘rules’ remain the same but the oversight of crypto activity of banks that engage in digital asset activities has been clarified. It’s no coincidence this comes a day after PayPal released their stablecoin. The clearer the regulations are made to TradFi, the sooner they can more easily operate in the crypto markets as they seek to increase revenues.

Crypto.com and Blockchain.com Obtain Licenses to Operate in Singapore

Both of these exchanges have now received their MPI license in the country which will allow them to operate. This license, given after a strict regulatory process, enables the exchanges to offer payment services and use of their crypto products. This development makes it clear that Singapore like Hong Kong is making an honest attempt at becoming more crypto-friendly.

To add to this, the Monetary Authority of Singapore (MAS) has dedicated $150M to the fintech sector which includes Web3. Now users will not only have two large exchanges to utilize with fairly deep liquidity. If the MAS dedicates more funds to the Web3 space, it’s likely that more crypto companies make their way to service Singapore.

Maker is Now Dedicating 10% of Profits to AaveDAO For Two Years

It’s strange we don’t see this more where a major protocol dedicates a chunk of their profits to a public good making sure that it not only survives but thrives. This governance vote took place earlier this year and the conditions were just met yesterday morning. What AaveDAO will do with these funds has not yet been made public.

This is market maturity where two market leaders are working together to make this a less volatile industry. Over the past month, $MKR has been on a tear with a significant amount of revenues coming from their RWA allocation. We hope to see more of these initiative where revenues are sent to public good such as Vyper development.

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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.