NASDAQ Delays Crypto Custody 🛑

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

• NASDAQ Delays Crypto Custody 🛑

• Republicans Criticize Gensler 😤

• US Treasury May Regulate American DeFi 👮

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

NASDAQ Put Crypto Custody on Hold As Regulations Get Straightened Out

Yesterday, NASDAQ said that it would be halting plans to offer a digital asset custodian while regulations get to be made clear. This is good news for holders of $COIN in the meantime. While a custody service for institutional service from a reputable organization like NASDAQ will be beneficial to the crypto industry, it does allow Coinbase to be the de-facto choice for American companies.

CEO Friedman was adamant that they still intend to pursue the launch of the service, but are worried about the “shifting business and regulatory environment.” In the interim, they will continue to work with regulators to make sure that this new offering is up to industry standard. It’s clear that there is now interest in digital assets with BlackRock applying to launch a spot Bitcoin ETF.

Republican Congressmen Claim Gensler is Exploiting Crypto

Gensler is very much enemy #1 to crypto for his actions that continue to minimize the industry. There have been calls to remove him from his job, but he continues to agitate this market sector. We are now hearing Republican Congressmen accuse the SEC chair of utilizing the news cycle to fight crypto rather than provide clear guidance on how to operate in the United States.

It’s clear that the SEC under Gensler has refused to provide any comprehensive crypto legislation. Congressmen Hill and Johnson argue that this “creates further confusion” and is stifling innovation. The Congressmen even accuse the SEC of “not protect[ing] the public” with their approach towards crypto.

New Bill Would Give US Treasury Regulatory Authority Over DeFi

We are advocates for well-made crypto legislation, but the fact of the matter is that the industry is trying to use century old laws to regulate digital tokens. It’s nonsensical. Today, we’re broached with the potential for the US Treasury to regulate DeFi in the US. The primary argument for this bipartisan bill is the need to regulate crime, drug trafficking, and terrorists. A tired argument.

This bill would require KYC/AML needs for any DeFi that occurs in the United States. While this likely gets passed eventually, it will scare off and builders in the United States and effectively move them to different countries. It’s like that there will exist a sort of KYCfi and DeFi in the future as laws like these get passed. Considering the fact that crypto is a digital ledger for forever, fears of crime and drug trafficking are larger concerns than they should be.

Notable NFT Sales in the Last 24 Hours:

Notable Threads You May Have Missed:

Meme of the Day

If you think your memes are better, submit them to the newsletter and get featured for your work!

Conclusion

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

Thank you for reading, if you enjoyed this please subscribe if you haven’t already! If you’ve already subscribed, please consider sharing this!

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.