To illustrate, the software industry has enjoyed the margins it does because of the inherent ease in replication of digital information: there’s essentially zero marginal cost to produce one additional unit of a digital product. Consequently, with music, movies and software, an entire digital rights management industry emerged with the internet to thwart free duplication of products. Original
Some members of the United States House of Representatives’ Financial Services and Agriculture Committees pointed to crypto asset frameworks being employed outside the country when discussing regulatory gaps at home. In a May 10 joint hearing on the future of digital asset regulation, some lawmakers pointed to the European Union’s Markets in Crypto Assets framework and digital asset regulation in the United Kingdom in contrast with the patchwork of requirements in the United States. Responding to questions raised by Oklahoma Representative Frank Lucas, Kraken chief legal officer Marco Santori said…
According to bankruptcy filings dated April 27 and 28, the IRS put forth 45 claims against FTX companies, which include West Realm Shires (the legal entity of FTX.US), Ledger Holdings (the parent company of LedgerX and LedgerPrime) and Blockfolio, among others. Source
In this week’s newsletter, learn about emerging technologies creating new ethics for humankind. Read about the nonfungible token (NFT) marketplace Binance NFTs adding support for Bitcoin Ordinals on its platform, and check out why Kenyan lawmakers are considering a tax on crypto and NFT transfers. In other news, former OpenSea manager Nathaniel Chastain was found guilty of insider trading in a federal court in New York, and don’t forget this week’s Nifty News, featuring Pudgy Penguins signing a deal with a major Hollywood agency. Emerging tech to create “new ethics”…
On May 10, American business magnate Elon Musk tweeted a meme created using imagery from the Milady nonfungible tokens (NFT) collection. Shortly thereafter, the floor price of Milady NFTs spiked from 3.8 Ether (ETH) to as high as 7.3 ETH before falling to 5.69 ETH apiece at the time of publication. pic.twitter.com/4s6HwnCY74 — Elon Musk (@elonmusk) May 10, 2023 Created in 2021 by digital arts collective Remilia, Milady is a collection of 10,000 anime profile picture NFTs “inspired by street style tribes.“ Artist Charlotte Fang founded the Remilia decentralized autonomous…
Seattle-based crypto exchange Bittrex has filed for bankruptcy as it faces ongoing regulatory challenges in the United States. Richie Lai, the exchange’s co-founder and chief executive, acknowledged the filing in a tweet on Monday. “Yes, we filed chap 11. Yes, we still have 100% of all customer funds. Yes, there will be a claims process through the bankruptcy courts. This was the cleanest way to bury the baby — RIP Bittrex Exchange.” Bittrex notes on its website that the bankruptcy announcement does not impact the exchange’s foreign affiliate, Bittrex Global,…
The recent crackdown on cryptocurrency mining in China has shocked the world market and caused huge disruptions in the world of digital currencies. China is one of the biggest centers for cryptocurrency mining, thus its actions have broad repercussions that affect both the domestic business and the worldwide cryptocurrency market. We will examine the significant effects of China’s crackdown on cryptocurrency mining and how it has changed the dynamics of the global crypto market in this article. Chinese miners dominate the cryptocurrency industry With a sizable portion of the world’s…
First, by sheer transaction volume, Bitcoin’s mempool has seemingly never been this full – not by a longshot. The last major peak in April of 2021 saw 200,000 transactions waiting in line, but yesterday that number peaked at 450,000. (Hoenicke’s node only tracks back to 2017, but prior to that bull market, Bitcoin congestion and fees were negligible.) Source
Ether (ETH), the second-largest cryptocurrency by market capitalization, followed a similar pattern, dropping by 1% in the past 24 hours to change hands at around $1,860. The CoinDesk Market Index (CMI), which measures the overall crypto market performance, was down 1% over the past 24 hours. Original
On May 10, local news outlet Hankyung reported that Do Kwon, co-founder and former CEO of Terraform Labs, had over 233.3 billion Korean won ($176 million) in personal assets frozen as part of ongoing criminal proceedings. Chief Judge Yun Chan-Young of the 12th Criminal Division of the Seoul Southern District Court has prohibited the sales of Do Kwon’s Galleria Foret apartment complex in Seoul, a novel officetel and a series of imported cars. The order also bans the disposition of Kwon’s financial assets, such as securities, bank deposits and cryptocurrency…