Apes Buy Punks

Good morning. Today we've got a big IP sale in NFT land, potentially dark clouds in the EU regulatory landscape, and an update on the new Coinbase One service. All that and more in the CT5, happy Monday and have a great week!

Market Update (as of 8:21am ET):

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Top 5:

1. CryptoPunks Ethereum NFT Sales Surge 1,200% After Bored Ape Creators Acquire IP. Larva Labs announced late last week that they would be selling the IP for CryptoPunks, one of the most successful NFT projects of all time, to Yuga Labs, the creators of the Bored Ape Yacht Club. After the announcement, CryptoPunk sales skyrocketed with more than $18 million in sales in a 24 hour period. Yuga Labs announced that IP rights for individual CryptoPunks will be granted to the holders similar to their Bored Ape collections.

2. EU to Review Regulatory Framework for Crypto. Boring headline, potentially big news. This Monday, an EU parliamentary committee will vote on measures that could effectively ban proof-of-work (PoW) blockchains like Bitcoin and Ethereum in Europe. Language in the final draft of the law states that crypto issued or traded in the EU, "shall be subject to minimum environmental sustainability standards and set up and maintain a phased rollout plan to ensure compliance." The law, known as MiCA (Markets in Crypto-assets), still has several hurdles to pass over before going into effect.

3. Coinbase Rolls Out Test of Fee-free Trading. In a move to diversify its revenue streams, Coinbase is beginning to recruit customers to their new subscription service, Coinbase One. The service will offer zero trading fees, dedicated 24/7 phone support, and up to $1 million in account protection. Over the last year, Coinbase has also updated their prime brokerage service and acquired a CFTC regulated derivatives exchange to diversify revenue streams and expand sources of non-transaction revenue.  

4. El Salvador says Ukraine is factor in bitcoin-backed bond timing. The country is targeting March 15-20 for the launch of their bitcoin-backed bond, but is closely watching the war in Ukraine for headwinds in the market. The billion dollar bond will use proceeds from the sale to finance further investment in Bitcoin and crypto infrastructure.

5. Crypto Aims to Boost Influence With Washington Hires. A host of former government officials, staffers, and regulators have been recently hired by crypto firms as the industry prepares itself for long-awaited regulation. According to the Tech Transparency Project, more than 200 former staffers of federal agencies, congressional official, and political campaigns have gone to work for crypto companies including Coinbase, Circle, and FTX. This number includes heavy hitters like former Treasury Secretary Lawrence Summers, who sits on the board of Block Inc. (formerly Square) and advises investment firm Digital Currency Group Inc.

Updates and other stories:
- 50% of NFT holders have lost access to their NFTs...Read More
- Polychain, Arca propose Anchor protocol yield cut...Read More
- LootLARP is embedding NFTs into physical objects for real-life RPG...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.