Avalanche of Incentives

Good morning. Today we've got an update on the crypto executive order, Bain Capital launching a crypto specific fund, commodity backed "stablecoins", and more!

Market Update (as of 9:08am ET):

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Top 5:

1. US Treasury will publish report on money under crypto executive order. In what appears to be a prematurely issued press release, Treasury Secretary Janet Yellen outlined the department's response to President Biden's crypto executive order. While nothing groundbreaking, the response from Treasury seems to indicate the executive order will not put any unexpected or restrictive regulatory measures on the crypto industry at this time. An excerpt of the Treasury Department response below:

Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems...because the questions raised by digital assets often have important cross-border dimensions, we’ll work with our international partners to promote robust standards and a level playing field.

2. Avalanche commits $290M in AVAX to attract gaming, DeFi and NFT ‘subnets’. The incentive program is being launched by the Avalanche Foundation and is focused on accelerating the growth and adoption of the blockchain's "subnet" functionality. Subnets allow users to "to easily create powerful, reliable, and secure permissioned or permissionless networks" that natively integrated in the Avalanche ecosystem. DeFi Kingdom, an NFT gaming project, has already received $15 million in AVAX tokens through the program.

3. Bain Capital Ventures launches crypto-focused fund worth $560 million. The venture arm of the famed private equity firm is launching their first crypto-specific fund. The fund has already invested $100 million in stealth startups since filing and closing late last year. Managing partner, Stefan Cohen says that Bain has "become quite high conviction we are at the beginning of a multi-decade technology shift."

4. Santander provides crypto loans against Agrotoken tokenized commodities. A partnership between the Argentine branch of the bank and startup Agrotoken allows Santander to provide loans against commodity backed stablecoins. The "stablecoins" are pegged to commodity market prices which means the price of the coin is not actually fixed. The coins are backed by proof of reserves that are validated by major exporters. After validation, the commodity is effectively locked in storage and the tokens are issued. Agrotoken is live on Ethereum, Polygon, and Algorand.

5. Goldman Sachs offering ETH fund to clients through Galaxy Digital. The Wall Street firm is feeding institutional clients into Galaxy Digital's Ethereum fund and receives an "introduction fee" in return. The fund requires a minimum investment of $250,000 and have received over $50 million in investments from 28 clients (not all Goldman introductions). Galaxy offers similar access to a bitcoin fund for Morgan Stanley clients.

Updates and other stories:
- Cryptocurrency tax guide, filing your Bitcoin and NFT Taxes...Read More
- Bored Ape Yacht Club donates $1 Million in Ethereum to Ukraine...Read More
- Warren drafting bill to prevent crypto as pathway to evade sanctions...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.