Better Ingredients, Better NFTs

Good morning. Today we've got coverage on Biden's upcoming crypto executive order, "proactive" sanctioning measure from Coinbase, NFTs from Papa John's, and more!

Market Update (as of 7:36am ET):

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Top 5:

1. Biden to sign crypto order as firms face sanctions pressure. According to reports from Bloomberg, the executive order outlining the government's crypto strategy will be signed later this week. Federal agencies will be required to, "examine potential regulatory changes, as well as the national security and economic impact of digital assets." The report will also address the topic of a US central bank digital currency (CBDC), but will likely leave any decision on whether or not to pursue development of a CBDC with the Fed.

2. Coinbase blocks over 25,000 addresses linked to illicit Russian activity. In a blog post on Monday, the exchange confirmed that through "proactive investigations" they had identified and blocked around 25,000 addresses that were believed to be linked to illegal activity conducted by Russian entities and individuals. The blog post also indicated that Coinbase plans to continue supporting global sanctions against Russia. Other exchanges, like Kraken, have indicated they would not take steps to block accounts unless required to do so by law. Coinbase has previously expressed a desire to work with regulators to formulate thoughtful crypto regulations and this move could be seen as a way to get into regulators' good graces. Not all in the crypto community are fans of this move, just check the replies to the below tweet.

3. FTX Europe launches in Switzerland, emphasizing regulatory compliance. The global crypto exchange is moving its European operations under a new entity, FTX Europe. Currently European customers are served by FTX.com, but the new entity will allow the company to align itself to European regulatory requirements. Existing customers will not be required to move accounts to the new entity at this time.

4. Morgan Stanley increases GBTC Shares, SEC weighs ETF conversion. According to regulatory filings, Morgan Stanley held more than 13 million shares of the Grayscale Bitcoin Trust (GBTC) at the end of 2021. That number represented an 18% increase in holdings since the end of Q3. As mentioned in this newsletter last week, the firm may be betting on a conversion of GBTC to an ETF in order to capitalize on the disparity between the trust's market value and NAV. Grayscale and other crypto players have urged the SEC to allow spot-ETFs in order for US financial markets to stay competitive on the global stage. The SEC has until July to rule on the GBTC conversion.

5. Papa John's UK plans NFT drop. Truly just wanted to include this article for the subject line options it gave me. That being said, Papa John's UK is giving away 19,840 NFTs minted on the Tezos blockchain. The number pays homage to the company's 1984 founding date. The NFTs will be digital hot bags, aka the thing the delivery guy keeps your pizza in. The NFTs dropped on Monday and according to the site are already out of stock.

Updates and other stories:
- Stanford crypto researchers building scalable privacy blockchain...Read More
- Griffin Gaming Partners raises $750 million to invest in game sector...Read More
- Coinbase to label some assets ‘experimental’ in transparency push...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.