Crypto Friends in Congress
Good morning. It's Friday and we've got a great issue headed into the weekend. Exxon publicly announces their crypto mining pilot (it's been operating already for over a year), FTX launches a Solana ETP in Germany, and Nic Carter enlightens everyone on the relationship between stablecoins and the US Dollar. All that and more today. Thanks for reading!
Market Update (as of 8:16am ET):
My asks from you:
- Forward to your friends, family, and anyone that would be interested (check the Top Sharers leaderboard at the bottom of this email to see where you stand!)
- If you're new, hit that pink subscribe button just below this section
- Send any and all feedback to jmaxxyoungii@gmail.com
- Add us to your Contact List so this newsletter doesn't end up in your spam folder
Top 5:
1. Exxon weighs taking gas-to-bitcoin pilot to four countries. The American multinational gas company follows in ConocoPhillips' footsteps by announcing a flare-gas bitcoin mining program that has been in a pilot phase since January 2021. Exxon is partnered with flare gas mining company Crusoe Energy Systems and the program is currently operating in the Bakken shale basin in North Dakota. Exxon is considering expansion to Alaska, Nigeria, Argentina, Guyana, and Germany. Flare gas mining reduces carbon emissions by 63% versus traditional flaring while also providing an additional revenue stream.
Exxon Mobil, one of the largest energy companies in the world, is using excess natural gas to mine bitcoin.#Bitcoin is inevitable.
— Pomp 🌪 (@APompliano) March 24, 2022
2. Senators Gillibrand, Lummis plan new regulatory framework for crypto. Crypto is creating bipartisanship in Congress as Senator Lummis (R-WY) and Senator Gillibrand (D-NY) are working together on a, "broad-based regulatory framework for how this industry should potentially be regulated in the future." The duo hope this legislation will provide regulatory clarity on crypto issues in the US and create lines of demarcation for regulatory agency responsibilities (e.g., CFTC owns crypto derivative regulations). The Senators plan to present their bill in the coming weeks.
3. Coinbase makes India push with support for UPI payments. The cryptocurrency exchange has added support for Indian instant payment systems, UPI and IMPS, in an effort to attract more users in the world's second largest internet market. The extent of the rollout is unclear at this time, but the update would provide Indian users with the ability to add a payment method to the app. That functionality is currently lacking in India and has unsurprisingly limited Coinbase's growth in the country.
[1/5] We are excited to announce that we've partnered with @FTX_Official and our first initiative is to launch a physically staked Solana ETP with SOL1mn seed capital, Staking Rewards of 3.0% p.a, and a reduced management fee of 0.0% p.a. pic.twitter.com/dCq5H2CH1c
— CoinShares 👩🚀 (@CoinSharesCo) March 23, 2022
4. CoinShares, FTX Team Up To Launch Solana ETP. German financial markets take another step ahead of the US by offering a Solana exchange traded product (ETP). The product will be launched through a partnership between CoinShares, Europe’s largest ETP issuer, and the cryptocurrency exchange, FTX. Investors will also receive 3% in staking rewards per year.
5. USD captures 99% of existing stablecoin supply from. Have a good weekend!
"Cryptocurrency is bad for the US dollar..."
— dark nic (@nic__carter) March 24, 2022
Except USD denominates 99% of extant stablecoin supply – meaning $150b in net new demand for USD and Treasuries pic.twitter.com/xgPvZcqWuK
Updates and other stories:
- Bank of England outlines framework for regulating crypto...Read More
- Phi Labs secures $21M Seed, led by CoinFund and hashed...Read More
- Frosties NFT creators charged with ‘rug pull’ investor fraud...Read More
Weekend Reading:
- America's Quiet Default - an opinion piece from @nic__carter on American financial sanctions and the potential impacts to perception (and reality) of US Treasuries and crypto
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.