Do Kwon forced to take a look in the Mirror

Good morning. Circle makes an acquisition to expand their business offerings, NYS requires fully backed stablecoins, and one exchange is giving away free NFT domains. All that and more in the CT5 - happy Friday!

Market Update (as of 9:13am ET):

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Top 5:

1. Circle agrees to buy web 3 infrastructure platform Cybavo. The USDC issuer has agreed to purchase Cybavo, a digital asset infrastructure platform that focuses on custody and blockchain application development. The acquisition positions Circle to provide infrastructure-as-a-service offerings for companies building web3 applications.

2. Terraform Labs and Do Kwon Ordered to comply with SEC subpoena. Do Kwon will now be facing another legal battle separate from the collapse of the Terra stablecoin. The focus of this SEC investigation is the Mirror protocol, which allowed users to create synthetic assets that mirrored the price of real-world securities like TSLA or GOOGL. Kwon was served by the SEC in connection with the Mirror protocol in 2021 and followed an aggressive legal strategy of suing the SEC, arguing the service was improper. A US district court has now ruled in favor of the SEC, which will require Kwon to comply with the SEC's investigation into Mirror.

3. New York regulator says stablecoins ‘must be fully backed’. Stablecoin issuers operating under the New York Department of Financial Services' purview will now be required to meet a new baseline of criteria. In response to the Terra collapse the agency is requiring issuers to fully back their stablecoins with a reserve of assets "which must be equal to the face value of each individual unit by the end of each business day." The reserve assets must also be separate from daily operating funds and held in custody with a US state or federally chartered depository institution or asset custodian.

4. Crypto exchange Blockchain.com giving users free NFT domains. The bitcoin exchange and wallet provider will be giving its millions of customers a free NFT domain. This will allow users to use a human-friendly domain like austin.blockchain in place of the long-string of characters that normally represents a wallet's address. The giveaway is being conducted in partnership with Unstoppable Domains. Unstoppable Domains is also working with other companies to offer NFT domains bearing their names. For example, .apple or .starbucks.

5. Have a great weekend!

Updates and other stories:
- Seth Green pays $300K to recover his stolen Bored Ape NFT...Read More
- Grayscale, Bitwise confident a spot bitcoin ETF will be approved...Read More
- Luna, Luna Classic tokens see volatile trading amid developments...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.