That Was Easy...

Good morning. ConstitutionDAO has now raised over $38 million dollars (as of this writing) to bid on a privately held copy of the Constitution that goes on sale today at Sotheby's. When we covered this story yesterday the total was closer to $6 million...If you'd like to keep track of the latest, you can follow @ConstitutionDAO on Twitter.

What this is:
A "Top 5" of crypto, digital asset, and other blockchain related news sent to your inbox on a daily basis

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Top 5:

1. Goodbye, Staples Center. Hello, Crypto.com Arena
   The home of Kobe (RIP), Shaq, Lebron (ehh...), and the Los Angeles Lakers will officially be getting a new name and sponsor. Crypto.com, the Singapore based cryptocurrency exchange, purchased the naming rights for the next 20 years at a price of more than $700 million. Kris Marszalek, the CEO of Crypto.com, thinks the name change is a sign of the times, saying "the next decade belongs to crypto and this positions L.A. and this particular venue right at the center of it.” This is not the first NBA venue to get a crypto rebrand. Earlier this year, FTX, another crypto exchange, purchased the naming rights to the Heat's arena, formerly sponsored by American Airlines. The price tag on that investment was significantly lower, coming in at $135 million over 19 years. Crypto.com's new logo will debut Dec. 25, when the Lakers host the Brooklyn Nets.
   
2. Blockchain unicorn ConsenSys valued at $3.2B following $200M raise
   ConsenSys, a crypto infrastructure company, closed a $200 million funding round that values the company at $3.2 billion. The flagship product, MetaMask, serves as an entryway to the world of DeFi by providing the ability to connect with decentralized exchanges like Uniswap. MetaMask currently has over 21 million monthly active users, doubling their total from four months ago. The company is making efforts to bring more institutional capital into DeFi and digital assets by integrating with crypto custodians and offering a new product, MetaMask Institutional. The institutional product offers collateral, built-in compliance solutions, and additional trading support features for large traders.
   
3. OCC Chief Michael Hsu says federal agencies will soon release 'crypto sprint' results
   Regulation, regulation, regulation. The head of the Office of the Comptroller of the Currency (OCC) announced that several federal agencies will be releasing a joint statement covering the results of their "crypto sprint." The "sprint", to use their terminology, was a review of how financial regulators can better facilitate digital currencies and it aims to provide clarification that "safety and soundness" are paramount. Some in the industry, including Caitlin Long, are concerned that these regulatory efforts will hand an unfair advantage to existing banks and may even be designed to do so.

4. India to Ban Crypto as Payment Method but Regulate as Asset: Report
The world's largest democracy plans to ban the use of cryptocurrencies for payments, but will allow and regulate trading of crypto as an asset class. This is generally a step in the right direction for India's 1 billion residents, given that the government had considered an outright crypto ban earlier in the year. The next question to address will be how to classify and regulate cryptocurrencies, which are not actually allowed to serve as a currency. Major Indian crypto exchanges are pushing for a "regulatory sandbox" to fine tune future regulations before they are rolled out.

5. DOJ to Sell $56M in Crypto Proceeds From BitConnect Fraud Scam
The Department of Justice (DOJ) will liquidate approximately $56 million in proceeds seized from Glenn Arcaro, the lead promoter of BitConnect, a crypto lending program that defrauded thousands of investors to the tune of $2 billion. The DOJ said in an announcement that the liquidation was the largest recovery of assets tied to crypto fraud in the U.S. to date. The agency said it would “begin the process” of selling the seized cryptocurrency and would hold the proceeds in U.S. dollars with the intent of providing restitution to victims of the scheme.

Top Sharers of the Crypto Top 5:
1. Cameron S. - New York, NY
2. Jake Y. - Greenville, SC
3. Lauren A. - Nashville, TN

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.