Thanks, Biden

Good morning. We start today's issue with a TLDR on the crypto executive order, then we've got State Street partnering with a crypto custodian, Binance expanding into non-crypto industries, and more!

Market Update (as of 8:22am ET):

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Top 5:

1. TLDR on the crypto executive order from Circle's CEO. The executive order (EO) was received positively across the crypto industry and is being viewed as a critical opportunity to engage with policy makers to get the big issues right. Some focus was given to central bank digital currencies (CBDCs), but generally the EO focused more on digital asset growth and US leadership in the industry. From the EO:

We must reinforce United States leadership in the global financial system and in technological and economic competitiveness, including through the responsible development of payment innovations and digital assets.

2. Dubai is the latest government to roll out crypto law, set up regulator. The Emirate of Dubai would like to be a "major player" in the global digital asset market and is clarifying regulations to create "the best business environment in the world for virtual assets." The new law, know as the Dubai Virtual Asset Regulation Law, focuses on "crypto tokens", which does not include NFTs, CBDCs, or other non-financial utility tokens. Dubai will face competition in the Middle East from Bahrain who already has crypto regulations in place and has approved Binance to act as regulated crypto exchange in the country.

3. State Street inks institutional crypto custody deal with Copper. The deal will see Copper, a UK based crypto custody start up, provide State Street with digital wallet safekeeping services for institutional clients by the end of the year. State Street is one of the largest custodian banks in the world, with more than $40 trillion in assets under custody. Competitor BNY Mellon has an already established relationship with Fireblocks, another crypto custody provider, and was an early investor in the company. These two traditional custodian banks offer a familiar face for institutional clients that are new to crypto.

4. Mainstream hedge funds pour billions of dollars into crypto. According to Coinbase, institutional traders as a group traded $1.14 trillion in crypto during 2021, double the amount of retail investors. Hedge funds like Brevan Howard Asset Management LLP, Tudor Investment Corp., and Hudson Bay Capital Management LP are all getting in on the game. In a sign of a maturing industry, Michael Botlo, the former head of quantitative trading at Quantbot, says that the “crypto universe is now liquid and large enough to be tradable," allowing hedge funds to to place larger bets without impacting market prices. In addition to traditional trading, many shops are also looking for arbitrage opportunities and making investments in blockchain technology companies.

5. Binance plans acquisition spree of non-crypto businesses. In an interview with the Financial Times, Binance CEO, Changpeng Zhao (CZ), said the company would like "to identify and invest in one or two targets in every economic sector and try to bring them into crypto." Example A being the firm's $200 million investment in Forbes magazine last month.

Updates and other stories:
- LimeWire is back—as an NFT marketplace...Read More
- USDF stablecoin consortium adds three more banks...Read More
- Candidate who promised to deregulate crypto elected in S. Korea...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.