👩‍⚖️ New York Wants More Crypto Control

ETH Foundation Dumps | Stripe Crypto Onramp

Marco Manoppo & Karon Pangestu
May 08, 2023

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In Today's Email:

What Matters: NYAG proposes crypto regulation 👩‍⚖️
Products: Stripe, no code crypto onramp 💵
Charts: BTC non-zero address ATH, ETH Foundation dumps 📉

Narratives: Stay flat. Keep trying new dApps on new chains, but tread carefully as the market has been crabby.

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WHAT MATTERS

NYAG Proposes Crypto Regulation

Pixabay

State of play: NYAG Letitia James proposed a bill that will provide the NYDFS with more authority to regulate crypto.

The legislation addresses numerous factors, ranging from exchange rules to influencers — however, it focuses on 3 things:

Stop Conflicts of Interest
- Prevent entities who create crypto assets from also owning crypto exchanges.
- Crypto brokers and marketplaces can’t self custody customer funds and lend or borrow customer assets.
Public Reporting of Financial Statements
- Mandatory independent audit of financial statements.
- Increase in disclosures for investors including risks and conflict of interests.
Bolster Investor Protections
- Mandatory KYC provisions.
- Exchanges need to reimburse customers who are the victims of unauthorized asset transfers or fraud.

What’s next: The bill needs to pass. Several lawmakers have already expressed support.

If passed, the bill will codify the NYDFS’ authority to license and oversee crypto issuers, brokers, and marketplaces that are operating in New York.

Our take: This is a much needed rule, specifically for centralized players.

So long as the rules don’t encroach to DeFi players in their early stages, when they’re still actively decentralizing.

For builders: It seems wise for crypto startups to not be based in NY, especially if you plan to issue tokens early in your products’ lifecycle.

For investors: If passed, this rule will make it more expensive for crypto startups to be based in NY, but it also creates some sort of an automated diligence filter for investors.

Take a peek at our new referral reward at the bottom of this issue. Share this newsletter and receive our list of 100 smart crypto investors' wallet addresses 👇

PRODUCTS OF THE WEEK

Stripe Fiat-to-Crypto Onramp

Stripe

Stripe expands its crypto support: Stripe is a financial infrastructure platform for the internet. It has previously implemented crypto support, in a limited capacity. With this update, Stripe’s customers can purchase crypto at the precise moment they need it.

In December 2022, Stripe launched an embeddable crypto onramp, allowing developers to insert crypto-purchasing widget into their own applications with 10 lines of code.
The new update enables companies to directly link their US-based customers to crypto.link.com, a stripe-hosted onramp, with no code necessary.
Customers of Stripe onramp product include: Brave, Safe, 1inch, and Lens Protocol.

Other cool products:

Dexify, a DeFi app to manage and invest in on-chain vaults.
Unispend, a crypto-to-commerce protocol.
Safescan, an AML and KYC analysis tool for crypto addresses.
Keyp, a web3 onboarding tool.

CHARTS OF THE WEEK

Bitcoin Non-Zero # Addresses Hit ATH

Glassnode

The number of non-zero Bitcoin addresses has reached an all-time high of 46.1M.

When comparing the growth across multiple epochs, the current epoch (#4) sees a decline in relative growth compared epoch #3.

Our take: An increasing number of non-zero addresses amidst an ongoing bear market is encouraging to see.

We want to see this number ramps up as more use-cases and infrastructure are built.

To watch: The level of activity or something akin to the “daily active users” of Bitcoin.

This number will become increasingly more important if Bitcoin continue to develop its dApp ecosystem.

ETH Foundation Dumped(?) 15,000 ETH

@HsakaTrades

State of Play: The Ethereum Foundation transferred 15,000 ETH (~$30M) to Kraken. The market panicked and ETH price fell by more than 5%.

Two whales sold ~$35.7M worth of ETH combined.

Our take: Don’t doubt the Ethereum Foundation’s dumping hit rate.

Jokes aside, liquidity flow is still king in this market — and unfortunately, a merely $30M selling pressure risk caused billions of OI to be wiped. Sigh.

QUICK BITES

Binance faces US probe over possible Russian sanction violations.
NYAG proposes crypto regulations.
Binance lists PEPE as the meme coin hit $1B market cap.
BNP Paribas links Digital Yuan to bank accounts.
Bitcoin Ordinals faces new challenge after developer inserts bug.
Voyager gives up finding buyer, plans to liquidate.

MEME & NOTEWORTHY READS

Maven11 Research’s read on share sequencer.
@awasunyin’s read on why privacy sucks even with ZKPs.
@UmbraResearch read on the lifecycle of a Solana transaction.

nirvana
— King 💹 (@0xgodking)
2:04 AM • May 2, 2023

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.