The Scenius Sync (Issue #3)
MiCA targets "Wild West," FB Launching NFTs, & Biopharma gets a Web3 Makeover
Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.
Welcome to The Scenius Sync.
Our mission with this concise publication is twofold:
Share the essential stories driving the crypto industry and markets.
Highlight innovative applications and mainstream adoption of crypto and blockchain technology.
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Essential News 🗞
EU Agrees on Landmark Regulation to Clean Up Crypto “Wild West”
The new law, known as Markets in Crypto-Assets (MiCA), is the first attempt at creating a comprehensive framework for digital assets in the EU.
Grayscale Sues SEC Over Bitcoin ETF Application Rejection
Yet another application for a spot Bitcoin ETF was rejected by the SEC despite the prior SEC approval of several futures-based ETFs.
Gensler Singles Out Bitcoin as a Commodity
The debate over whether any particular cryptocurrency can be labeled a commodity (regulated by the CFTC) rather than a security (regulated by the SEC) has far reaching implications because financial instruments that are securities can only be legally sold to the public if the issuer registers with the SEC and adheres to strict disclosure regime.
Three Arrows Capital files for Chapter 15 Bankruptcy
Crypto hedge fund Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy in a federal bankruptcy court in the Southern District of New York on Friday, in hopes of shielding its U.S. assets after a court in the British Virgin Islands reportedly ordered the firm into liquidation.
Crypto Billionaire Sam Bankman-Fried Inks BlockFi Deal, Eyes Distressed Miners Next
Bankman-Fried has acted as a lender of last resort during the crypto meltdown. Merger-and-acquisition opportunities could arise in the crypto-mining space as well-positioned companies move to stem credit contagion.
Innovation & Adoption 💡📈
Crypto Due Diligence Startup Vying To Bring Transparency to ‘Opaque’ Industry
Highlighting the need and demand for specialized and robust due diligence in response to demand from institutional investors, perFORM is run by a pair of TradFi vets, and conducts deep dives on both digital asset-focused investment managers and service providers.
Famed Macro Investor Raoul Pal Co-Founds New Token Venture Asset Web3 Firm, ScienceMagic.Studios
Pal’s new firm’s goal is to tokenize the world’s largest cultural communities like music, fashion, movies/book/TV franchises, and sports by using “NFTs, social tokens, and metaverse to build community, utility, and experience.”
Fifty Years Partners with Molecule to Reimagine Biopharma Research Funding and Collaboration
Biopharma research is more costly and slower than ever, and is desperately in need of innovation. Enter Molecule, a drug development marketplace built on Web3 primitives. Molecule has pioneered a novel legal framework to standardize and fractionalize intellectual property in the form of IP-NFTs. The result is a new form of preclinical biopharma crowdfunding that is faster, catalyzes collaboration, and gives a wide group of stakeholders a piece of the IP that might lead to a blockbuster drug.
Facebook Begins Testing Ethereum and Polygon NFTs on Profiles
Meta is now testing NFTs on Facebook for some U.S. creators a few months after it began testing NFTs on Instagram. Users will have a tab on their Facebook profiles where they can showcase their NFTs and will be able to connect their crypto wallets to their profiles.
USD Stablecoin Premiums Surge in Argentina following Economy Minister’s Resignation
As part of their long-standing battle against rising inflation and the continued decline of the peso, Argentineans have been piling into crypto as a means to hedge. The South American nation has the sixth-highest adoption rate globally, with around 21% of Argentineans estimated to have used or owned crypto by 2021, according to Statista.