The Scenius Sync (Issue #6)
Tesla's Paperhands, Dubai's Metaverse Strategy & Employees Want Pay in Crypto
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 🗞
Financial Services and Markets Bill introduced to UK Parliament
The Bill seizes the opportunities of EU Exit to bolster the competitiveness of the UK as a global financial center and deliver better outcomes for consumers and businesses. This includes bringing certain crypto assets within a new robust framework and should allow certain types of stablecoins to be regulated as a form of payment in the UK. This could facilitate stablecoins becoming a widespread means of payment, thereby driving customer choice and efficiency and cementing the role of the UK as a leading player in the crypto space.
Three Arrows Founders Break Silence Over Collapse of Crypto Hedge Fund
After five weeks in hiding, the disgraced founders of Three Arrows Capital spoke extensively about the spectacular implosion of their once high-flying hedge fund, saying their bungled crypto speculation unleashed cascading margin calls on loans that should never have been made.
Former Coinbase manager and two others charged in crypto insider trading scheme
The charges allege the individuals planned to use confidential Coinbase information about which crypto assets were scheduled to be listed on Coinbase’s exchanges. The SEC release also proclaims nine of the assets were “securities” raising questions around the regulation of certain classes of crypto tokens.
Tesla sold 75% of Bitcoin holdings in Q2
Elon Musk's electric vehicle maker has offloaded most of its BTC reserves from its balance sheet, according to financial statements released on Wednesday. The market barely noticed.
Led by exchanges, crypto industry lobbying grew 17% in Q2 despite bear market
Despite market chaos and broad layoffs, the crypto industry has continued pouring money into lobbying programs. Exchanges, in particular, face a critical juncture before Congress. A huge ongoing political push aims to set up a federal registration regime for exchanges with the Commodity Futures Trading Commission. However, the SEC under Chairman Gary Gensler has long signaled that it views many of these exchanges as securities exchanges.
Innovation & Adoption 💡📈
The strategy emphasizes fostering talent and investing in future capabilities by providing the necessary support in metaverse education aimed at developers, content creators and users of digital platforms in the metaverse community.
Christie’s Launches Venture-Capital Arm Focused on Tech in Art, Crypto
The auction company has previously held several high profile sales for NFT artwork and the move into blockchain-related investments represents another step for Christie’s to support ventures in the crypto space.
Texas GOP Aims to Enshrine Crypto in State’s Constitution
The Lone Star State is already an important crypto mining hub, and Republican officials appear ready to try build on that momentum.
Employees Want To Be Paid in Crypto, Report Shows
Economic uncertainty makes different digital assets appealing in specific markets. For many in politically unstable countries, cryptocurrencies have become a clear currency alternative as they are not held by any central authority and provide consumers with the ability to make transactions autonomously.
French Banking Giant BNP Paribas Enters Crypto Custody Space
Many large banks are edging towards crypto custody, but what makes this deal particularly significant is BNP Paribas Securities Services’ position as a major global custodian with $13 trillion in assets under custody.