Wednesday, May 4th 2022

Crypto Three Things (5/4)

Commentary

The below content and projections are the opinion of the authors. Any conclusions or takeaways are their own. This should not be considered as investment advice. Investing involves the risk of loss and returns are not guaranteed.

1) SEC expands its crypto enforcement unit as digital asset industry continues growth

  • The SEC’s newly renamed Crypto Assets and Cyber Unit will onboard 20 new staff members.
  • New hires will bring the unit’s total membership to 50.
  • Since its founding in 2017, this group has brought 80 enforcement actions related to fraudulent or unregistered crypto securities.

Titan’s Takeaway: As believers that regulations can increase trust and, in turn, adoption of crypto assets, we welcome this increased commitment to safeguarding the industry from the SEC.

2) Dubai’s digital asset regulator to set up metaverse headquarters in The Sandbox

  • The Virtual Assets Regulatory Authority (VARA) will be the first regulator to establish a presence in the metaverse.
  • With this move, Dubai aims to position itself as a virtual asset hub and bring businesses into the digital world economy.
  • The authority’s digital HQ, called “MetaHQ,” does not yet have a designated location within The Sandbox.

Titan’s Takeaway: VARA’s decision to set up shop in a virtual world follows a series of moves from Dubai aimed to make the Gulf state a crypto-friendly place and attract industry heavyweights. FTX and Binance are among the crypto firms that have announced plans to increase their presence in Dubai this year.

3) Algorand jumps on the blockchain’s partnership with FIFA World Cup

  • The proof-of-stake blockchain will develop a “digital assets strategy” and provide an official “wallet solution” to FIFA.
  • The deal made Algorand the first US blockchain company to sponsor the biggest football championship.
  • Price of Algorand (ALGO) shot up nearly 20% after the announcement to hit a two-week high.

Titan’s Takeaway: With Alogrand named as the official blockchain platform of FIFA, we expect more crypto firms to flash brand exposure ahead of the World Cup in Qatar this fall.

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