Wednesday, Jun 15th 2022

Crypto Three Things (6/15)

Commentary

“It’s the possibility of having a dream come true that makes life interesting.”-Paulo Coelho

1) NYC Mayor Eric Adams calls for veto on Bitcoin mining ban: Adams, an outspoken BTC proponent, opposed the recent anti-mining bill passed by the New York State Senate. The legislation seeks to impose a two-year moratorium on new proof-of-work mining operations powered by fossil fuels. In an interview, the mayor pressed Governor Kathy Hochul to veto the legislation.  

Titan’s Takeaway: Such a ban, if greenlit, will make New York the first U.S. state to curtail crypto mining. The economic fallout of electricity caps on crypto mining could cause a domino effect, prompting miners to move to friendlier states, and taking jobs with them.

2) SEC Chair Gary Gensler weary of crypto legislation: Gensler expressed concerns that the crypto regulation bill introduced in Congress last week might compromise securities protections. The legislation has a provision that will transfer authority over some digital assets from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC), allowing certain stock exchanges and funds to escape SEC oversight.

Titan’s Takeaway: Cryptocurrency is likely to be a contentious issue as congress tries to update near century-old regulations. As lawmakers hammer out a rulebook for the industry, we are optimistic to see crypto-friendly regulations that will help companies, consumers, and investors expand their activities in the space.

3) Nanson unveils Web3 messaging app: In a direct play against Discord, crypto analytics firm, Nanson, intends to launch its own chat app for the Web3 community. The new crypto-native messaging app will allow users to connect with peers working across the Web3 ecosystem. The strategy comes after the ambitious startup’s most recent $75 million raise in December. 

Titan’s Takeaway: After a series of scams on Discord, Nanson looks to edge into the messaging giant’s dominance. With 150 million active users, breaking up Discord’s robust market share will be no small feat, but the possibility of creating a single Web3 super app is an opportunity that can't be understated.

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