Bullet Point Bulletins Weekly Wrap up for February 12th 2023 SEC Fines Kraken $30M, Def Jam Jumps The Sharks, BAYC's Dookey Dash & Blockchain Assn. Calls On SEC! - Podcast
Join Tedd Huff of Fintech Confidential and Bruce Burke of Bullet Point Bulletins as they discuss the latest developments in the world of fintech and web3 technology on this week's episode of the Weekly Wrap-Up of Bullet Point Bulletins.
Tune in to hear about how the SEC has fined Kraken $30M dollars and shutdown staking, along with Coinbase CEO, ,Brian Armstrong sharing that he's hearing rumors about more staking shutdowns, and we’ll also be talking about the Blockchain Association is calling on Congress to stop the SEC from prosecuting these firms.
We’ll also be discussing how Def Jam Recordings is teamed up with WAGMI Beach, and Solana Blockchain's Catalina Whale Mixer and is creating an NFT band "The Sharks", and finally we'll be discussing how Yuga Labs is expanding the Bored Apes Yacht Club Community and bringing in millions with the Dookey Dash NFT Sewer Gaming Passes.
Def Jam & WAGMI Beach create NFT band "The Sharks" from Solana Catalina Whale Mixer
In this roundup, we cover the SEC's recent crackdown on Kraken's staking program and its potential impact on the industry, as well as the Blockchain Association's call for Congress to intervene. Coinbase's CEO has also heard rumors of a potential SEC ban on crypto staking for retail customers. Additionally, Yuga Labs' Dookey Dash game has seen success, and Def Jam Recordings and WAGMI Beach have collaborated to create an NFT band called "The Sharks" from Solana Catalina Whale Mixer.
SEC's crackdown on Kraken's staking program
The SEC's charges and settlement with Kraken over its staking service have sent shockwaves through the industry. The move could result in businesses moving offshore, and staking-as-a-service providers have a high risk of bankruptcy, leaving investors with little recourse.
Blockchain Association calls on Congress to intervene
The SEC's piecemeal enforcement approach and lack of guidance are a concern, and the potential for strict regulation to shut down the staking revenue vertical could affect hundreds of millions in industrywide revenue. Meanwhile, the Blockchain Association is calling out the SEC's actions against Kraken as an ongoing attack on the crypto industry and is calling on Congress to intervene.
Coinbase CEO hears rumors of potential SEC ban on crypto staking
Coinbase's staking program was unaffected, but rumors of an SEC ban on crypto staking for retail customers abound. Coinbase CEO Brian Armstrong has flagged these rumors and believes that staking is an important innovation in crypto, bringing many positive improvements such as scalability, security, and reduced carbon footprints.
Yuga Labs' Dookey Dash game success
Yuga Labs' Dookey Dash game has been successful among the Bored Ape Yacht Club community, and players spent about $2.2 million on in-game power-ups. The company has also teased the next steps of the game, including the "lick the toad" phase.
Def Jam & WAGMI Beach create NFT band "The Sharks" from Solana Catalina Whale Mixer
Finally, Def Jam Recordings and WAGMI Beach have collaborated to create an NFT band called "The Sharks" from Solana Catalina Whale Mixer. The virtual band is expected to be a success, and the Whale NFT holders will help shape the project, and WAGMI Beach is in a position to "tee up these opportunities for our community."
Conclusion:
The SEC's actions against Kraken and potential ban on crypto staking for retail customers have caused concern in the industry, and the Blockchain Association is calling on Congress to intervene. Meanwhile, Yuga Labs' Dookey Dash game has seen success, and Def Jam Recordings and WAGMI Beach have created an NFT band called "The Sharks" from Solana Catalina Whale Mixer. The developments show the growing importance of NFTs and the challenges and opportunities facing the crypto industry.
Also, watch the entire episode on youtube.
https://youtu.be/Yhe4rkvK9bc
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ABOUT:
Tedd Huff: President & Founder of Diamond D3, a professional services consulting firm focused on global payments and marketing. He is also a video podcast host and producer of Fintech Confidential and Head of Corporate Strategy at Corvia.
Over the past 24 years, he has contributed to FinTech startups as an Advisory Board Member, Co-Founder, and Chief Experience Officer, providing strategic and tactical direction for Global Payments OpenEdge, Heartland Payments, Nuvei, and TSYS, among others, focusing on growth while delivering innovation, process improvements and user experience-driven value to simplify the complexity of payments.
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