The R Roundup: Hong Kong & China Affirm Crypto Plans — Issue #77
Once a threat to the markets now an ally. China & Hong Kong intended to dominate the markets through their crypto hub.
Following an influx of activity in blockchain and crypto developments in Hong Kong, the Securities & Futures Commission released a statement claiming that they will allow retail investors to trade top cryptocurrency assets on exchanges that secure licenses by the agency.
Shortly after, some reports from China claimed they would support Hong Kong’s vision of becoming a crypto hub. As China launched its NFT marketplace earlier in the year, seeing more developments from the east will be interesting.
Coinbase Launches “BASE”🔵
Following Coinbase Founder & CEO Brian Armstrong's questions about regulation, Coinbase has responded best. Launching a new product…
Exchange Coinbase announced the launch of Base, an L2 built on Optimism to attract brand-new crypto users. Optimism’s OP Stack, a developer toolkit, will have Coinbase as a core developer following this announcement.
Base is not limited to Ethereum, as they plan to also provide on-ramp access to other L1/L2s like Solana.
“Today, we’re excited to announce the testnet launch of Base, an Ethereum layer 2 network offering a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps or ‘dapps’ on-chain” Will Robinson, VP Of Engineering At Coinbase.
NBA Top Shot NFTs Are Securities….🏀
Regulators have been working overtime to try and pinpoint any flaws or loopholes within the digital asset economy, and the latest to fall at the sword is NBA Top Shot NFTs.
Dapper Labs, the team behind NBA Top Shot NFTs, have been caught up in a case for over a year and a half that recently faced a turn. On Wednesday, a federal judge claimed that the NFTs offered by Dapper Labs “might be securities.”
As Dapper Labs offered the NFTs without registering with the SEC, the case alleges that Dapper Labs violated federal securities laws.
Dapper Labs lawyers argued the following claims:
“Basketball cards are not securities. Pokemon cards are not securities. Baseball cards are not securities. Common sense says so. The law says so. And courts say so.”
On-Chain Update⛓: Arbitrum Trumps Ethereum Daily Txns🌊
Arbitrum. An L2 positioned to revolutionalize how we interact with Ethereum has been collecting anticipation as their highly sought-after airdrop pends.
In what is a historic day for Arbitrum, for the first time, the L2 had more daily transactions than the Ethereum mainnet. This was also the first time that an L2 had over 1 million transactions in a single day.
As more users onboard themselves into crypto, the need for scaling solutions expands & Arbitrum is leading the race.
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As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies. This should not be regarded as financial advice; feel free to familiarise yourself with our NFA disclaimer.
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