Plus, DAOs are made legal entities in the Marshall Islands
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The world's largest crypto exchange, Binance, will rename the Binance Smart Chain to the BNB chain in an effort to remove its association with the blockchain and its token. Binance CEO Changpeng "CZ" Zhao believes that his company's blockchain and token have evolved into something beyond Binance itself. More: - BNB will stand for "Build and Build."
- The newly named chain will continue to embrace large-scale applications like GameFi, SocialFi, and the metaverse.
- BNB is scaling from single chain to multi-chain while expanding its validator set from 21 to 41.
CZ continues to be one of the most self-aware founders/CEOs in the entire world. He and Binance recognized that developers were wary about using Binance's chain because of its association with the centralized Binance exchange. This small name change could prove massively successful.
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The Marshall Islands have become the first sovereign nation to recognize decentralized autonomous organizations as legal entities. The legislation will grant DAOs essentially the same privileges as limited liability corporations (LLCs). More: - The legislation was made through a modification of the country's Non-Profit Entity Act.
- The framework will grant DAOs registered in the Marshall Islands corporate personhood and the ability to hold real estate.
Currently, DAOs need to register separate LLCs to do many things like raise capital. This means that under many decentralized autonomous organizations is a very centralized traditional legal entity. Removing LLCs as the legal scaffolding underneath DAOs is a large step toward true decentralization.
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U.S. Rep. Josh Gottheimer (D-N.J.) has introduced a bill that would establish a government-backed stablecoin. The bill would designate certain "qualified" stablecoins to be redeemable 1-1 for U.S. dollars. More: - The hypothetical U.S.-backed stablecoins would be issued by both banks and non-bank financial institutions and must meet certain requirements.
- The stablecoins would be regulated by the Office of the Comptroller of the Currency.
- Gottheimer is a member of the House Financial Services Committee.
- The Senate Banking Committee is having its own meeting regarding stablecoins Tuesday.
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Russian-linked cybercriminals made $400M in cryptocurrency in 2021, according to Chainalysis. 74% of the revenue acquired from ransomware attacks was brought in by cybercriminals with Russian links. More: - Chainalysis is monitoring a number of crypto businesses operating in Moscow.
- The firm identified attacks with Russian ties through the use of the Russian language in documents and announcements, as well as an avoidance of former Soviet countries.
- Between 29% and 48% of all funds received by Moscow-based crypto businesses are from illicit addresses.
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Melania Trump's NFT sold for 1,816.08 SOL ($170,000) to ... herself. The Twitter mob was making fun of her not knowing that blockchain transactions are traceable, while her office claims that the transaction was facilitated on behalf of a third party. The NFT: 
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Web3 Tweet: Greg Price: Canadian banks can immediately freeze or suspend bank accounts without a court order.
I wonder which money can't be frozen? 
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 |  | Trevor Grant is an entrepreneur, investor, and writer based out of Chicago, Illinois. His primary area of interest is web3 venture capital, social tokens, and infrastructure. Other pursuits include screenwriting, yoga, and traveling. He holds a BS in biomedical engineering. Connect with him on Twitter @trevorisonline |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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