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Crypto could disrupt the current financial system but also improve the U.S. payments system. Janet Yellen, Secretary of the Treasury, spoke at the U.S. Conference of Mayors in Washington, D.C., and warned that the digital currency may disrupt the economy. More: - Yellen spoke about the pros and cons of crypto on Thursday morning, and here are the key takeaways:
- She started by saying, "Digital assets may be new, but many of the issues they present are not."
- The government should support the development of responsible innovation.
- Businesses that offer new technology and services should be regulated so that investors and consumers are protected against fraud and misleading statements.
- Tax reporting on digital transactions should be implemented in the same way it is done for stocks and bonds.
- In terms of digital payment systems, she added, "We're looking at a variety of options for the payments systems that include things like digital assets, stablecoins, and they also include things like a potential [central bank] digital currency."
- Stablecoins are seen as superior due to their low volatility compared to other forms of crypto.
- The Federal Reserve may launch a digital dollar to bridge the gap between the digital asset ecosystem and the legacy financial system.
Market Watch 
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 Cryptocurrency exchange 21Shares has launched a new metaverse ETP platform that gives investors exposure to The Sandbox and gaming platforms. More: - The Sandbox is a well-known metaverse and gaming platform that is built on the Ethereum blockchain.
- ETPs are one way that investors can bet on crypto and Web3 projects, and banks such as Goldman Sachs, ICAP, J.P. Morgan, and UBS have bought ETPs for their clients.
- The 21Shares ETP will allow investors to capitalize on the growth of The Sandbox.
- 21Shares CEO Hany Rashwan said, "The metaverse is one of the most pre-eminent themes within crypto at the moment, with [SAND] in particular showing strong growth to become the best performing blue-chip metaverse token."
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 Crypto.com partnered with the Ultimate Fighting Championship (UFC) to start paying bitcoin bonuses to three standout athletes at each UFC pay-per-view- event. The partnership extends a 10-year period valued at $170M, making it one of many deals that crypto.com has across the sporting industry. More: - Fans will have the chance to vote for their favorite fighter during each UFC pay-per-view event, and Crypto.com will fund the prizes:
- First Prize is valued at $30,000 in BTC;
- Second Prize is valued at $20,000 in BTC;
- Third Prize is valued at $10,000 in BTC.
- UFC fighters earn an average of $160,000 per year, and this will add to their bonus package.
- Crypto.com is also sponsoring the 2022 FIFA World Cup, which will take place in Qatar in November and December.
Coin Desk
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 Will Smith's slap became a memecoin dubbed the Will Smith Inu. Memecoins are cryptocurrencies that tie in viral moments and internet jokes, so it is no surprise that the Oscar moment became crypto. More: - Ryan Watson, a 29-year old crypto investor, bought $5,000 worth of the Will Smith Inu. The coin generated more than $3M in trading volume, which later collapsed to zero a week later.
- The temporary rise in the coin led Watson to cash out at $20,000, but others lost money, and Watson commented: "Scared money don't make no money."
- Investors are always warned against risky trades that can lead people to lose a lot of money. David Hsio, CEO of Block Journal, calls it a "Zero-sum game."
Washington Post
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Three new jurisdictions will propose Bitcoin adoption as a legal tender, including Caribbean island Roatán; Madeira, Portugal; and Mexico. More: - Bitcoin is to become a legal tender in Madeira, an autonomous region of Portugal.
- Miguel Albuquerque, president of the regional government of Madeira, said that "Individuals in Maderia are not subject to capital gains taxes when buying and selling bitcoin," while also touting the region's 5% corporate tax rate in its free trade zone as one of the lowest in Europe.
- A Mexican senator is also exploring the possibility to legalize bitcoin due to the 67 million people that are not a part of the financial system in the country. This could open doors for "people can have a better quality of life," he says.
Coin Telegraph
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Crypto trading platform eToro launched a $20M NFT fund to support digital art to expand NFT investment services. More: - eToro will use the fund as a strategy to purchase NFTs and promote the work of NFT creators and brands.
- The company showcased its digital art collection, including projects such as Bored Ape Yacht Club, CryptoPunks, and World of Women
- $10M from the funding will be allocated toward supporting brands that are launching their NFT projects this year.
- Hirsch says, "Any brand can hone in on this and create some sort of an NFT that represents an ownership stake in part of the brand."
CNBC
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | 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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