In today's episode, we'll cover a range of topics, from crypto regulations in New Jersey to the launch of Bit 2 Me's new crypto cashback debit card and more.
"Get ready for some fresh and thrilling insights on the crypto and blockchain world right here on Web3 with FTC! No more stale, regurgitated stories. We've got the hottest and newest updates for you."
Top stories for today.
1️⃣ New Jersey Crypto Bill Could Impact Firms in the State
2️⃣ US Missing Crypto Leadership as SEC Clampdown Tightens
3️⃣ Metrics Reveal All! Ordinal NFTs Make Waves on Bitcoin Network
4️⃣ Starbucks Odyssey Holiday Cheer Edition 1 NFTs Sell for Thousands
5️⃣ OpenSea Halts Trading on Rihanna Music NFTs
6️⃣ Coinbase Exec Joins a16z Crypto
7️⃣ Bit2Me's 9% Crypto Cashback Mastercard Debit Card
8️⃣ Mitre Seeks Economist to Analyze Web3 Economy
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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.
Diamond D3, Media: A media creation, management, and production company delivering engaging content globally
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Speaker:Welcome to Web3 with FTC by Fintech Confidential, the place where we
Speaker:keep you up-to-date on the latest developments in the world of Web3,
Speaker:Crypto, Blockchain, NFTs, & Fintech.
Speaker:"Get ready for some fresh and thrilling insights on the crypto and blockchain
Speaker:world, right here on Web3 with FTC!
Speaker:No more stale, regurgitated stories, we've got the hottest
Speaker:and newest updates for you."
Speaker:In today's episode, we'll cover a range of topics, from crypto regulations in
Speaker:New Jersey to the launch of Bit 2 Me's new crypto cashback debit card and more.
Speaker:First up, we'll be discussing New Jersey's proposed crypto regulations, which
Speaker:could have major implications for the cryptocurrency industry in the state.
Speaker:We'll also be taking a closer look at Ripple CEO Brad Garlinghouse's
Speaker:call for the US to step up its crypto regulation game and why the
Speaker:lack of regulatory leadership in the US could put the industry at risk.
Speaker:Next, we'll dive into the world of NFTs and crypto in the entertainment industry,
Speaker:discussing the emergence of Ordinal NFTs and the recent release of the Starbucks
Speaker:Holiday Cheer Edition 1 stamp NFT, which has already sold for thousands of dollars.
Speaker:We'll also cover the recent suspension of trading on Rihanna-related NFTs
Speaker:by OpenSea, and the market's need for greater transparency and authentication
Speaker:in the digital goods space.
Speaker:In the world of crypto business news, we'll be discussing Coinbase's Chief
Speaker:Product Officer Surojit Chatterjee's new position with Andreessen Horowitz (a16z)
Speaker:Crypto and what it means for the industry, as well as the launch of Bit 2 Me's new
Speaker:debit card with up to 9% crypto cashback.
Speaker:Finally, we'll wrap up with a look at the job market in the web3 space, discussing
Speaker:Mitre's search for an economist with expertise in the web3 ecosystem and
Speaker:what it means for the industry's future.
Speaker:These are just the highlights so stay for the rest of the story,
Speaker:right here on Web3 with FTC."
Speaker:We start off exploring the challenges facing the
Speaker:cryptocurrency industry in the US.
Speaker:From the lack of regulatory guidance to the ongoing legal challenges.
Speaker:The US is struggling to keep up with other nations in providing a clear
Speaker:framework for the crypto industry.
Speaker:Can New Jersey Crypto Regulation Protect Us from Fraud & Bankruptcy After 2022?
Speaker:The cryptocurrency industry has seen significant growth in recent years,
Speaker:but this growth has also led to an increase in fraudulent activities.
Speaker:In 2022, the industry saw a massive number of fraud and bankruptcies that left
Speaker:many investors and businesses at a loss.
Speaker:In response to this, New Jersey has proposed regulations to push the
Speaker:state beyond New York's BitLicense requirement, a move that could have
Speaker:major implications for industry firms.
Speaker:If passed, the proposed bill would require all businesses based in New
Speaker:Jersey that operate under cryptocurrency transactions to register with the state's
Speaker:Department of Banking and Insurance.
Speaker:This means that even banks, credit unions, and money-service businesses
Speaker:dealing with crypto assets or virtual currencies would need to comply.
Speaker:While the requirements may not be as strict as those of the BitLicense,
Speaker:it would still be a significant step towards regulating the industry.
Speaker:The bill also classifies digital assets into two categories: crypto
Speaker:tokens and virtual currency.
Speaker:Crypto tokens function as investments, while virtual currency can be
Speaker:used for buying and selling goods.
Speaker:Therefore, any business that deals in either of these categories would
Speaker:need to register with the state.
Speaker:Moreover, businesses involved in crypto assets or virtual currencies would
Speaker:need to protect consumer data, adhere to anti-money laundering initiatives,
Speaker:and report any suspicious activity.
Speaker:In an effort to reduce consumer fraud, any company dealing in cryptocurrency
Speaker:assets would be required to have a risk-based internal review system.
Speaker:This would help identify any risks that customers may
Speaker:encounter while using the service.
Speaker:New Jersey's proposed regulations are a significant step towards
Speaker:protecting businesses and customers from cryptocurrency fraud.
Speaker:It also ensures that the state remains on top of the latest banking trends.
Speaker:However, if the bill passes, cryptocurrency industry firms
Speaker:based in New Jersey would need to be prepared to comply with the
Speaker:regulations or face the consequences.
Speaker:While the regulations may seem daunting, they are necessary to protect both the
Speaker:industry and the people involved in it.
Speaker:It is essential to take steps towards building a trustworthy
Speaker:and secure environment for the cryptocurrency industry to flourish.
Speaker:Is the United States falling behind in the global race to regulate cryptocurrencies?
Speaker:Ripple CEO Brad Garlinghouse certainly thinks so.
Speaker:Amidst legal challenges from the Securities and Exchange Commission,
Speaker:Garlinghouse has expressed concern over the lack of clear regulatory guidance
Speaker:in the US, which is putting businesses and investors in a state of confusion.
Speaker:Without proper regulatory frameworks, the US crypto
Speaker:industry risks being left behind.
Speaker:Garlinghouse is not alone in his concerns.
Speaker:Many in the US crypto industry have long called for more clarity and
Speaker:guidance from regulators, but so far the government has been slow to act.
Speaker:This has created a legal grey area that leaves businesses and investors uncertain
Speaker:about the future of the industry.
Speaker:In contrast, other countries have taken a more proactive approach.
Speaker:Japan, for example, has established a flexible regulatory framework
Speaker:that supports the crypto industry while also protecting investors.
Speaker:This has helped Japan to become a leader in the global crypto market,
Speaker:attracting investment and creating jobs.
Speaker:The lack of clear regulatory guidance is not just a problem
Speaker:for businesses and investors, but for the industry as a whole.
Speaker:Without clear rules and standards, the sector risks being viewed as a
Speaker:haven for criminal activity and fraud.
Speaker:This can damage the reputation of the entire industry, making it harder to
Speaker:attract investment and create jobs.
Speaker:The US needs to act fast to establish clear regulatory
Speaker:guidance for the crypto industry.
Speaker:This will not only protect businesses and investors, but also help
Speaker:the industry to grow and thrive.
Speaker:By following the example of countries like Japan, the US can establish a regulatory
Speaker:framework that supports innovation while also protecting consumers.
Speaker:If the US fails to act, it risks being left behind in the global
Speaker:race to regulate cryptocurrencies.
Speaker:Next up we're taking a closer look at the world of NFTs and crypto
Speaker:in the entertainment industry.
Speaker:First up, we have Ordinal NFTs making waves on the Bitcoin network,
Speaker:driving up activity and raising the potential for financial gains.
Speaker:Recently all eyes have been on the Bitcoin network, as a JPEG NFT becomes
Speaker:the largest block on the blockchain.
Speaker:But it's not just any NFT that's causing heads to turn - it's the
Speaker:emergence of Ordinal NFTs that are fueling major activity and sending mixed
Speaker:signals among the derivatives market.
Speaker:Hosted by Tedd Huff, let's dive deeper into the world of Ordinal NFTs and
Speaker:their impact on the investment industry.
Speaker:Ordinal NFTs are a new breed of digital assets that represent real-world scarcity
Speaker:and are recorded in a blockchain network.
Speaker:Unlike other digital collectibles, they allow for transfer and trade
Speaker:of ownership through an agreed-upon protocol by participating users.
Speaker:This means that investors can buy and sell these digital assets, just
Speaker:like they would with traditional assets such as stocks and bonds.
Speaker:But what sets Ordinal NFTs apart is their potential to drive up
Speaker:accessibility and interoperability between different blockchains while
Speaker:simultaneously reducing transaction costs.
Speaker:They help to decentralize ownership of digital assets, making them accessible
Speaker:to more investors than ever before.
Speaker:The emergence of Ordinal NFTs has been a major talking point in the
Speaker:market, with investors excited about the potential gains they could make.
Speaker:The reveal of Ordinal NFTs has fueled major activity on the Bitcoin network,
Speaker:with investors buying and selling in anticipation of potential profits.
Speaker:However, the derivatives market has seen a decrease in volatility compared
Speaker:to previous weeks, leading investors to question the future of financial assets.
Speaker:The metrics slow down after the reveal of the Ordinal NFTs has
Speaker:sent mixed signals among investors.
Speaker:Some are optimistic about the potential for these digital collectibles to
Speaker:reshape the derivatives market, while others remain cautious.
Speaker:It's still early days for Ordinal NFTs, and their potential
Speaker:impact remains to be seen.
Speaker:The world of Web3 is constantly evolving, and only time will tell
Speaker:how these digital assets will fit into the larger financial ecosystem.
Speaker:Ordinal NFTs are the latest innovation in the world of digital
Speaker:assets, with the potential to reshape the investment industry.
Speaker:As the Bitcoin network experiences major activity, investors are
Speaker:keeping a close eye on the emergence of these digital collectibles.
Speaker:But as the derivatives market experiences a decrease in volatility, it remains
Speaker:to be seen whether Ordinal NFTs will have a lasting impact on the industry.
Speaker:Starbucks may have just hit the Jackpot.
Speaker:. . Let's delve into Starbucks' release
Speaker:which sold out in record time and is now fetching thousands of dollars.
Speaker:In recent years, digital art and collectibles have emerged as a new
Speaker:and exciting investment opportunity, with non-fungible tokens also
Speaker:known as NFTs, taking center stage.
Speaker:These digital assets have captured the attention of investors and
Speaker:businesses alike, and Starbucks has joined the ranks of companies
Speaker:embracing the trend with the release of the Holiday Cheer Edition 1 NFT.
Speaker:Given away to Starbucks Odyssey members who completed enough challenges and
Speaker:bought a gift card, these NFTs have already sold for thousands of dollars,
Speaker:signaling the potential for widespread adoption of digital collectibles.
Speaker:The Holiday Cheer Edition 1 NFT was created by an artist
Speaker:on the Polygon blockchain, and serves as a unique and artistic
Speaker:representation of the festive season.
Speaker:Each stamp has its own unique attributes, and buyers can personalize it with
Speaker:a special message or their name.
Speaker:The designs of the stamps are also mirrored in the flavors of the
Speaker:gift cards, creating a cohesive and memorable experience for the buyer.
Speaker:The NFTs were given away for free to Starbucks Odyssey members who
Speaker:completed challenges and bought gift cards, and were limited to
Speaker:a release of just 5,000 editions.
Speaker:The limited quantity and high demand resulted in the NFTs selling out
Speaker:within an hour of their release.
Speaker:Since then, the price of the collectible NFTs has climbed up to as high as
Speaker:$8,000, with some selling for a lower but still impressive amount of $2,000.
Speaker:The success of the Holiday Cheer Edition 1 NFT highlights the potential
Speaker:of digital collectibles as a new and exciting investment opportunity.
Speaker:Starbucks' move to create a digital NFT to celebrate the holiday season has
Speaker:paid off, and could pave the way for other businesses to embrace the trend.
Speaker:As digital goods continue to rise in popularity, this could be the start of
Speaker:a new era in the world of collectibles.
Speaker:The Starbucks NFT is, demonstrating the potential of digital collectibles as a
Speaker:new and lucrative investment opportunity.
Speaker:The limited release and high demand for the NFTs show that consumers are eager for
Speaker:unique and memorable digital experiences.
Speaker:This move by Starbucks could signal a new trend for businesses looking to embrace
Speaker:the world of digital collectibles, and could have far-reaching implications
Speaker:for the rewards and loyalty industry.
Speaker:Not all successes are treated equally in the world of NFTs.
Speaker:OpenSea's decision to suspend trading of Rihanna-related NFTs due to concerns
Speaker:over legitimacy and transparency.
Speaker:Big names from all industries are jumping on board to offer
Speaker:their own unique digital assets.
Speaker:It's clear that the world is taking notice of the potential
Speaker:of these digital collectibles.
Speaker:. . However; with great potential comes great
Speaker:trading on Rihanna's music NFTs serves as a reminder of the need for transparency
Speaker:and authentication in the NFT market.
Speaker:OpenSea, a major blockchain marketplace, recently announced a temporary halt on
Speaker:the trading of Rihanna-related NFTs due to investigations surrounding the legitimacy
Speaker:of the recently released digital assets.
Speaker:The NFTs were created in collaboration with crypto artist Beeple and
Speaker:sold for over $2 million, but fan skepticism and transparency
Speaker:issues have led to many probes.
Speaker:Some of the tokens were not properly validated, and much of the digital
Speaker:artwork was not properly marked with a designated copyright license.
Speaker:This suspension of trading serves as a reminder that the NFT market, like
Speaker:any other market, needs transparency and authentication to ensure the
Speaker:legitimacy and value of digital assets.
Speaker:The rise of NFTs has brought many benefits, such as the ability to represent
Speaker:and sell unique digital assets, but it has also brought new challenges, such
Speaker:as the need to ensure the authenticity and ownership of these assets.
Speaker:The world of NFTs is evolving rapidly, with new use cases and
Speaker:applications emerging every day.
Speaker:While the recent suspension of trading on Rihanna's music NFTs serves as a
Speaker:reminder of the need for transparency and authentication, it should not
Speaker:deter us from exploring the potential of NFTs in new and innovative ways.
Speaker:As the market continues to evolve, it is up to us to ensure that we
Speaker:continue to explore the possibilities while also upholding the integrity
Speaker:and legitimacy of digital assets.
Speaker:Moving on to Web3 business news: : There continues to be
Speaker:executive talent making moves.
Speaker:Coinbase's Chief Product Officer Surojit Chatterjee has taken a new executive
Speaker:position with venture capital firm Andreessen Horowitz (a16z) Crypto.
Speaker:Chatterjee is the latest addition to a16z's crypto unit, joining
Speaker:a growing list of reputable financial services industry pros.
Speaker:Chatterjee's experience in leading Coinbase's product efforts adds a unique
Speaker:layer of expertise to a16z's crypto unit.
Speaker:Additionally, a16z Crypto has welcomed established industry professionals
Speaker:such as Katie Haun, who is the former General Manager of Coinbase's
Speaker:cryptocurrency crime investigation team, and Chris Dixon and Kathryn Haun,
Speaker:both of whom also served at Coinbase.
Speaker:With the recent addition of Chatterjee to this notable list,
Speaker:a16z Crypto furthers its long-term strategy of building a comprehensive
Speaker:crypto and blockchain-focused unit.
Speaker:Preceeding this the Andreesen Horowitz Crypto unit fund has totaled
Speaker:approximately 7.6 Billion dollars to date, indicating the venture
Speaker:capital firm's commitment to grow its presence in the web3 and crypto space.
Speaker:The latest addition of Coinbase's Chief Product Officer Surojit Chatterjee
Speaker:to a16z Crypto's impressive line-up of executive in residence further
Speaker:strengthens a16z's foothold in the web3, crypto and blockchain space.
Speaker:A16z is set to revolutionize the industry and become the go-to investment firm for
Speaker:the upcoming generation of digital assets.
Speaker:At the intersection of Web2 and Web3; more tools continue to be
Speaker:introduced and become more mainstream.
Speaker:Bit 2 Me, the Spanish cryptocurrency exchange, has launched a new cashback
Speaker:debit card with Mastercard, which allows users to earn up to 9% crypto cashback
Speaker:on all purchases made in-store or online.
Speaker:The card and wallet support eight cryptocurrencies, including Bitcoin,
Speaker:Ethereum, Cardano, Ripple, Solana, Polkadot, and the stablecoin Tether,
Speaker:and the company plans to add more currencies throughout the year.
Speaker:The use of already established Web2 financial tools, like debit and credit
Speaker:cards, is an attempt to facilitate greater adoption of this revolutionary
Speaker:technology, according to Bit 2 Me's CEO and co-founder, Leif Ferreira.
Speaker:The Company's CEO and co-founder, Leif Ferreira, told Cointelegraph that his
Speaker:company is aiming to make the "limitless world of Web3 financial services" easily
Speaker:accessible to any user from anywhere in the world, at the touch of a button.
Speaker:The partnership with Mastercard will enable the exchange's users to receive up
Speaker:to 9% crypto cashback on all purchases, whether they are made online or in-store.
Speaker:The card and wallet support a variety of cryptocurrencies, including Bitcoin,
Speaker:Ethereum, Cardano, Ripple, Solana, Polkadot, and the stablecoin Tether.
Speaker:The move to incorporate already established Web2 financial tools,
Speaker:like debit and credit cards, is a strategic approach to making
Speaker:cryptocurrencies more mainstream.
Speaker:Bit 2 Me's existing card works via the Mastercard network that hosts
Speaker:millions of businesses worldwide.
Speaker:With the addition of the new cashback debit card, Bit2Me hopes to increase
Speaker:adoption of this revolutionary technology.
Speaker:The company is currently available to users in 69 countries worldwide.
Speaker:In addition to Bit 2 Me's card, Mastercard has been active in the
Speaker:Web3 space, offering new services and opportunities for clients and users.
Speaker:The company has partnered with at least seven blockchain and crypto
Speaker:startups to be part of its fintech accelerator program over the past year.
Speaker:It has also partnered with Polygon to launch a Web3 musician
Speaker:accelerator program, focusing on the intersection of the music
Speaker:industry and emerging technologies.
Speaker:In January, Mastercard announced a new effort with Binance to launch their second
Speaker:pre-paid crypto card in Latin America.
Speaker:In our last story for today might give a glimpse in to how the US
Speaker:Government is looking to tackle Web3.
Speaker:The not-for-profit U.S.
Speaker:government partner Mitre is looking for an economist with
Speaker:expertise in the Web3 ecosystem.
Speaker:The new addition to the team will join Mitre in its effort to better analyze
Speaker:and evaluate the web3 landscape.
Speaker:Mitre's mission is to bridge government, industry and academia for
Speaker:the welfare and defense of the U.S.
Speaker:Thus making it even more vital for Mitre to be aware of and stay abreast
Speaker:of the emerging web3 landscape.
Speaker:The posting specifies a candidate possessing both a knowledge of classical
Speaker:economics and the emerging web3 landscape.
Speaker:The ideal candidate will possess at least six months of experience with web3
Speaker:and in-depth knowledge on the subject which includes the likes of distributed
Speaker:ledgers, blockchain technology, and DeeFi.
Speaker:The job advertisement confirms Mitre's commitment to remain proactive
Speaker:and informed on the Web3 space.
Speaker:This new push is likely to increase the value, visibility, and accessibility
Speaker:of Mitre's services moving forward.
Speaker:Maybe this is a sign that they are headed in the right direction to stay relevent.
Speaker:As we wrap up today's episode of Web3 with FTC by Fintech Confidential.
Speaker:Today we've covered some of the biggest Web3 stories that are shaking up the
Speaker:Web3 world and what they mean for you.
Speaker:From the potential impact of New Jersey's proposed cryptocurrency regulations to
Speaker:the emergence of Ordinal NFTs and the latest developments in the world of
Speaker:digital collectibles, we've covered a wide range of topics in today's show.
Speaker:We also discussed the need for clearer regulatory guidance in
Speaker:the US, as highlighted by Ripple CEO Brad Garlinghouse, and the
Speaker:impressive line-up of executive talent at Andreessen Horowitz, Crypto.
Speaker:And let's not forget Bit 2 Me's new cashback debit card, which aims to promote
Speaker:wider adoption of crypto currencies.
Speaker:Finally, we discussed Mitre's new commitment to staying informed
Speaker:about the Web3 space, which promises to bring even greater value and
Speaker:accessibility to their services
Speaker:Thanks for tuning into “Web3 with FTC”, where we cover what’s behind the
Speaker:disruptive and innovative world of Web3, Blockchain, Crypto, NFTs and Fintech.
Speaker:And remember to follow us on our Telegram Channel, Linkedin, Facebook,
Speaker:and Instagram, and sign up for the latest news delivered straight to your inbox at
Speaker:access dot fintech confidential dot com.
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Emily:Cryptocurrencies are highly volatile financial assets, so research and