Shalini Nagarajan

American apparel retailer Ralph Lauren is accepting crypto for the first time at its new store in Miami’s Design District.



The luxury brand is also offering a crypto-native experience — gifting NFTs via a multi-tiered partnership with online leisure community Poolsuite, which it described as “deeply rooted in the Miami lifestyle.”



Poolsuite is a vaporwave digital neighborhood centered around online radio, perhaps best known for Poolside.fm. It predates the rise of Web3 (launched in 2014), having sold NFT memberships for its “Internet Leisure Corporation” in Nov. 2021. It minted a second collection, “Grand Leisure,” almost one year later.



Poolsuite NFT holders have now been sent <a href="https://etherscan.io/nft/0xfb7d14044f9928dfc1c31dabeac10f4dbbc51934/0" target="_blank" rel="noreferrer noopener">commemorative</a> Ralph Lauren tokens, issued on Ethereum. The tokens can be used to register for tickets to a private party at a Miami estate hosted in late April. The NFTs have been distributed to more than 2,700 addresses.



Holders of Poolsuite’s Grand Leisure collection will also be able to update their “Leisurist” avatars using Ralph Lauren-inspired digital looks based on the retailer’s recent runway show in Los Angeles.&nbsp;



As for its other crypto moves, Ralph Lauren will accept bitcoin (<a href="https://blockworks.co/price/btc" target="_blank" rel="noreferrer noopener">BTC</a>), ether (<a href="https://blockworks.co/price/eth" target="_blank" rel="noreferrer noopener">ETH</a>), <a href="https://blockworks.co/price/matic" target="_blank" rel="noreferrer noopener">MATIC</a>, apecoin and stablecoin <a href="https://blockworks.co/price/usdc" target="_blank" rel="noreferrer noopener">USDC</a>, starting with the new Miami store.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">.<a href="https://twitter.com/RalphLauren?ref_src=twsrc%5Etfw">@RalphLauren</a> now accepts <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> payments at its new Miami Design District store, the brand&#39;s first to accept cryptocurrency. In partnership with <a href="https://twitter.com/hashtag/BitPay?src=hash&amp;ref_src=twsrc%5Etfw">#BitPay</a>, customers can make purchases with <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>, <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a>, <a href="https://twitter.com/hashtag/MATIC?src=hash&amp;ref_src=twsrc%5Etfw">#MATIC</a> by <a href="https://twitter.com/0xPolygonLabs?ref_src=twsrc%5Etfw">@0xPolygonlabs</a> &amp; more: <a href="https://t.co/Flm0Jz2DOW">https://t.co/Flm0Jz2DOW</a> <a href="https://t.co/x2rm0drYpu">pic.twitter.com/x2rm0drYpu</a>&mdash; BitPay (@BitPay) <a href="https://twitter.com/BitPay/status/1643336233949573130?ref_src=twsrc%5Etfw">April 4, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



It’s unclear whether Ralph Lauren will actually see any of the crypto, though. BitPay can also convert crypto into fiat on behalf of the retailer. Blockworks has reached out to learn more.



Miami’s luxury market has been one of the fastest growing in the US, Vogue Business <a href="https://www.voguebusiness.com/companies/turning-up-the-heat-is-miami-the-new-luxury-capital-of-the-us" target="_blank" rel="noreferrer noopener">reported</a> citing Morgan Stanley research.&nbsp;Ralph Lauren’s crypto-friendly store will feature exclusive handbags and accessories available only at that location.



Miami — also the home of NFT giant Yuga Labs — has become a popular destination for crypto enthusiasts. It’s now a hotspot for many of the industry’s events, including Bitcoin Miami.&nbsp;



<hr class="wp-block-separator">
Get the day’s top crypto news and insights delivered to your email every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/?source=end" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.
 
Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from&nbsp;<a href="https://blockworks.co/newsletter/research" target="_blank" rel="noreferrer noopener">Blockworks Research&#8217;s Daily Debrief</a>.
 
Can&#8217;t wait? Get our news the fastest way possible.&nbsp;<a href="https://t.me/blockworks_news" target="_blank" rel="noreferrer noopener">Join us on Telegram</a> and follow us on <a href="https://news.google.com/publications/CAAqBwgKMPyTxgswn6_dAw" target="_blank" rel="noreferrer noopener">Google News</a>.
<hr class="wp-block-separator">

Ralph Lauren Goes Crypto, Airdrops NFT Invites to Miami Party

Sebastian Sinclair

Digital asset exchange Coinbase has responded to the Australian Treasury’s “token mapping” exercise, expressing its support for the development of the country’s regulatory framework.



Australia’s token mapping, in what is said to be a “<a href="https://blockworks.co/news/australia-to-define-crypto-in-token-mapping-exercise">world first</a>,” will seek to define various digital assets and bring them under the purview of appropriate regulators across the country. While the exercise had been planned for sometime this year, the launch is expected sometime next year.



Coinbase said in a <a href="https://assets.ctfassets.net/c5bd0wqjc7v0/3iZ18bsCBT8Z57O3Ji5DeX/04041b41905063c53822b4eafce8f6e3/Coinbase_Response___Australia_Token_Mapping_Consultation_-_March_2023.pdf" target="_blank" rel="noreferrer noopener">consultation paper</a> on Tuesday, it believes that a well-rounded framework should focus on outcomes as opposed to specific rules. Those rules should achieve a balance across a variety of regulatory objectives, it said.



“Given the constantly evolving nature of digital assets and blockchain technology, a fit-for-purpose regulatory regime must focus on outcomes,” the exchange said.



Coinbase’s involvement in the project follows more than a year after the exchange expanded its services to Australian retail investors via its domestically-registered business, Coinbase Australia Pty Ltd.&nbsp;



While the exchange had offered the sale of digital assets to individuals as early as 2016, buying and selling crypto through a local arm was done via its main platform in the US.



The objectives, as alluded to in the paper, entail preserving financial stability, market integrity and consumer protections while fostering “responsible” innovation and growth.



Coinbase also highlights the importance of blockchain technology generally, including its potential to enhance efficiency, transparency and resiliency to the financial system by cutting down on middlemen. That in turn would cut costs, improve the user experience and increase competition, it said.



The exchange also takes particular note of fiat-backed stablecoins, while highlighting the benefits decentralized finance (DeFi) can bring to the table by exponentially expanding opportunities for financial players.



“Regulators have historically overseen financial markets by imposing and enforcing rules on market intermediaries,” Coinbase said. “No such intermediaries exist in the DeFi ecosystem.”



It comes as Coinbase has been sparring with the US SEC regulator for allegedly violating securities laws and selling unregistered products to retail and institutional investors.



The agency issued the exchange a <a href="https://blockworks.co/news/sec-serves-coinbase-in-latest-alleged-crypto-securities-violation">Wells notice</a> — a type of forerunner to formal action — notifying Coinbase of its intentions to probe its <a href="https://blockworks.co/news/coinbase-reports-sharp-revenue-user-growth-in-q4">$2.5 billion</a> business model. Coinbase said it would <a href="https://blockworks.co/news/coinbase-happy-to-go-to-court-with-sec">fight the SEC in court</a> over the matter in a bid to clear itself of any wrongdoing.



<hr class="wp-block-separator">
Get the day’s top crypto news and insights delivered to your email every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/?source=end" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.
 
Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from&nbsp;<a href="https://blockworks.co/newsletter/research" target="_blank" rel="noreferrer noopener">Blockworks Research&#8217;s Daily Debrief</a>.
 
Can&#8217;t wait? Get our news the fastest way possible.&nbsp;<a href="https://t.me/blockworks_news" target="_blank" rel="noreferrer noopener">Join us on Telegram</a> and follow us on <a href="https://news.google.com/publications/CAAqBwgKMPyTxgswn6_dAw" target="_blank" rel="noreferrer noopener">Google News</a>.
<hr class="wp-block-separator">

Coinbase Calls For Flexible Approach to Regulation in Australia

The native digital asset of the world’s largest exchange is facing significant sell-side pressure after the US commodities regulator announced legal action against Binance and its CEO.



The CFTC filed suit against the exchange and CEO Changpeng Zhao for allegedly violating trading and derivatives laws. Binance’s former chief compliance officer, Samuel Lim, is also named as a defendant in the suit.



Zhao said in a <a href="https://www.binance.com/en/blog/from-cz/czs-response-to-the-cftc-complaint-2408916493005890282" target="_blank" rel="noreferrer noopener">statement</a> late Monday he disagrees with the “characterization of many of the issues” alleged in the CFTC’s complaint. 



A spokesperson told Blockworks the company has made “significant investments” to ensure it did not have US users active on its platform — from boosting compliance staff to implementing market surveillance and investigative tools.



Binance’s BNB token — the utility of which is derived from reducing fees on the exchange — fell more than 6.2% on Monday to $308, the hardest hit among the top 20 cryptos by market value.&nbsp;



BNB is the fourth-largest crypto by total market capitalization with a value of $48.7 billion, <a href="https://www.blockworksresearch.com/assets">Blockworks Research data shows</a>.



<h3 class="wp-block-heading">Broader market</h3>



Other exchange tokens have fared better.&nbsp;



Rival exchange Huobi’s native token (HT) was down 3%, as of 7:30 p.m. ET, while Crypto.com’s token (CRO) had shed 4% on the day. LEO, which is used for trading fees and other services for the Bitfinex exchange — was down about 3%.



Those moves are in line with the broader digital asset market sell-off over the last 24 hours.



Bellwether asset bitcoin has shed 3.2% of its value to $27,000, technically its steepest decline since the start of the month. The industry’s total market capitalization, which measures the value of all crypto in circulation, has dipped 2.3% to $1.17 billion.



It appears the CFTC is seeking to strike a legal <a href="https://blockworks.co/news/reactions-to-cftc-lawsuit-binance">hammer blow</a> against the exchange in an attempt to do what others around the world have failed so far — bring Binance under their purview.



“Obviously if Binance goes under due to overwhelming fines then it&#8217;s unlikely BNB is worth much anymore,”&nbsp; Xavier Ekkel, founder of DeFi trading platform prePO told Blockworks.



The asset, however, may retain some “ghost value,” similar to how FTX’s native token, FTT, managed to retain a portion of its value despite the collapse of Sam Bankman-Fried’s empire, Ekkel added.



A hit to BNB’s value follows from the start of the month’s turmoil for another Binance branded token — its BUSD stablecoin — which faced regulatory actions from the New York Department of Financial Services (NYDFS) and the SEC. Several on-chain metrics are now pointing to a <a href="https://blockworks.co/news/the-end-of-busd-on-chain-metrics">swift end for BUSD</a>.



Binance declined to comment on BNB.



<hr class="wp-block-separator">
Get the day’s top crypto news and insights delivered to your email every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/?source=end" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.
 
Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from&nbsp;<a href="https://blockworks.co/newsletter/research" target="_blank" rel="noreferrer noopener">Blockworks Research&#8217;s Daily Debrief</a>.
 
Can&#8217;t wait? Get our news the fastest way possible.&nbsp;<a href="https://t.me/blockworks_news" target="_blank" rel="noreferrer noopener">Join us on Telegram</a> and follow us on <a href="https://news.google.com/publications/CAAqBwgKMPyTxgswn6_dAw" target="_blank" rel="noreferrer noopener">Google News</a>.
<hr class="wp-block-separator">

Binance Token BNB Falls 6% after CFTC Files Suit

Blockchain data provider DeFi Llama has walked back claims about an internal conflict that led to the split of its website and Twitter handle.



0xngmi, a member of the project said to be responsible for 90% of DeFi Llama’s success, initially claimed on Twitter that the team was undergoing a “hostile takeover” as another member wanted to launch a token. Apparently, this was a move the rest of the team didn’t approve of.



But late on Monday, 0xngmi provided an update to say the <a href="https://twitter.com/0xngmi/status/1637425043482222599" target="_blank" rel="noreferrer noopener">argument</a> had been resolved, the fork had been canceled, and the website would continue to work on a single <a href="http://defillama.com/" target="_blank" rel="noreferrer noopener">domain</a>.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">For everybody who is asking: everything has been solved and all work will continue on <a href="https://t.co/8b11M6Yk9u">https://t.co/8b11M6Yk9u</a>, <a href="https://t.co/G0h4uBo2mL">https://t.co/G0h4uBo2mL</a> will just be redirecting there&mdash; 0xngmi (llamazip arc) (@0xngmi) <a href="https://twitter.com/0xngmi/status/1637955928887533570?ref_src=twsrc%5Etfw">March 20, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



DeFi Llama <a href="https://twitter.com/DefiLlama/status/1637910941550489605" target="_blank" rel="noreferrer noopener">confirmed</a> the development via Twitter, apologizing for “poor communication” and “misunderstanding within the team.” 



“We would like to put what happened behind us. There is no LLAMA token currently planned, and any airdrop will be discussed with the community, as every important decision is,” the project said.



“We will take steps to operate in a more transparent manner to ensure this doesn&#8217;t happen again.” It added that each arm of LlamaCorp would cooperate with the other.



The team caused quite a stir over the weekend after 0xngmi and another individual contributor Tendeeno openly indicated on Twitter that DeFi Llama’s co-founder 0xLLam4 didn’t care about the opinions of the rest of the team.



Tendeeno had said DeFi Llama was the most successful project under the LlamaCorp umbrella, which includes other services like DL News and LlamaPay. Developments surrounding the conflict have not affected DL News, and it continues to be business as usual at the new outlet, according to a person familiar with the matter.&nbsp;



However, DeFi Llama itself was not generating revenue, which is why the co-founder thought launching a token would solve this.&nbsp;



Tendeeno said the team didn’t want this because “the project’s value and reputation would be wrapped up in this token.” He further claimed that the co-founder behind the hostile takeover had not contributed any work to DeFi Llama and had not paid employee salaries.&nbsp;



DeFi Llama did not comment on the claims laid out in Tendeeno’s tweets.



Tendeeno added to the narrative late Monday, saying the team wants to move on without continuing the conversation publicly, “but rest assured everyone at DL is happy with the outcome.”



<hr class="wp-block-separator">
Get the day’s top crypto news and insights delivered to your email every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/?source=end" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.
 
Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from&nbsp;<a href="https://blockworks.co/newsletter/research" target="_blank" rel="noreferrer noopener">Blockworks Research&#8217;s Daily Debrief</a>.
 
Can&#8217;t wait? Get our news the fastest way possible.&nbsp;<a href="https://t.me/blockworks_news" target="_blank" rel="noreferrer noopener">Join us on Telegram</a> and follow us on <a href="https://news.google.com/publications/CAAqBwgKMPyTxgswn6_dAw" target="_blank" rel="noreferrer noopener">Google News</a>.
<hr class="wp-block-separator">

DeFi Llama Quells Internal Squabbles, Scraps Token Launch Plans

The foundation tasked with promoting development on Ethereum Layer-2 project, ImmutableX, is reportedly trying to sell a certain amount of its IMX tokens to private investors.



Digital Worlds Ltd. NFTS, a Cayman Islands-based non-profit foundation, which issues the <a href="https://blockworks.co/price/imx">IMX</a> token, is technically separate from the Immutable Group, the Australian startup which develops the blockchain, and Immutable previously disclosed a <a href="https://twitter.com/Immutable/status/1582518588321148928" target="_blank" rel="noreferrer noopener">partnership</a> with Digital Worlds to reward developers and community members with IMX tokens.



A spokesperson for Immutable, reached for comment after publication, noted &#8220;the sale proceeds will all go to the Foundation, not Immutable.&#8221;



Immutable co-founder James Ferguson is listed as the entity’s director, <a href="https://www.afr.com/technology/young-rich-listers-push-cayman-islands-crypto-sale-amid-redundancies-20230303-p5cp92" target="_blank" rel="noreferrer noopener">Australian Financial Review</a> reported Tuesday.



Immutable has so far raised nearly $280 million from investors including Tencent, Alameda Research, AirTree Ventures and Arrington XRP Capital, according to <a href="https://www.crunchbase.com/organization/immutable-systems/investor_financials" target="_blank" rel="noreferrer noopener">Crunchbase</a>.



According to the foundation’s pitch, the impending dominance of tokenization “will turn NFTs into a trillion-dollar asset class.”



The project says that the non-profit has a “$1BN+ war chest for grants.”&nbsp;



Latest figures show Immutable holds IMX tokens worth over $478 million on its own balance sheet, AFR said. According to the project’s <a href="https://www.immutable.com/imx-token" target="_blank" rel="noreferrer noopener">website</a>, there are a total of 2 billion IMX tokens, and nearly 20% of these are intended to be just for token sales.



The Immutable spokesperson put the value of IMX on the company&#8217;s balance sheet at $530 million, and added that Immutable &#8220;has never sold any of these tokens and is a long term holder.&#8221;



The pending sales, are from Digital Worlds reserve allocation of 4% of total token supply.



It’s not uncommon for a crypto company to promote and sell its own tokens to investors, as a way to raise capital. Token sales are seen as a popular route for projects to allow investors to get involved in their startups, <a href="https://blockworks.co/news/lbry-vs-sec-secondary-sales-arent-securities-may-be-good-news-for-ripple">despite lingering legal uncertainty</a> as to their possible status as unregulated securities in the United States.



According to the Immutable <a href="https://support.immutable.com/en/articles/6470640-immutable-x-whitepaper" target="_blank" rel="noreferrer noopener">white paper</a>, the IMX is used to pay transaction fees on the protocol, and may be staked to capture a portion of those fees subject to certain activity requirements in governance participation and trading.



A spokesperson told AFR that the private token sale was being led by a major venture capitalist and that it was “more than two times oversubscribed in the first 72 hours.” The project declared that Ferguson’s association with Digital Worlds is only in a personal capacity.



News of the private token sale comes less than two weeks after it emerged that Immutable was <a href="https://blockworks.co/news/polygon-immutable-staff-layoffs">laying off 11% of staff</a>. The startup cited low cash reserves as the reason for the move, the Sydney Morning Herald <a href="https://www.smh.com.au/technology/australia-s-biggest-crypto-gaming-start-up-slashes-staff-20230222-p5cmii.html" target="_blank" rel="noreferrer noopener">reported</a>, with plans to transfer the responsibility of some areas of game development to external partners.



Immutable disputes that, saying the company has a 4-year cash runway and instead wanted to allocate more resources to the most critical parts of the business. &#8220;[The latest token sale] is in no way related to the small redundancy round by Immutable last month,&#8221; the spokesperson said.



IMX is up about 170% since the start of 2023, according to data compiled by Blockworks.



Updated March 8, 2023 at 5:03 am ET: Added comments from Immutable spokesperson and clarification around the purpose of the foundation and its token sales.



<hr class="wp-block-separator">
Get the day’s top crypto news and insights delivered to your email every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/?source=end" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.
 
Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from&nbsp;<a href="https://blockworks.co/newsletter/research" target="_blank" rel="noreferrer noopener">Blockworks Research&#8217;s Daily Debrief</a>.
 
Can&#8217;t wait? Get our news the fastest way possible.&nbsp;<a href="https://t.me/blockworks_news" target="_blank" rel="noreferrer noopener">Join us on Telegram</a> and follow us on <a href="https://news.google.com/publications/CAAqBwgKMPyTxgswn6_dAw" target="_blank" rel="noreferrer noopener">Google News</a>.
<hr class="wp-block-separator">

Immutable’s Foundation “Quietly” Looks to Raise Cash For IMX Tokens: Report

Governance tokens of liquid staking derivatives continue to outpace other digital assets as anticipation for Ethereum’s upcoming Shanghai upgrade grows.



Shanghai, expected to launch sometime next month, is set to allow validators to withdraw staked ether from the Beacon Chain — some of which has been locked up for over three years.



Associated protocols and assets representing staked ETH are outgunning most other digital assets on the day, as well as on a year-to-date basis.



Liquid staking solution Lido DAO (<a href="https://blockworks.co/price/ldo">LDO</a>) clinched a near 9% gain as of 7 pm ET. Frax Share (<a href="https://blockworks.co/price/FXS" target="_blank" rel="noreferrer noopener">FXS</a>) — the governance token of the Frax ecosystem behind frxETH — and staking pool Rocket Pool (<a href="https://blockworks.co/price/RPL" target="_blank" rel="noreferrer noopener">RPL</a>) were up 20% and 6%, respectively.



In year-to-date terms, LDO, FXS and RPL are up between 100% and 190%. Bitcoin (<a href="https://blockworks.co/price/btc" target="_blank" rel="noreferrer noopener">BTC</a>) and ether (<a href="https://blockworks.co/price/eth">ETH</a>) were down roughly 1% on the day and are each up roughly 35% so far in 2023.



As a result of the upgrade, tokens representing staked ETH will have the ability to achieve better price parity with ETH, making people more likely to trust them and hold on to them, according to <a href="https://www.blockworksresearch.com/sign-up" target="_blank" rel="noreferrer noopener">Blockworks Research</a> analyst <a href="https://twitter.com/WestieCapital">Ryan West</a>.



“We&#8217;ve seen the supply of [liquid staking derivatives] already grow 5% since the start of 2023, with some versions growing more than others, such as frxETH growing 74% and rETH (Rocketpool) growing 10%,” he said.



<figure class="wp-block-image"><img decoding="async" src="https://lh4.googleusercontent.com/iBBpeRmPGiVSPzWaJbiCypJWtQxMFxP8IEgIoMZnvx_JCbpwqglSoYZnqsTYa0cRE9Z-014WgmGLMcrrtm8QjqNhRbzwgst1UZhyJ6P2T8KpUDIlBloxPfvyL_lAlyS946DqUWIUSkN8myASaSitI9M" alt=""/></figure>



Market expectations are punting on the basis that the supply of liquid staking derivatives will continue to grow after the upgrade as there is a greater trust in the tokens to stay in line with ETH&#8217;s price.



“The liquid staking protocols sit in a unique position, where they can give their users withdrawals much quicker than the Ethereum protocol processes validator withdrawals,” West said.



This is because the protocol typically has ETH that is constantly coming in through new deposits and from staking rewards that can satisfy withdrawals in the short term, he added.



Lido has revealed its plans for withdrawal processing, estimating a window of 28 to 48 hours for completion, unlike the Ethereum protocol which could take several weeks.&nbsp;



This is due to a steady influx of ETH from new deposits and staking rewards that enable Lido to fulfill short-term withdrawal requests, West said.



<hr class="wp-block-separator">
Get the day’s top crypto news and insights delivered to your email every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/?source=end" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.
 
Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from&nbsp;<a href="https://blockworks.co/newsletter/research" target="_blank" rel="noreferrer noopener">Blockworks Research&#8217;s Daily Debrief</a>.
 
Can&#8217;t wait? Get our news the fastest way possible.&nbsp;<a href="https://t.me/blockworks_news" target="_blank" rel="noreferrer noopener">Join us on Telegram</a> and follow us on <a href="https://news.google.com/publications/CAAqBwgKMPyTxgswn6_dAw" target="_blank" rel="noreferrer noopener">Google News</a>.
<hr class="wp-block-separator">

Ethereum Upgrade Expectations Fuel Liquid Staking Token Growth

<div id="highlights-block_6298759d31167" class="highlights">
 <ul>
 <li>Listing an asset on Coinbase is a fee-free process, but compliance and safety are top priorities</li>
 <li>Altcoins may be delisted if they fail to meet standards, or if new facts emerge</li>
 </ul>
 
</div>



Cryptocurrency exchange Coinbase laid out its asset listing process that shows no attached fees. Issuers won’t be charged to apply and list their assets on the crypto exchange, the company said in a <a href="https://blog.coinbase.com/listing-assets-on-coinbase-is-free-and-always-has-been-8b60cb873af4" target="_blank" rel="noreferrer noopener">blog post</a> published on Tuesday.&nbsp;



The first step for asset issuers wanting to list an altcoin is to create a Coinbase “<a href="https://www.coinbase.com/assethub" target="_blank" rel="noreferrer noopener">Asset Hub” account</a> and submit an application with pertinent details.



A special in-house committee called the Digital Asset Listing Group then makes a decision based on a review from a compliance, legal, and security perspective. CEO Brian Armstrong and other board members aren’t voting members of the group, <a href="https://blog.coinbase.com/proof-of-alignment-1a2ae680c801" target="_blank" rel="noreferrer noopener">according</a> to the company.



<blockquote class="wp-block-quote">“Our philosophy is to list every safe and compliant asset — we’re not here to pick winners or losers,” Coinbase said in its blog.</blockquote>



Upon approval by the DALG, the asset gets listed on Coinbase. Mere approval does not imply an endorsement of the asset — simply that it meets the exchange’s listing criteria, the crypto exchange stated. Coinbase further warned that an asset may be delisted if it ceases to meet required standards, or if new facts are uncovered.&nbsp;



The publication of the asset listing process comes about a month after Coinbase <a href="https://cms.blockworks.co/following-insider-trading-accusations-coinbase-moves-to-more-stringent-review-system/" target="_blank" rel="noreferrer noopener">announced a modification</a> to its approach amid insider trading allegations.



Some observers <a href="https://twitter.com/cobie/status/1513874972552355846?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1513874972552355846%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.businesstoday.in%2Fcrypto%2Fstory%2Fcoinbase-changes-listing-rules-after-insider-trading-allegations-332240-2022-05-04" target="_blank" rel="noreferrer noopener">pointed out</a> that large sums were being poured into tokens right before their listings were announced on Coinbase. Armstrong acknowledged the allegations, saying the company works with external law firms that use blockchain forensic analysis to detect unwarranted activity by Coinbase employees.



The concern is not unique to Coinbase. In May, the <a href="https://www.wsj.com/articles/crypto-might-have-an-insider-trading-problem-11653084398" target="_blank" rel="noreferrer noopener">Wall Street Journal highlighted</a> analysis from <a href="https://www.tryargus.com/" target="_blank" rel="noreferrer noopener">a small New York startup</a> specializing in compliance, that points to insider trading activity on the world’s largest cryptoasset exchange, Binance.



Coinbase offers 212 assets for custody and 172 for trading. Coinbase’s shares are down 72.8% so far this year, according to data from <a href="https://www.tradingview.com/chart/?symbol=NASDAQ%3ACOIN" target="_blank" rel="noreferrer noopener">Tradingview</a>. Total trading volume in the first quarter <a href="https://cms.blockworks.co/coinbase-stock-plummets-as-crypto-exchange-posts-430-million-loss/" target="_blank" rel="noreferrer noopener">fell 44%</a> from the prior quarter to $309 billion.

Coinbase Clarifies Token Listing Policy

Garrett Harper

On today&#8217;s episode of &#8220;<a href="https://www.youtube.com/channel/UCEOv-8wHvYC6mzsY2Gm5WcQ" target="_blank" rel="noreferrer noopener">Empire</a>,&#8221; Jason and Santiago are joined by Jeff Dorman, chief investment officer at Arca. Jeff is a prominent crypto investor known for his fundamental analysis, contrarian bets and ability to simplify crypto&#8217;s arcane topics.



In this episode, Jeff Dorman explains crypto&#8217;s response to macro, why fundamentals matter, equity tokenization and crypto&#8217;s most exciting developments. Don&#8217;t miss Jeff&#8217;s insights on where crypto is headed next!



Plus, hear more on:



<ul><li>BTC vs. NASDAQ</li><li>Crypto&#8217;s watershed moment</li><li>CeFi merging with Defi</li><li>How to value layer-1 blockchains</li><li>And so much more!</li></ul>



Check out what they had to say in the video below.👇



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Crypto’s Next Chapter | Jeff Dorman" width="1024" height="576" src="https://www.youtube.com/embed/XCFSYU_EJws?start=2529&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



<h3 class="wp-block-heading">About the show</h3>



&#8220;Empire&#8221; is a twice-a-week show where we share the real crypto stories that aren’t heard elsewhere. On Mondays, Jason and Santiago Santos interview crypto industry movers and shakers to talk about their struggles, bold moves and tough decisions. Finish off the week with Friday&#8217;s weekly roundup episode that covers the top news and narratives of the week.



For any NPR or Guy Raz fans out there, you can think of &#8220;Empire&#8221; as a &#8220;How I Built This&#8221; for the bitcoin and crypto industry.



Subscribe to &#8220;Empire&#8221; today on&nbsp;<a href="https://podcasts.apple.com/us/podcast/empire/id1554930038" target="_blank" rel="noreferrer noopener">Apple</a>&nbsp;or&nbsp;<a href="https://open.spotify.com/show/4UTePv1CR3APdKOiosR3Iq" target="_blank" rel="noreferrer noopener">Spotify</a>. Watch episodes on&nbsp;<a href="https://www.youtube.com/channel/UCEOv-8wHvYC6mzsY2Gm5WcQ" target="_blank" rel="noreferrer noopener">YouTube</a>.



<hr class="wp-block-separator">
Get the day’s top crypto news and insights delivered to your email every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/?source=end" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.
 
Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from&nbsp;<a href="https://blockworks.co/newsletter/research" target="_blank" rel="noreferrer noopener">Blockworks Research&#8217;s Daily Debrief</a>.
 
Can&#8217;t wait? Get our news the fastest way possible.&nbsp;<a href="https://t.me/blockworks_news" target="_blank" rel="noreferrer noopener">Join us on Telegram</a> and follow us on <a href="https://news.google.com/publications/CAAqBwgKMPyTxgswn6_dAw" target="_blank" rel="noreferrer noopener">Google News</a>.
<hr class="wp-block-separator">

Podcast: Crypto’s Next Chapter | Jeff Dorman

On today&#8217;s episode of &#8220;<a href="https://youtu.be/danMrI1NWKE" target="_blank" rel="noreferrer noopener">Empire</a>&#8216;s&#8221; Weekly Roundup, Jason Yanowitz and Santiago Roel Santos dive in by talking security in the wake of <a href="https://twitter.com/Arthur_0x/status/1506167899437686784">Arthur0x&#8217;s wallet hack</a>, then segue into equity vs. tokens and <a href="https://cryptohayes.medium.com/energy-cancelled-e9f9e53a50cd">what the future will hold</a> for hard commodities like gold as BTC becomes foundational to other nation states.



Plus, hear about:



<ul><li>Figure Technologies announcing ETH and BTC-backed mortgages</li><li>Bitcoin as a reserve asset</li><li>Insurance</li><li>and so much more!</li></ul>



Check out what they had to say in the video below.👇



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Crypto Hacks, Equity vs Tokens &amp; Bitcoin as a Reserve Asset | Weekly Roundup" width="1024" height="576" src="https://www.youtube.com/embed/danMrI1NWKE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



<h3 class="wp-block-heading">About the show</h3>



&#8220;Empire&#8221; is a twice-a-week show. On Thursdays, Jason interviews crypto industry movers and shakers to talk about their struggles, bold moves and tough decisions. Friday&#8217;s weekly roundup episodes feature <meta charset="utf-8">co-host Santiago Roel Santos and cover the top news from the past week.



For any NPR or Guy Raz fans out there, you can think of &#8220;Empire&#8221; as a &#8220;How I Built This&#8221; for the bitcoin and crypto industry.



Subscribe to &#8220;Empire&#8221; today on&nbsp;<a href="https://podcasts.apple.com/us/podcast/empire/id1554930038" target="_blank" rel="noreferrer noopener">Apple</a>&nbsp;or&nbsp;<a href="https://open.spotify.com/show/4UTePv1CR3APdKOiosR3Iq" target="_blank" rel="noreferrer noopener">Spotify</a>. Watch episodes on&nbsp;<a href="https://www.youtube.com/playlist?list=PLvER9nHSRN3wPkrDGTT5_8VC4Hjcq0f9U" target="_blank" rel="noreferrer noopener">YouTube</a>.



<hr class="wp-block-separator"/>



Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a target="_blank" href="https://cms.blockworks.co/newsletter/?source=end" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.



<hr class="wp-block-separator"/>

Podcast: Crypto Hacks, Equity vs Tokens & Bitcoin as a Reserve Asset | Weekly Roundup

Morgan Chittum

<div id="highlights-block_61f2d60fbec96" class="highlights">
 <ul>
 <li>The lawsuits range from allegations of copyright infringement to misleading investors</li>
 <li>Kim Kardashian, Floyd Mayweather Jr. and Quentin Tarantino have been threatened with legal action over their affiliation with crypto projects</li>
 </ul>
 
</div>



Kim Kardashian, Floyd Mayweather Jr. and Quentin Tarantino may be best known for their roles in reality television, sports and award-winning films, but recently the three have joined a growing list of celebrities being sued for their affiliation with cryptocurrency-related projects. 



On June 14, Kardashian touted token EthereumMax for all of her 250 million followers to see.&nbsp;&nbsp;



“Are you guys into crypto???? This is not financial advice but sharing what my friends just told me about the EthereumMax token,” Kardashian wrote. “A few minutes ago EthereumMax burned 400 trillion tokens — literally 50% of its management portfolio going back to the entire E-Max community. Swipe up to join the e-max community.”



Boxer Mayweather also promoted the project in the runup to a televised fight with Youtuber Logan Paul, the same month for which some tickets were available for purchase with EthereumMax tokens.



After Mayweather announced that tickets could be <a href="https://www.prnewswire.com/news-releases/huge-milestone-for-practical-use-of-emax-301300421.html" target="_blank" rel="noreferrer noopener">purchased via EthereumMax</a> tokens on May 26 the price surged, peaking on May 29 at 420 times its pre-May 26 level, according to data from <a href="https://coinmarketcap.com/currencies/ethereummax/" target="_blank" rel="noreferrer noopener">Coinmarketcap</a>. The price fell sharply within days—a decline that continued after Kardashian’s tweet. 



By July 1, two weeks after Kardashian’s post, the token’s price had fallen approximately 96% from its peak.



Seven months after the post, a <a href="https://www.classaction.org/media/huegerich-v-gentile-et-al.pdf" target="_blank" rel="noreferrer noopener">class action complaint</a> was filed against Kardashian, Mayweather, two EthereumMax executives and another public promoter of the token, former <a href="https://twitter.com/paulpierce34/status/1397628485917577217?s=20&amp;t=taLRPy-ipbWyangd6HZjgA" target="_blank" rel="noreferrer noopener">NBA player Paul Pierce.</a> The suit alleges that EthereumMax executives inflated the price of the tokens before selling theirs for a large profit. 



New York resident Ryan Huegeruch, who lost money from investing in EthereumMax tokens, filed the claim on Jan. 7 in California federal court. Court filings alleged that the defendants advertised the project to raise the price of the token at “the expense of their followers and investors.&#8221;



“The [suit] alleges a classic pump-and-dump scheme, which claims an artificially inflated price of a stock by publicly touting false and misleading statements to the market and then insiders [later sell] the stock in order to make a profit,” Braden Perry, a former CFTC enforcement attorney, told Blockworks.&nbsp;



“The celebrities are paid for promotion, but typically do not know much about the underlying technology,” Perry said. “Nevertheless, such activity is considered market manipulation for all involved, including the celebrity promoters.”



The complaint alleged that the post from Kardashian had “tremendous reach.” According to a <a href="https://morningconsult.com/2021/09/21/kim-kardashian-crypto-celebrity/" target="_blank" rel="noreferrer noopener">survey</a> by financial services firm Morning Consult, 21% of all adults in the US had seen, read or heard about the post. Roughly a fifth of those who said they&#8217;d heard about the post invested in EthereumMax, the consultancy reported. 



Head of the UK’s Financial Conduct Authority Charles Randell <a href="https://www.fca.org.uk/news/speeches/risks-token-regulation" target="_blank" rel="noreferrer noopener">said</a> that Kardashian’s Instagram post may have been “the financial promotion with the single biggest audience reach in history.” 



<div class="wp-block-image"><figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="979" height="710" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png" alt="" class="wp-image-16168" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png?w=979 979w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png?w=354 354w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png?w=360 360w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png?w=302 302w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/01/kardashianTweet.png?w=50 50w" sizes="(max-width: 979px) 100vw, 979px" /></figure></div>



“The kinds of people that have been convinced by Kim Kardashian [to invest] probably shouldn&#8217;t be buying [crypto] anyway,” Stephen Young, founder of NFT marketplace NFTFi, told Blockworks.&nbsp;



<blockquote class="wp-block-quote">“I think [these lawsuits] are probably scaring some people away [from investing] but honestly, if that’s what made them decide to buy crypto they were going to lose their money anyway because they didn&#8217;t actually understand what they were doing.”</blockquote>



Director Quentin Tarantino is also facing an ongoing legal battle over his sale of NFTs based on his cult movie Pulp Fiction.&nbsp;



On Nov. 16, Miramax, the Hollywood studio that produced the 1994 movie, filed a lawsuit accusing Tarantino of committing trademark infringement, breaching his contract, copyright infringement and of unfair competition.&nbsp;



Miramax attorney Bart Williams accused Tarantino and his team of a “deliberate, premeditated, short-term money grab,” describing their actions as “profoundly disappointing,” according to a <a href="https://embed.documentcloud.org/documents/21111461-miramax-tarantino-nft/?embed=1&amp;responsive=1&amp;title=1" target="_blank" rel="noreferrer noopener">court filing</a>. 



However, the 58-year-old filmmaker has pushed forward with his <a href="https://cms.blockworks.co/quentin-tarantino-pushes-forward-with-pulp-fiction-nft-plans-despite-lawsuit-from-miramax/" target="_blank" rel="noreferrer noopener">non-fungible tokens plan </a>despite threats of legal action. The first of seven digital collectibles from the collection, which promise personalized audio commentary from the director himself, sold for $1.1 million at auction. 



“Celebrities are an easy target for [lawsuits] as typically they have deeper pockets than the company or company insiders,” Perry, the former CFTC enforcement attorney, said. “And with celebrities, it’s a very public battle, and underlying facts will dictate who’s right and who’s wrong. And whoever’s wrong may be looking at significant penalties from civil litigation and regulatory scrutiny.”



<hr class="wp-block-separator">
Get the day’s top crypto news and insights delivered to your email every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/?source=end" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.
 
Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from&nbsp;<a href="https://blockworks.co/newsletter/research" target="_blank" rel="noreferrer noopener">Blockworks Research&#8217;s Daily Debrief</a>.
 
Can&#8217;t wait? Get our news the fastest way possible.&nbsp;<a href="https://t.me/blockworks_news" target="_blank" rel="noreferrer noopener">Join us on Telegram</a> and follow us on <a href="https://news.google.com/publications/CAAqBwgKMPyTxgswn6_dAw" target="_blank" rel="noreferrer noopener">Google News</a>.
<hr class="wp-block-separator">

Celebrities Are Getting Sued Over Their Affiliation With Crypto Projects. Here’s Why

In the latest episode of &#8220;<a href="https://youtu.be/U4W_Hbnsx-E">Empire</a>,&#8221; weekly roundup, Blockworks&#8217; Jason Yanowitz and Santiago <meta charset="utf-8">Roel Santos gear up for a jam-packed week as they explore the hottest in crypto news. They review changing opinions on tokenization, DeFi and the Curve Wars. 



They also discuss the biggest in acquisitions, from new funds stepping into the crypto space with billion-dollar backing to Microsoft&#8217;s metaverse news — and what it could all mean for the future of crypto.



Jason and Santiago also talk about:



<ul><li>What&#8217;s happening with OlympusDAO?</li><li>Token backing and main market drivers</li><li>OpenSea&#8217;s Dharma Labs acquisition</li><li>and so much more</li></ul>



Check out what they had to say in the video below. 👇



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Why Microsoft Could Win the Metaverse Wars | Weekly Roundup" width="1024" height="576" src="https://www.youtube.com/embed/U4W_Hbnsx-E?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



<h3 class="wp-block-heading">About the show</h3>



&#8220;Empire&#8221; is a twice-a-week show. On Thursdays, Jason interviews crypto industry movers and shakers to talk about their struggles, bold moves and tough decisions. Friday&#8217;s weekly roundup episodes feature <meta charset="utf-8">co-host, Santiago Roel Santos and cover the top news from the past week.



For any NPR or Guy Raz fans out there, you can think of &#8220;Empire&#8221; as a &#8220;How I Built This&#8221; for the bitcoin and crypto industry.



Subscribe to &#8220;Empire&#8221; today on&nbsp;<a href="https://podcasts.apple.com/us/podcast/empire/id1554930038" target="_blank" rel="noreferrer noopener">Apple</a>&nbsp;or&nbsp;<a href="https://open.spotify.com/show/4UTePv1CR3APdKOiosR3Iq" target="_blank" rel="noreferrer noopener">Spotify</a>. Watch episodes on&nbsp;<a href="https://www.youtube.com/playlist?list=PLvER9nHSRN3wPkrDGTT5_8VC4Hjcq0f9U" target="_blank" rel="noreferrer noopener">YouTube</a>.



<hr class="wp-block-separator"/>



Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a target="_blank" href="https://cms.blockworks.co/newsletter/?source=end" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.



<hr class="wp-block-separator"/>

Podcast: Why Microsoft Could Win the Metaverse Wars | Weekly Roundup

Sam Reynolds

<div id="highlights-block_61155a9708186" class="highlights">
 <ul>
 <li>DBS’ brokerage has received approval ‘in principle’ from Singapore’s financial regulator to offer its clients digital assets and tokens </li>
 <li>This would mean that the bank can offer its digital products from its digital asset exchange to its traditional brokerage clients </li>
 </ul>
 
</div>



Institutional and high-net worth clients of Singapore’s <a href="https://www.dbsvonline.com/" target="_blank" rel="noreferrer noopener">DBS Vickers</a> brokerage, owned by DBS Bank, could soon be trading digital assets and tokens from the bank’s digital exchange, as DBS Vickers recently received approval “in principle” from the Monetary Authority of Singapore. 



Singapore licenses digital asset infrastructure providers under the “Payments Act”, which was modified in 2019 to include cryptocurrency service providers. When the approval is finalized, clients of DBS Vickers, a traditional financial brokerage, will be able to access the digital exchange’s products.&nbsp;



“We are pleased to have made steady progress on our digital asset ecosystem in the six months since we launched the DDEx last year, and this shows in our trading and custody activity,” Eng-Kwok Seat Moey, group head of capital markets at DBS, said in a statement. “This bodes well for our ability to provide integrated solutions across the digital asset value chain notably in the form of STOs, leveraging DBS’ expertise in deal origination to tokenization, listing, distribution, trading and custody. This will contribute to Singapore’s ambitions to be a digital asset hub in Asia.”



DBS also recently announced that it would be extending the trading hours for its digital asset exchange beyond the Asian workday.



Earlier this month during its earnings call DBS announced that its digital asset trading desk had closed over $100 million in revenue during its most recent quarter. Currently the bank has 400 clients trading on its platform and it says its targeting 1,000 next quarter.&nbsp;



DBS didn’t provide a timeline to when it expects approval.&nbsp;



The bank’s stock closed the Singapore Thursday trading day at SG $31 ($22.84).  



Want more investor-focused content on digital assets? <a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Join us</a> September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. <a target="_blank" href="https://cms.blockworks.co/events/digital-asset-summit-2021-2/" rel="noreferrer noopener">Buy it now</a>.