• Rep. French Hill (R-Arkansas) is the chairman of the Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion.
• The subcommittee plans to prioritize the regulation of stablecoins as its first task.
• Rep. Hill believes that a federal privacy statute should also be pursued in order to ensure secure and reliable digital asset operations.

The U.S. House of Representatives has recently established the Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, which is chaired by Rep. French Hill (R-Arkansas). On Thursday, Hill spoke to CoinDesk TV’s „First Mover“ about the subcommittee’s priority of regulating stablecoins.

Stablecoins, which are backed by an asset such as a fiat currency, provide a stable store of value for users and are increasingly being adopted by businesses and consumers alike. As such, it is important that the use of these digital assets is regulated in order to ensure secure and reliable operations. The subcommittee plans to take the lead on this issue and use the recently drafted stablecoin regulations as a model for how it will approach the regulation of digital assets moving forward.

In addition to the regulation of stablecoins, Rep. Hill also believes that a federal privacy statute should be pursued. This would help protect the data of users, ensuring their safety and security when dealing with digital assets. This would also help ensure that companies dealing with digital assets can do so in a compliant and secure manner, which is important for the continued growth of the industry.

Overall, the Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion is taking a proactive approach to the regulation of digital assets, with the regulation of stablecoins being the first priority. This is a positive step forward for the industry, as it will move towards a more secure and reliable environment for users. Additionally, the pursuit of a federal privacy statute will help to further protect users and ensure that companies dealing with digital assets are compliant with all regulations.

• Porsche has halted its troubled NFT mint early due to criticism of the collection’s launch.
• The secondary market price of the NFTs has more than doubled from its mint price.
• The tokens are now trading for a floor price of 3.3 ETH, or roughly $5,200.

Porsche has recently made headlines for its entry into the realm of non-fungible tokens (NFTs). On Monday, the German automaker launched a collection of 7,500 tokens modeled after the famed 911 sports car, with each token priced at 0.911 ether (ETH), or roughly $1,420. Unfortunately, the launch was not as successful as Porsche had hoped, as the secondary market quickly responded with criticism of the high supply and price. In response, Porsche decided to halt its mint early, leading to a supply shock and an increase in the price of the tokens.

On Tuesday, Porsche announced that it would end its mint with only 2,363 tokens created, leaving a much smaller supply than originally intended. This supply shock had an immediate impact on the market, with the floor price of the tokens rapidly increasing. According to data from OpenSea, the tokens are now trading for a floor price of 3.3 ETH, or roughly $5,200. This is more than double their original mint price and a testament to the power of the secondary market.

The launch of Porsche’s NFT collection is a reminder of the importance of understanding the nuances of the Web3 economy. The secondary market is often quick to react and issues such as supply, price, and branding can have a major impact on the success of a project. As the non-fungible token space continues to grow, it will be important for brands to understand the power of the secondary market and the impact that it can have on their projects.

•Pantera Capital, a venture capital firm with $3.8 billion in assets under management, has released its 2023 forecast: the future is DeFi.
•The bear market was worsened by a wave of exploits and bankruptcies, including the FTX implosion and Genesys Capital filing.
•Ripple’s SVP of Global Customer Success, Brooks Entwistle, joins „First Mover“ to discuss the payment protocol’s crypto and blockchain predictions for 2023, with a focus on the real-world utility from NFTs to CBDCs.

Crypto-focused venture capital firm Pantera Capital is predicting the future of the blockchain and digital asset industries, and the forecast is DeFi. With $3.8 billion in assets under management, the firm has issued its 2023 crypto forecast, emphasizing the need for transaction fees, liquidity and usability.

The bear market that began in early 2020 was further exacerbated by a wave of headline-grabbing exploits and bankruptcies, ranging from the implosion of the multibillion-dollar centralized exchange FTX to the filing by crypto lender Genesys Capital last week. The news has done little to dampen the enthusiasm for the DeFi sector, however, as it continues to evolve and attract new users.

In order to better understand the current state of the blockchain and digital asset industries, and the potential for future development, Ripple’s SVP of Global Customer Success, Brooks Entwistle, recently joined „First Mover“ to discuss the payment protocol’s crypto and blockchain predictions for 2023. Entwistle highlighted the importance of the real-world utility of digital assets, from NFTs to CBDCs, and how these can help drive the industry forward. He also discussed the SEC lawsuit against Ripple, as well as Ripple’s partnership with Solana and Global Blockchain Business Council to explore crypto-based solutions for climate change.

Pantera Capital’s prediction of a future in decentralized finance is an exciting one, and one that the firm believes is well on its way to becoming a reality. With the increasing focus on real-world utility, the rise of NFTs, CBDCs and other digital assets, as well as the continued development of the DeFi sector, the future of the blockchain and digital asset industries looks to be a bright one.

• Timothy Stranex, co-founder and CTO of cryptocurrency exchange Luno, departed in December.
• He was replaced by Simon Ince, Luno’s vice president of engineering.
• Luno, owned by Digital Currency Group, has over 10 million customers worldwide.

Cryptocurrency exchange Luno recently announced the departure of its co-founder and chief technology officer (CTO), Timothy Stranex, in December. With his departure, Luno appointed Simon Ince as its new CTO.

Stranex had co-founded Luno in 2011 with Carel van Wyk, Pieter Heyns, and current CEO Marcus Swanepoel. During his time at the company, Stranex served as its CTO and had been responsible for creating the company’s technology and engineering capabilities.

Luno is owned by Digital Currency Group (DCG), and has over 10 million customers in countries such as Singapore, Cape Town, Johannesburg, Lagos, and Sydney. The company’s mission is to make digital payments easier, faster, and more secure by providing users with an accessible platform to buy, sell, store, and trade cryptocurrency.

Ince, who previously served as Luno’s vice president of engineering, has been brought on board to fill Stranex’s role as CTO. He has worked in the technology industry for over 20 years, and previously held senior positions at companies such as Microsoft and Google.

Commenting on his appointment, Ince said, “I am so excited to be joining Luno as the new CTO. We have a wonderful and talented team, and I am looking forward to leading the engineering and technology efforts going forward.”

Luno’s CEO Swanepoel added, “We are delighted to welcome Simon to the team. His extensive experience in engineering and technology will be invaluable in our mission to make it easier, faster, and more secure for people to buy, sell, store, and trade digital currencies.”

Stranex, who is now pursuing personal projects, said of his departure, “I have hugely enjoyed my time with Luno, and am proud of what we have achieved. I am confident that Simon will do an amazing job leading Luno’s technology and engineering teams and I am excited to see what they will achieve in the coming years.”

• FTX creditor claims are being sold on the bankruptcy marketplace Xclaim for around 13 cents on the dollar.
• This is in contrast to the higher prices that failed companies Voyager Digital, BlockFi and Celsius Network are getting.
• Around 117 parties have expressed an interest in buying units of FTX, with a deadline for initial bids approaching.

As the crypto industry continues to grow and evolve, an increasing number of companies are entering bankruptcy proceedings. Among those currently in bankruptcy proceedings is FTX, a legal filing posted Sunday revealed. With 117 parties expressing an interest in buying units of FTX, the bankruptcy case has seen an unprecedented level of interest from both creditors and buyers.

The claims trading platform Xclaim has been at the forefront of this process, providing a marketplace for FTX creditor claims to be bought and sold. According to data released by the site, the $91.7 million in FTX creditor claims listed on the platform are going for around 13 cents on the dollar. This is a stark contrast to the much higher prices that failed companies Voyager Digital, BlockFi and Celsius Network are getting, with claims trading at 41 cents, 28.5 cents and 18.5 cents, respectively.

Xclaim’s chief strategy officer, Andrew Glantz, says the discount is occurring due to the lack of public information available about the claims. He added that this lack of information is making it difficult for buyers to accurately assess the value of the units they are looking to purchase. Glantz also noted that this is the first time the claims trading platform has seen so many potential buyers in a single bankruptcy case.

The deadline for initial bids is fast approaching, and with so much interest in the case, FTX’s creditors are hoping to get the best possible deal for their claims. While the exact outcome remains to be seen, one thing is for certain: FTX’s creditors will be watching the situation closely over the coming weeks.

• One of the leading artists in Web3, Ovie Faruq, believes that the Federal Reserve lowering interest rates is one way for non-fungible tokens (NFTs) to recover from the crypto winter.
• Blockchain data tracker CryptoSlam reported that global NFT sales declined by 89% in November from a peak of $5 billion in January.
• Faruq recently created „Market Wizards“ for CoinDesk’s Most Influential 2022, which sold for 41 ETH on crypto exchange Coinbase (COIN).

Ovie Faruq, one of the leading artists in Web3, recently spoke out about the potential for non-fungible tokens (NFTs) to bounce back from the crypto winter. Faruq, who is also known as OSF, told CoinDesk TV’s „First Mover“ on Thursday that the Federal Reserve lowering interest rates would give equities room to rally, thereby providing the runway for digital collectibles to rise again.

It’s no secret that the global NFT market has suffered, with blockchain data tracker CryptoSlam reporting that global NFT sales declined by 89% in November from a peak of $5 billion in January. This nosedive has been largely influenced by the Fed raising interest rates in the face of all-time high inflation coupled with „tourist money“ swiftly leaving the market. This has left retail investors in a tough spot, according to Faruq.

However, Faruq believes that NFTs may have increased utility down the road as users move toward digital identities. Faruq said that „this general change in secular trends, that’s something that will not change and will continue to escalate and become a larger part of our lives.“ To demonstrate this, Faruq recently created „Market Wizards“ for CoinDesk’s Most Influential 2022, a piece that sold for 41 ETH on crypto exchange Coinbase (COIN).

Overall, Faruq believes that NFTs have the potential to make a comeback, especially if the Federal Reserve lowers interest rates. He believes that there will be a lot of art that comes out of this year that will be something that will potentially have a lot of value in the future, as collectors look for pieces that reflect the current moment.

• 2021 was a difficult year for crypto markets, with massive financial losses for investors due to a variety of factors.
• The failure of the crypto markets is not due to a failure of technology – the Bitcoin blockchain, for example, continues to add blocks of transactions to its ledger day in, day out.
• The failure of crypto markets in 2021 is due to the actions of the community of humans who have gathered around these technologies, and there is mass collective responsibility for the theft, deception and breach of trust that has occurred.

The past year has been a difficult one for the cryptocurrency markets, with investors suffering immense financial losses due to a variety of factors. While the technology itself has remained robust, with the Bitcoin blockchain, for example, continuing to add blocks of transactions to its ledger day in, day out, it is the actions of the community of humans who have gathered around these technologies that have resulted in the failures of the crypto markets in 2021.

The theft, deception and breach of trust that has occurred is something for which there is mass collective responsibility. This is not something that can be attributed to the actions of just a few people, but rather something that has happened on the watch of the entire cryptocurrency community.

The events of 2021 have been a hard lesson for many investors who were drawn to cryptocurrencies due to the potential of fixing or replacing an exclusionary, extractive, outdated global financial system. However, if there is to be any positive takeaway from the wealth destruction of 2021, it is the reminder that the global, decentralized networks of computers running Bitcoin, Ethereum and other permissionless blockchain protocols continue to forge systems for intermediary-free value exchange with which no one person or entity can interfere, regardless of the ups and downs of markets. The presence and persistence of these vast autonomous machines is an awe-inspiring reminder of the potential of these technologies and the importance of the cryptocurrency community to ensure that these technologies are used for good.

• Lawyers representing FTX.com’s non-U.S. customers have filed a motion asking a Delaware judge to rule that customer assets locked in the collapsed exchange are customer property, not property of the FTX estate.
• The ad hoc committee of international creditors represents 18 international customers of FTX with a collective $1.94 billion in assets locked on the FTX platform.
• Erin Broderick, one of the ad hoc committee’s attorneys, suggested that FTX could be keeping quiet about what to do with customer funds due to needing them to defray operating costs.

Lawyers representing FTX.com’s non-U.S. customers have taken action in an attempt to secure customer assets locked in the collapsed exchange. On Wednesday, the ad hoc committee of international creditors filed a motion with a Delaware judge asking for a ruling that customer assets are customer property – not property of the FTX estate.

The ad hoc committee is made up of 18 international customers of FTX who have a collective $1.94 billion in assets locked on the platform. According to the terms of service on the platform, these customer assets belong to the customers and FTX had no right to touch them.

However, Erin Broderick, a Chicago-based lawyer with the firm Eversheds Sutherland and one of the ad hoc committee’s attorneys, suggested that FTX could be keeping quiet about the issue of customer funds for a different reason. She believes that the legal and executive fees in the case are enormous, and that FTX could be pushing back in order to find a way to pay these fees.

The ad hoc committee’s motion is clearly asking for the ownership of customer assets to be clarified, but the Official Committee of Unsecured Creditors has remained silent on the issue. According to Broderick, this could be because voicing an opinion on the ownership of customer assets could be a conflict of interest – since the official committee is composed entirely of FTX.com customers.

The motion has been filed, and the case is now in a “wait and see” situation. Until a ruling is made, the fate of customer assets is still up in the air. Customers of FTX will be watching closely and hoping for the best outcome.