Coinstack - For Smart Crypto Investors - Bitcoin, Ethereum, DeFi & The Future of Money

This week in crypto, Ropsten, Ethereum's oldest testnet, has successfully competed its transition to proof of stake, Senator Cynthia Lummis (Wyo.) has introduced a major new bill called the Responsible Financial Innovation Act, and US regulators are investigating whether Binance Holdings Ltd. broke securities rules.

Peer is building a decentralized social network that is designed to be the Web 3.0 version of Facebook, plus much more.

Welcome back to Coinstack, your favorite weekly podcast for institutional crypto investors, where we review the top news and reports in the digital asset ecosystem. This week we do a deep dive on Celo and their venture into Refi.

This week we saw the UST stablecoin depeg, the LUNA token collapse, and the Terra blockchain get halted. It was a week for the history books in the land of programmable money.

This week in crypto, Yuga Labs held the public debut for its “Otherside” metaverse project, generating roughly $285 million for the company while also creating some of the highest gas fees in the history of the Ethereum network, Goldman Sachs (GS) has offered its first bitcoin-backed loan in the latest sign that Wall Street is moving further into crypto, SEC nearly doubles the size of enforcement's crypto asset and cyber unit.

This week in crypto, Fidelity to allow retirement savers to put Bitcoin in 401(k) accounts, Stripe will use USDC and Polygon, with Twitter as its first partner, The Instagram account belonging to NFT project Bored Ape Yacht Club (BAYC) was compromised Monday, paving the way for the theft of more than a dozen individuals’ digital valuables.

This week in crypto, the Ethereum 2.0 upgrade that will see the network switch to proof of stake will come 'in a few months after June, the US government connected the North Korean hacking unit Lazarus Group and last month's exploit of the Axie Infinity's Ronin sidechain, Beanstalk Farms, an Ethereum-based stablecoin protocol, was exploited for $182 million Sunday. 

This week in crypto, Janet Yellen shared an updated and balanced tone on the crypto ecosystem, EU member states agreed to ban the provision of high-value crypto-asset services to Russia, the LFG seeks to build a $10 billion reserve in bitcoin for backing the UST.

This week in crypto, the U.K. embraces stablecoins and positions itself as a leader in digital assets, SEC chair Gensler calls for more oversight on stablecoins and crypto firms’ custody, market-making arms, CME Group considers futures on Solana and Cardano after launching futures contracts tied to bitcoin and ether in recent years.

This week in crypto, Do Kwon of Terra has announced a purchase of $3B of Bitcoin as further backing for its UST stablecoin, 173,600 ETH (worth roughly $590 million) and 25.5 million worth of the stablecoin USDC were lost in the Axie hack, The Treasury's new proposal suggests that offshore crypto accounts with more than $50,000 should be reported to the IRS.