Mediakomm

• The SEC issued a Wells Notice to Coinbase for allegedly selling unregistered securities on its exchange and through its staking service.
• Brett Quick from the Crypto Council for Innovation said the upshot could be clearer rules for digital-asset firms.
• Coinbase has been meeting with the SEC in an effort to create reasonable crypto rules, but there are still hurdles in the way of establishing regulatory clarity in the US.

SEC Issues Warning to Coinbase

The U.S. Securities and Exchange Commission’s (SEC) issued a Wells Notice to crypto exchange Coinbase, alleging that they have been selling unregistered securities on their exchange and through their staking service. This warning serves as a reminder of how difficult it can be for crypto companies to operate within existing framework in America, but also demonstrates an effort from both sides to create reasonable regulations for this new industry.

Crypto Advocate Sees ‘Silver Lining’

Brett Quick from the Crypto Council for Innovation said that this warning could lead to clearer rules for digital asset firms, although it could mean that some companies may move outside of America in order to find a more friendly regulatory environment. He believes that this kind of enforcement action will ultimately help establish case law which will provide better guidance around how crypto should be regulated going forward.

Coinbase Seeks Reasonable Crypto Rules

Coinbase has actively been trying to work with the SEC over the past nine months, holding more than 30 meetings with them in order to come up with reasonable rules surrounding cryptocurrency products and services. It isn’t just about disclosure requirements or hefty fees associated registering these products, it is about finding ways make existing securities laws compatible with technological innovations like blockchain and cryptocurrency technology.

Regulatory Clarity is Vital

It is essential that regulatory clarity is established if America wants maintain its innovative edge when it comes to cryptocurrency technology – especially when other countries are embracing innovation and providing clear guidelines on how developers should adhere to regulations without sacrificing progress.

Conclusion

While there are currently many barriers standing between cryptocurrency companies and operating within US borders, both parties (the SEC & Coinbase) are making strides towards creating a set of fair regulations which will benefit everyone involved – especially those looking innovate using this technology!

• The day after the Federal Deposit Insurance Corp. took control of Silicon Valley Bank, active NFT traders dropped to its lowest point since November 2021.
• According to DappRadar, single NFT trades totaled 33,112 on that day and NFT trading volume has fallen 51% since the beginning of March.
• Despite this collapse, projects from NFT issuer Yuga Labs, including Bored Ape Yacht Club and CryptoPunks, saw their floor prices dip slightly on Saturday but quickly recovered.

Collapse of Silicon Valley Bank Tanked NFT Trading Volumes

The day after the Federal Deposit Insurance Corp. took control of Silicon Valley Bank, there were only 12,000 active NFT traders according to DappRadar – a number not seen since November 2021. Single NFT trades totaled 33,112 on that day; the lowest daily tally so far this year. Additionally, since the beginning of March there has been a 51% drop in overall trading volume and sales have decreased 16%.

Yuga Labs Projects Not Affected as Much

Not all collections of non-fungible tokens were affected in the same way though; projects from NFT issuer Yuga Labs including Bored Ape Yacht Club and CryptoPunks saw their floor prices dip slightly on Saturday but quickly recovered. One Twitter user compared CryptoPunks to USDC claiming it was more stable than the stablecoin which lost its peg to the U.S. dollar after Silicon Valley Bank’s collapse.

Animoca Brands Reacts and Discusses Web3 Outlook

Animoca Brands co-founder and Executive Chairman Yat Siu reacts to this report and discusses his outlook for the NFT market and the broader state of Web3 plus insights into Animoca backing Nuqtah Saudi Arabia’s first NFT marketplace platform.

First Public Apperance Since Assumption as CEO

Daniel Alegre is also featured in this article as he makes his first public appearance since assuming his position as CEO at Yuga Labs. Here he provides further insight into how his company has been affected by these changes in the market along with what actions they are taking next to secure their place within it going forward.

Conclusion

Although there have been drastic decreases in both active traders along with trading volumes within the world of non-fungible tokens due to Silicon Valley Bank’s collapse last week; there is still a wide range of opinions about what will happen next for both individual companies such as Yuga Labs along with Web3 overall from industry experts like Animoca Brands co-founder Yat Siu .

• Starbucks Odyssey, an invitation-only rewards program, released its first limited edition NFTs called Stamps.
• Members were able to buy up to two stamps each at a price of $100.
• Despite technical issues, the collection sold out in 18 minutes and secondary sales have already passed $550.

Starbucks Odyssey Program Releases First NFT Drop

Starbucks Odyssey, the company’s Web3 loyalty program, has released its first limited edition non-fungible tokens (NFT), referred to as Stamps. The 2,000-item “Siren Collection” features a version of the brand’s iconic Siren and was available for members to purchase up to two stamps each starting at 12 p.m. ET for a price of $100 via credit card or MetaMask wallet connectivity.

Technical Problems During Launch

Despite the launch of the collection, members of Starbucks Odyssey Discord group complained of problems accessing the site and error messages due to what seemed like an overwhelmed website from traffic.

Collection Sells Out Quickly

Despite these technical difficulties, the collection still managed to sell out within 18 minutes with secondary sales quickly soaring past $550 as of this update.

What Is An NFT?

Non-Fungible Tokens (NFTs) are unique digital assets that can be used for various applications across multiple industries such as gaming and art platforms among others. They differ from cryptocurrencies in that they are not interchangeable but rather represent something unique—a piece of art or a collectible item—and can be bought, sold or traded on blockchain marketplaces such as Nifty Gateway.

Conclusion

The launch of Starbucks Odyssey’s Siren Collection showcases how quickly these digital collectibles can gain value in just a short period of time while also highlighting some areas where improvements may need to be made regarding technical issues during launches like this one.

• Ethereum developers have started to refer to the upcoming hard fork as “Shapella”, as it is a combination of the Shanghai upgrade on the execution side and Capella on the consensus side.
• To understand what Shapella is, one needs to understand Ethereum prior to when it went through its last upgrade, called the Merge.
• The Merge was done by merging together two layers of the blockchain: an execution layer (proof-of-work) and a consensus layer (proof-of-stake).

What is Shapella?

Ethereum developers have started to refer to the blockchain’s upcoming hard fork – in this case a key upgrade – as “Shapella”. Shapella is technically not wrong to call it the Shanghai upgrade, but this is confusing since crypto traders, analysts and industry executives have mostly referred to the hard fork – expected by next month – as “Shanghai.” This is because Shapella combines both Shanghai on the execution side and Capella on the consensus side.

Understanding Ethereum Prior to Merge

To understand what Shapella is, one needs to understand Ethereum prior to when it went through its last upgrade, called the Merge. Ethereum’s old proof-of-work blockchain was also known as the execution (application) layer. When Ethereum started its proof-of-stake (PoS) chain, also known as the consensus layer, developers were originally going to transition over just PoS chain. But they decided that would be too complicated so they merged both chains together instead – hence ‘Merge’.

Merging Process Explained

The two layers had different names: The execution layer underwent what was called ‘the Shanghai Upgrade’ while on consensus layer it was known as ‘Capella’. As such developers cleverly merged these two names together into ‘Shapella’. By merging these two layers together they could transit from proof-of work system towards proof of stake system more efficiently and smoothly without making any drastic changes in system architecture or network topology.

Benefits Of Merging Layers

The benefits of merging these two layers are plenty; for example miners are now able to use their computing power more efficiently by using less energy than before due which will ultimately reduce electricity costs for miners significantly. Additionally it helps increase scalability thanks in part due improved data structure which allows more transactions per second than before merge process took place; meaning faster transaction speeds than ever before! Lastly Etherum has become even more decentralized with new staking capabilities enabled after merge process completed successfully.

Conclusion

In conclusion, Shapella combines both Shanghai upgrade on execution side with Capella on consensus side resulting in smoother transition from proof-of work system towards proof of stake system with many added benefits including lower electricity costs for miners, improved scalability and increased decentralization among others!