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Dear Bankless Nation,
Hereâs a recap of the biggest news in crypto for the second week of June, 2022:
Ethereum completes âdress rehearsalâ for The Merge
The Ethereum network completed a test-run of its ETH2.0 upgrade on the Ropsten testnet this Wednesday, June 8.
Let Parithosh walk you through some details:
ETH 2.0 lead Danny Ryan was elated, calling it a major success, adding: âIf this were mainnet, Iâd be jumping for joy.â
Ethereum core dev ringleader Tim Beiko appeared on State of the Nation this week, where Ryan and David peppered him with multiple versions of the question: âWen merge?â
Beiko reiterated its imminence.
To paraphrase his response: the tech could be deployed right now and it would operate normally. Current testnet runs are mainly for coordination among node operators and validators.
Ropsten was the first of three dress rehearsals for The Merge on public testnets scheduled for the coming weeks.
New Crypto Bill Drops in US Congress
U.S. Senators Gillibrand and Lummis introduced a long-awaited crypto bill that seeks to establish a robust, bipartisan regulatory framework for digital assets.
Here are some highlights:
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Defines the difference between crypto securities and commodities
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Requires DAOs to be registered entities in a jurisdiction
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Calls on the IRS to provide clear tax guidance in line with the legislation
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Proposes that staking revenue isnât taxable income until you sell it
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Grants the CFTC with exclusive regulatory powers over crypto assets that are not securities ( mainly crypto commodities like BTC & ETH) -
All banks and credit unions will have a clear pathway to issue regulated stablecoins
How this bill fares in the meatgrinder of Washington politics is yet to be seen, but weâll be watching this sausage gets made very closely.
US Inflation Hits 40-Year High
U.S. inflation is now at 8.6%.
For central bankers, this metric is obviously running hotter than expected. Literally nobody else is surprised at all.
Mortgages, rent, groceries, gas â all going up.
Something else is going up as well: interest rates. The Fed will likely raise rates again next week. Whether Jerome and the Gang want to stay on course with 50 bps rate hikes â or even get more aggressive â thereâs really no other way than up.
The Fed has to fight inflation. They will continue to be hawkish.
What does this mean for investors?
Stocks and crypto have taken a sharp downturn.
The S&P sank nearly 3% following the release of these numbers. Major crypto assets like BTC and ETH tumbled even harder.
The investing environment is risk-off. While crypto fundamentals are strong, weâre dealing with some mega-macro drama.
Thereâs a lot of volatility out there. Stay calm and weather the storm. ETHâll all be worth it on the other side.
Hereâs whatâs lined up for next week:
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Shark Tankâs Kevin OâLeary joins us on the podcast ( early access here) -
David shares his favorite Build market projects
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We answer âIs DeFi dead?â(hint: itâs not.)
Have a great weekend everyone.
â Bankless
Recap for the week of June 7th, 2022
đïžVance Spencer and the Bear Market Gift
Listen to podcast episode
ACTION RECAPÂ đ
READ đ
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đ So What if Crypto Winter is Here? -
đ Your Guide to the Synthetix Ecosystem -
đ Enterprise Blockchain Isnât Boring -
đ The Layer 2 Token Endgame -
đŹ What coin are you holding through the bear market?
WATCHÂ đ
METAVERSAL đ§ââïž
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đ The Merge and NFTs -
đ Free-to-Mint NFTs
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DC Comics, Snoop Dogg, and an Excursion Through Sunflower Land | Decentralized Arts
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đ Rariâs Permissionless Lending Markets | BanklessDAO Weekly Rollup
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Not financial or tax advice.
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