🚨 Red Alert: 76 Cryptocurrencies Are Now Illegal! 😱

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It's yet another week of thriving in the digital world, and we are right here with you. Buckle up, as we take you on yet another ride through this week’s events

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Here are the latest picks in the crypto realm:

• Are Cryptocurrencies an Inflation Hedge? Theoretically Yes, Factually No Says S&P. Your thoughts?🤔 (coindesk)

• Red Alert: 76 Cryptocurrencies Are Now Illegal! 😱(beincrypto)

• Binance US seeking ways to cut Changpeng Zhao's majority stake (cointelegraph)

• ‘It’s going to get worse for banks’ — JPMorgan CEO on overregulation (cointelegraph)

• IRS Trains Ukraine Law Enforcement to Track and Trace Russia's Cryptocurrency Moves (decrypt)

• Nelson Mandela Foundation wants to raise R37m from sale of NFTs (news24)

• Blur Users Open $95M Loans Backed By NFTs in 10 Days (blockworks)

• Lawsuit against FTX celebrity promoters gets backup from former exec (cointelegraph)

• Blockchain, Crypto & NFTs Are Set To Change The Face of Fantasy Sports (AmericanFootballInternational)

• Milady tokens continue to fly as meme coin mania hits markets (cryptonews)

Here is what else we dug for you

🚨 Red Alert: 76 Crypto Currencies Are Now Illegal! - SEC

The SEC is cracking down on various digital currency projects and reshaping how we view these assets. There are various projects that are unregistered, and SEC is on their case.

Here is what we know about the story:

• 76 crypto projects are not registered under known brands, and aren't reading under any American financial law.

• Popular tokens have been listed among these projects, and among them is Ripple, and Dash.

• The agency already cracked down on Binance and is still pursuing these unregistered projects, with possibilities of imposing a ban on each.

• First generation crypto, Bitcoin, wasn't on the list and might just be free to use without interfering with the law.

Are Cryptocurrencies an Inflation Hedge? Theoretically Yes, Factually No Says S&P. Your thoughts?

Cryptocurrencies have undoubtedly shown potential over the year, giving insight into being an alternative to traditional currencies. S&P had comments on crypto being considered an inflation hedge, regardless of the skepticism surrounding digital assets.

Here is what we know about the story:

• There is little data to support the narrative that cryptocurrency can be an inflation hedge since the data is in a shallow timeframe.

• They commented that crypto’s track record is too short to conclude that it can be an inflation hedge by being used as a store of value.

• Crypto market features, including decentralized finance DeFi, is the future tech that could replace traditional centralized banking systems.

• The correlation between the rolling three-month returns for S&P BDMI and 10-year breakeven inflation expectations shows no conclusive pattern

• correlation between the daily returns of S&P BDMI (the agency's crypto index) and the U.S. two-year and 10-year breakeven inflation expectations is just 0.10. A strong correlation of at least 0.75 might be needed to validate the inflation hedge narrative.

Binance US Seeking Ways to cut Changpeng Zhao's Majority Stake

Changpeng Zhao, Binance CEO and co-founder has faced scrutiny from the US federal regulators and the exchange seeks to cut the CEO's stake in the platform.

Here is what we know about the story:

• Binance US directors are looking for ways to reduce Changpeng Zhao's stake on the platform.

• Their major concern is Zhao's influence over the decentralized exchange that limits acquisition of certain regulatory licenses.

• The Security and Exchange Commission is targeting American-based crypto projects with an aim of shrinking them to similar regulations that are applied to stock brokers and banks.

How to Earn Passive Income From NFTs?

“Any NFT project that offer passive income is a scam.” There’s a lot of truth to that unfortunately but if we explore the past, passive income from cryptocurrencies are a reality that have worked for years now. So conceivable it's possible with NFTs too.

You can earn a passive income with NFTs through staking, which involves holding NFTs to earn rewards. Staking involves holding the digital assets and waiting for surges in price.

Yield farming is another way to earn rewards by providing liquidity to a liquidity pool. Another angle is being a liquidity provider which offers rewards that can be awarded to your account since you deposit two different cryptos that allow others to trade more effectively.

Another angle is that smart contracts can be leveraged to process automated buying and selling, allowing owners to earn passive income. We know three are people from all walks of life subscribed so If you want us to cover more technical knowledge further just let us know!

Read more:

NFT Spotlight: Arnua Gil (UnicityArt)

Arnua Gil (UnicityArt) is a self-taught NFT artist from Barcelona, Spain. The 27-year-old has been responsible for coming up with 2D-3D blends inspired by Lofi anime-retro visuals.

He is a degree holder in Filmmaking and has been focusing on his craft for over seven years., venturing into the marketing and advertising industry. These visuals are deep representations of powerful emotional messages that are discovered through exploring human nature. A single image has an array of stories that express the human natural state.

In his words, Aruna commented, quoting, “Imagine owning a scene from your favorite movie or show? Each NFT you collect is a scene you own from my visual series, “Stars Away.” A tale of love, heartbreak, happiness and human nature.”

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Read our previous newsletters:

• LeBron James Wears Rare NFT-Powered Nike Sneakers During NBA Playoffs

• One Championship and Animoca Brands are Releasing a Web3 Fighting Game 🥊

• 📉 Is The Banking Industry on the Verge of Collapsing?

• 🗞️ Vitalik Buterin’s endorsed NFT collection pumps on OpenSea

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