Oct 22•8 min read
Yuga Labs Under SEC Probe, Wellness & Web 3.0, Meta Debuts NFTs on Instagram & Bitcoin 401(k) Plans
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Yuga Labs Under Federal Investigation by the SEC
Yuga Labs Inc, the creator of Bored Ape Yacht Club (BAYC) is currently under investigation by the Securities and Exchange Commission. The probe is over whether or not the NFT sales violate federal law. The SEC is trying to understand how NFT sales compare to regular commodities and assets like Stocks.
This investigation will look into the distribution of APE 0.00 to BAYC holders. ApeCoin was allocated to holders of BAYC/MAYC/BAKC based on holding certain NFTs. As of this moment, Yuga Labs have not been officially charged with any crime.
Yuga Labs told Bloomberg News, “It’s well-known that policymakers and regulators have sought to learn more about the novel world of web3. We hope to partner with the rest of the industry and regulators to define and shape the burgeoning ecosystem…As a leader in the space, Yuga is committed to fully cooperating with any inquiries along the way.”
U.S Lawmakers Draft a Bill to Allow Cryptocurrency in 401(k) Plans
U.S Lawmakers are drafting a bill to include cryptocurrency in 401(k) Plans. This is no surprise, as major institutions are now running to form Bitcoin trusts and crypto-custody solutions. This is at the request of institutional and retail investors all over the world.
As noted in earlier issues of the Jrny into Web3 Newsletter, major institutions such as BlackRock, Binance, and others have capitulated their stance on cryptocurrencies.
This is a direct amendment to the Employee Retirement Income Security Act of 1974. With the new bill (Financial Freedom Act or Retirement Savings Modernization Act) we are seeing more of a push toward the average joe being able to have direct exposure to Bitcoin and cryptocurrencies through 401(k) plans.
According to Nasdaq, “The draft also defines a “covered investment” and lists “digital assets” along with the other standard assets which can be managed within a standard 401(k) savings plan…thereby shielding investment managers from liability”.
Republican lawmakers drafted this bill which will enable investment managers to offer Bitcoin in 401(k) plans. The estimated release for the bill is following the midterm elections in November 2022.
This is incredibly bullish, this bill will change the dynamics forever for U.S citizens to easily opt into adding Bitcoin or cryptocurrencies into their 401(k) plans every year.
Wellness + Web 3.0 - Bandwidth Care
During bear markets, our mental health can really take a toll. Between the double percentage drops, Bitcoin crashing to prices not seen since last decade? And the back-to-back red days, bear markets can leave us feeling anxious, desperate, and confused about what to do next. How does someone in Web 3.0 cope with all the financial stress during bearish market conditions?
Well, an organization called Bandwidth Care is bridging the gap between Wellness & Web 3.0. Bandwidth Care is a community-based think tank that uses art, research, and digital activism to care for people with tech-related mental health needs. This start-up is founded by Marcus Brittain Fleming, a psychotherapist, and artist (LMSW). Last week, Bandwidth Care ran a week-long online called Wellness x Web 3.
This event raised awareness through one-of-a-kind Wellness + Web3 NFTs secured by Bitcoin. The event programming showcased seven different workshops led by wellness experts. Each workshop focused on different techniques Web 3.0 creators can use to cope with the ups and downs of Web 3’s new frontier. Click here for more info!
Facebook & Instagram Allows Users to Showcase NFTs
It finally happened, after months of speculation, Meta announced this week that all Facebook and Instagram users can now connect their wallets and share their NFTs. Meta also launched NFT support on Instagram which is currently accessible in over 100 countries that can now access this exclusive feature.
You can now connect to specific wallets such as MetaMask, Coinbase Wallet, Rainbow wallet, and more.
Users must first ensure they have downloaded the latest version of Facebook or Instagram.
You must have the preferred wallet downloaded on your phone.
Sign into Facebook or Instagram.
Connect your wallet by selecting the “digital collectibles” tab under settings.
A pop-up will appear and ask for your password to access your wallet.
Instructions will appear for your installed wallet application.
A second notification will appear on your screen. You will have to click “Sign” and then tap “OK” to confirm your wallet connection.
Once your wallet is connected, you will be able to view your NFTs within the Facebook or Instagram mobile app.
Now you can share your NFTs on your page by selecting “Share to Feed”
Ray Dalio Steps Down from Bridgewater Associates
Billionaire hedge fund manager Ray Dalio stepped down from his role as the Co-Chief investment officer at Bridgewater Associates. Dalio founded and built the hedge fund from the ground up in 1985. Currently, Bridgewater associates have a market value of $150 Billion dollars.
However, this brings more questions than answers. Dalio is widely known for his expertise and knowledge of the world’s financial markets and the changing world order. It begs the question of whether a global recession is truly imminent.
Ray Dalio has also given up his voting rights to the board of directors. This was in part of a full succession of his role at the firm.
Dalio says, “I'm deeply grateful for everything these people have done to bring us to this moment. While it hasn't been easy over the last 12 years, we made it! Over the last 2 years I have watched & mentored them so they could run Bridgewater without my interference and they did great.”
Human Rights Foundation Gives Out $325k in Bitcoin Grants
The Human Rights Foundation (HRF) recently gave away $325k in Bitcoin grant funding. Allocating thousands to fund Bitcoin development. HRF is focused on providing grants to enable censorship-resistant Bitcoin platforms.
$100,000 was granted to the BTCPayServer. Which is an open-source Bitcoin payments processor, that allows users anywhere to buy items using Bitcoin. HRF & Strike partnered on this donation.
$25,000 was given to Vinteum Initiative, a non-profit Bitcoin research center.
$25,000 was donated to Novaya Gazeta, an independent Russian news media geared toward reporting news about politics and societal standards. The funding will help drive research into Bitcoin & Cryptocurrencies.
$50,000 was given to Jon Atak to continue Bitcoin's core development.
$25,000 was granted to Leigh Cuen to continue the development of a Bitcoin donation guide for non-profits. This guide shows institutions and other entities how to accept donations in Bitcoin.
$50,000 was donated to Josh Kitman for an e-cash solution for Bitcoin.
$25,000 was given to Keith Mukai to continue development on Seed Signed, which is an air-gapped Bitcoin hardware wallet (which will have multilingual support - in development).
$25,000 was granted to RoboSats an open-source, peer-to-peer lightning exchange. RoboSats is now available as an app for umbrel nodes and offers non-KYC Bitcoin trading.
Arno Casten’s Genesis NFT Auction
Arno Carstens, a celebrated fine artist, and award-winning alternative singer-songwriter have turned his sights to NFTs with his latest drop on Gamma.
The auction, which kicked off on 29th September and ran for 24 hrs from the first bid, has taken the ecosystem by storm and has drawn a lot of mainstream attention, now that a major artist is releasing NFTs on Bitcoin.
Arno’s first animated art piece, “Samsara” from the Digitised collection had a reserve of 1000 STX ($333). The auction ended with a bid of 1414 STX ($466.62). This marks the beginning of a new era with NFTs secured on Bitcoin.
To View Samsara: Click here
Follow Arno on Twitter: Click here
Join Arno on Discord: Click here
Kim Kardashian Fined by the SEC
Kim Kardashian was fined $1.26 Million ($1 Million penalty payment + $260k promotional payment fee) by the Securities and Exchange Commission for advertising EthereumMax. Kim Kardashian was paid a quarter of a million dollars to promote EthereumMax on Instagram to her unsuspecting 331 Million followers. The original post did not state that it was a sponsored or paid advertisement.
It is fraudulent for celebrities or influencers to endorse investment opportunities without full disclosure of it being a paid promotion. This includes but is not limited to crypto-asset securities, commodities, and other investments. Nevertheless, it is the job of the Securities and Exchange Commission to enforce laws and uphold consumer protection acts without stifling innovation.
The SEC’s order finds that, “Kardashian failed to disclose that she was paid $250,000 to publish a post on her Instagram account about EMAX tokens, the crypto asset security being offered by EthereumMax. Kardashian’s post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens”.
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