Daily Digest - 3 April 2023

Headlines

▌U.S. senator launches anti-Bitcoin campaign and pushes for CBDC

U.S. Senator Elizabeth Warren recently launched an anti-Bitcoin and cryptocurrency campaign and is now pushing for the establishment of a CBDC.

Policies

▌Opinion: Policymakers Don’t Regulate Cryptocurrency Because They Think It Will Die

Head of digital policy at Barclays Bank believes that policymakers are not slow to respond, and they do not expect cryptocurrencies to survive. At the recent Citi Digital Currency Symposium in London, Nicole Sandler, head of digital policy at Barclays, discussed crypto regulations in the UK, Europe and the US, arguing that the apparent lateness of policymakers was actually intentional. “I think one of the things that some policymakers have said is they’re leaving this market to do what it wants because they think it’s going to basically die,” Sandler said.

▌Rajah & Tann partner Danny Ong leaves to start law firm focused on crypto disputes

Rajah & Tann partner Danny Ong, a dispute resolutions specialist, is leaving the firm and starting his own practice this month, according to sources familiar with the matter.

The veteran lawyer will be bringing around 10 lawyers from Rajah & Tann to his new firm, Setia Law, which will specialise in dispute resolution, fraud and financial crimes, as well as debt restructuring and insolvency, particularly in the digital asset space.

Blockchain application

▌The Guggenheim Museum appoints new executives and launches the "LGE Project" to explore NFT and blockchain

The Guggenheim Museum, a well-known private modern art museum, officially announced the appointment of the Noam Segal project curator, aiming to explore the possibility of digital art in the art world. In addition, the museum also announced the launch of the "LGE Project (Guggenheim Mu Art and Technology Program)" to further study the possibilities of NFT and blockchain technology applications in the art field, expand the museum's digital collection, support the production of new works, and create new opportunities for artists using digital media.

Cryptocurrency

▌Survey: More than 40% of Singaporeans own cryptocurrencies

More than 40% of Singaporeans own cryptocurrencies, and the adoption rate of cryptocurrencies in Singapore has soared to 2021 levels. In a recent Independent Reserve survey, 43% of 1,500 Singaporean respondents said they owned some amount of cryptocurrency. In comparison, last year's study estimated the figure to be around 40%, and the level of adoption in 2021 (during the bull market) is 43%. 77% of HODLers stated that they own two or more digital assets, with portfolio diversification being the main reason behind investing.