Daily Digest - 22nd May 2023

Headlines

▌NFT sales plummeted in May as memecoin and ETH transaction fees soared

NFT sales have plummeted this month due to the recent gas fee price spike for memecoin and ETH. According to data from DappRadar, NFT transaction volume has reached only $333 million so far this month, making May on track to be the first month in 2023 with transaction volume below $1 billion. However, the average number of daily unique wallets interacting with NFTs increased by 27% in May compared to April, an increase DappRadar attributes to the buzz around the “Milady Maker” NFT series.

▌Biden: Will not agree to a deal that protects tax evaders and crypto traders and puts food aid in a bind

US President Joe Biden recently addressed cryptocurrencies in his speech at the G7 summit on budget negotiations. Biden says he won't agree to a deal that puts food aid in limbo by protecting wealthy tax evaders and cryptocurrency traders. In addition, Biden also said that he will not agree to a $30 billion tax cut for the oil industry, they earned $200 billion last year, they don't need $30 billion in incentives, while putting 21 million American lives at risk.

Policies

▌Bakkt Chief Product Officer: The international regulatory environment for cryptocurrencies is improving

Dan O'Prey, chief product officer of digital asset platform Bakkt, said at the Bitcoin 2023 conference that the international regulatory environment for cryptocurrencies is improving and that the company is eyeing retail expansion on the African continent. The overall lack of clarity on US regulation of cryptocurrencies has been the most significant hurdle to Bitcoin adoption. Additionally, O’Prey praised MiCA, the EU’s recently adopted regulation for markets in cryptoassets, and O’Prey said that any kind of clarity is generally good. At least people know where they stand, know how they should operate, understand how to comply, and this enables businesses and institutions to participate in the space, and these regions that provide clear regulation for cryptocurrencies will receive a large inflow of talent, capital and jobs.

Blockchain Application

▌Binance Academy partners with Bahrain coding school Reboot 01 to provide blockchain education

Kingdom of Bahrain Coding Academy Reboot 01 is partnering with Binance Academy. Through this partnership, Reboot 01 students will have open access to Binance Academy's learning portal, which provides a wealth of resources on the blockchain, cryptocurrency, and Web3 ecosystem, including articles, guides, videos, and terminology entries, catering to different skill sets range of needs and pursuits. In addition, Reboot01 and Binance Academy will jointly conduct analytical missions, hackathons, and business missions, and plan to host Binance Blockchain Developer Programmes on the Reboot01 campus. The curriculum of Reboot01 will contain important courses centered on the applied science of blockchain and cryptocurrency, including studying how to develop smart contracts, create, and manage NFT and cryptocurrency wallets, and how to apply the main applied science based on Web3. Reboot 01 undergraduates can choose to specialise in their blockchain and cryptocurrency department at the outset.

Cryptocurrency

▌Lawyer warns hidden crypto assets turn divorce disputes into high-stakes cases

The growing popularity of cryptocurrencies as investment assets has introduced a new source of conflict in divorce cases. Divorce attorneys and financial advisors are now faced with complications arising from financial deception related to undisclosed cryptocurrency holdings. This is particularly the case in states such as Florida, Texas, New York, and California, where cryptocurrencies account for a large percentage of divorce cases, ranging from 20% to 50%. Lawyers and advisors are uncovering cases where one spouse secretly invested large amounts of cryptocurrency, anywhere from hundreds of thousands to millions of dollars, without their partner's knowledge.