Welcome to Barmy’s Daily Crypto News – December 11th, 2022
1. Americans are far more in favor of joining DAOs and working remotely in the post-COVID-19 world
According to a survey of employed Americans, Generation Z and millennial workers are far more likely to support working remotely and joining decentralized autonomous organizations (DAOs) in the post-COVID-19 age.
A survey by the MetisDAO Foundation, which examines trends in preferences for remote working and the recent growth of DAOs, included more than 1,100 Americans. The impact of COVID-19 on employee perception and the expansion of DAOs in corporate governance is an important factor to take into account.
The survey’s findings, which are based on a study on DAOs by the Harvard Law School Forum on Corporate Governance, show how treasuries for DAOs increased from $400 million to $16 billion in 2021.
This occurred at the same time that the number of participants increased from 13,000 to 1.6 million. Comparing the global DAO workforce to some of the biggest multinational firms, it is equal to one Amazon, 18 Facebooks, seven Microsofts, or eleven Googles.
2. Florida comes out as the most crypto-ready state in the United States
33,865 Bitcoin ATMs are based in the United States, making up 87.1% of all crypto ATM installations globally. Additionally, the US contributes to 37.8% of the world’s Bitcoin hash rate, making the US the crypto industry’s most powerful player.
Florida was identified as the US’s cryptocurrency capital by Invezz’s research due to its vigorous participation in the industry. Miami has one of the highest rates of Bitcoin ATMs per capita at 14.63 per 100,000 residents, and one of the greatest rates of public interest in cryptocurrencies with 210.28 Google searches for cryptocurrency-related topics per 1,000 residents.
The availability of Bitcoin ATMs is a sign of the general public’s daily access to and usage of cryptocurrencies. Residents of Texas, California, and Florida have the greatest opportunity to use cryptocurrencies in this regard. For investors, the adoption of cryptocurrencies in the future will also rely on how lenient state taxes are.
3. To save the FTX exchange, SBF tried to disrupt the cryptocurrency market
According to sources from December 9, Tether executives and Binance CEO Changpeng “CZ” Zhao were concerned that Sam Bankman-Fried (SBF), the former FTX CEO, was seeking to disrupt the cryptocurrency market in order to salvage the now-defunct exchange. The Wall Street Journal has obtained messages from a Signal group conversation called “Exchange coordination,” where it is revealed that on November 10, CZ and SBF argued over Tether’s stablecoin USDT.
The purported argument took place the day after Binance stated it wouldn’t help ailing rival FTX, citing “claims involving mishandled client cash and alleged US agency investigations.” The corporation has no “plans to invest in or lend money to FTX/Alameda,” according to Tether’s Ardoino on November 10. In a twitter thread, CZ called Bankman-Fried a “fraudster” and claimed that Binance had sold its holdings in FTX in July 2021 because it had grown “increasingly uneasy with Alameda/SBF.”
As a retort, SBF asserted that Binance “threatened to walk at the last minute,” accusing CZ of fabricating his participation in the transaction. A “liquidity constraint” was cited as the reason for the bankruptcy filings on November 11 by FTX Group and roughly 130 other entities, including FTX Trading, FTX US, West Realm Shires Services, and Alameda Research. SBF has been mentioned in seven class action lawsuits, a great deal of inquiries, and investigations after FTX filed for bankruptcy, including a federal prosecutor’s investigation into market manipulation.
4. Rosfinmonitoring Backs Government’s Strategy to Strictly Regulate Cryptocurrencies in Russia
The introduction of stringent regulations for cryptocurrencies is supported by the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring). The official did, however, tell the Russian newspaper that a complete ban is improbable.
According to Neglyad, the Russian financial watchdog supports proposals to ban cryptocurrency settlements and advertising, as outlined in a law that was introduced to the lower house of the Russian parliament in November. It also acknowledges the need to spread knowledge about how high-risk an investment cryptocurrencies are.
They contend that digital currency or virtual assets should be regarded as property under law, making them the target of crimes. He continued by saying that Rosfinmonitoring has observed an increase in the usage of cryptocurrencies for both payment of unlawful activities as well as for the concealing or laundering of criminal gains.
Transparent Blockchain is a unique crypto analysis service being developed by the financial intelligence agency. It enables law enforcement to monitor cryptocurrency transfers and locate wallet owners. According to the head of the ministry’s economic security division this week, the Russian Interior Ministry is already employing such a device.
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