Kiffmeister’s #Fintech Daily Digest (02/20/2022)*

Wyoming Lawmakers Want State to Launch Its Own Stablecoin

Wyoming lawmakers have proposed the Wyoming Stable Token Act (SF0106), which paves the way for the crypto-friendly state to launch its own dollar-pegged token. The act would allow Wyoming treasurer Curtis Meier Jr. to create a state stablecoin pegged to the U.S. dollar. The token would be redeemable for a single dollar held in trust by the state. [Read more]

OpenSea Confirms Phishing Attack Affecting Multiple Users

OpenSea is investigating a phishing attack aimed at users of its non-fungible token (NFT) platform. The hacker(s) stole several NFTs and had already sold a few for ethereum worth $1.7 million, according to CEO Devin Finzer. NFTs are blockchain-based deeds of ownership to different kinds of digital items, from expensive illustrations of apes to collectibles like celebrity autographs. [Read more]

Canadian Court Freezes Millions in Convoy Protestor Funds—Including Bitcoin

An Ontario Superior Court judge has issued an order to freeze millions of dollars in funds, including crypto-assets, as Ottawa’s convoy protests continue. The freezing order—known as a Mareva injunction—was part of a wider lawsuit filed against the convoy by the residents of Ottawa. The Canadian government is involved in an ongoing effort to seize protestors’ funds. [Read more]

However, it is impossible to freeze crypto-asset address and render it useless to the owner. The only way to do that is by using force to ultimately obtaining a crypto owner’s private keys. This is why fundraisers, like Nunchuk, utilize multi-signature controls. Basically, people worried about getting their crypto funds frozen should not keep crypto on centralized platforms. [Read more]

Judge orders Terraform Labs to comply with SEC subpoenas

A judge in the Southern District of New York has granted a US Securities and Exchange Commission (SEC) application for an order requiring Terraform Labs to comply with investigative subpoenas. The SEC is investigating whether Terraform Labs had violated US securities laws with its Mirror Protocol, a platform which creates crypto-assets for users to buy and sell popular stocks. [Read more]

UAE Prepares to Launch Nationwide Crypto Licensing System

The United Arab Emirates Securities and Commodities Authority (SCA) is reportedly getting ready to start issuing federal licenses to cryptocurrency service providers in the first quarter. The SCA will regulate the crypto industry with input from the central bank, but local financial centers can establish their own daily procedures around licensing. [Read more]

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Central Bank Digital Currency Workshop, Hosted by the CBDC Think Tank

In Q2 2022, the CBDCTT will launch the OpenCBDC Sandbox for evaluating, studying and learning from the OpenCBDC Boston Fed and the MIT Digital Currency Initiative open source CBDC platform. It will provide easy to use access, with the CBDCTT providing training and all updates. It’s available exclusively to central banks and official institutions. [Read more]