New York Wants to KYC Your Crypto Wallet

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It’s Friday, Ready for Some Crypto News?

Ethereum’s dominance has slid from ++84 percent to 55 percent++. But she’s still sexy.

Terra Co-Founder Do Kwon put his blockchain revival proposal ++to vote++. It seems the community may be against it, but large LUNA holders are for it. Some of the comments are ++ridiculous++. Unfortunately for Kwon, his ++legal team quit++. When your legal team quits, that’s a good sign that you’re on sinking sand.

New York is getting aggressive with its requirements for digital currency companies. The state’s Department of Financial Services (NYDFS) wants virtual currency companies to ++use blockchain analytics++ to monitor transactions and impose Know Your Customer (KYC) laws on crypto wallets. I believe this is sure to ignite a trend. We know that crypto wallets are pseudonymous. That is, individuals and businesses can use them without identifying themselves. Since that is the case, tracking and monitoring transactions to determine if illegal activities such as money laundering and funding terrorist organizations or sanctioned entities is in the best interests of the state and federal governments. I see other states following suit, and it could even lead to federal legislation mandating KYC on crypto wallets. What say you?

Speaking of New York, crypto mining is booming in the state. In fact, it’s the ++crypto mining capital of the northeast++. Yet, legislators are considering a moratorium because, well, environment. If New York kicks the crypto miners out, they’ll likely go to Texas. Yee-haw!

Tether has cut commercial paper reserves by ++17 percent++.

Coinbase to ++launch derivatives++.

Crypto exchange Kraken ran out of San Francisco screaming, “The rent’s too damn high!” Actually, they’re ++blaming it on crime++. Okay, so Frisco’s crime rate is too high. Are they leaving the internet because of cyber crime? I think the beef is really with the city’s district attorney.

Are DAOs sustainable? This guy says ++pure decentralization can’t work++. (An AWESOME READ) If you still want to start a DAO, you should familiarize yourself with ++these 10 tools++.

Presearch is moving ++from testnet to mainnet++. Click the link to read what that really means!

Web3 is ++pissing off developers++. Maybe they’d be happier if they signed up for Polygon’s ++developer fellowship program++.

Another stablecoin has ++lost its peg++.

There are now ++50 digital asset bills++ floating around Congress. And I’m going to bet that half the Congressmen reading them can’t say “digital asset bill” without choking.

Republicans are ++skeptical of a digital dollar++. Naturally, Republicans want to protect banks and monetary policy. You know, the status quo. But I thought they were the freedom party.

FTX’s Super Bowl ad depicting Larry David endorsing bitcoin says he ++doesn’t know how cryptocurrency works++. He’s trying to demonstrate transparency. This is how you do it guys!

How to know ++if a crypto career is right for you++.

How to maximize ++bitcoin mining profitability++.

It’s going to be a ++long, hard crypto winter++. And maybe lots of snow.

The OECD wants to ++tax your NFTs++.

South Korea says it needs ++digital currency regulation++.

Russia is working toward ++legalizing crypto++.

Snark and commentary in italics. Opinions are mine and mine only. Not financial advice. Add your own disclaimer here.

Cryptocracy is a decentralized newsletter published 4 times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto.

First published at Cryptocracy. Not to be construed as financial advice.

DAO image credit: Metavise