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The conversation around NFTs has shifted from speculation to utility. Now, major players have opted to use NFTs to power loyalty, membership and ticketing services, signaling positive signs for mass adoption.

BlackRock’s views on KYC will likely carry weight in the ongoing struggle for regulation on the industry, given its ETF application.

The project’s new model uses an order book to match borrowers and lenders, relying on a market-based mechanism to set interest rates.

V Pappas, Chief Operating Officer of the video sharing platform TikTok, announced that they are stepping down from the role in an internal memo to employees that was later shared on Twitter. 

Pappas intends to focus on more entrepreneurial endeavors after parting from the company. In the farewell letter, they noted the innovation happening across multiple technologies that included blockchain.

“Given all the successes reached at TikTok, I finally feel the time is right to move on and refocus on my entrepreneurial passions. Few had imagined what the last five years would look like and with all the incredible innovation happening now with generative AI, robotics, renewable energy, genomics, blockchain and the IoT, clearly the future will again look much different,” Pappas wrote. 

Though mostly known for viral dances and short-form content, TikTok dabbled with web3 projects over the past few years. In Sept. 2021, TikTok released an NFT collection of videos from the platform’s most popular creators, and the firm also integrated the blockchain-based music platform Audius in mid-August of 2021. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Crypto wallets linked to Sun still hold some $543 million in Lido’s stETH token, according to Arkham Intelligence data.

Crypto custodian Prime Trust halted deposits and withdrawals of both fiat and crypto after receiving an order from the Nevada Financial Institution Division, fiat onramp service Stably said in a notice posted on its website. 

Stably, which said it relies on Prime Trust as its regulated custodian, cited a letter to clients it said it received from the company. A copy of the letter was also obtained separately by The Block. 

“During this period, we will suspend certain business expansion activities such as signing new customer contracts,” Prime Trust said in the letter to Stably. “Prime Trust is actively engaging the NV FID to determine next steps to remediate any concerns and return to business as usual as soon as possible.”

Stably pauses services, too

Stably, meanwhile, said it was forced to pause some services and operations as a result. 

“As Prime Trust continues working to restore normal operations as quickly as possible, we are diligently working on integrating new custodian partners as well (more details to be announced soon),” Stably said. 

The Nevada Financial Institution Division was not immediately able to respond when contacted by The Block. Prime Trust did not immediately respond to a request for comment. 

BitGo said earlier Thursday that it’s terminating the planned acquisition of Prime Trust, just two weeks after it announced plans for the deal.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Coinbase CEO Brian Armstrong thinks the upcoming U.S. presidential election next year could be a potential turning point for the crypto industry. 

Speaking at a conference in New York on Thursday, Armstrong said a recent lawsuit brought against the exchange by the U.S. Securities and Exchange Commission could ultimately provide increased regulatory clarity for the industry as the case works its way through the courts.

“Frankly, the 2024 election is also a factor here,” Armstrong added. “It’s kind of politically unpopular to be anti-crypto right now, and we are going to see potentially a change here, whether in administration, parties or the SEC chair.”

Armstrong also alluded to the SEC’s suit against rival exchange Binance.

“As we’ve seen other enforcement actions come down — which, I have to remind people, we’re engaged with the SEC on a civil matter, that’s kind of a technical matter on what is a commodity and what is a security, the courts can help get clarity there,” he said. “The other issue we’re seeing is different. There are criminal matters. There are allegations of [illegal] trading, commingling of funds, executives and CEOs being named personally. None of that is really an issue at Coinbase.”

Coinbase has been in a lengthy dispute with the SEC, having sued it earlier this year in an attempt to force it to provide new rules for the digital asset industry. The regulator responded with its own lawsuit against the exchange earlier this month, accusing it of violating securities law. 

Crypto as a campaign issue

Besides the courts, Coinbase has engaged in a prominent campaign to find public support for its cause. Last month, the exchange ran a TV ad to confront what it said is a “naive view” of digital assets.

There are already signs, indeed, that crypto policy is emerging as a campaign issue, especially among challengers to the leading candidates in the race. 

Florida Governor Ron DeSantis, the Republican who launched his presidential campaign in a Twitter Spaces event with Elon Musk last month, said he’d protect bitcoin if he’s elected. On the Democrat side, candidate Robert F. Kennedy Jr. has spoken favorably of the world’s largest crypto by market capitalization.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Coinbase will look more like Tencent’s WeChat than the simpler crypto exchange interface of today, Armstrong said.

FAs and RIAs shouldn’t run from crypto and digital assets, as long as they have the right playbook.

The largest cryptocurrency by market cap has benefited from rising investor optimism following multiple filings for spot bitcoin ETFs and its omission from tokens listed in SEC lawsuits earlier this month.