This Week on Crypto Twitter: Musk Welcomes New Twitter CEO to Get to X—the Everything App

An important tweet on Crypto Twitter this week was an announcement on Friday by Twitter’s proprietor and CEO Elon Musk naming his substitute, Linda Yaccarino, because the platform’s new chief government. 

Musk will proceed serving Twitter as CTO and government chairman. 

Yaccarino left her job as head of promoting at NBCUniversal on Friday morning to tackle the job of serving to Musk transition Twitter into X, his envisioned “all the things app” that may incorporate social media and funds (presumably together with crypto) alongside the strains of China’s WeChat. 

Musk can be pro-crypto. His electrical automotive firm Tesla is at present one of many largest institutional HODLers of Bitcoin, even after it offered three quarters of its authentic holdings. He’s a fan of Dogecoin, and his frequent tweets about it usually pump the value. He even changed Twitter’s blue hen brand with the Doge meme for a couple of days, so a possible crypto integration is conceivable, particularly as a funds possibility. 

Elsewhere on Crypto Twitter this week, Coinbase CEO Brian Armstrong kicked issues off by praising the UAE for its “clear rule ebook” in terms of crypto laws. 

Coinbase is a publicly traded U.S. firm, however the hostile home regulatory atmosphere is driving it offshore. The corporate just lately obtained a license to function in Bermuda and used it to open an worldwide trade providing Bitcoin and Ethereum perpetual futures. It is usually at present speaking with the Monetary Companies Regulatory Authority (FRSA), a regulator of the Abu Dhabi International Market (ADGM)—a crypto-friendly free financial zone within the UAE—about opening a regulated trade there.

Circle’s EU technique and coverage director Patrick Hansen on Tuesday shared a chart exhibiting simply how MiCA is stealing the wind from U.S. sails. European Union lawmakers final month authorised MiCA, or the Markets in Crypto Property invoice, which now means the bloc has a unified regulatory method all through its 27 member states and licenses granted to crypto firms in a single nation may be “passported” to a different member state. The principles on stablecoins come into power in July 2024, whereas different necessities won’t be enforced till January 2025.

On Tuesday, U.S. President Joe Biden positioned himself in opposition to the “MAGA Home Republicans” aligned with “rich crypto traders” that search for loopholes to keep away from paying tax. POTUS’s tweet was subsequently flagged by truth checkers who added the context that every one crypto earnings are topic to capital features tax.  

Additionally that day, a video shared by MicroStrategy chair and institutional Bitcoin whale Michael Sadler made the rounds. A eager and predictable Bitcoin acolyte, Saylor says that Bitcoin’s value “will chop its means up—with volatility—without end.”

Bitcoin mining income ranges are actually on the stage they had been at a yr in the past, in keeping with a chart shared by Will Clemente, the co-founder of unbiased digital asset analysis agency Reflexivity Analysis.

Stablecoin issuer Tether’s income is properly over a billion, in keeping with its Q1 2023 attestation. This implies it comfortably outpaces Blackrock, the biggest asset supervisor on the earth. At its peak, Blackrock grew to become the primary asset supervisor to steward $10 trillion in property in This fall 2022, however this has fallen to $8.59 trillion as of This fall 2023. 

One other day, one other crypto scammer introduced into the sunshine by blockchain sleuth ZachXBT. 

Unbiased Ethereum educator Anthony Sassano known as Ethereum staking “up solely” on Wednesday. 

Retired ExxonMobil exec Tom Glass, who’s at present looking for the Republican nomination for state Home District 17, broke information that Texas lawmakers voted overwhelmingly in favor of an replace to the state’s Invoice of Rights to incorporate the appropriate of the individuals to personal, maintain, and use digital currencies. 

Lastly on Thursday, Web3 legislation knowledgeable MetaLawMan wrote up a thread explaining simply how necessary the information is that the U.S. Chamber of Commerce  filed an amicus temporary in assist of Coinbase’s ongoing court docket petition to get the securities regulator to make clear its guidelines.