#51 The White House Crypto Reports. Zara’s New Metaverse Collection.
Disclaimer: Everything we write in "The Crypto Insider Report" is an x-ray of the industry as we see it, through the lens of publicly available information. We are not financial advisors.
The White House Crypto Reports
You might remember that President Biden issued an executive order in March, calling for federal agencies to coordinate their efforts in evaluating digital assets and Crypto regulation.
Well, six months later, nine reports were submitted, totalling over 300 pages, as CoinDesk’s Nikhilesh De points out in a recent article. The article helpfully summarizes the key points. If you prefer a more traditional outlet, Reuters wrote about this as well.
All in all, the United States’ goal is to stay ahead of the game in terms of technology and opportunities, while regulating the domain enough to keep bad actors at bay. To highlight a few items:
First of all, the idea of a federal framework to regulate nonbank payment providers is considered. These could well be Crypto exchanges - both centralized and decentralized. The Justice Department reminds that Crypto is the main payment method for ransomware and other illicit activities, contrasting it to fiat - same old, same old;
An intent to form a group of federal prosecutors specialized in Crypto crimes
Public-private engagements aiming to support research and development in the Crypto space, making sure the US remains competitive in the sector
CBDCs - why they are needed and how they should be designed with privacy best practices in mind
Educational initiatives, enabling a new Crypto-skilled workforce
These are essentially recommendations, paving the path for legislative efforts in the future. Considering the efforts the United States is making to address the matter, it’s safe to say Crypto is here to stay - in case anybody still wondered.
Mihnea
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Tribe DAO’s last steps
A seemingly “usual” hack (i can’t believe I’m calling it that) turned Tribe DAO on its head, involving multiple stakeholders, unprecedented governance situations and, frankly, a series of unfortunate events.
Tribe DAO was born from the M&A between FEI Protocol and RARI Capital, which made sense given their synergies between Rari’s permissionless pools and FEI’s PCV - Protocol Controlled Value. PCV allows the protocol to control the liquidity in a pool and manage the assets deposited.
Ever since the merge, things took a turn for the worse - soon after, 2 of the Rari founders and a lot of the developers stopped contributing to the newly-formed DAO. Earlier this year, the Rari pools were hacked for a total of $80m… a turning point in the saga. The $TRIBE holders later voted for the reimbursement of hack victims (on Snapshot) to then vote on another proposal that denied the reimbursement (where the Fei team’s votes had a significant impact). Ouch. The community was outraged and Crypto Twitter was in flames.
The pressure built up and the Fei team launched a new proposal, mentioning the dissolution of the DAO and only partial reimbursement… even though they had the funds to make everyone whole. Needless to say, the community was not happy, so the team implemented an option for issuing a full hack payment. Finally. And the community voted it. I’m not personally rooting for anyone in particular as long as the process is fair, but I did like how Joey Santoro handled the situation:
Bottom line is, this bear market definitely came in strong. Most DeFi protocols are down >90%, DAO involvement is at an all-time low and morale is low as well. DAOs have had a hard last few months but these governance stories will be looked back to as case studies in the years to come, as they are the Ferdinand Magellan of DAO governance.
Matei
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Zara’s New Collection Inside and Outside of the Metaverse
The autumnal weather settled in really quickly in Romania so I went yesterday night on the Zara website to order some knitwear. That’s when I found out about the ‘Lime Glam Metacollection’.
We are living in a world where what we look like online is becoming just as important as our IRL appearance. Which explains why retailers like Zara are leaning into the phenom to make sure we can fully express ourselves, even in the metaverse. In a first-of-its-kind release, the fast-fashion retailer debuted a “Metacollection” called Lime Glam, and it’s filled with eight designs perfect for dressing in reality or Zepeto’s virtual playground.
If Zepeto sounds familiar, it’s the same digital realm where Gucci launched Gucci Villa. Now, the stylish inhabitants can add to their 3-D closets pieces from Zara. From the towering hot pink platform sandals to the slinky ruched satin dresses, the limited-edition capsule collection is a showcase of the season’s biggest going-out trends. And the digital-meets-physical creations don’t just stop at clothes. Zara also created beauty products to be enjoyed in both realms—because no human or avatar should have to go without nail polish.
For a more seamless experience in Zepeto, digital walls, a floor, and a photobooth are also part of the digital Lime Glam capsule. Below, take a look at the physical and digital designs and see if you can tell the difference.
Zara’s move comes just a few weeks after the Council of Fashion Designers of America (CFDA) announced a collaboration with The Sandbox metaverse. The trade body announced plans to use the metaverse for a fashion exhibition as a retrospective celebrating its 60th anniversary. The showcase will highlight designs from houses such as Ralph Lauren, Donna Karan, Oscar de la Renta, and more. Once again, we can conclude that adoption is inevitable. It’s just a matter of time.
Evelyne
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For more educational crypto content, check out the links below:
The Stakeborg DAO Talks on YouTube: https://www.youtube.com/playlist?list=PLOrFZZifNn4Nx4nSQL3WS52ALPXgrTSVG
Discord channel: https://discord.com/channels/901898461568442458/903006233584341052
StakeborgDAO Quarterly Reports: https://docs.stakeborgdao.com/reports/dao-quarterly-reports
Stakeborg Academy: https://academy.stakeborg.com/
Top informations!
Thank you 🤝🦾🥇