RTC Weekly Newsletter

Author

Run The Chain
January 27, 2023

Newsletter #1

GM/GN, and a late HAPPY CHINESE NEW YEARS! We've been gone for a minute and missed out on some nice PAMPS and more SBF news - but don't worry, we're back better than ever! Let’s start this year off strong! Grab your Joes ☕️ and milk 🥛, and let’s get to this week's news! 👇

TOPICS OF THE WEEK

  • Market Analysis

  • News of the Week

  • Other Headlines

  • 🤑 Funding 🤑

  • Meme of the Week

People getting 'greedy' out here - stay safe!

DATA YOU SHOULD CARE ABOUT

Are we out of the woods? Spending has slowed down drastically - meaning that inflation is also slowing. However, all 👀 are on next week's FOMC and what Powell will be announcing.

BTC Dormancy flows are at an extreme low level indicating that speculative hands have been washed out. Only HODLers are left now 💎 🙌

NEWS OF THE WEEK

Crypto regulation has been in Asia for a while now. It started with Japan and Hong Kong. Now it's hitting Singapore.

Hong Kong 🇭🇰

Once a titan in the industry, it is now looking to regain its rein. The crypto-friendly environment is back in HK after a series of strict policies. Here's what's to come 👇

  • Ready to roll out stablecoin regulation

  • Hong Kong Monetary Authority (HKMA) views that only license-holding companies can issue stablecoins + cross-border payments in HK

  • Securities and Futures Commission (SFC)

  • Relaxing visa requirements to bring in more fintech talent - cementing HK's position as a leading international fintech hub

Singapore 🇸🇬

Once a haven for all crypto-enthusiasts and investors, Singapore is facing strict regulations. Here's what's coming 👇

  • Proposals that make it unable for firms to lend out retail customers' tokens (no more 3AC and FTX shenanigans)

  • Possibly banning lending and staking + DeFi, according to Singapore's Monetary Authority of Singapore (MAS)

  • Questions surrounding how foreign-issued stablecoins will be treated in the local markets

Japan 🇯🇵

The first to tackle CEX regulations, Japan is known to have one of the tightest consumer protection legislation worldwide. Here's what's coming 👇

  • Legalization of decentralized autonomous organizations (DAO)

  • Clarity towards taxation + formal legal structure to give limited liability to members who are involved in crypto projects

  • Possibility of non-domestic stablecoins like USDT/USDC to be listed on local exchanges

Regulation is necessary. Japan's strict policies prevented the loss of FTX Japan users' funds, while other FTX entities were met with tremendous losses. For crypto to continue, it must do so in a transparent and regulated manner.

On the other side of things...NFTs might be refundable?

NFTs Might Be Refundable?

Yep, you read it correctly. Someone on CT named Paul found a possible loophole to all the NFTs we’ve been buying, and we just might be able to get a refund!

Here’s how Paul found out

Porsche, the German automaker, launched an NFT last week (which was an absolute disaster). The important thing about this launch was that there were two legal checkboxes that you needed to sign off on. I’m sure most of us are too lazy even to read a word, but the checkboxes gave some fascinating insight:

  • 2nd checkbox was for users to give up their “right of withdrawal.”

  • “Right of Withdrawal” = A law in the EU, UK, and some other countries giving the user the ability to refund within 14 days fully - can be applied to buying goods or services online (including digital goods + downloads like books, in-game purchases, etc.)

Why it matters

Legal experts believe that NFTs could be included in the right of withdrawal laws - which is precisely why Porsche’s legal team got ahead of it and made sure people gave up that right (aka no refunds).

What’s Paul up to now?

Paul has reached out to Yuga Labs (the creator of Bored Apes) and is now asking for a refund for his Otherdeeds mint, which he paid $9k to mint and is only worth ~$2.2k now. But wait…Otherdeeds was minted months ago, so isn’t it too late? Nope, according to the law, if the seller does not inform you of your refund rights, the period is automatically extended to 12 months. Guess it’s time to offload all your devalued NFTs!

OTHER HEADLINES

$FUNDING$

MEME OF THE WEEK

I thought crypto was dead 💀

Aand that wraps it up for our news letter! Hope you enjoyed the news, memes and analysis. See you next week!

For more, follow our Twitter (@runthechain)

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.