@cryptocracy 13 February 2023 more from that month

Adam Back Predicts $10M BTC **Get it while it’s hot:** As you may know, I’ve been experimenting with Cent. My most recent Web3 social earnings report is available for minting at just $2. Only 18 left to claim. *This has me stoked because just a few weeks ago, I couldn’t make NFTs on Cent available for less than $5 each. I was very excited to be able to offer them for less. Most are free, and some of the free ones are* *still available**.* https://cent.co/account/posts/7432 Bitcoin pioneer Adam Back says BTC could hit $10 million by 2032. BitBoy asks ChatGPT to predict the price of bitcoin. How a Brazilian bank exposed anti-crypto legend Warren Buffet to bitcoin. *Eventually, every anti-crypto Wall Street hound is going to be exposed to bitcoin. Like it or not.* https://cointelegraph.com/news/bitcoin-could-hit-10m-in-9-years-but-more-sidechains-needed-blockstream-ceo https://www.youtube.com/watch?v=NkYS9kCdNnw https://www.benzinga.com/markets/cryptocurrency/22/05/27208096/warren-buffett-now-owns-bitcoin-heres-how-the-oracle-of-omaha-got-exposure-3 Ethereum Co-Founder Joseph Lubin says ETH not likely to be classified a security. *Last September, Securities and Exchange Commission (SEC) Chairman Gary Gensler says proof of stake cryptocurrencies* *operate like securities**. In his mind, staking is tantamount to profiting from other people’s efforts. Actually, it’s profiting from market movements and is the primary reason crypto needs to have its own set of rules.* Ethereum NFT collection OnChain Monkey price doubles after launching on Bitcoin’s Ordinals. Vitalik Buterin donates ETH to earthquake victims in Turkey. https://coinculture.com/au/business/u-s-regulators-to-label-ethereum-as-a-security-consensys-founder-doubts/ https://decrypt.co/109881/gensler-proof-of-stake-ethereum-securities https://www.crypto-news-flash.com/ethereum-nft-collection-onchain-monkey-doubles-in-price-after-launch-on-bitcoin-via-ordinals-report/ https://en.cryptonomist.ch/2023/02/13/ethereum-crypto-donations-turkey/ The SEC is going after Paxos over Binance stablecoin BUSD. This causes Paxos to stop issuing BUSD. https://www.coindesk.com/policy/2023/02/13/sec-to-sue-crypto-trust-co-paxos-over-binance-stablecoin-wsj/ https://www.bloomberg.com/news/articles/2023-02-13/binance-says-stablecoin-partner-been-told-to-stop-minting-busd An SEC commissioner rebukes the SEC for shutting down Kraken’s staking program. Hey, but what is the SEC says no one in the U.S. can interact with staking protocols? *That could happen. If it does, I hope someone has the balls to challenge them on it. They’ll surely lose. And if they don’t, citizens in the U.S. should wage a legislative gambit to force new restrictions on the power of the agency as it tries to regulate by enforcement.* Coinbase CEO Brian Armstrong says he will happily defend staking against the SEC. *It will take a company the size of Coinbase with considerable financial power to fight this in court.* Coinbase’s chief legal officer says staking cryptocurrencies do not pass the Howey test. https://cointelegraph.com/news/kraken-down-sec-commissioner-rebukes-own-agency-over-recent-action https://cointelegraph.com/news/sec-s-crypto-staking-crackdown-has-uncertain-consequences-for-defi-lido-finance https://www.cryptopolitan.com/coinbase-makes-bold-statement-crypto-staking/ https://cryptopotato.com/coinbase-claims-its-staking-products-are-not-securities-as-coin-slumps-22-weekly/ Attorney John Deaton said Ripple forced the SEC to admit XRP is computer code. *I’m sure it wasn’t hard.* Deaton to file an amicus brief in another Ripple case in California. https://thecryptobasic.com/2023/02/13/deaton-we-forced-sec-to-admit-that-xrp-is-software-code/ https://coinpedia.org/news/ripple-proponent-john-deaton-joins-another-lawsuit-in-california-heres-what-it-means-for-xrp/ Tether is once again pushing 50 percent of the stablecoin market. *I don’t understand this, considering Tether’s issues with transparency.* https://blockworks.co/news/tether-stablecoin-market-half Huobi pulls the plug on its multi-token cloud wallet. https://cointelegraph.com/news/huobi-cloud-wallet-no-more-exchange-pulls-plug-on-defi-multi-token-wallet Nexo to halt its Earned Interest Product for U.S. customers on April 1. https://www.coindesk.com/policy/2023/02/13/crypto-lender-nexo-stopped-eip-for-us-clients-on-feb-10/ SALT raises $64.4 million. https://www.youtube.com/watch?v=RlJUbi7EUM4 Divi focuses on user experience in onboarding new people to DeFi. https://cointelegraph.com/news/heres-how-one-company-is-solving-defis-issues-through-easy-onboarding-and-cross-chain-staking

**The court has ruled:** Artist Rothschild has violated a trademark by depicting Birkin bags in artwork. *Cryptocracy* *reported on this* *last week before the decision was made. Interestingly, Rothschild compared his art with that of Andy Warhol’s famous* 32 Campbell’s Soup Cans *painting. There is one difference, however. Campbell’s Soup didn’t sue. In fact, they* *sent Warhol a gift**, and later hired him to paint another picture. The case will likely be appeared, but courts generally side with brands in such cases—unless a piece of art has some significant cultural message that can be protected.* https://news.bloomberglaw.com/ip-law/how-the-hermes-nft-case-will-impact-expression-and-enterprise https://cryptocracy.substack.com/p/web3-wednesday-opensea-has-more-competition https://www.phaidon.com/agenda/art/articles/2012/august/30/campbells-issue-andy-warhol-soup-cans/ In 2022, crypto lawsuits reached an all-time high with a 42 percent increase. *Most of them involved the SEC.* https://news.bitcoin.com/us-crypto-lawsuits-reach-all-time-high-with-42-increase-in-2022-sec-cases-dominate-legal-battles/ A cypersecurity firm hacks OneKey to prove its vulnerabilities. OneKey says it fixed the problem. https://dailyhodl.com/2023/02/12/popular-hardware-crypto-wallet-onekey-hacked-by-security-firm-proving-critical-vulnerability/ https://cointelegraph.com/news/onekey-says-it-s-fixed-the-flaw-that-got-its-hardware-wallet-hacked-in-1-second How central banks are creating a surveillance state through digital currencies. https://unherd.com/2023/02/the-tyranny-of-digital-currencies/ Microsoft is disbanding its industrial metaverse group. It seems the company wants to focus on “shorter-term projects.” *Have they seen the light?* https://news.bitcoin.com/microsoft-reportedly-shutting-down-industrial-metaverse-focused-group/ https://analyticsindiamag.com/the-reason-behind-microsofts-layoffs-in-industrial-metaverse-division/ A look at crypto taxes around the globe. https://economictimes.indiatimes.com/markets/cryptocurrency/navigating-the-crypto-tax-landscape-a-global-comparison/articleshow/97835630.cms Before her Super Bowl performance, Rihanna released a popular 2015 hit as an NFT. https://www.coindesk.com/web3/2023/02/10/popular-rihanna-song-offered-as-nft-with-royalty-sharing-ahead-of-super-bowl/ Cross the Ages collectible card game launches new marketplace on ImmutableX. https://www.playtoearn.online/2023/02/10/cross-the-ages-opens-marketplace-on-immutable-x/ French modern art museum The Centre Pompidou will showcase NFTs. https://cryptonews.com/news/nft-revolution-reaches-france-cryptopunks-autoglyphs-displayed-at-top-modern-art-museum.htm George Kaloudis is glad there were no crypto Super Bowl ads. *Quite frankly, so am I. The ads this year a bit lame.* https://www.coindesk.com/consensus-magazine/2023/02/12/im-glad-there-are-no-crypto-super-bowl-ads-heres-why/ The G20 are discussing crypto regulation. https://economictimes.indiatimes.com/news/economy/policy/cryptocurrency-regulation-is-under-discussion-with-g20-nations-fm-nirmala-sitharaman/videoshow/97839526.cms The digital Rupee is embraced by half a million Indians. https://www.thestreet.com/crypto/news/half-a-million-indians-embraced-digital-rupee-pilot Brazil legalizes crypto payments. https://tickernews.co/cryptocurrencies-now-valid-payment-options-in-brazil/ United Arab Emirates’ central bank issues a digital currency. Bank Indonesia has introduced a consultation process for its wholesale central bank digital currency. https://www.thenationalnews.com/business/banking/2023/02/12/uae-central-bank-launches-programme-to-boost-digital-transformation-in-financial-services/ https://coingeek.com/indonesia-central-bank-unveils-wholesale-cbdc-consultation-process/ *Snark and commentary are in italics. Inclusion of an item doesn’t mean I agree or endorse the ideas presented. Of course, it also doesn’t mean I don’t.* Cryptocracy is a decentralized newsletter published several 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. Original articles on Fridays. *First published at* *Cryptocracy**. Not to be construed as financial advice. Do your own research.* https://cryptocracy.substack.com/p/could-btc-hit-10m-by-2032   Image source: CoinTelegraph