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Welcome to The Node! It's the third day of Consensus, in Austin, Texas.
This weekend, The Node will continue to publish twice a day: once in the morning providing the usual news digest and once in the afternoon. These second newsblasts will feature on-the-ground reporting and live updates from Consensus, so you can stay up-to-date whether you're here or not. – Daniel Kuhn |
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LOBBYIST LITIGANTS: Crypto think tank Coin Center filed a suit against the U.S. Treasury Department and Internal Revenue Service on Friday, claiming a crypto tax reporting requirement enshrined in a 2021 infrastructure law is "unconstitutional." Treasury Secretary Janet Yellen and IRS head Charles Rettig are both named defendants in the suit. - The requirement, set to take effect in 2024, requires U.S. taxpayers who receive over $10,000 in crypto to report the social security numbers and other personal information of the sender.
- "The reporting mandate would force Americans using cryptocurrency to share intrusive details about themselves, both with each other and with the federal government," the lawsuit said.
ARMSTRONG RESPONDS: Coinbase CEO Brian Armstrong took to Twitter on Friday to respond to an online petition purportedly coming from some of his employees calling for the ouster of Chief Operating Officer Emilie Choi, Chief Product Officer Surojit Chatterjee and Chief People Officer L.J. Brock after serious product failures. - The petition, which is accepting blind signatures, sites corporate failures of Coinbase's NFT marketplace, a performance review system, a toxic work culture among other issues.
- The note does not mention Armstrong, who said "airing company dirty laundry publicly is unethical and dumb" in his public response.
SWIPE FOR NFT: Mastercard (MA) said Thursday that its cardholders can now buy non-fungible tokens (NFTs) on some marketplaces without needing to first purchase cryptocurrency. It is working with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway and MoonPay on the new capabilities. - "With 2.9 billion Mastercard cards worldwide, this change could have a big impact on the NFT ecosystem," according to Raj Dhamodharan, Mastercard's executive vice president of digital asset and blockchain products and partnerships.
- Mastercard recently surveyed a group of over 35,000 people in 40 countries and found that 45% had purchased an NFT or would consider buying one, the company said.
COMPLEX MOTIVES: The attacker behind the recent theft of 20 million Optimism (OP) tokens returned 17 million of them on Friday. The funds were returned to an address belonging to Optimism, the Ethereum rollup provider, over the course of 17 transactions. He kept a 2 million OP token bug bounty. - "We see today's news as a very positive development," Evgeny Gaevoy, CEO of Wintermute, the company that started the issue after sending tokens to an Ethereum address rather than Optimism, said. He called the hacker a "white hat."
- The theft did not exploit a technical flaw, but does show the trouble with blockchain complexity, after the hacker was able to set up a wallet at the address where the tokens were sent erroneously.
- Vitalik Buterin was part of the team looking to recover the tokens.
WOAH, HUOBI: Cryptocurrency exchange Huobi Global launched Ivy Blocks with a "multibillion-dollar war chest" as it moves into the venture capital space. Ivy Blocks will provide three core services: a liquidity investment department, an asset management platform and income aggregation. - "Many promising projects tend to encounter liquidity constraints and a lack of go-to-market support, which present significant barriers to growth," said Huobi Chief Financial Officer Lily Zhang in a statement.
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If you're attending Consensus 2022 in Austin, Texas and you're interested in institutional investments in the Web3 space, then we have a fireside chat, you're not going to want to miss: From Decks to Partnerships: The Web3 VC Journey to Strategic Investing. In this talk, Nexo's Co-Founder and Managing Partner Kalin Metodiev, CFA, and Head of Corporate Finance and Investments, Tatiana Metodieva, CFA will unveil the secrets to successful VC activity in our novel industry as they touch on the inner workings of Nexo Ventures, Nexo's strategic investment arm. Thе fireside chat will take place on Saturday, June 11 at 5:00 pm.
Join in and get intel on the latest trends in the venture capital and Web3 economies, as well as large-scale digital assets adoption.
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