November 1, 2022

The biggest crypto news and ideas of the day

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Hello and welcome to The Node. This is Daniel Kuhn and Xinyi Luo, here to take you through the latest in crypto news and why it matters. In today’s newsletter:

In this newsletter: Coinbase is joining Ripple in its legal battle with the Securities and Exchange Commission (SEC), India, the latest G-20 president, will steer focus on crypto rules and Elon Musk tweet sparks flurry of Twitter-themed Dogecoin tokens.
The Takeaway: D.K. writes about the actual crypto implementations Elon Musk should consider for Twitter.

– D.K.

Today’s must-reads

Top Shelf

Coinbase Files to Support Ripple Against SEC Case: Coinbase teamed with industry lobbyists at the Blockchain Association and other parties to petition for a friend of the court brief in support of Ripple's case against the Securities and Exchange Commission, which sued Ripple at the end of 2020 on allegations it sold XRP as an unregistered security.

The exchange argued the securities regulator has been inconsistent about its enforcement approach, which creates market "uncertainty," and questioned whether Ripple was given “fair notice.”

Crypto Regulation Will Be a Priority for G-20 Under India Presidency, Official Says: India has hinted that crypto regulation would be a priority during the country's year-long presidency of the G-20, which begins next month.

Indian Finance Minister Nirmala Sitharaman said we need to encourage international bodies to understand how to regulate crypto assets.
Meanwhile, India's wholesale central bank digital currency (CBDC) pilot started today, with a retail version starting within a month.

Elon Musk Tweet Sparks Flurry of Twitter-Themed Dogecoin Tokens: A new class of Shiba Inu-inspired tokens was birthed on BNB Chain and Ethereum following noted dogecoin enthusiast Elon Musk’s takeover of Twitter. Some 67 tokens (and counting) were launched after the Tesla founder tweeted about DOGE.

Meanwhile, a strange new NFT series called Art Gobblers has had $14 million in trading volume since its free-to-mint launch yesterday. The project is backed by VC firm Paradigm and created by the director of Elon Musk’s favorite show “Rick and Morty,” Justin Roiland.

– Xinyi Luo

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Putting the news into perspective

The Takeaway

The Web3 Twitter Fixes Elon Musk Could Actually Try

What exactly would a crypto-fied Twitter look like? Elon Musk has brought in a lot of faces familiar to the blockchain industry to advise him as he remakes the social media company. Twitter likely isn't going to go full Web3, but some experimentation is likely. D.K. looks at the most promising uses. crypt could provide. Read the full article here.

Overheard on CoinDesk TV...

Sound Bites

"We look at this as a massive historic opportunity for R&D."

– Binance Chief Strategy Officer Patrick Hillman, on CoinDesk TV's "First Mover"

The news in a sentence

Headlines

Privacy Protection a Top Issue for Digital Yuan: China's Central Bank Governor | US Tether Bank Fraud Investigation Changes Hands Within the DOJ: Report | Monetary Authority of Singapore Completes Phase 1 of CBDC Project, With More Trials to Come | GameStop NFT Marketplace Goes Live on ImmutableX | Makers of Move-To-Earn Game STEPN Launches New Solana, Ethereum NFT Marketplace |

What others are writing

Off-Chain Signals

Open Metaverse Alliance Says It Won’t Let Meta Define the Future of the Internet (Decrypt)
Record $760M Stolen in Exploits During ‘Hacktober’ (The Defiant)
Can internet outages really disrupt crypto networks? (Cointelegraph)
Crypto use for child abuse images doubling every year, says watchdog (Financial Times – paywall)
Rich crypto executives really want voters to care about crypto. Good luck with that. (Vox)

The Chaser...