👀 OpenAI's Sam Altman has a Crypto project

Markets

U.S. crypto firms set sail to Bermuda amid dark and stormy US regulatory environment (4 minute read)
American crypto companies are turning to Bermuda as a new destination for business due to its favorable digital asset regulations. As the regulatory environment in the U.S. becomes more challenging, some companies are seeking opportunities overseas to take advantage of clearer laws. While it's not uncommon for crypto firms to operate offshore, the recent monetary license obtained by Coinbase in Bermuda suggests it could become a new hotspot for relocation. Phil Berg, head of the corporate department at Otterbourg law firm, believes Bermuda will be an attractive location for businesses looking to test the waters and establish a presence in a friendlier regulatory environment.

OpenAI CEO's Crypto Project Worldcoin Eyes $100M in Fresh Funding (3 minute read)
Worldcoin, the iris-scanning cryptocurrency project spearheaded by OpenAI CEO Sam Altman, is reportedly in advanced talks for a new funding round worth around $100 million, according to the Financial Times. The upcoming round is expected to include both new and existing investors. Worldcoin's previous funding rounds, including investments from venture capital firms Andreessen Horowitz and Khosla Ventures, valued the project at $3 billion. Despite still being in beta, Worldcoin is gearing up for an official launch within the next six weeks.

Binance leaves Canada due to stricter crypto rules (2 minute read)
Binance, the largest cryptocurrency exchange in the world, has announced its withdrawal from the Canadian marketplace due to new stablecoin and investor limits. In February, the Canadian Securities Administrators (CSA) released new guidelines requiring crypto trading platforms to register or leave within 30 days. Those that choose to remain must comply with stricter regulations, such as seeking approval from the CSA before allowing users to buy or deposit stablecoins. Binance has faced intense scrutiny in North America, including allegations of money laundering, allowing users to bypass sanctions, and offering unregistered crypto derivatives.

Tech

FTX-ed Crypto Investors Are Moving Back to Hardware Wallets (4 minute read)
Following FTX's bankruptcy filing and subsequent loss of billions of dollars worth of customers' crypto due to the exchange also being used for storage, many within the crypto industry are urging investors to adopt self-custody methods. Veteran crypto traders advocate for the "not your keys, not your coins" approach, wherein investors manage their private crypto wallets secured by secret keys. In light of FTX's collapse, investors are starting to heed this advice, with many opting for personal wallets or interest-bearing peer-to-peer contracts instead of third-party exchanges. Others keep tokens on exchanges for trading purposes but only for short periods, taking additional steps to secure their own crypto assets.

Ether Holders Embrace Near Month-Long Wait for Staking ETH (3 minute read)
Crypto investors seeking to earn passive income on their ether holdings by becoming network validators on Ethereum are facing a wait of almost a month, according to data from two sources. The wait time for staking ether currently stands at 640 hours, or around 26 days, while exiting the network takes less than a minute. Validators process transactions on proof-of-stake blockchains, such as Ethereum, and help to maintain network security. Almost 50,000 validators are waiting to enter the network as of May, indicating strong demand to earn the nearly 5% annual yield. This demand is likely coming from large ether holders looking to earn passive income without cashing out their holdings.

Misc

XRP lawsuit update: Ripple’s legal officer cites 77-year-old case to debunk SEC’s claims (3 minute read)
The legal dispute between Ripple and the SEC continues, with both sides identifying weaknesses in their opponent's argument. Stuart Alderoty, Ripple's chief legal officer, recently criticized the SEC's argument on the "common enterprise" claim in a tweet. Alderoty pointed out that the SEC's similar argument in the 1946 "Howey" case was rejected by the Supreme Court, and that the SEC is also incorrect regarding XRP. He argued that common interest is not the same as common enterprise and that not all XRP holders are involved in a common enterprise, which the SEC claims. The case between Ripple and the SEC centers on the SEC's allegation that XRP is an unregistered security.

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