Crypto Three Things (7/8)

1) U.S. Treasury takes first step toward international crypto regulation: Consistent regulatory guardrails across nations are needed to ensure bad actors in crypto won’t get away with crimes, the U.S. Treasury said in a news release. The department has developed a framework for cooperation, outlining how the U.S. and its foreign allies could work together to address uneven regulation in the crypto market and provide stability and protection for investors. The framework was delivered to President Biden for review.

Titan’s Takeaway: Bridging gaps between international jurisdictions seems like a necessary solution to organizing a burgeoning decentralized global market. A shared standard-setting, in our eyes, will not only help eliminate legal concerns but will also bring together key intergovernmental organizations united for a common purpose.

2) Reddit gears up to launch Polygon-based NFT avatars: Reddit, a community hub for like-minded individuals (and some keyboard warriors), announced it is preparing to roll out a brand new Collectible Avatars marketplace. The initiative will leverage non-fungible tokens made by independent artists. Ownership of avatars will be managed through Reddit’s own blockchain wallet, Vault.

Titan’s Takeaway: Collectible Avatars on Reddit feels like a natural progression for a social news organization that is home to thousands of crypto enthusiasts. The arrival of blockchain products is a significant milestone for Reddit as they attempt to compete with Twitter, Instagram, and Facebook, all of which are already involved with NFTs.

3) DeFi lending protocol Aave proposes its own stablecoin: Aave, a decentralized platform where users lend and borrow crypto funds, is planning to launch a stablecoin pegged to the U.S. dollar. The proposal will be voted on among the project’s DAO – the community of Aave token holders worldwide. If accepted, the newly-minted asset, dubbed GHO, will join the stablecoin sector of the crypto ecosystem.

Titan’s Takeaway: Over $150B has been poured into the currency-pegged corner of the crypto market, but with a patchy reputation and faulty project architecture, stability and transparency in this space are a top priority.