Boy, do we have a doozie this week. That’s all I gotta say.

From the Fed’s new payment system… to a crypto bill in Congress… to SBF’s plans to build a super-secret lair for all his weirdo friends (don’t worry, I’ll explain)… I felt like my head was spinning.

Hopefully, this week’s edition will be like a dose of Dramamine. But before we get to all that, let’s review how this works…

Once a week, we publish Crypto Roundup to tell you what you need to know in the crypto world. We get all the dirt on crypto, sift through everything, and deliver solid-gold nuggets of information you can use.

Our goal is simple: help you understand what’s going on and why it matters, so you can be equipped to prosper with crypto.

Still with me? Let’s do it…

FedNow: “It’s My Money, And I Need It Now!”

Remember those JG Wentworth commercials from the early 2000s? (The Internet never forgets.)

Well, the Federal Reserve has finally answered the call by launching its much-anticipated FedNow instant-payments service. We’re talking about a system that’s been cooking in the Fed’s kitchen for years, designed to speed up cash flow for businesses and individuals faster than you can say “direct deposit.”

This isn’t just a quick Venmo transfer, folks. And let’s face it, the U.S. financial system’s plumbing is a little outdated. From instant access to paychecks to last-minute bill payments, FedNow is set to bring the financial system into the 21st century (finally). Early adopters include JPMorgan Chase and Wells Fargo, along with about 30 other financial institutions.

Privacy advocates worry that this could be the backdoor for an eventual central bank digital currency (CBDC), along with social credit scores and increased financial surveillance. This may sound like fear-mongering, although civil libertarians would disagree.

But here’s the bottom line. Everyone wants to get their paychecks faster. So this horse was leaving the barn whether we liked it or not.

Crypto Oversight Bill: The GOP’s New Rulebook 📖🐘

I used to laugh whenever the news would air footage of Congress discussing technology. Watching them fumble over their words belied just how little they understood what was going on.

Big Tech regulation, social media safety, the blockchain, cybersecurity… Clearly, they were just reading off of a brief prepared by their staffers. They had no clue what this stuff was.

But then, at a certain point, I stopped laughing. And I’m betting a lot of other people did, too. After all, this is serious stuff.

Well, don’t look now, but it looks like there’s a chance at least some members of Congress have been doing their homework.

Today, House Republicans unveiled a new digital assets oversight bill. The brainchild of Rep. Glenn “GT” Thompson (R-Pa.), this bill aims to lay down the law for crypto exchanges, enabling them to trade digital securities, commodities, and stablecoins under the watchful eye of the SEC. (The other side of the aisle will have their say, too.)

But it’s not all rainbows and unicorns. Some industry experts are raising eyebrows at the bill’s exclusion of traditional securities from the “digital asset” category. Could this be a curveball for the DeFi market? Only time will tell.

The Latest In The Spot Bitcoin ETF Saga

We’ve covered the attempts to introduce a spot Bitcoin ETFs before. The idea of a simple fund, which directly tracks the price of Bitcoin, could potentially provide even more investors with more direct exposure to the cryptocurrency market.

Several Big Deal™ firms have thrown their hat in the ring. But this week, the SEC has given the official nod of acceptance for the applications from six: BlackRock, Bitwise, VanEck, WisdomTree, Fidelity, and Invesco.

This marks a significant step in the agency’s review process, but these guys ain’t out of the woods yet. The SEC has previously given the cold shoulder to numerous spot Bitcoin ETF applications, citing a lack of anti-fraud and investor protection standards. But with Nasdaq and CBOE Global Markets proposing surveillance arrangements with Coinbase, the SEC might just be warming up to the idea. The countdown is on, with a 240-day window for a final decision. Stay tuned.

The FTX Foundation’s “Secret Lair”… 😈

Picture this: a small island nation, a refuge for the effective altruism movement, and a potential site for a human genetic enhancement lab. Wait, what? WTF?

Well, according to a lawsuit document, this was the grand plan of the FTX Foundation — the philanthropic arm of FTX. The memo was allegedly between a foundation officer and Gabriel Bankman-Fried, the brother of FTX’s CEO (the now-arrested Sam Bankman Fried).

Allegedly, they were planning to buy the small island nation of Nauru. It would to serve as a refuge for members of the “effective altruism movement” in the event of a global catastrophe. (Because, of course, the most effective way to save humanity would be to save yourself, right?)

Oh yeah, and use their weird lair to “responsibly” build a lab for human genetic experiments. Not creepy at all, right? Sounds like something worthy of a Bond villain — or Peter Sellers in Dr. Strangelove.

Crypto Tip of the Week: Stop!🛑In The Name Of Gains! 🚨

When trading crypto, consider using a stop-loss order to protect your investments. This order automatically sells your cryptocurrency when its price drops to a certain level, helping to limit your potential losses.

Important to note, the terminology may be different depending on the exchange you use. For example, on Coinbase, stop losses are labeled as “stop limit orders.”

Remember, the crypto market is highly volatile, and prices can change rapidly. A stop-loss order can provide a safety net, allowing you to manage your risk effectively.

Closing Thoughts

And just like that, you’re all caught up on this week’s crypto news. As we journey through the cryptoverse, remember to keep your seatbelts fastened, tray tables secured, and your eyes on the horizon. We’ll be back next week, with more updates, hot-off-the-press commentary, and a new Tip of the Week.

In the meantime, if you want to know more about our favorite ways to invest in cryptocurrency (and how to do it), check out our latest report…

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