Written by Mike Millard | Edited by Larry DiTore
Presented by:
Good afternoon โ๏ธ we hope you're enjoying your Saturday. SBF says he's taking a back seat in the crypto debate, Hollywood seems to have a favorite metaverse and Elon is still the Chief Twit. Read on.
UP TOP
๐ SBF takes a back seat
๐ฅ Hollywood and Roblox, a love story
๐ญ Thoughts on Twitter after Musk
L24H
THE BIG ONE
SBF takes a back seat ๐
FTX CEO Sam Bankman-Fried ignited a contentious debate last week when he published a lengthy blog post on his crypto policy views. Now it looks like he could be walking away.
The crypto exchange mogul will let "Crypto Twitter take the wheel" on digital asset policy, he said in a seven-part Twitter thread on Saturday.
"I won't push against the community's strategy," Bankman-Fried wrote. "Even where I think it might not be the most effective way to accomplish the goal."
The FTX boss has faced criticism from decentralized finance proponents since his blog post that laid out his views on how crypto could be regulated. He went so far as to debate his position with ShapeShift CEO Erik Voorhees for two hours on Friday.
Bankman-Fried has been a vocal proponent of a market regulation bill โ The Digital Commodities Consumer Protection Act โ that would give the Commodity Futures Trading Commission more regulatory power over crypto exchanges.
"I hope, for all our sakes, that the crypto Twitter community has carefully considered all of the details of possible bills and policy proposals, and that the crypto Twitter community correctly understands the details of policymaking and negotiation and alliances in DC" Bankman-Fried said.
A message from Talos
Talos powers institutional access to digital assets. If youโre on the buy-side or the sell-side, from traditional finance or are a crypto-native firm, the Talos platform enables access to the entire digital assets ecosystem via a single-point of entry. Our integrated platform supports the entirety of the trading process โ price discovery, execution, and settlement. Through our API or web-based GUI, all members of the crypto ecosystem can efficiently and confidently interact with each other. Connect directly to your preferred prime brokers, lenders, investors, custodians, exchanges, OTC desks and more, or meet them on Talos.
Our leadership led the technology teams at the worldโs most sophisticated asset managers and trading technology providers. This is why the biggest names in digital assets have placed their trust in us โ both as our clients and investors. Access the new digital asset class built by the experts behind the platforms you already use. Connect Today.
This sponsored message does not constitute a testimonial or endorsement by The Block. It is being provided for information purposes only and should not be relied upon as a basis for investment, tax, or legal advice.
ON OUR RADAR
Roblox, Hollywood's safe space ๐
If itโs good enough for The Rock. Millions of fans interacted with an avatar of Dwayne Johnsonโs Black Adam character in Roblox prior to the movieโs release in theaters earlier this month. It's a sign of how the online world is providing a shelter for Hollywood stars keen to experiment with the metaverse.
Hollywood studios like Warner Bros., Universal Pictures and Paramount Global are partnering with Roblox while top talent agencies WME, CAA and UTA continue to sign new web3 creators.
โRoblox is definitely a huge area of interest for a lot of the clients we are working with across our companyโs roster,โ said digital strategy agent Kate Lonczak of WME, the agency that counts Johnson as one of its top clients.
The Block's RT Watson took a good long look at just how interested in Roblox Hollywood has become. Hint: It's a lot.
A new opportunity โ
Matter Labs has another trick up its sleeve. The developer of Ethereum scaling solution zkSync said itโs working on a Layer 3 chain called Opportunity.
The Layer 3, still in the initial development phase, is aimed at further improving the scalability of zkSync's blockchain infrastructure.
Opportunity will be an additional off-chain computation layer on zkSync's Layer 2 main network. Building on top of zkSync, the Layer 3 is meant to help lower Ethereum scalability and gas costs.
The team plans to release a proof of concept for its Layer 3 in the first quarter of 2023.
BofA has a job opening ๐ฆ
Bank of America is seeking a crypto policy expert to keep tabs on digital asset regulation and identify "key risks" fintech could pose to its business. Sounds important.
The candidate would be responsible for analyzing policy proposals, drafting legislation, developing advocacy strategies and building coalitions within the industry.
The role would also entail writing bill amendments and comments to regulators, along with drafting testimony to present to lawmakers and regulators, among other tasks.
It's no surprise big banks are hiring for such roles as both large institutions and lawmakers are taking a more serious look at digital assets. Gotta stay one step ahead.
N24H
๐ All quiet on the Western (and Eastern) front.
ON A LIGHTER NOTE
Musk, crypto and Twitter
Now that Elon Musk is the Chief Twit, what's that mean for crypto on Twitter? Bloomberg suggested several ways that Musk, who has had a complicated relationship with cryptocurrencies, might bring more crypto into Twitter.
Musk, Bloomberg pointed out, is a freedom of speech champion who isn't a fan of lifetime bans.
It's a position might align him with many crypto believers in the decentralization of blockchains, which Musk has at times discussed using to reduce spam and promote free speech.
Though he has also declared that โblockchain Twitter isnโt possible.โ Go figure.
A Musk โsuper appโ expanding Twitter into messaging, games, payments and more may be in the cards, and digital assets may play a part in that. NFTs may also enter the picture, though Musk has shunned them in the past.
We'll all just have to wait and see how it plays out.
UPCOMING EVENTS Sign up for this newsletter | Advertise with us Follow The Block on Social: Unsubscribe - Unsubscribe Preferences