Riding The Wave News Summary #36
NY Sen. Thomas proposes to criminalize rug pulls and other crypto frauds, ‘Web3 offers us the promise to rearchitect the internet,’ says NFT.com Founder Jordan Fried, & more
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NY Sen. Thomas proposes to criminalize rug pulls and other crypto frauds
‘Web3 offers us the promise to rearchitect the internet,’ says NFT.com Founder Jordan Fried
Binance Recovers Stolen, Disguised Crypto Loot From Mega Hack
Coinbase Stock Hits All-Time Low After Ethereum NFT Marketplace Rollout
Tweets
NY Sen. Thomas proposes to criminalize rug pulls and other crypto frauds
New York State Senator Kevin Thomas introduced a new bill amendment request to establish certain offenses related to rug pulls and other frauds related to virtual token distribution, misuse of private keys and hidden interests in crypto projects.
The bill drafted by Sen. Thomas, Senate Bill S8839, calls for defining, penalizing and criminalizing frauds specifically targeted at developers and projects that intend to dupe crypto investors.
Through the bill, Thomas seeks to provide prosecutors with a clear legal framework against crypto crimes that align with the spirit of the blockchain while combatting fraud. It calls for a law amendment that will imply rug pull charges on developers that sell “more than 10% of such tokens within five years from the date of last sale of such tokens.”
If laws like these are realized it will be a huge victory for crypto as it will help to decrease the flood of fake projects across crypto. Many people new to the crypto space are taken advantage of by these projects as they design their marketing campaigns to intentionally prey on those with less experience.
‘Web3 offers us the promise to rearchitect the internet,’ says NFT.com Founder Jordan Fried
In an exclusive interview with Jordan Fried, the CEO of Immutable Holdings and Founder of NFT.com, Cointelegraph learned Fried’s perspective on Buffett's impact on Web3 ideologies, the imminent release of NFT.com, as well as the usage of Hedera’s consensus service to track the minting of profiles.
Fried has been active in the cryptocurrency space since 2012, utilizing Bitcoin as a payment method in a VPN business, and later as a core member of the founding team at distributed ledger technology Hedera Hashgraph, personally recruiting Google, IBM, Boeing, LG Electronics to join the Hedera Governing Council.
Early in the conversation, Fried expressed a bold prediction — which echoed Coinbase CEO Brian Armstrong’s comment in a recent conversation regarding the platform’s NFT marketplace launch — that NFT’s have demonstrated the financial potential to eclipse the value of crypto assets in the coming years.
“Everything that we own in the physical verse and metaverse is going to be represented in the form of an NFT. So, if you were to sum that aggregate value, it will likely be much more than the $1.9 trillion worth of coins that are circulating on CMC today.”
Consistently publicising his avidity to emulate the successes of Warren Buffett, Fried recognized his legacy investment prowess, but candidly criticized his lack of receptiveness towards technological evolution, stating:
“No disrespect to the oracle of Omaha, but that man has missed every single technological wave of his lifetime. He is one of the best investors of our generation, but when it comes to Bitcoin and blockchain, he just hasn’t spent enough time with it.”
As an entrepreneur who has thrived during the previous two iterations of the web, Fried places significant emphasis on the potential for Web3 to “rearchitect the internet” through the concerted formation of blockchain-powered DAOs, which he believes are two-to-three years behind the curve of NFTs in terms of consumer recognition and engagement.
I would agree that blockchain & web 3 offers a route for the internet to be remade and for the issues of data privacy & control centralization to be resolved.
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