Crypto Roundup: Your Weekly Dose of Cryptocurrency News and Tips

Understanding what’s going on in cryptocurrencies can be tougher than chewing on a two-dollar steak.

But fear not. The chef is in the kitchen, and we’re here to tenderize everything and cut it up into digestible bites.

Welcome back to another sizzling edition of Crypto Roundup. Whether you’re a crypto connoisseur or just getting a taste for this digital delicacy, we’ve got you covered.

As a reminder, here’s how we do this thing…

Crypto Roundup brings you the latest in the ever-evolving landscape of crypto. We cover the most significant breakthroughs and opportunities you need to know each week.

This week, we’re covering crypto legislation in Congress, the latest Elon Musk shenanigans, and the debut of one of the worst ideas we’ve ever seen… Should be fun! Plus, stay tuned for a fresh Crypto Tip of the Week.

Grab your forks and knives, folks. 🍴🥩 It’s time to dig in…

Congress Gives Crypto Bills A (Preliminary) Thumbs Up ⚖️👍

Remember last week when we talked about the efforts in Congress to regulate crypto? Well, the U.S. House Financial Services Committee passed two bills out of committee aimed at bringing a little more clarity to the crypto industry.

Why is this a big deal?

After a series of scandals in the cryptocurrency world (*cough FTX cough), it’s become increasingly clear that some regulatory frameworks are needed. Case in point, back in March, Coinbase, one of the largest cryptocurrency exchanges, received a Wells Notice from the SEC. Then, in June, the SEC came forward with charges, accusing the exchange of acting as an unregistered broker, listing securities tokens, and failing to register its staking program.

The first bill, The Financial Innovation and Technology for the 21st Century Act, aims to establish when crypto firms should register with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC).

The second, dubbed the Blockchain Regulatory Certainty Act, is a roadmap for blockchain developers and service providers, helping them avoid regulatory potholes.

This is the first time cryptocurrency legislation of any kind has been advanced to the House for a full vote on its own merits (i.e., tucked into a pork-filled package of other legislation).

Will Musk Make A Meme A Reality? 🐕🪙🚀

Say what you will about Elon Musk, but you gotta have a soft spot for someone who quotes The Princess Bride.

Welp, he’s at it again, folks. Musk is shaking up the Twitterverse with a name change to “X” and plans to morph it into an “everything app,” including social media and messaging, and the ability to buy things and send money.

Before you chortle and write it off completely, you should know that this has been something Musk has envisioned since the early days of PayPal. And as this article points out, Musk’s history of crypto enthusiasm means that digital currencies will likely play a big part. (If the whole thing doesn’t come crashing down, that is.)

As the article points out, if the whole project is a success, it could be a game-changer for cryptocurrencies. But the really crazy part? Musk may choose to make his favorite pet crypto, Dogecoin (DOGE), the official coin of the realm.

So will Elon Musk meme Dogecoin into reality? Crazier things have happened, I guess. Time will tell…

Ah, Sweet, Man-Made Horrors Beyond Comprehension…

And now, for this week in Bond-villain news…

Say hello to Worldcoin. Co-founded by OpenAI CEO Sam Altman, it’s a digital ID platform that’s all about verifying your “humanness” online. How? Oh, by simply scanning your iris to create a unique identification code. No big deal, really.

The premise, ostensibly, is to offer a solution to prove you’re not a robot in today’s increasingly digital and AI-dominated world. By letting the device, which looks like a futuristic orb, scan your eyes, you get a sort-of digital passport (World ID) and get to use the app (World app), and access the Worldcoin token (WLD). What could go wrong?

Understandably, the project has faced its fair share of criticism, with concerns about data harvesting and exploitation in developing countries. (Read more here.)

Crypto Tip of the Week: Fail To Plan, Plan To Fail… ♟️✔️

Whether you’re investing in the stock market, cryptocurrencies, or Beanie Babies, you need to have a plan. For example, you might consider allocating 1% of your portfolio to bitcoin as a portfolio diversifier with the potential for outsized gains and the understanding that this is an amount you’re comfortable losing.

Have contingencies in place… what if the price of bitcoin drops by 50%? Will you cut and run, or load up and double down? What is your goal — i.e., when do you plan on selling?

By thinking about these things ahead of time, you can avoid the emotional trap that often comes with investing, setting yourself up for future success.

Closing Thoughts

That’s all we have for today, folks! Remember, knowledge is your best asset in this digital frontier, and a well-planned strategy is your compass. But if you find yourself knee-deep reading alt-coin whitepapers and performing AI-based algorithmic chain analysis, do yourself a favor and go outside and touch grass once in a while. Trust me. See you at the next roundup!

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