9/5/24: Mastercard's Crypto Card 💳🦄💸

Author

Valko
September 05, 2024

Top News

  1. Mastercard launches non-custodial crypto debit card in Europe

  2. CFTC hits Uniswap Labs with $175k fine for illegal margin trading

  3. EigenLayer to distribute 86M tokens in Season 2 airdrop

Specs’ Insights

1. Mastercard launches non-custodial crypto debit card in Europe

⌐◪-◪ → Mastercard just launched a non-custodial debit card in Europe that lets users spend crypto directly from their self-custody wallets.

This addresses one of crypto’s biggest objections: “Where can you spend it?” — now, thanks to Mastercard, the answer is over 100M merchants.

The debit card is made possible through a partnership with Mercuryo, a global web3 payments provider based in Estonia.

While this is a big step toward mainstream crypto adoption, it comes with a few restrictions such as KYC, setup/monthly fees, and spending limits.

2. CFTC hits Uniswap Labs with $175k fine for illegal margin trading

⌐◪-◪ → Uniswap Labs just settled with the U.S. CFTC for $175,000 for allowing users to trade tokens that offered leveraged exposure to cryptocurrencies.

Though Uniswap was fined, they did not admit or deny the charges — a standard "no admit-no deny" settlement.

More notably, CFTC Commissioner Mersinger issued a dissenting opinion, criticizing the CFTC for:

  • Targeting Uniswap even though it removed the tokens in question after CFTC action

  • Continuing to regulate through enforcement rather than creating clear rules

  • Discouraging innovation and scaring builders from launching new DeFi protocols

As Mike Dudas put it, “there are people in our government who understand crypto's benefits and what's at stake here.”

3. EigenLayer to distribute 86M tokens in Season 2 airdrop

⌐◪-◪ → EigenLayer just revealed details for its Season 2 airdrop, distributing 86M tokens to stakers, ecosystem partners, and community members — roughly 5% of EIGEN’s total supply.

If you staked ETH or EIGEN during Season 2, you are eligible to claim via the portal or your respective LRT protocol.

Additionally, community members who supported EigenLayer across X, Discord, Farcaster, and Dune Analytics will be rewarded. Full breakdown here.

Claims will go live on or before September 17th, 2024, so if you’ve interacted with EigenLayer, you might want to read their full thread.

Everything Else

⛓️ Crypto & DeFi

🇺🇸 US Politics

🏦 Wallstreet & VC

  • Bitcoin could “slowly leak” to $50k says Arthur Hayes

  • Uphold CEO says memecoin explosion “devalues” crypto industry

  • Puffpaw raises $6M seed round for vape-to-earn game

  • Blockstream opens a new funding round for Bitcoin mining token

🏛️ Legal & Regulatory

  • Fed issues cease and desist to Texas Bank over crypto concerns

  • Circle VP warns the US risks falling behind in stablecoin regulation

  • Robinhood reaches $3.9M settlement with CA over crypto withdrawals

  • SEC extends deadline on 7RCC’s spot BTC and carbon credit ETF

  • a16z subpoenaed by New York Attorney General in Uniswap case

🌎 Rest Of The World

🖼️ NFTs & Metaverse

  • Bored Apes announces $1M Dookey Dash prize pool

  • ApeCoin unveils “BluePrint” initiative to incentivize ApeChain builders

  • Floki announces partnership with OG Esports for metaverse game

  • Research shows 96% of NFT projects are considered dead

  • VISTA surges 175% to new all-time high, 30M market cap

  • Telegram game “W-Coin” picks TON after player shun Solana

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