Read in the Digest

• Biden Administration Sanctions Exchange, Gensler Compares Stablecoins to Poker Chips
• PayPal’s Super App is Here, Kraken Adds Support for Apple (NASDAQ:), Google (NASDAQ:) Pay
• Avalanche’s Vee Finance Suffers $35 Million Hack
• Entertainment Industry: AMC Takes Poll on DOGE Payment and Snoop Dogg NFT Whale

Biden Administration Sanctions Exchange, Gensler Compares Stablecoins to Poker Chips

As regulatory concerns over the crypto industry grow, the Biden administration has taken a tough stance towards cryptocurrencies. Biden’s administration authorized a crypto-exchange to stop ransomware group revenue.

Suex was charged by regulators with doing business in eight ransomware-related categories. Gary Gensler (chair of Securities and Exchange Commission) stated that cryptocurrency’s long-term viability is low. Gensler went further to compare stablecoins pegged to the USD to ‘poker chips.’

In his opinion, people could get hurt from long-term association with cryptocurrencies. Gensler was once considered pro-crypto and has now called for stricter regulation.

Flipsider:

• While Gensler calls for stiffer regulations, Miami, Texas, and Massachusetts have taken on a more crypto-positive stance

Why You Should Care

With the toughening crypto regulations, the impact on the sanctioned exchange may be severe. It is possible that the outlook of SEC cryptos will have an impact on how cryptos can be used.

PayPal’s Super App is Here, Kraken Adds Support for Apple, Google Pay

As the race for full crypto integration intensifies among fintechs, PayPal (NASDAQ:) has teased a “Super App.” However, users do not have to wait much longer, as the first official version of that app has been introduced.

PayPal’s super app combines traditional financial tools, including “direct deposit, bill pay, a digital wallet, peer-to-peer payments, shopping tools, crypto capabilities and more.” In addition, PayPal has announced a partnership with Synchrony Bank to bring a new high-yield savings account, PayPal Savings.

Kraken’s app has been updated to include Apple Pay and Google Pay support as more companies embrace the cryptocurrency industry. With the Kraken app, users can buy cryptocurrency using Apple Pay or Google Pay.

With the upgrade, users’ existing Apple Pay or Google Pay accounts are connected to the app for faster payments.

Flipsider:

• Regardless of the new integrations, the stock prices of Kraken and PayPal are down by 1.18% and 0.17%, respectively

Why You Should Care

Integrating payment methods like Apple Pay and Google Pay will make crypto more accessible to everyone. This makes it easier than ever to purchase and transact cryptos.

Avalanche’s Vee Finance Suffers $35 Million Hack

Decentralized Finance, DeFi, seeks to recreate traditional financial systems, such as banks and exchanges, allowing anyone with an internet connection to access any global currency, get loans, and earn yields on deposits.

DeFi platform breaches are increasing in popularity. Vee Finance on Avalanche is the latest victim. Vee Finance revealed that it had suffered a $35 Million hack on its platform.

The cyber-thief stole 8804 ETH, and 214 BTC via its trade contract address. This team currently works closely with developers to fix the protocols bugs.

Flipsider:

• To prevent further losses, Vee Finance suspended contracts, deposit and borrow functions, with no other funds being stolen

Why You Should Care

There is an alarming rate of DeFi hacks, especially in the early fundraising stage. To make DeFi a majorstay, it is necessary to protect DeFi projects against cybercriminals.

Entertainment Industry: AMC Takes Poll on DOGE Payment and Snoop Dogg NFT Whale

The CEO of AMC Entertainment (NYSE:), Adam Aron, had previously emphasized that the company wants to participate in the “new burgeoning cryptocurrency economy.”

Adam Aron has created a poll, asking the public whether the world’s largest theatre chain should add popular meme crypto, Dogecoin, to the list of supported cryptos. AMC entertainment already supports , , and .

In an interesting twist, American rapper Snoop Dogg has claimed that he is the Ethereum NFT whale, Cozomo de’ Medici, a pseudonymous crypto Twitter (NYSE:) user who collects NFTs.

The rapper Tweeted that he is Cozomo de’ Medici, the NFT collector with over $17 million in digital collectables. Snoop dogg was involved in NFT after creating his own brand in May.

I am @CozomoMedici

— Snoop Dogg (@SnoopDogg) September 20, 2021

Flipsider:

• The Biden administration is looking to combat ransomware with a crackdown on cryptocurrency payments, a move that has already been criticized

Why You Should Care

With the help of the growing NFT mania, cryptocurrencies are beginning to find more use cases in the entertainment industry. It is an important step towards cryptocurrencies becoming a major asset.

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