Crypto

Latest Crypto News: Elon Musk Wants McDonald’s to Accept Dogecoin; Amazon will launch the NFT initiative

Tesla CEO Elon Musk became a Dogecoin supporter again, expressing his love for fast food giant McDonald’s. After expressing interest in Dogecoin, the Tesla chief responded to a series of tweets from McDonald’s and the crypto community. Earlier, McDonald’s tweeted, “what did I miss,” prompting Binance’s Twitter account to reply, “Lots of green candles.” McDonald’s then once again showed their love for the crypto community by responding with “wagmi”, which is an acronym for “we’re all going to get there”, often used by the crypto community to build trust and encourage the community not to. not give up hope, according to a report from crypto news outlet Bitcoinist. To this, Elon Musk replied, “Oh, hi lol.”

Meanwhile, a report from Binance questioned the likelihood of McDonald’s accepting Dogecoin for payouts. This development comes after Elon Musk made his Happy Meal offer in January 2022. Around this time, the DOGE price jumped into double digits. However, McDonald’s did not react seriously to accepting Dogecoin as a form of payment, tweeting “only if Tesla accepts Grimacecoin”, the Binance report states.

Calling it a publicity gimmick, the Binance report said it seems more likely that the fast food company simply wants to generate free publicity and engagement with the crypto community via its tweets, further noting that beyond the tweets, the multinational has yet to show any aspirations regarding crypto.

Amazon will launch the NFT initiative

E-commerce giant Amazon has reportedly taken another step to solidify its position in the crypto industry, according to a report from crypto news outlet Blockworks. The report says the company will launch a non-fungible token (NFT) initiative in the spring of 2023, citing six sources familiar with the matter. Additionally, the Blockworks report claimed that Amazon has partnered with more than ten crypto projects to support its NFT initiative. As a result, the program could likely revive the sector and strengthen it following a decline in the NFT market from its 2021 peak.

The report further notes that the e-commerce giant will focus on different sectors with plans to venture into NFT gaming, and the platform will reward players with unique items in the form of NFTs. Amazon already offers its Prime service subscribers access to a video game platform, and members of this service can access the platform’s catalog and receive monthly rewards for claiming AAA games, according to the report.

The Blockworks report said the new NFT initiative could strengthen the service by offering rewards and attracting new users. The NFT platform is currently under development and may work on Amazon rather than Amazon Web Services (AWS). The report says the company may reveal more information in April 2023, but there’s no official statement from Amazon or its executives. Interestingly, Amazon is joining the league of other big tech

ambitious crypto companies including Meta, Twitter and others who have already launched their crypto initiatives allowing their users to interact with digital assets.

US White House calls on regulators to ‘step up’ on crypto rules

Four senior US White House officials issued a statement on Friday urging Congress to “step up its efforts” regarding cryptocurrency market regulation, according to a Binance report. The officials, Brian Deese, director of the National Economic Council, Arati Prabhakar, director of the White House Office of Science and Technology Policy, Cecilia Rouse, chair of the Council of Economic Advisers, and national security adviser Jake Sullivan – have writes that Congress “should expand the powers of regulators to prevent abuse of client assets…and to mitigate conflicts of interest,” the report said.

The report highlighted other suggestions for Congress in the statement, including strengthening transparency and disclosure requirements for crypto companies, tougher penalties for violations of illicit finance rules, and more collaboration. closely with international law enforcement partners. However, officials also suggested what Congress shouldn’t do to craft new crypto regulations, including “the green light[ing] traditional institutions, like pension funds, to dive headlong into the cryptocurrency markets. To do so, officials warned, “would be a serious mistake” that “deepens the connections between cryptocurrencies and the broader financial system,” according to the report.

Additionally, the report says that although FTX was not directly named in the statement, the presence of the now-defunct crypto exchange weighed heavily on the guidelines from officials, who called 2022 “a tough year for crypto.” -currencies” plagued by the implosion of “a so-called ‘stablecoin’ causing a wave of insolvencies” and the subsequent collapse of “a major cryptocurrency exchange”.

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