EddieJayonCrypto
25 Nov 22
• MetaMask betrays the crypto community• US Patent and Trademark Office and the US Copyright Office to jointly study NFT intellectual property• Binance launches $2B Industry Recovery Initiative• Belgium, home to the EU and NATO, says Bitcoin, Ethereum and other non-issuer coins are not instrument or...
• MetaMask betrays the crypto community• US Patent and Trademark Office and the US Copyright Office to jointly study NFT intellectual property• Binance launches $2B Industry Recovery Initiative• Belgium, home to the EU and NATO, says Bitcoin, Ethereum and other non-issuer coins are not instrument or securities• Binance and OKX both release new Proof-of-Reserves (PoR) policiesHow does MetaMask get it wrong in an industry built on privacy protection. Here is what is on my mind today.1. It would seem that everything is a data-grab, but MetaMask has taken things a tad too far for crypto community. They are capturing your IP address and other respective transaction information. Let that wash over you for a minute. This is definitely a security risk for account holders. The obvious question is what are they doing with this information? Imagine someone getting their hands on it and using it to doxx people. My company had plans to integrate MetaMask into our platform. Clearly those plans have been scratched and I have removed 99% of my assets from the service. ConsenSys, owner of MetaMask, has truly screwed the pooch on this one. We will see if the backlash is enough for them to stop this practice. It is easy to lose trust, but damn near impossible to gain it back. 2. An important move by the US Patent and Trademark Office and the US Copyright Office to jointly study intellectual property and how it relates to NFTs is a big deal. The two offices are taking this on at the suggestion of Senators Thom Tillis and Patrick Leahy. It is looking like this will not be a closed door kind of deal as they are opening the conversation up to industry stakeholders through a "notice -and-comment" period. A clear case of reference to me is Nike vs. StockX. The impact could be huge as you think of ownership, royalties and more. 3. So, Binance has introduced an industry recovery initiative (IRI). At first, it was to be $1B. Then they doubled that. Then more companies started joining the fund. The initiative is not meant to be an investment fund and is expected to last for about 6 months. Binance intends to have a point of contact for the initiative so other firms that want to help have someone to reach out to. Yet another move I see as CZ trying to fill the shoes SBF was trying to act like he was filling except with one major difference. Binance is not taking a stake in the companies it is trying to help with this initiative. 4. Back in July I told you how Belgium, home to the EU and NATO, was taking major steps to regulate crypto. Well, the Belgian Financial Services and Markets Authority are explaining how Bitcoin and Ethereum are neither securities nor instruments. In a press release the regulator makes a clear distinction between cryptos that have an issuer and those that do not. This brings a level of clarity that is in stark contrast to 5. If the Netherlands is an example, the EU is going to have a hard sell for the Euro CBDC. Protestors have taken to the streets again the Euro CBDC and say it is akin to digital jail. Whoa! Just get the popcorn out. I am expecting more. 6. Binance and OKX both release new Proof-of-Reserves (PoR) policies to allow users to audit their assets. This is right after CZ, CEO of Binance, gives a nod to Vitalik Buterin describes his PoR plan using Merkle Tree and zk-SNARK. I am waiting to see how many more centralized exchanges follow suit.