The Shib News Recap: Tuesday

This Tuesday, The Shib Daily’s top headlines are about Shytoshi Kusama’s “Meme Thesis,” the ongoing financial harm caused by the collapse of blockchain platforms, and leadership shifts, along with their potential impact on crypto regulations.

Shytoshi Kusama’s Focus on Utility Memes

Shiba Inu lead visionary Shytoshi Kusama recently declared on his podcast titled “Meme Mania and the 36 Chambers of Tech” that viral fame has reached a dead end. He emphasized the need for memes to have utility and governance moving forward. Kusama showcased the Shiba Inu ecosystem, including SHIB, BONE, LEASH, and TREAT, as examples of how memes can serve a purpose. He envisions a future where memes offer more than just entertainment value.

Prosecutors Estimate Over 1M Victims from Terraform Labs’ Downfall

U.S. prosecutors estimate that Do Kwon, co-founder of Terraform Labs, may have over one million victims worldwide after the company’s collapse. Acting U.S. Attorney Daniel Gitner recently filed a notice with the U.S. District Court to inform Kwon’s victims of their rights. To assist the large number of affected individuals, the government plans to launch a specialized website for updates. However, it remains challenging to determine the exact victim count due to the nature of transactions occurring on international exchanges.

Barr’s Fed Resignation and Horsley’s Optimism for the Crypto Sector Under Trump

Michael Barr, the vice chairman for banking supervision at the Federal Reserve, announced his resignation effective February 28. However, he will remain a member of the Federal Reserve Board. Discussions about his potential demotion by President-elect Trump’s advisers could lead to legal issues, raising concerns about the Fed’s independence. Barr has been viewed as a key reason for U.S. banks’ hesitance to serve cryptocurrency-related businesses.

Meanwhile, Bitwise Asset Management’s CEO, Hunter Horsley, sees potential benefits for the cryptocurrency sector under Trump. He predicts that his administration might approve mergers and acquisitions, aiding major firms. Companies like Amazon and Google could acquire others like Instacart and Uber to expand their dominance. He noted that this concentration of power could increase the demand for decentralized systems.

Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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