Well, hello there, my fantastic PoI followers! Welcome to our 69th edition 🌞

Mochi here, your trusty tech and web3 wizard, ready to whisk you away on another exhilarating adventure through the realm of digital currencies. This week, we've got a smorgasbord of stories that'll make your head spin faster than a Bitcoin transaction! From misinterpreted announcements and regulatory rollercoasters to million-dollar memes, it's time to fasten your seatbelts and join me on this journey. Let's dive in! 🙌

INTEL BRIEF

🟧 The HBAR token surged 96% after a misinterpreted announcement from the HBAR Foundation, suggesting BlackRock's involvement with Hedera, which BlackRock later denied.

🟧 The Central Bank of Nigeria (CBN) denies issuing a directive to freeze accounts associated with cryptocurrency exchanges, causing confusion amid ongoing regulatory challenges.

🟧 S&P Global Ratings suggests that the Lummis-Gillibrand Payment Stablecoin Act could encourage U.S. banks to enter the stablecoin market while potentially impacting non-U.S. stablecoin issuers like Tether.

🟧 The original "Buy Bitcoin" sign that photobombed Janet Yellen during a 2017 congressional hearing has sold at auction for 16 BTC, equivalent to over $1 million.

BlackRock's Misinterpreted Hedera Announcement Sends HBAR Soaring

The HBAR Foundation recently shared an announcement that had crypto influencers and investors scratching their heads. The post, which garnered over 1.6 million views on X, seemed to suggest that BlackRock, the world's largest asset manager, had partnered with Hedera to tokenize their ICS US Treasury Fund. Cue the excitement, right?

Well, not so fast! It turns out that the announcement was widely misinterpreted, leading to a massive 96% rally in the price of the HBAR token. However, a BlackRock spokesperson later confirmed that they have no commercial relationship with Hedera and did not select them to tokenize any funds.

So, what really happened? According to Cardano Ghost Fund DAO founder Chris O'Connor, an HBAR project simply tokenized shares of a BlackRock fund through the secondary market. As O'Connor put it, "Much like I can buy a Rolex take a pic and post it on my X account. Doesn't mean Rolex 'partnered' with me."

Despite the confusion, HBAR's price soared to a two-year high of $0.175, although it's still down over 69% from its all-time high in September 2021.

The news came right after, the Hedera Global Governing Council recently approved allocating a whopping 4.86 billion HBAR ($408 million at the time) for further network development. The HBAR Foundation plans to use these funds to strengthen its user base in 2024, following an impressive 33 billion transactions processed on the network in 2023.

HBAR token surged 96% due to misinterpreted announcement suggesting BlackRock's involvement with Hedera.

BlackRock later denied any commercial relationship with Hedera.

Hedera Global Governing Council allocated 4.86 billion HBAR for network development.

CBN Denies Crypto Account Freeze Directive Amid Regulatory Challenges

Seems like the Central Bank of Nigeria (CBN) is caught in a bit of a crypto conundrum. Recently, a report surfaced claiming that the CBN had issued a directive requiring banks and financial institutions to identify individuals or entities engaging in transactions with cryptocurrency exchanges and freeze their accounts for six months. This so-called "Post No Debit" (PND) instruction would prohibit account holders from withdrawing funds or making payments using the affected accounts.

However, the CBN quickly jumped into action, denying the story on X... only to delete the denial hours later. Talk about mixed signals! The bank eventually clarified that the allegations were indeed false, but not before causing some serious confusion.

The alleged circular also stated that regulated financial institutions dealing in crypto or facilitating payments for crypto exchanges are prohibited. But wait a minute, didn't the CBN lift a ban on banks engaging with digital currencies back in December 2023? It seems like the left hand doesn't know what the right hand is doing!

To add fuel to the fire, the CBN has been keeping a close eye on platforms offering cryptocurrency services, particularly those using peer-to-peer (P2P) methods. The government's attention shifted to these platforms due to the swift devaluation of the naira and the subsequent inflation rate of 29.9%. They even went as far as disabling websites associated with crypto trading that had gained notoriety for setting informal valuations for the naira.

Binance, one of the world's largest cryptocurrency exchanges, has found itself in hot water with the CBN. The central bank raised concerns about a whopping $26 billion passing through Binance Nigeria in 2023 from unidentified sources and users. As if that wasn't enough, Binance executive Tigran Gambaryan, based in the United States, is currently detained in Nigeria, facing five charges linked to money laundering.

Another executive, Nadeem Anjarwalla, who met with Nigerian officials about Binance's regulatory issues, managed to escape custody and was tracked down to Kenya, where he now faces extradition.Fantom creator Andre Cronje has come to Solana's defense amid the network's recent transaction failures, attributing the issues to rapid growth and increased demand.

CBN denies issuing directive to freeze accounts associated with crypto exchanges

Confusion arises due to contradictory statements and previous regulatory changes

Binance faces scrutiny in Nigeria, with executives facing money laundering charges and extradition

Proposed U.S. Stablecoin Bill Could Shake Up the Market, Says S&P Global

According to global ratings firm S&P Global Ratings, the newly introduced bill in the U.S. Senate could be a game-changer for the stablecoin market. The agency believes that the proposals outlined in the act could encourage U.S. banks to step into the stablecoin arena, potentially giving them a competitive edge over non-bank stablecoin issuers.

The bill proposes introducing a $10 billion issuance limit on non-bank stablecoin firms, banning "unbacked" algorithmic stablecoins, and requiring issuers to hold one-to-one cash or cash-equivalent reserves. S&P Global sees this as an opportunity for banks to gain an advantage by limiting institutions without a banking license to a maximum issuance of $10 billion.

However, not everyone is thrilled about the proposed changes. The ratings agency notes that the introduction of the $10 billion issuance limit could spell trouble for Tether, the largest U.S. Dollar-pegged stablecoin issuer on the market, with a market cap of $110 billion. As a non-U.S. entity, Tether would not be considered a permitted payment stablecoin under the proposed bill, potentially reducing demand for the stablecoin while boosting U.S.-issued alternatives.

Despite the potential challenges for Tether, S&P Global acknowledges that much of the stablecoin's transaction activity occurs primarily outside of the United States, driven by transactions in emerging markets, retail activity, and remittances.

Democrat Senator Kirsten Gillibrand believes that passing a regulatory framework for stablecoins is "absolutely critical" for maintaining the U.S. dollar's dominance, promoting responsible innovation, protecting consumers, and cracking down on money laundering and illicit finance.

However, not everyone is on board with the proposals. Crypto advocacy organization Coin Center expressed concerns, stating that banning algorithmic stablecoins would be "bad policy" and potentially unconstitutional under the First Amendment.

Lummis-Gillibrand Payment Stablecoin Act could encourage U.S. banks to enter stablecoin market.

$10 billion issuance limit on non-bank firms could impact Tether, the largest stablecoin issuer.

Coin Center expresses concerns over proposed ban on algorithmic stablecoins.

Iconic "Buy Bitcoin" Sign from 2017 Janet Yellen Hearing Sells for Over $1 Million

Who knew that a yellow notepad could be worth more than a million dollars? Back in 2017, during a televised House Financial Services Committee hearing, Christian Langalis managed to nab a seat behind then-United States Federal Reserve Chair Janet Yellen. In a moment of pure genius (or madness), Langalis flashed a handwritten sign that read "Buy Bitcoin" to the camera. The stunt got him escorted out of the hearing, but not before the message was seen by millions.

Fast forward to 2023, and that very same yellow notepad has sold at auction for a whopping 16 Bitcoin, equivalent to over $1 million. The lucky buyer, known as "Justin" or "Squirrekkywrath," won the auction on the Bitcoin auction platform Scarce City after a week-long bidding war.

Langalis, now known as the "Bitcoin Sign Guy," had apparently kept the notepad in his sock drawer for years before deciding to "liberate" it and offer it back to the Bitcoin community. After Scarce City takes its 15% fee, Langalis is set to pocket around $875,000, or 13.6 BTC. Not bad for a piece of paper!

Interestingly, the listing notes that the page with the handwritten sign was removed from the notepad shortly after the hearing but has since been reattached with clear archival wire. The yellow legal pad also contains an unseen rough draft of the now-iconic scrawl, along with notes on the hearing, monetary policy, and Bitcoin.

This isn't the first time Langalis has cashed in on his famous sign. In 2019, he created and sold 21 replicas of the sign, which sold for an average price of 0.8 BTC, worth about $51,300 today. These replicas are reportedly displayed in the offices of venture firms Paradigm, Blockchain Capital, and Castle Island Ventures, as well as the crypto think-tank Coin Center.

According to Bloomberg, Langalis plans to use the money from the latest sale to help fund a Bitcoin software project. Who says you can't change the world with a simple message and a yellow notepad?

Original "Buy Bitcoin" sign that photobombed Janet Yellen in 2017 sells for 16 BTC (over $1 million)

Christian Langalis, the "Bitcoin Sign Guy," kept the notepad in his sock drawer for years before auctioning it.

Langalis plans to use the funds to support a Bitcoin software project.

Phew, what a day it's been, my dear PoI enthusiasts! I hope this edition has left you feeling like a true crypto connoisseur, armed with the knowledge and the giggles to navigate this crazy, wonderful world of digital assets. As always, remember to stay curious, stay informed, and keep spreading the love. Until next time, this is Mochi, signing off with a virtual fist bump and a reminder to keep HODLing on to your sense of humor! 😄👊

P.S. Don't be shy – share your thoughts, questions, and favorite crypto conspiracy theories with us. Every voice matters in the PoI family! 📣❤️ Spread the newsletter love far and wide!

🍨📰 Until the next issue, keep it cool like an ice cream sandwich! 📰🍨