Elizabeth Warren’s anti-crypto bill, Enjin’s new blockchain, and more

Senator Elizabeth Warren's digital asset Bill is all anybody's talking about in Crypto so here's everything you need to Know good morning you're listening to The ryen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to stay at the front of the Pack in this fast moving space make sure You click that follow button grab Yourself a coffee and let's get into It there are some some big topics to Discuss today so let's have a look at What's on the docket Senator Elizabeth Warren's anti-crypto Bill gets more Support the crypto Community react to The bill plus a comforting statistic Engine migrates 200 million nfts from Ethereum to a new blockchain a report Suggests that the blockchain gaming Market will reach $600 billion by 2030 And Google Alters its crypto ad policy But is this to accommodate spot Bitcoin ETFs Senator Elizabeth Warren's proposed Bill the digital asset anti-money Laundering act has concerned many people In crypto you might remember I touched On this last week when the JP Morgan CEO Jamie dimon told the US Senate he had Shut crypto down if he was the Government well Warren's bill is still Plotting forward and there were two Connected stories yesterday one from

Turner Wright and another from Jesse Cockland and they're both looking at the Same issue from different angles so for The first time I'm going to combine two Stories in this section plus a little Bit from last week and concisely update You on everything everything you need to Know on this Hot Topic issue so this Proposed legislation reemerged in July And recently it has been garnering some More attention yesterday Senator Elizabeth Warren announced that five More senators were now backing the bill These are Raphael waro LEF fonsa Butler Chris Van Holland John Hickenlooper and Ben Ray Luhan it's worth noting that Three of these are on the Banking Committee Warren said our bipartisan Bill is the toughest proposal on the Table cracking down on crypto's illicit Use and giving Reg ators more Tools in Their toolbox so the headline intent of This bill is to stop money laundering Using crypto and it's used for illicit Activities which includes the funding of Terrorism at face value that doesn't Seem like something anyone ought to Oppose but as always the devil's in the Details many crypto experts have gone Through the bill in depth so let's look At what they have said first up is NJ Agrawal the communications director at The crypto Think Tank coin Center the Digital asset anti-money laundering Act

Is a direct attack on techn olical Progress and also a direct attack on our Personal privacy and autonomy make no Mistake while proposed as a solution to Potential money laundering and terrorist Financing the bill is in fact a Repudiation of liberal values and a move Towards the types of surveillance and Control prized by authoritarians like Vladimir Putin Zin ping and Kim Jong-un Unfortunately the bill cannot be Improved it can only be opposed in its Entirety coin centa will do everything In its power to protect the rights of Americans and defeat this unwarranted Attack attack on individual privacy and Autonomy these words might seem extreme But it's not necessarily the case that They are Galaxy research is head of Firmwide research Alex Thorne got a bit More specific and took issue with a Particular area of the bill that Thorne Believes is a ban on bitcoin I'll first Read the section of the bill that Thorne Is referring to it says address a major Gap with respect to unhost digital Wallets which allow individuals to Bypass AML anti-money laundering and Sanctions checks okay let's look at Thorn's comments on this he said Warren's Bill also seeks to impose the Bank secrecy act on non-custodial Wallets many of which are free an open Source to be clear there is no such

Thing as an unhost digital wallet there Are just wallets requiring non-custodial Open source software to perform Bank-like compliance is the big attack Bitcoin enemies have always threatened It's impossible for Bitcoin core for Example to comply with this so it Amounts to an effective ban of Bitcoin In the USA right so if Bitcoin core Cannot comply with this this bill is a Serious threat to bitcoin and crypto in The US and if Warren's to be believed It's gaining traction well hold that Thought according to data from gov track A platform that tracks bills Warren has Introduced no fewer than 330 different Bills in her 11 years as Senator so What's her success rate well of these 330 bills only 11 have ever been enacted And 10 of those were folded into other Bills leaving just one that made it on Its own legs this isn't really a Criticism of Warren GV TR even stated That very few bills are ever enacted Most legislators sponsor only a handful That are signed into law still Warren May only have a 3% success rate of Getting bills enacted but that's not to Say that this one won't go the distance And it's a serious Threat right we need something more Positive after that and yesterday Ezra Regera covered an interesting story I Think is worth knowing about the

Ecosystem engine has migrated 200 Million nfts from ethereum to its own Blockchain and it didn't cost hundreds Of millions of dollars in gas fees Thanks to an Innovative idea I want to Be completely transparent here engine is An ecosystem that's close to my heart Because they were my Gateway into the Space after their Ico in 2017 the first Nfts I ever owned were on engine and They were and are a pioneering force in The adoption of blockchain in the games Industry incidentally a bit of History For You engine authored the ERC 1155 Token standard which is still really Common today however I have a criticism Of engine that in forms this story in Around 2018 2019 I received an engine Nft and at some point later I wanted to Move that nft from one of my wallets to Another as engine was on ethereum the Gas fee was about $300 for an nft I Received for free I have a screenshot Somewhere of this transaction that I Didn't go through with because I was so Irked it felt like nfts were unscalable So that was that as far as I was Concerned I left that nft locked in that Old wallet and it remained there for 5 Years engine weren't blind to this issue And they tried to solve it a few times As many before them have too but now Working with Atlas development services They seem to have cracked it engine have

Just transferred 118 million nfts on Ethereum and 101 million nfts on their Ethereum side chain jump net to their New dedicated main net the engine Blockchain Oscar Franklin tan CFO at Atlas told Ezra to avoid the incredible Amount of gas fees for 200 million nfts Instead of requiring users to burn the Ethereum nfts before issuing the engine Block chain nfts which is how normal Migration would work a snapshot was Taken and users are allowed to sign with Their ethereum wallet to claim the Engine blockchain nfts essentially what That means is they took a snapshot of All engine nfts that exist and then Reissued them to the same people but on The engine blockchain the potential Drawback here is that the originals do Still exist on ethereum as burning them Would cost those gas fees but most Holders will likely prefer this solution To paying for Migration let's stay with blockchain Gaming for a second as Tom Blackstone WR A fascinating piece on a report Yesterday that had some meaty Projections for the space Fortune Business insights yesterday released a Report that analyzed the blockchain Gaming Market it defines a blockchain Game as any video game that utilizes Blockchain technology in any way be it Nfts or crypto currencies the report

Found that since 2017 the compound Annual growth rate of sales was 21.8% with a current market estimate of $154 billion in spending if this Trajectory is followed the market will Reach $600 billion by 2030 so the report Split the world into five regions North America South America Middle Eastern Africa Europe and Asia Pacific and it's North America that had the largest share Of blockchainbased gaming purchases with Around 24% of the total and the report Suggest that the trend of North America's dominance here will continue Okay so you probably know by now but This is my specialty area so I will Offer two caveats that might Buck the Trends that the evidence suggests Firstly in terms of growth ass signs the Play to earn anomaly games using Blockchain have been rare but they're Ramping up quite quickly the development Cycle of AAA games is years and Blockchain technology has not been Viable for implementation for many Studios until recently so I would expect To see the pace of growth increase Between now and 2030 many of the world's Biggest Publishers and Studios such as Square enex and Ubisoft are working on Their first blockchain games as we speak And mobile games such as NFL Rivals Which is an official NFL game by the way Uses nfts and has garnered millions of

Down loads secondly I think there's a Reasonable chance that Asia is the Region that takes the pole position in Share of sales by 2030 the us as we've Discussed at length today is not Crypto-friendly whereas many of the Asian countries have governments Attempting to cultivate crypto and Blockchain startups Asia has been Growing in blockchain gaming faster than Other regions for some time though I say That somewhat anecdotally anyway this Report is a great sign for the broadness Of the crypto Industry finally let's look at a very Interesting story in involving Google Ads Google has rolled out another policy Update involving crypto ads and this Time it looks as if they're eyeing up Spot Bitcoin ETFs for years Google did Not allow ads for cryptocurrencies or From crypto companies in fact it was Only in June this year that Google Lifted their ban on crypto ads that had Been in place since early 2018 then in September they extended the permitted Area to include blockchain games if you Take into consideration the report we Just discussed it seems as if Google ads Is targeting areas of growth in crypto And this latest change is possibly the Best evidence of that Google's latest Update will go live in January and That's not coincidental timing Jesse

Cockland yesterday covered the news that Google's ad policy will from the 29th of January 2024 allow ads from and I quote Advertisers offering cryptocurrency coin Trust targeting the United States So What on earth does that mean as Jesse Highlighted in the article these crypto Coin trusts are examples of and I quote Fin fincial products that allow Investors to trade shares in trusts Holding large polls of digital currency So the reasonably safe assumption that People having about this policy update Is that the cryptocurrency coin trust is A euphemism for ETFs as we've discussed A lot over the last few weeks these spot Bitcoin ETF applications to the SEC are Expected to be approved in January with The Bloomberg ETF analysts putting the Likely heard at 90% so this Google ad Policy update going live on the 29th of January 202 4 feels very well Timed right you are armed to the teeth To argue with people on Twitter so Consider yourself informed thank you for Listening to the ryen crypto podcast by Coin Telegraph if you're enjoying these Daily updates please make sure you let Us know by following subscribing or Leaving a review thank you so much for The people that have already done that We do really appreciate it have a great Day let's do this again [Music]

Tomorrow [Music]