Daily Digest 11/4

Insight on the biggest stories of the day.

Miami is no longer the only city in the US that will see elected officials taking some of their paychecks in Bitcoin in a race to bring adoption to the space.
Eric Adams was elected the next mayor of New York City on Nov 2 and was known to be a pro crypto candidate. He doubled down on that by saying he will be taking his first three paychecks in Bitcoin.
This is an important election for New York as it is currently the hardest place in the country to operate a cryptocurrency business. This effects even the retail investors as they are not able to trade some of the most popular tokens or even use some of the most popular exchanges like Binance, FTX, or Kraken.

University of Virginia professor, Abraham Sutherland pointed out that a section of the Infrastructure Bill, which will be voted on Friday, will make it illegal for businesses and individuals that do not report their digital asset transactions.
It is understandable that the government wants to crack down on criminal activity but for a lot of these DeFi projects there is really no way for them to report user information because they don’t collect any in most cases.
“It’s bad for all users of digital assets, but it’s especially bad for decentralized finance. The statute would not ban DeFi outright. Instead, it imposes reporting requirements that, given the way DeFi works, would make it impossible to comply.”
If this bill is approved then that would put digital assets under the 6050I tax code which would require the reporting of physical cash or bank transfers in excess of $10,000. The amendment includes “any digital asset” in the definition of “cash”.

Across the entire blockchain space we always here about companies or individuals giving back to charities or organizations. Endaoment, which is a non-profit, raised more than $7 million in its first year for charities.
CEO Robbie Heeger said they have onboarded over 200 organizations with over 300 organizations that have on-chain contracts. He also said they have donated 60% of DAFs which is way higher than the 22% for traditional donor-advised funds.
“Crypto investors and enthusiasts are noticing the value and fulfillment they can realize by bringing their favorite nonprofits into the crypto community. It’s a great way to manage your own tax obligation while also spreading the gospel and convenience of crypto assets.”
As the market continues to increase in value, currently at $2.8 trillion, people will continue to donate as the amount of people that come into wealth through cryptocurrencies and digital assets continue to rise we will also see donations in crypto rise as well.

In October we saw meme coins take another pump but this time in the form of Doge alts like Shiba Inu and Floki Inu. Many others also price increases of a couple hundred % or more recently. While many are making large sums from these it is hard to predict for how long the euphoria will last.
It is also important to note that the same trend happened before the crash in May where we saw NFTs take an unexpected rise and then the meme coins followed. This caused the market to overall become over leveraged and when those contracts expired it caused everything to tank.
The top holder of Shib are centralized to the same extent if not worse than Doge was and all it would take is for one of those whales to sell and it could put a lot of traders in panic mode as they rush to sell their shit coins.

LINK Makes Moves