Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. US President Can Now Legally Block Crypto: A new U.S. law grants the president extensive authority to block access to digital assets, raising concerns about potential overreach and its impact on users. Criticized by digital asset expert Scott Johnsson, the law allows the president to ban protocols or smart contracts linked to foreign sanctions violators.

2. Robinhood Enables US Institutional Trading: Robinhood is set to acquire Bitstamp for $200 million, expanding its crypto offerings to institutional clients. The deal, expected to close in the first half of 2025, aligns with customer demand for more cryptocurrency products.

3. 📈Technical Analysis Masterclass - 

4. Privacy Protocol Shuts Down Operations Overnight: Nocturne Labs, an Ethereum-native privacy protocol, unexpectedly ceased operations despite raising $6 million in funding. The shutdown, announced on June 5, offers users the ability to withdraw funds through June, after which withdrawals will be handled via GitHub.

5. 💡Feature of the Day - McDonald’s Metaverse: McDonald’s Singapore launched the “My Happy Place” metaverse, allowing users to build virtual burgers, play games, and earn rewards. Partnering with Bandwagon Labs, the project emphasizes multiplayer interaction and creative expression, with rewards such as free fries to boost participation.

   
   All this and more in today’s headlines!

📰 News Highlights:

US President Power Boost [Source][Source][Source]

A new U.S. law has granted the president sweeping authority to block access to digital assets, causing widespread concern about its broad implications and potential impact on users.

Scott Johnsson described the law’s scope as breathtaking, warning that it could drive users toward Know Your Customer (KYC)-compliant, its potential to serve as a user-level ban on any protocol or smart contract, and permissioned blockchain networks.

Senator Mark Warner reportedly inserted elements of the Terrorism Financing Prevention Act into the new law, broadening the president's powers over digital assets.

Under this new legislation, the president can block transactions between U.S. persons and foreign entities identified as supporting terrorist organizations and impose stringent conditions on foreign financial institutions maintaining accounts in the U.S.

Robinhood Enables US Institutional Trading [Source][Source]

Robinhood is set to expand its presence in the cryptocurrency industry by acquiring the Bitstamp cryptocurrency exchange in a $200 million deal. This acquisition will enable Robinhood to serve institutional clients in the United States, significantly broadening its crypto offerings.

The deal, expected to be finalized in the first half of 2025, is subject to regulatory approval. Robinhood’s general manager of crypto, Johann Kerbrat, stated that the decision was driven by customer demand for more cryptocurrency products.

Co-founder and CEO of Robinhood, Vlad Tenev, expressed enthusiasm about combining Robinhood’s capabilities with Bitstamp’s global footprint and industry-leading products, such as crypto-as-a-service, institutional lending, and staking.

Robinhood has been expanding its cryptocurrency services since 2018 and views this acquisition as a significant step in enhancing its offerings for both retail and institutional investors.

📈Technical Analysis Masterclass:

Privacy Protocol Shuts Down Operations Overnight [Source][Source][Source]

Nocturne Labs, an Ethereum-native privacy protocol backed by prominent cryptocurrency figures, including Ethereum co-founder Vitalik Buterin, has abruptly shut down its operations.

The announcement, made in a June 5 post on X, comes despite Nocturne raising $6 million in a funding round led by Bain Capital Crypto and Polychain Capital in October 2023.

Nocturne initially aimed to introduce private accounts and transactions to the Ethereum ecosystem but provided no explanation for the sudden closure.

Despite winding down operations, Nocturne assured users that they would be able to execute withdrawals through its front end until the end of June. After that, the withdrawal process will be converted to a self-serve method via a GitHub repository with detailed instructions.

The U.S. government blacklisted the crypto mixing protocol Tornado Cash in August 2022, and its developer, Alexey Pertsev, was found guilty of money laundering in May. These developments have put privacy protocols under intense scrutiny, impacting their operations and viability in the current regulatory environment.

💡 Feature of the Day: 

McDonald’s Metaverse [Source][Source][Source]

McDonald’s Singapore has launched the “My Happy Place” metaverse, offering locals the chance to build virtual burgers, play multiplayer games, and earn rewards. The American fast-food chain partnered with Bandwagon Labs to create this immersive virtual world.

Clarence Chan, Founder of Bandwagon Labs, highlighted the key aspects of the metaverse: multiplayer interaction, creative expression, and daily rewards. By integrating Web3 technologies and wallet hosting services like MetaMask, users can securely authenticate their identity and participate in token-gated activities.

The project, live from June 6 to July 7, will determine future deployments based on its success. Chan emphasized the potential of the metaverse for customer retention and engagement, noting that tangible rewards such as free fries could enhance user participation.

The initiative aims to address current limitations in metaverse experiences, such as reliance on third-party hosting and lack of tangible rewards.

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com