Monday, November 1st, 2021
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Your Weekly Update On All Things Crypto |
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Ivy League University Starts Accepting Bitcoin as Payment |
As cryptocurrency and blockchain technologies continue to become increasingly utilized throughout the world, various educational institutions have thus started to accept Bitcoin (BTC) as a viable payment method for tuition fees.
The University of Pennsylvania's Wharton School of Business made headlines recently when it announced that it shall be accepting cryptocurrencies such as Bitcoin as payment. The Ivy League institution anticipates attracting countless students each year via such an initiative, as it is indeed the younger generation that has played a vital role in the global adoption of cryptocurrencies. As such, the institute has added a new course centered around the study of blockchain, digital technologies and cryptocurrencies, and the course will reportedly cost $3,800 (all of which can be paid in BTC).
Whartonâs relationship with crypto
The Wharton School is among the most prestigious business schools within the entire United States, and its notable alumni involve the likes of Elon Musk, Warren Buffet, and Sundar Pichai. The school will indeed start accepting Bitcoin (BTC) and other cryptocurrencies as payment for tuition before long, but it should also be mentioned that the acceptance will be restricted to the online blockchain, cryptocurrencies, and digital assets program, which will reportedly begin in January next year.
The six-week course is called âThe Economics of Blockchain & Digital Assetsâ, and it costs $3,800 as aforementioned. In order to successfully facilitate the acceptance of cryptocurrency payments, the Wharton School shall employ the services of Coinbase Commerce, which is the main e-commerce portal of Coinbase.
The business school had also managed to make headlines earlier on in 2021 when it acquired a massive $5 million Bitcoin donation. In May, an unknown donor had sent the $5 million, which roughly translates to about 118 BTC. The Wharton School quickly converted the flagship cryptocurrency asset contribution to fiat, a move that had resulted in the institution being given over $7 million at today's prices.
Cryptocurrencies and education
Many academic initiatives involving cryptocurrencies have occurred throughout the years. For instance, the Massachusetts Institute of Technology (MIT) distributed BTC to its respective student body back in 2014. Numerous other institutions have recently begun to accept cryptocurrency as payment for tuition as well.
It could be argued that as the cryptocurrency industry grows and gains more traction, many aspects of our society will gradually come to adopt a more progressive and accepting perspective towards the new digital asset class. One thing is for sure though, and that is the fact that cryptocurrencies are not going away anytime soon.
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Do Kwon Strikes Back: Sues SEC Over Improper Sopenia |
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Not too long ago, the SEC served a subpoena on Terraform Labs CEO Do Kwon as he was about to make a scheduled appearance at Messari's Mainnet conference. The Securities and Exchange Commission approached Do Kwon back in May to inquire about the functioning of Mirror Protocol as well as Terraform Labs' relationship with the firm. The CEO willingly sat with the SEC lawyers and answered a wide variety of queries during a five-hour questioning period.
However, the CEO is now suing the SEC, claiming that the regulatory body has little to no jurisdiction regarding the plaintiffs. The final straw had in fact occurred in September, when the SEC subpoenaed Do Kwon, issuing some documents and paperwork during Messari's Mainnet launch event while the CEO was still speaking with Terraform's delegates.
Do Kwon Strikes Back
The founder of Terraform Labs is now officially suing the regulatory agency for violating its jurisdiction with the subpoenas. The CEO's complaint disputes the subpoenas, claiming that these were unlawfully given, as well as the agency's inability to maintain the confidentiality of a private investigation into the so-called Mirror Protocol.
Do Kwon is a South Korean resident, and although the SEC's guidelines specify that investigations are to be kept private, the regulator nevertheless issued a subpoena on an event that had nearly 2,000 people in attendance via the âCavalier Courier and Process Serviceâ. Employing a âCavalierâ procedure to confront the CEO in public at a highly anticipated event which was being attended by so many individuals was at best a reckless move, causing social media outrage along with press speculation regarding the encounter in only a few minutes of the orchestrated incident and at worst a clear attack on the cryptocurrency sector by the regulator.
The CEO, who has since gone on the offensive on behalf of the cryptocurrency industry's newest battle with the SEC, has identified a clear lack of comprehensive understanding within and between regulators as a major issue that continues to hinder the progress of decentralized finance (DeFi). The lawsuit additionally highlighted both the exponential growth of the industry and the subsequent resistance against it by various governmental and regulatory institutions such as the SEC.
The Battle Is On
Ever since the incident, countless members of the cryptocurrency community have banded together to openly defy the SEC and its alleged authority over the industry. This is not the first time that the regulator had overstepped its boundaries and if left unchecked, it wonât be the last either.
Furthermore, the complaint contends that the SEC violated its own guidelines governing the management and appropriate conduct of these types of situations. The subpoenas had been delivered in public, and one of Messari's Mainnet's assistants saw the delivery first-hand. This is contrary to SEC policy, which specifies that official matters must be kept secret until declared otherwise.
This lawsuit, therefore, requests that the subpoenas be declared null and void, as well as all damages including legal costs and other remedies, be covered as the court considers appropriate.
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Ontario Teachers Pension Fund Gains Crypto Exposure with Investment in Crypto Exchange, FTX |
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Ontario Teachers' Pension Plan invests in cryptocurrency exchange FTX Trading Ltd, through Teachersâ Innovation Platform. FTX, a Bahamas-based crypto exchange recently announced that Teachersâ Innovation Platform (TIP) was one of the 69 investors in its most recent $420-million funding round. After that inflow of support from the funding round, FTX established in 2019, is valued at $25 billion today. This is a bold move for a big, successful, and well-known pension plan, Ontario Teachers'. Worth noting as more big pensions gain access to the crypto markets this momentum increases in velocity.
âTeachersâ Innovation Platform invests in innovative companies that use technology to help shape new categories,â stated Olivia Steedman, managing director at TIP. âAs a global technology-driven innovator in the financial sector, FTX fits well with our mandate. We look forward to working with FTXâs management team in supporting the continued growth of the company.â With new regulation-compliant onramps appearing every day, Pension plans and other investor groups previously not able or considering crypto investments turn an eye to this explosive alternative to their traditional holdings.
The latest funding round will help FTX expand into new markets and develop new offerings. The exchange reports that over the past four months their user base has grown by 48%, and average trade volume is up 75% to $14-billion per day. Very regulation friendly, FTX is interested in establishing the exchange as trustworthy and innovative. They seek to engage regulators and embrace change to improve their offerings to investors. We think that the Teachers' Pension buy-in speaks well to the FTX positioning as the worldâs most transparent and compliant cryptocurrency exchange.
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Cosmos Community Conference will be held in Lisbon, Portugal on November 5th & 6th, 2021. There will be speakers from the Cosmos Ecosystem, as well as members from other crypto projects. Sign up below to keep up with the latest news and updates about the conference. |
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We at CryptoWeekly are not Financial Advisors. None of the content or opinions expressed in this newsletter should be considered financial advice. We highly recommend that you do your own research before investing in any project within or outside the cryptocurrency space. |
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