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U.S. presidential candidate Robert F Kennedy Jr. wants to incorporate Bitcoin into the deficit management strategy of the United States. RFK also pledged to foster the U.S. blockchain industry with permissive regulation.

SEC Commissioner Hester Peirce has proposed establishing a regulatory sandbox for U.S.-based fintech and digital asset firms. In other regulatory news, the U.S. Treasury sounded the alarm on the money laundering and fraud risks associated with NFTs.

Matter Labs, the development team behind ZkSync, has become the center of controversy after filing trademarks for the term “ZK.” While Matter Labs says it wants the phrase in the public domain, rival projects are not convinced.

Plus, Telegram’s wallet unveils strict KYC requirements, Ethena launches on Blast, and markets consolidate ahead of U.S. inflation data.

✍️ In today’s newsletter:

RFK doubles down on pro-Bitcoin stance
SEC Commissioner wants a regulatory sandbox
U.S. Treasury says illicit actors are using NFTs
Matter Labs cops flak for ZK trademark
Telegram Wallet imposes KYC
Ethena expands onto Blast
Markets pause as inflation data looms

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📈 Markets in the last 24 hrs:

	Ticker	Value	24h

Ticker	Value	24h
Bitcoin	$69,122	-1.52 %
Ethereum	$3,742	-1.32 %
Gold	1st Future$2,389	-1.34 %
S&P 500	5307.01	-0.27 %
Arch Web	32.36	-2.69 %
Learn more about Arch Indices ,[object Object]		%

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Check out our conversation with Sergey Nazarov, the co-founder of Chainlink, to get up to speed on the latest news regarding the leading oracle network. Plus, watch our interview with Robert Viglione, co-founder of Horizen Labs, to discover how the project is driving down the costs associated with zero-knowledge proofs.

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💵Presidential Candidate RFK Says Bitcoin Can Help Solve The U.S. Debt Crisis

Robert F Kennedy Jr. is seeking to position himself as the pro-crypto presidential candidate, telling the audience at Consensus 2024 that Bitcoin will comprise a fundamental component of his deficit management strategy. Kennedy also pledged to support the U.S. blockchain industry and revealed personal BTC holdings worth more than $1.42 million.

🌱SEC Commissioner Proposes Cross-border Sandbox for U.S. and U.K. Crypto Industries

Hester Peirce, an SEC Commissioner affectionately nicknamed "Crypto Mom,” is backing a proposal from U.K. financial authorities to create a joint regulatory sandbox with the U.S. The sandbox would provide greater regulatory flexibility for participating digital asset and fintech firms.

🕵🏻‍♀️U.S. Treasury Warns That NFTs Are Vulnerable To Fraud and Money Laundering

The U.S. Treasury Department published its first report examining the threats associated with non-fungible tokens. The report warns that NFTs are vulnerable to fraud, scams, and money laundering, adding that many NFT platforms fail to maintain effective compliance regimes

💥Matter Labs In Hot Water Over ‘ZK’ Trademark Bid

The web3 community is taking shots at Matter Labs after the team sought to trademark “ZK,” the well-known acronym for zero-knowledge technology. While Matter Labs said it wants ZK to exist in the public domain, rival projects are condemning the move as an underhanded IP grab.

🪪Telegram Wallet Introduces Stricter KYC Rules

Wallet, a custodial wallet for Telegram users, is imposing KYC rules on its users from June 3. However, users will still be able to withdraw their assets, allowing users to opt-out of the service rather than provide identifying information.

💲Ethena Brings Synthetic Dollar to Blast Layer 2

Ethena Labs has launched its controversial synthetic dollar on the Ethereum Layer 2 network, Blast. At least half a dozen Blast-based DeFi protocols have already pledged to integrate support for the stablecoin.

🎈Crypto Markets Trade Sideways Ahead of U.S. Inflation Report

Digital assets are trending sideways and investors anxiously await the latest U.S. inflation data. Expectations that the Federal Reserve would quickly ease interest rates in 2024 have tempered as high inflation has persisted.

🌍 ELSEWHERE

Tether Acquires $100 Million Stake in US-Listed Bitcoin Miner Bitdeer (Bloomberg)
Crypto Bettors Lay 17% Odds on Donald Trump in Jail Before Election Day (CoinDesk)
Pudgy Penguins to release mobile game in 2025 (The Block)
Elixir Capital Submits Governance Proposal to Establish $50 Million Arbitrum Startup Collective (Unchained)