The Weekly gm - May 29

Happy Memorial Day, SD! Enjoy the day off and recharge that social battery ahead of this week’s events.

1. Tomorrow, May 30: An Introduction to Zero Knowledge Circuits w. Zcash
Zcash is a privacy-protecting, digital currency built on strong science. With Zcash, people can transact efficiently and safely with low fees. Tomorrow, join gmchad.eth and Global Zcash Ambassador Madison Paiement at the Edge HQ for a guided coding session on zk circuits and zardkat, a hardhat template for building circuits and more.

Register for the event here: edge.app/events/zcash-zero-knowledge/ and don’t forget to bring your laptop!

2. This Thursday, June 1: SD Trust Zone Initialization w. FOAM
The FOAM network is in full effect here in SD. ETH SD and FOAM are teaming up to celebrate the launch of the SD Trust Zone, look ahead to what can be done locally with the Proof of Location Network, and more!

We’ll be at the Edge HQ from 6:30pm to 8pm this Thursday. Register on Luma: lu.ma/sdtrustzone.

3. Next Wednesday, June 7: Run A.I. with Run Tech Club at LA Tech Week
Lace those Nikes up, SD! For the members of our community trekking north for LA Tech Week, join us and Run Tech Club for a 2-mile jog and following discussion on if the future of AI is a bright or dark one. Run Tech Club is a community of creators, builders, and founders who’d rather brainstorm in sneakers than a suit.

Sign up for the event on Luma (https://lu.ma/la-techweek-run-ai) and let us know what other LA Tech Week events you’ll be attending!

1. Bitcoin’s Dollar-Backed Stablecoin
Stably, a U.S.-based company presenting itself as a fiat gateway for cryptocurrency trading, has announced its BRC-20 U.S. dollar-backed stablecoin. However, there are concerning issues. The reported total supply of the stablecoin is $69.420 trillion, more than double the U.S. national debt, suggesting an influence from meme culture.

As of now, Stably's project appears to be in its early stages, with a linked reserve wallet only showing a balance of $220. In addition, there is a discrepancy between the registration number and address listed on Stably's website and the details given on the Financial Crimes Enforcement Network (FinCEN) website for "Stably Trading, LLC," a supposed subsidiary of Stably.

2. IndexGPT from JP Morgan
JPMorgan Chase has applied for a trademark for a finance-themed chatbot named IndexGPT, intended for advertising, marketing, and providing online financial information and investment advice. This comes as CEO Jamie Dimon emphasized the importance of AI and data in the company's future.

Despite the financial sector's growing interest in AI's data processing abilities, concerns are rising over the potential harm of unregulated AI, prompting calls for government intervention.

3. Kazakhstan: A Growing Crypto Destination
Cryptocurrency exchange Bybit has received preliminary approval from the Astana Financial Services Authority (AFSA) in Kazakhstan to operate as a digital asset trading facility and custody service provider. Bybit's CEO, Ben Zhou, highlighted the growth potential of the Commonwealth of Independent States (CIS) region in the crypto industry and underscored Bybit's commitment to local regulations.

The approval is subject to pre-conditions before Bybit receives permanent authorization to operate in Kazakhstan, a country that is increasingly becoming a hub for cryptocurrency, mining, and blockchain activities.

1. DeSantis Acknowledges US Institutional Animosity Towards Bitcoin in Twitter Space with Musk
In a discussion with Elon Musk and venture capitalist David Sacks, Florida Governor and presidential candidate Ron DeSantis criticized the current administration's stance on Bitcoin and warned of potential regulations that could harm the industry. He also mentioned his opposition to central bank digital currencies (CBDCs), citing concerns over potential misuse for politically unfavorable purchases.

DeSantis has previously signed legislation in Florida prohibiting the use of CBDCs, although the effectiveness of this law is contested by critics.

2. Gensler Continues Regulation Narrative with ICI Speech
SEC Chairman Gary Gensler, in a speech to the Investment Company Institute last Thursday, underscored the necessity for stricter financial regulations to manage risks and safeguard investors. Gensler cited the importance of well-regulated collective investment vehicles and proposed measures to enhance liquidity risk management in money market funds and open-end funds.

He also expressed concerns about other collective investment vehicles overseen by bank regulators that operate without SEC oversight, stressing the need for consistent regulation. However, Gensler's strong advocacy for clear regulations seems at odds with his approach to the crypto industry, which is currently grappling with regulatory ambiguity.

3. Winklevoss’ Seek SEC Dismissal For Gemini Earn
Gemini, a cryptocurrency exchange operated by Tyler and Cameron Winklevoss, asked a U.S. judge on Friday to dismiss a lawsuit by the Securities and Exchange Commission (SEC) alleging it illegally sold unregistered securities through a program promising high interest rates to investors. The SEC filed the lawsuit in January against Gemini and Genesis Global Capital LLC, a Digital Currency Group subsidiary, over the Gemini Earn program.

Gemini argued in its filing that the loan agreements did not qualify as securities because they were neither sold nor traded on secondary markets, and didn't transfer title to assets. Genesis, which is also planning to seek dismissal, has not yet commented.

We’ll keep you posted every Monday on what’s happening in the space. Follow @ETHSanDiego on Twitter or visit ethsd.org for info on events, educational content, and more!

See you next week,
@ChaseOnChain.eth & @gmchad.eth

Disclaimer: None of this is financial advice and is for educational purposes. Always do your own research.