Illustration by Mitchell Preffer for Decrypt
Most leading coins grew in value this week, largely offsetting the losses inflicted last week—the first red week of 2023.
Meanwhile, regulators in Europe and the Americas were having heated discussions about how to reign in crypto. The U.S. Securities and Exchange Commission (SEC) last week hit Kraken with a $30 million fine and ordered the exchange to shut down its staking service. This week, the agency lined up Terra in its crosshairs.
Across the Atlantic, the European Central Bank (ECB) told European banks to cap their crypto holdings to hedge against crypto’s inherent risks. The move came a week after the bloc published a new legal draft obliging banks to assign crypto the highest possible risk rating.
The conversation around regulation continued over on Crypto Twitter. Coinbase CEO Brian Armstrong was looking for people in Washington to talk strategy with over a cup of coffee on Monday:
I’m in Washington D.C. and had a meeting canceled. Will be at the Dirksen Senate Office building snack bar for the next hour or so, if anyone wants to come chat about crypto and how we get crypto legislation + regulatory clarity this year.
— Brian Armstrong (@brian_armstrong) February 13, 2023
Also that day, popular NFT collector Cozomo de’ Medici—who may be an alias of rap legend and NFT fan Snoop Dogg—announced he was donating a shedload of digital art to the Los Angeles County Museum of Art.
1/ Announcing the first donation of on-chain art from a collector to a museum, and the largest digital fine art collection to enter a museum
22 works from The Cozomo de’ Medici Collection have been added to the permanent collection of the Los
