• Web3 on Fire
  • Posts
  • 🔥 Big if true: Ethereum ‘WINS BIG’ with the new crypto bill?

🔥 Big if true: Ethereum ‘WINS BIG’ with the new crypto bill?

Also: the crypto space seems to be going crazy for gold!

GM, legends! Once again, your frens from Ambire here with our weekly newsletter.  

Before we dive in, here’s just a quick update for those following our degen journey: our portfolio has almost halved in value just before the Bitcoin halving.

Coincidence? 👁️ 👄 👁️ 

The portfolio may be going down, but how sleek is the Ambire browser extension?

We never quit though ⚔️ 

Join the conversation in 🔥 web3-on-fire on our Ambire Discord server and contribute ideas for the next steps.

Today we talk about:

  • 🧨 Ethereum WINS BIG with the new crypto bill

  • 🥇 Crypto space is going crazy for gold

  • 💰️ Binance converts SAFU to USDC

  • 🦶 Is EIP-3074 the next step for Account Abstraction?

  • 🥧 Is Pi finally going live?

Big if true: Ethereum ‘WINS BIG’ with the new crypto bill?

The US law-makers recently introduced a new draft bill that seeks to regulate the use of stablecoins in the country 👇️ 

  • This has stirred up intense discussions within the industry and could significantly change digital currencies, particularly Ethereum and its associated stablecoins.

🗣️ Ryan Berckmans, a prominent member of the Ethereum community with extensive investment experience, shared his thoughts on the draft bill via Twitter/X:


According to Berckmans, the bill is "extremely bullish" for Ethereum and could potentially legitimize it like never before.

One of the most crucial aspects of this draft bill is its recognition of stablecoins on public chains, specifically Ethereum 🪙 

Berckmans explains that this could open up opportunities for US banks to obtain stablecoin licenses and for certain private companies to issue up to $10 billion in stablecoins without a license 💵 

This could significantly transform the traditional banking sector, making it more accepting of digital currencies and increasing their use in various economic activities.

Though Berckmans sees this as a positive development, he also points out some concerns within the bill:

  • For instance, unlicensed USD-pegged stablecoins may face strict regulations and could potentially be prohibited from being issued to US citizens residing in the country.

  • This could impact popular decentralized stablecoins, but also lead to the growth of non-USD stablecoins in the market 💲 💲 

As discussions continue within the crypto community, some have expressed their concerns and criticisms of the draft bill.

Jake Chervinsky, Chief Legal Officer at Variant Fund, believes the bill seems to ban everything except a narrow band of centralized custodial stablecoins.

He also argues that this goes against principles he advocated for in his testimony to Congress last year 👇️ 

Despite these differing opinions, remaining optimistic seems to be the general sentiment within the Ethereum community 🫡 

This could potentially significantly impact the overall crypto market, as Ethereum has historically been seen as a key player in driving adoption and innovation in the industry.

Crypto space is going crazy for gold

Tethering up was always the norm in the crypto space, as investors would often move their funds from high-risk assets to more stable ones like stablecoins 🪙 

However, the recent escalation of geopolitical tensions has brought about a new market trend: the flocking of crypto investors to gold.

Despite some L1's reputation for being "the digital gold" for being a store of value, the current crisis has once again shown that traditional assets like gold still hold that title in the minds of many investors.

For example, Paxos' gold-backed cryptocurrency PAXG saw a pump of over 44% in price, reaching $3.4k per troy ounce on some exchanges during the conflict-filled weekend when markets were closed 📈 

In contrast, Bitcoin, which has been touted as a store of value by many, failed to act as such during this crisis and has since continued to trade lower throughout the week, down around 17% from its ATH.

This trend has caused some concern among proponents of Bitcoin's store-of-value feature, especially when compared to gold's traditional track record as a safe-haven asset throughout human history.

👉️ BTC's decade-and-a-half track record is still relatively short compared to gold's eons-long history, which could explain why investors still turn to traditional assets like gold in times of uncertainty.

The recent decline in the relative valuation of BTC against gold, down 18% in April alone, has raised questions about the token's true status as a store of value and its susceptibility to market sentiments and risk-on behavior 💣️ 

This trend also suggests that even within the crypto industry, there is a recognition of Bitcoin's risk-on nature, which could pose potential challenges for its future as a store of value asset 🤔 

Overall, the current market situation has shed light on crypto investors' behavior during crises, but that's something we already know. When it comes down to it, gold still reigns as the ultimate safe-haven asset.

Will crypto ever get to dethrone it? There is no answer yet. So, for now, the crypto space will continue to go crazy for gold.

Binance converts SAFU to USDC

FUNDS ARE SAFU: this meme from the good ol' days of crypto is a testament to the importance of proper asset management in our volatile industry 📉 

  • The much memed SAFU fund (Secure Asset Fund for Users) started as a safety net for Binance customers in case of extreme circumstances.

  • Established in 2018, this fund originally consisted of various assets such as TUSD, BNB, Bitcoin, and USDT.

Now Binance decided to convert that fund completely to USDC, a stablecoin backed by USD and issued by Circle Internet Financial. This move reflects the latest change in strategy for Binance under the leadership of its new CEO Richard Teng.

Teng took over from the founder and former CEO Changpeng Zhao (CZ) in November 2023, following a plea deal with US agencies that resulted in a $4.3 billion fine for Binance.

This shift to USDC is interesting in many ways 🤔 

First of all, Binance delisted USDC in 2022 from their platform, citing safety concerns. But probably because Circle became more regulated and transparent (and potentially safe from authorities’ wrath) it seems Binance changed their opinion on USDC 🤷 

So. this may also be a strategic move in response to the ongoing regulatory scrutiny Binance is facing.

In any case, keeping your coins off exchanges just to be safe is always a good idea. Only trust your own strategy.

Is EIP-3074 the next step for Account Abstraction?

An Ethereum Improvement Proposal (EIP) has been creating ripples in the Ethereum community since late last week!

We’re talking about EIP-3074, which allows delegating the control of an existing EOA to a smart contract.

Opinions, controversies, and speculations have been hot 🥵 and it can be hard to understand and find out the truth. So Ambire prepared a summary of EIP-3074, what this means for Account Abstraction and the Ethereum ecosystem as a whole:

Is Pi finally going live?

If you've been in the space for a while, you probably know Pi. And you maybe even tried to “mine” it on your phone a few years ago. To say that the project has an enthusiastic community would be an understatement 🥧 

  • Since its launch in 2019, Pi has been making waves and attracting millions of users with its promise of easy “mining” and potential value.

  • Now, it seems like the team is finally getting ready to deliver on their promises.

  • According to recent reports, the KYC goal has been met and the team is gearing up to launch an "Open Network" or mainnet sometime in 2024 🤔 

By KYC goal they probably mean that Pi reached 10 million users who have completed identity verification through the app's native solution, Pi KYC 📱 

At one point Pi was one of the most downloaded apps worldwide, it still is in some countries, for example, it’s still the 22nd most downloaded in Vietnam.

What's going to happen now?

Will Pi finally become a valuable token? Or will it fall short of its lofty promises?

Some analysts are skeptical, claiming that only the founders will truly benefit from the project.

They argue that the affiliate marketing system used by Pi is simply a way to attract more users and sell advertising 💸 and we probably don’t have to tell you that hardware on your phone doesn’t allow it to do any real mining ⛏️ 

The Pi team has remained adamant about their goals and approach, though.

In response to criticisms, they have claimed that their unconventional methods will ultimately benefit the entire community and lead to a successful launch of the open network.

Keeping fingers crossed for this one, at the very least, people who “mined” it and waited for 5+ years deserve it.

Other worthy reads

Some recent news from Salazar:

Some thoughts on Wayfinder:

Current narratives by CryptoKoryo:


That's all for now, frens.

We'll meet in a week! And remember, the market conditions are temporary, but our commitment to building a better Web3 is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

Brought to you by Ambire: The Only Web3 Wallet That You’ll Need!