This Week in Crypto – 9/12/22

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In RockItCoin’s effort to empower individuals in the cryptocurrency space, we have extracted top industry stories for your Weekly Digest. Cryptocurrency continues to dominate the news and here are some key happenings you should know.

Members of Crypto Community Call Out Twitter on Spam Bots
The crypto space on twitter is a fast-moving, ever-growing community of experts and new learners alike. However, discourse on the platform can be complicated by the presence of spam bots, which flood comment threads of many posts. The spam comments are usually pretending to be someone else (like the CEO of Binance Changpeng Zhao) and try to convince users that they’ve won something or to check out a crypto that’s most likely a scam. Many public figures in the crypto community have made light of the problem through satire or art, but it does present a large issue in the crypto space. No one wants innocent beginner investors to get scammed, and eliminating spam bots would help that. That was one of Elon Musk’s goals when he initiated the $44 Billion deal to buy Twitter back in April, but he has since then backed out on the deal due to a massive unreported amount of bots. If you’re on twitter, make sure you don’t fall for these kinds of scams, and always do your own research!

California Crypto Regulation Bill to be Signed by Governor
California’s state assembly recently passed a bill similar to New York’s BitLicense, which requires digital asset companies to obtain a license in order to operate in the state. Assembly member Timothy Grayson (D-Concord) says that, “While the newness of cryptocurrency is part of what makes investing exciting, it also makes it riskier for consumers because cryptocurrency businesses are not adequately regulated and do not have to follow many of the same rules that apply to everyone else”. California’s movement to regulate crypto is just another step in the process of crypto adoption as governments come to understand crypto’s place in society. The bill now moves on to California State Governor Gavin Newsom, and if signed, will go into effect in January 2025.

Sony Files Trademark Application for NFT-Authenticated Music and Videos
Sony Music Entertainment has shown interest in entering the NFT space by applying for a trademark on “audio and video recordings featuring live musical performances authenticated by NFTs.” This news comes after many artists have entered the space, like when Eminem and Snoop Dogg performed in the Metaverse at the VMAs. Institutions continue to recognize the community and exclusivity of NFT-related projects and are sure to continue integrating into it.