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CryptoCodex


	Good Tuesday morning. This is Billy Bambrough, here with the latest news and analysis from crypto-land. Apologies for the lateness of yesterday's email, Codex was having technical difficulties.


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24-hour crypto market snapshot

$60,434

$4,263

$582.34

$41.27

Feelin' fine 🙃


	Cryptocurrency traders are waking up to a sea of red this morning, with prices down across the board. The bitcoin price briefly dipped under $60,000 per bitcoin before climbing back over the closely-watched level. All of the crypto top ten, including ethereum, Binance's BNB, solana, cardano and Ripple's XRP, are off by around 10%, with the latest crash wiping around $400 billion in value from the combined crypto market. Polkadot, an ethereum rival that's currently ranked as the eighth-most valuable cryptocurrency on CoinMarketCap, is leading the major market lower, down almost 13% on the last 24 hours. Despite the rout, investors are still feeling surprisingly upbeat. Read the full story on Forbes. Now read this: Billionaire Coinbase Cofounder Nabs $2.5 Billion For Crypto’s Biggest Venture Fund Ever

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☠️ Override or die ☠️



	U.S. senator Cynthia Lummis (R-WY) has long been a bitcoin and crypto proponent Getty Images


	Last-ditch effort: A bipartisan team of U.S. lawmakers, led by Senate Finance Committee chairman Ron Wyden (OR-D) and senator Cynthia Lummis (WY-R), yesterday announced plans to try to narrow the definition of a "crypto broker" in the infrastructure bill. News of the standalone bill was first reported by Bloomberg. Why it matters: The $550 billion U.S. infrastructure bill that was signed into law by president Joe Biden yesterday, which includes a controversial tax provision that critics have said would stifle the U.S. crypto industry, sent the U.S. crypto industry into meltdown over the summer. Crypto lobbyists and technologists, including Twitter and Square chief executive Jack Dorsey and Coinbase CEO Brian Armstrong, warned the language used would damage the industry, requiring crypto miners and software developers to report tax data to the Internal Revenue Service that they can’t access. Revised: The new bill would exclude individuals developing blockchain technology from having to report information about their users to government agencies, it was reported by The Block, with Wyden and Lummis' draft saying it seeks to "revise the rules of construction applicable to information reporting requirements imposed on brokers with respect to digital assets, and for other purposes." The bill includes a provision that would make it retroactive to the infrastructure bill’s signing, Bloomberg reported. "We need to be fostering innovation, not stifling it, if we are going to maintain America’s position as the global financial leader," Lummis said in a statement. "Digital assets are here to stay in our financial system and the decisions we make now will have impacts far into the future." The bottom line: The U.S. crypto industry isn't ready to give up this fight yet. Now watch this: How regulators lost control of crypto markets

El-Erian out early ↪️


	💸 Legendary economist Mohamed El-Erian has revealed he bought an undisclosed amount of bitcoin in the depths of 2018's crypto winter—when bitcoin was around $3,000—but misjudged when to sell due to "behavioral mistakes." 💬 "I felt compelled to buy it—I really did," El-Erian told CNBC, saying he cashed out of his bitcoin position in late 2020 when it was trading around $19,000 per bitcoin and just a few months before the price exploded to around $60,000. ⚠️ El-Erian also warned the crypto industry to heed the mistakes of Silicon Valley and "big tech" by engaging with regulators before becoming "systemically important." Good to know: Twitter CFO says investing in crypto 'doesn't make sense right now’

London's crypto ad crackdown 🚫


	🚇 London's transport operator is cracking down on cryptocurrency ads after the subway network was flooded with ads for memecoins and digital assets promising sky-high returns. Business Insider has a comprehensive write-up. 🐕 A massive campaign touting the dogecoin spinoff floki inu sparked headlines and warnings in recent months, with posters declaring: "Missed Doge? Get Floki." 🗣️ "Where the advert says 'this is completely unregulated, you may lose all your money', [the regulator] ought to have had second thoughts. I don't think cryptocurrency ads should be on the network. They're unethical," Siân Berry, the Green party London Assembly member told The Guardian newspaper. Now read this: Celebrity NFTs risk ‘catastrophic failure.’ Just ask John Cena

	Billy Bambrough
	Forbes Senior Contributor

I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.

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