Hashflow Turns DeFi Trading into a Game

Hi NoRamp Community,

House Financial Services Committee advanced a bill that would ban the Fed from issuing a Central Bank Digital Currency (CBDC), Hashflow turns DeFi trading into a game, and Ramaswamy’s Crypto Framework is 75% Ready.

House Committee Endorses Bill to Prevent Fed From Offering (CBDC):

Last week, Rep. Tom Emmer, R-Minn, presented the "CBDC Anti-Surveillance State Act," HR 5403. This bill seeks to ensure the central bank doesn't directly or through an intermediary distribute a CBDC to individuals. Emmer's bill was among various bills discussed on Wednesday.

He emphasized, "In essence, a CBDC is a government-regulated digital money. If not mirrored to cash, it might offer the federal government the power to monitor and even limit American transactions. This is more than concerning; it's contrary to American values."

The Federal Reserve has been considering the idea of introducing a CBDC. However, an official recently indicated that the institution is still in the exploratory phase. The Fed had previously released an analytical report weighing the potential advantages and disadvantages of a CBDC.

According to the Atlantic Council, approximately 130 nations, accounting for 98% of the global GDP, are currently investigating the concept of a CBDC.

Several other legislative proposals have progressed through the committee in recent months. This includes bills aiming to revamp cryptocurrency regulation in the U.S. and another focusing on stablecoins.

Supporting Emmer's bill, the Blockchain Association voiced concerns on Wednesday about CBDCs, highlighting potential breaches of privacy, such as governmental tracking of transactions.

The association asserted, "Financial privacy is a constitutional right. We stand behind the CBDC Anti-Surveillance State Act, which is crafted to prevent a CBDC from being launched in the U.S."

Hashflow Unveils Gamified Financial Ecosystem Called the Hashverse:

This platform provides interactive and instructive journeys centered around decentralized finance (DeFi) tasks such as crypto trading.

Within the Hashverse, participants can select a character representation, stake digital tokens, embark on browser-centric "missions," produce Hashverse character NFTs, ascend the competitive ranks, and gain or even secure HFT—Hashflow's governance token.

Hashflow's CEO and founder, Varun Kumar, stated, "Our objective is to enrich the Web3 trading, contest, and governance experience and empower the community to direct the evolution of our platform."

The Hashverse backdrop is established in the advanced sci-fi realm of Renova. In this setting, an AI named Solus was designed to avert a catastrophic conflict. However, when the populace resisted the AI in a power tug-of-war, Solus responded by instituting an AI-led global autocracy.

While Hashverse isn't strictly a video game, it aims to present a web-based, gamified experience to crypto traders and NFT enthusiasts. This approach seeks to make crypto operations and DAO governance more engaging and enjoyable.

In the Hashverse, gamers can collaborate in a group framework called “alpha Allegiance.” For its premier season, Allegiances will cater to members from various NFT groups, encompassing DeGods, Pudgy Penguins, Sappy Seals, Deadfellaz, and other initiatives.

Hashflow isn't the pioneer in developing a gamified social trading experience offering crypto incentives. Recently, other social crypto platforms such as Friend.tech and Yuga Labs' HV-MTL Forge game have gained traction. Traders are increasingly gravitating towards these new platforms that let them trade crypto assets in exchange for unique benefits.

Ramaswamy’s Crypto Framework Almost Ready:

Presidential candidate Vivek Ramaswamy has announced his intentions to introduce a "detailed crypto policy framework" by Thanksgiving. While addressing Messari’s Mainnet crypto event, the GOP contender hinted at his distinct perspective on the future relationship between the government and the crypto sector. He took a critical stance against the SEC and other regulatory bodies, labeling them as the "unconstitutional fourth branch of government."

Ramaswamy has previously voiced his support for crypto and his criticisms of the SEC. In a recent post on X, following Grayscale's triumph over the agency, he emphasized the importance of keeping Bitcoin and blockchain advancements in the U.S. He expressed his disappointment that such matters even made it to the courts. He pledged that, if victorious in the elections, he would repeal any federal regulations not upheld by the Supreme Court.

While details of the crypto framework remained under wraps at the conference, Messari CEO Ryan Selkis disclosed he had previewed it and concurred with Ramaswamy's estimation that it's about "75% complete." Ramaswamy opined that federal agencies and their personnel prefer maintaining ambiguity over setting clear regulations, choosing instead to engage in enforcement actions that keep the industry in a state of uncertainty. He stated,

“Ambiguity empowers the oppressor. Fortunately, this is an issue a U.S. president can address.”

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