Good morning, fellow crypto fans,I read this quote this morning, and I think it describes where we are in the crypto market.

“It’s better to look ahead and prepare than to look back and regret.” ― Jackie Joyner-Kersee

Anyway, let’s dive in.

• ⚰️ Metaverse Rumors of Demise, Sweeney's Amused Surprise

• 🧩 Biden's $18 Billion Crypto Puzzle: Where's the Loophole?

• 🎵 The Canton Network: A Blockchain Symphony of Giants

⚰️ Metaverse Rumors of Demise, Sweeney's Amused Surprise

Epic Games CEO Tim Sweeney recently had a good laugh at the expense of a Business Insider article that proclaimed the metaverse was on its way out. 

The piece, titled "RIP Metaverse, we hardly knew ye," argued that the once-buzzy technology had met its demise after being abandoned by the business world.

Sweeney, a staunch believer in the potential of virtual worlds, couldn't help but poke fun at the article's assertions.

The piece specifically criticized Meta's VR platform, Horizon Worlds, for failing to deliver on its ambitious promises and other projects like Decentraland and Yuga Labs' Otherside for not living up to the hype.

Despite these claims, Sweeney's optimism remains unshaken. While the article suggests that investors have shifted their focus to the next Big Tech fad, generative AI, Sweeney's lighthearted response signals his continued confidence in the enduring potential of the metaverse.

🧩 Biden's $18 Billion Crypto Puzzle: Where's the Loophole?

In a perplexing tweet, President Joe Biden claimed that closing "tax loopholes that help wealthy crypto investors" would generate $18 billion for the government. 

Crypto enthusiasts, however, were left scratching their heads, as many denied the existence of such a crypto tax loophole.

Amidst the confusion, Adam Cochran, a managing partner at digital asset-focused Cinneamhain Ventures, challenged anyone to identify the supposed loophole, arguing that crypto gains are taxed more harshly than other assets.

According to the Biden budget, eliminating the wash sale loophole for digital assets should yield $23 billion over the next ten years, with only $1.24 billion expected in 2024. The elusive $18 billion figure remains unexplained.

Nap time for Grandad 💤

A March report from The Wall Street Journal hinted at Biden's proposed tax change on crypto transactions, expected to raise $24 billion.

At that time, the administration appeared to be playing a "crypto hide-and-seek" game with wash trading rules. 🙈

Ironically, while crypto traders enjoy the wash trading merry-go-round, stock traders are left to sulk on the sidelines, prohibited from joining the tax loophole fiesta.

🎵 The Canton Network: A Blockchain Symphony of Giants

Goldman Sachs, Microsoft, Deloitte, Moody's, and other esteemed institutions are joining forces with New York-based fintech firm Digital Asset to unveil the Canton Network – a blockchain maestro set to orchestrate harmony between institutions and financial assets. 

Promising enhanced privacy and cost efficiency, the Canton Network aims to hit all the right notes.

Digital Asset revealed its ensemble of partners on Tuesday, stating that the blockchain project will link applications using the company's native smart contract language, Daml. 

With decentralization as its forte, the Canton Network will also ensure regulatory compliance for governance and privacy, striking a melodious chord in finance. 🎶

Houston-based digital product studio Umbrage's CEO, Will Womble, expressed excitement, saying: 

"This network will be the catalyst for regulated financial institutions to operate together on a grand scale." 

While the curtain call for the Canton Network is yet to be announced, participants can look forward to a sneak peek in July.

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