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Story Protocol Launches to Let People to Register IP and Get Paid For It

Story Protocol launched its intellectual property-focused blockchain and associated IP token on Thursday. The blockchain is positioned as the "world`s intellectual property network," providing users with a way to register their IP and track how others use it. The aptly named "$IP" token, which Story announced last week , is used for transaction fees and offers users a vote in the platform`s governance system. "Story is creating a new standard for IP, making the $61 trillion asset class programmable so IP is tracked, protected, and monetized, allowing everyone to see the upside," the project said in a statement shared with CoinDesk. So far, the idea seems to have had legs — at least with investors. PIP Labs, the chain`s primary developer, raised $80 million in a Series B venture funding round led by Andreessen Horowitz (a16z), bringing the project`s total funding to $140 million. PIP has sought to position Story at the intersection of blockchain and artificial intelligence, a way for people to track and get paid for data used to train AI models. "Without great original IP, the AI models don’t develop," PIP Labs co-founder and CEO SY Lee told CoinDesk. Today, AI is "taking, stealing all your data without your consent," he said. The Story mainnet launch accompanies the first unlock event for the just-announced IP token. "Story is unlocking 25% of the initial 1 billion $IP, with 58.4% devoted to the ecosystem and community, foundation, and initial incentives," according to the project. CoinOtag

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Landmark Crypto Regulation: Trump’s Nominees Signal Promising Future for Innovation

The cryptocurrency world is buzzing with anticipation as former President Donald Trump has finalized his nominations for key financial regulatory positions. In a move seen by many as a potentially game-changing moment for the digital asset space, Trump has tapped Jonathan Gould to potentially lead the Office of the Comptroller of the Currency (OCC) and Jonathan McKernan to head the Consumer Financial Protection Bureau (CFPB). These nominations, reported by CoinDesk and other leading crypto news outlets, are being closely watched for what they might signal about the future direction of crypto regulation in the United States. Are we on the cusp of a new era for digital currencies under a potentially more crypto-friendly regulatory landscape? Let’s dive into what these nominations could mean for you and the broader crypto ecosystem. Decoding Trump’s Crypto Regulatory Strategy: A New Era? President Trump’s administration has often been perceived as having a complex relationship with the burgeoning cryptocurrency sector. While initially expressing skepticism, recent actions, including these key nominations, suggest a potential shift towards a more nuanced, and perhaps even supportive, stance on crypto regulation . These nominations are significant because both the OCC and CFPB play crucial roles in shaping the financial landscape, including how banks and financial institutions interact with cryptocurrencies. Let’s break down why these choices are generating so much excitement and speculation within the crypto community: Signaling Support for Innovation: Nominating individuals with backgrounds that are perceived as crypto-friendly can be interpreted as a signal that the administration recognizes the importance of fostering innovation in the digital asset space. Potential for Clearer Guidelines: The crypto industry has long called for clearer regulatory guidelines. Leaders at the OCC and CFPB who understand the nuances of crypto could help develop more tailored and effective regulations, reducing uncertainty and encouraging growth. Balancing Innovation with Consumer Protection: The nominations also highlight the ongoing challenge of balancing the need to encourage innovation with the critical responsibility of protecting consumers in this rapidly evolving market. But what exactly do we know about these nominees and why are their backgrounds particularly relevant to the crypto world? Jonathan Gould: The OCC Nominee and Potential Champion for Crypto-Friendly Banking Jonathan Gould’s nomination to lead the OCC is arguably the more closely watched of the two, especially by those in the cryptocurrency and blockchain industries. Why? Because of his direct experience within the crypto sector. Gould is a former legal executive at Bitfury, a major player in Bitcoin mining and blockchain infrastructure. This background is a stark contrast to traditional regulatory nominees and is fueling optimism that he could bring a more informed and sympathetic perspective to the OCC’s approach to crypto innovation and banking. What Could a Gould-Led OCC Mean for Crypto? Here’s a look at potential implications: Crypto-Friendly Banking Policies: Gould’s experience at Bitfury suggests he understands the intricacies of the crypto industry. This could translate into the OCC developing more accommodating policies for banks looking to engage with crypto companies or offer crypto-related services. Imagine a future where it’s easier for crypto businesses to access traditional banking services – a major hurdle currently. Clarity on Digital Asset Custody: One area where clearer regulatory guidance is desperately needed is digital asset custody. The OCC, under potentially Gould’s leadership, could provide more definitive rules, helping banks confidently offer custody solutions for cryptocurrencies and other digital assets. Fostering Responsible Innovation: A leader with industry experience may be better positioned to strike a balance between fostering crypto innovation and ensuring the safety and soundness of the banking system. This could lead to regulations that are both effective and conducive to growth. However, it’s important to remember that the OCC’s mandate is broader than just cryptocurrency. Gould, if confirmed, would need to balance the interests of the crypto sector with the overall health and stability of the national banking system. His past role, however, provides a strong indication of where his priorities might lie when it comes to digital assets. Jonathan McKernan: Overseeing Consumer Protection in the Crypto Age at the CFPB The second nomination, Jonathan McKernan to head the CFPB, is equally significant, albeit focused on a different but crucial aspect of the crypto ecosystem: consumer protection. McKernan currently serves as a member of the Federal Deposit Insurance Corporation (FDIC), giving him deep experience in financial regulation and consumer protection. The CFPB’s role is to safeguard consumers in the financial marketplace, and with the increasing mainstream adoption of cryptocurrencies, this role is becoming ever more critical within the Trump crypto landscape. McKernan’s CFPB: What to Expect for Crypto Consumers? Here’s how McKernan’s leadership at the CFPB could impact crypto consumers: Increased Scrutiny of Crypto Products: As crypto becomes more accessible to retail investors, the CFPB is likely to increase its scrutiny of crypto products and services to ensure they are not predatory or misleading. This could mean closer examination of crypto lending platforms, exchanges, and other consumer-facing crypto businesses. Focus on Investor Education and Risk Disclosure: A key aspect of consumer protection is education. The CFPB might ramp up efforts to educate consumers about the risks associated with investing in cryptocurrencies, helping them make informed decisions. Expect to see more resources and warnings about the volatility and potential for fraud in the crypto market. Enforcement Actions Against Crypto Scams: Unfortunately, the crypto space is not immune to scams and fraudulent schemes. The CFPB, under McKernan, could become more active in taking enforcement actions against companies and individuals engaging in crypto-related fraud, providing recourse for harmed consumers. While some in the crypto industry might worry about increased regulatory scrutiny, robust consumer protection is ultimately beneficial for the long-term health and credibility of the sector. It can build trust and encourage wider adoption by ensuring that consumers feel safe and protected when engaging with Trump crypto initiatives. Senate Confirmation: The Next Hurdle It’s crucial to remember that these are nominations. Both Gould and McKernan must undergo the Senate confirmation process. This process can be lengthy and sometimes contentious, involving committee hearings and votes by the full Senate. The political landscape at the time of confirmation will play a significant role in their journey to leading these critical regulatory bodies. The crypto community will be keenly watching these confirmation hearings, hoping for smooth and swift approvals to bring stability and clarity to the regulatory environment. Looking Ahead: A Potentially Transformative Moment for Crypto? The nominations of Gould and McKernan represent a potentially transformative moment for the cryptocurrency industry in the United States. By choosing individuals with relevant backgrounds, the Trump administration seems to be signaling a willingness to engage more constructively with the crypto sector. This could pave the way for more sensible and innovation-friendly crypto regulation , fostering growth while also safeguarding consumers. However, the Senate confirmation process remains a key hurdle, and the actual impact will depend on the policies these individuals implement once in office. The crypto world waits with bated breath, hopeful that these nominations mark the beginning of a more prosperous and clearly defined regulatory future for digital assets. To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin price action. CoinOtag