💀 EU is voting on crypto regulations today

💀 EU is voting on crypto regulations today  👀 ETH: a look at the post upgrade ☕ Starbucks NFTs sell out in 20 minutes

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Here's what recently happened in the space:

💀 EU is voting on crypto regulations today 

      👀 ETH: a look at the post upgrade

     ☕ Starbucks NFTs sell out in 20 minutes

EU is voting on crypto regulations today

EU's lawmakers from multiple parties showed an impressive commitment to the proposed Markets in Crypto Assets (MiCA) regulation, suggesting that it will easily be approved. The vote is scheduled to be held today.

MiCA, which was agreed upon last year, will make it possible for crypto exchanges and digital wallet companies to provide regulated services in the EU region. Moreover, stablecoin issuers will be required to maintain adequate reserves. Representatives from the European People’s Party, Socialists and Democrats, Renew Europe, Greens/EFA and other political groups have voiced their commitment to voting in favor of this regulation.

Lawmakers are also showing support for a ridiculous AML measure known as "transfer-of-funds rules", which require crypto providers to collect details of their users’ identities.

Some among the crypto community are hailing this as an end of a "wild west" era of crypto. Either way, it's clear that EU is taking a giant leap towards regulating crypto activities within its region - and soon, we will all see how it plays out.

ETH: a look at the post upgrade

A week after ETH's latest upgrade, Shapella, went live - promising to let staked ether be withdrawn for the first time - it appears that nothing really crazy has happened and the network is still humming along nicely!

Deposits have surpassed withdrawals and the rate at which ether is burned has increased significantly. In the last few days, over 100,000 ETH was deposited and much less was withdrawn - leaving the platform with a hefty daily positive balance of around 30,000 ETH.

Over the last week, the ether supply has decreased at a rate of 0.502% per year, according to ultrasound.money. This means that the burn rate has nearly doubled in the past week, and is significantly more than the post-Merge burn rate of 0.134% per year. Also over the last week, 11,600 ETH has been burned, which would be around $23m in current prices.

Overall, ETH is doing way better than some *experts* out there predicted, and the ecosystem seems healthy, with no major problems so far.

Starbucks NFTs sell out in 20 minutes

Starbucks has launched its first paid NFT collection yesterday, and the launch was a big success - it sold out in less than 20 minutes. The NFTs, or "journey stamps" as Starbucks called them, were priced at $100 each. It's a big deal, because it looks like Starbucks is betting on the future of digital collectibles, and also having some fun doing it. Plenty of other big players got scared once the market dumped a bit, but Starbucks was among the first to take a risk.

Starbucks has entered the Web3 last year, when they launched their Odyssey rewards program. It's kind of like their regular rewards program, but with some cool extra perks you can't get anywhere else. These included virtual classes, access to merchandise, and even a trip to a Starbucks coffee farm at higher tiers.