Web3’s most important weekly news in Government and the Courtroom, alongside political profiles, and additional insight, from the Twali Wrapped Guild.

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News

U.S. House Representative Tom Emmer (R-MN) penned an open letter to the Treasury Department, asking them to explain reasons for sanctioning Tornado Cash.

Tether hired BDO Italia as their new accountant.

Seed Labs unveiled the newly built, first legally compliant ‘web3 Special Purpose Vehicle’ (SPV).

Yuga Labs published new licensing agreements for CryptoPunks and Meebits.

Adoption

Crypto firm Ripio launches prepaid crypto debit card in Brazil.

Why it matters: These debit cards allow users to pay in 28 cryptocurrencies, earning cashback rewards in bitcoin. Ripio’s first goal is to roll out 250,000 cards in Brazil and expand to Argentina by the end of this year — beyond that, the card will likely be available in Uruguay, Colombia, Mexico and Spain, signaling more opportunities for crypto adoption throughout Latin America.

Tradfi Giant DTCC launches a private blockchain to speed up equity transaction settlements.

Why it matters: Besides demonstrating the interest of major financial service players like Goldman Sachs and JPMorgan Chase working on the blockchain and being a major milestone for adoption, DTCC’s use of a blockchain will expedite settlements usually taking a few days to only taking a matter of minutes.

South American eCommerce titan, MercadoLibre, announces cryptocurrency for loyalty program.

Why it matters: Loyalty programs have been touted as a practical use case for crypto, with some even believing it will bring along the next bull market. With major potential for disruption, the success of these programs will be something to watch as crypto becomes more consumer friendly.

Several designers are launching NFT collections for New York Fashion Week.

Why it matters: For fashion, NFTs provide a mechanism for consumers to display brand loyalty and engagement, but in the past, high prices have meant limited access. This season, however, the Altu by Altuzarra, Jonathan Simkhai, Kim Shui, AnOnlyChild and The Blonds are selling 250 NFTs, at $100 each — hopefully indicating greater access and use to the new tech.