OVERVIEW

Happy Pizza Day! 🍕 

It’s pizza day today, but more importantly, it’s when the U.S. House of Representatives votes on a standalone bill (FIT21), which is the first crypto/digital asset-specific legislation in U.S. history. 📕 

In today’s Litepaper, we’re going to look at what some of FIT21 addresses, why we celebrate Pizza Day, and upcoming airdrops for three GameFi games.

If you were on the app today, we asked what Bitcoin’s price would be at 5 PM EST. The five closest get a pizza on us. Congrats to: MOneymaker741, brendanscottsmith, ZeroG, PMCS, and FutureCalling218! 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

BITCOIN
Bitcoin Pizza Day: The $700 Million Lunch 🍕

On May 22, 2010, a Florida man named Laszlo Hanyecz made history by trading 10,000 Bitcoin for two Papa John's pizzas. 🍕 

This wasn’t just a hunger-driven impulse buy—it was the first recorded commercial transaction using $BTC, marking the beginning of a financial revolution.

The Tale of Two Pizzas and 10,000 Bitcoin

Laszlo posts on the Bitcoin Talk forum, offering 10,000 Bitcoin for anyone willing to get him two pizzas. Back then, Bitcoin was practically Monopoly money. Jeremy Sturdivant, a fellow crypto enthusiast, steps up, orders two large supreme pizzas, and bam—history is made.

Those 10,000 Bitcoins? Worth about $40 at the time. Today, they’d fetch you a cool $700 million.

Sturdivant, just 19 then, used the Bitcoin to fund a road trip with his girlfriend. He’s probably still kicking himself, saying, “If I had treated it as an investment, I might have held on a bit longer.” Hindsight’s 20/20, right? Laszlo has zero regrets. For him, it was about proving Bitcoin's utility, not hoarding digital coins. 🪙 

Since The First Pizza Day

Let’s break down Bitcoin’s meteoric rise post-pizza:

• First Halving (2012): Mining reward slashed from 50 to 25 Bitcoin, price around $12. Not exactly moon material yet.

• Second Halving (2016): Reward cut to 12.5 Bitcoin, price sitting at $658. Now we’re talking.

• Third Halving (2020): Reward down to 6.25 Bitcoin, price hitting $8,601. HODLers rejoice.

• Fourth Halving (2024): Reward at 3.125 Bitcoin, with Bitcoin hovering around $65,000. Cue the Lambo memes.

Fast-forward to today, and those 10,000 Bitcoins are worth roughly $700 million. 😱 

This day isn’t just about reminiscing over overpriced pizza. It’s a celebration of how far Bitcoin has come and a nod to the insane journey that started with a couple of cheesy slices. 🍕 

NEWS
FIT21 Voting Happening Today (Hopefully) 📆 

The crypto frontier is getting some new lawmen. Enter the Financial Innovation and Technology for the 21st Century Act, a 484-page Bill with a name only a bureaucrat could love. This act is intended to put more clarity in digital assets. 🎉

The Regulators Are Coming

Let's break down the bill's key points:

• Digital Asset Definitions: The act dives deep into defining everything you could possibly imagine about digital assets. From "blockchain" to "digital commodity," it's all there.

  For instance, a "digital asset" is any fungible digital representation of value that can be exclusively possessed and transferred without the need for an intermediary, and it must be recorded on a cryptographically secured public ledger.

• Registration Requirements: If you're running a digital commodity exchange, broker, or dealer, get ready to jump through some hoops. You'll need to register with the CFTC. 

• Enhanced Disclosure Requirements: The bill mandates that companies spill the beans on their digital assets. This means revealing the specifics of market activity, token distribution, and functional use. 

• Self-Custody Protection: Good news for those who prefer their own digital wallets. The bill explicitly protects individuals' rights to maintain their own custody of digital assets.

Sorting the Digital Assets: Commodity Futures Trading Commission (CFTC) vs. Securities & Exchange Commission (SEC)

• CFTC's Turf: The CFTC will oversee digital commodities. These are assets that function more like traditional commodities and do not rely on a central issuer. Bitcoin and other decentralized cryptocurrencies typically fall into this category. 

• SEC's Turf: The SEC will regulate digital assets that are deemed securities. These are assets that involve an investment contract, where investors expect to make a profit primarily from the efforts of a central team or company.

Funding and Implementation

No good regulation comes cheap. The bill ensures that there's funding for its implementation, administration, and enforcement. It sets clear effective dates for its provisions, so there's no ambiguity about when these new rules kick in. 

The goal is to create a fair and orderly market for digital assets, protect investors, and foster innovation. It’s not perfect and it misses a bunch of particular issues - but at least it’s a start. 👓️ 

WEB3
Trifects Of Gaming Airdrops Incoming

Pixelmon: The Pokémon Clone You Didn’t Know You Needed

Pixelmon. Imagine Pokémon and Minecraft had a baby, and you’ve got the gist. It’s a Minecraft mod that captures the Pokémon vibe with a blocky twist.

Familiar Features

Pixelmon nails the essentials that make Pokémon games so addictive:

• Catching and Training: Snag wild creatures, train them, and take on other trainers.

• Battling: The turn-based combat system mirrors Pokémon’s style.

• Pokédex: Complete your collection with Pixelmon’s version of the Pokédex.

MON Token Airdrop: The Deets

Pixelmon is leveling up with its MON token airdrop on Monday, May 27, 2024, at 9:30 a.m. UTC via the Mon Protocol. Here’s the scoop:

• Who’s In? Over 180,000 wallets are eligible, including selected Pixelmon game NFT holders, players of Kevin the Adventurer, participants in the PixelPals “Farm2Farm” competition, and MON token presale buyers.

• How to Claim: Can be claimed starting at 9:30 a.m. UTC on Monday, May 27.

• Token Generation Event (TGE): MON Protocol goes live at 10:00 a.m. UTC. Those who completed airdrop missions will get their tokens shortly after. 🎮

Ragnarok: Monster World Drops Nyang Kit NFT Mint Event

Ragnarok: Monster World is stirring the pot with the Nyang Kit NFT Mint event, kicking off on May 28 at 9:00 EST.

What's in a Nyang Kit?

A Nyang Kit isn’t just another NFT. Here’s what you get:

• 1 Nyangvine: Grants access to exclusive lotteries like the Genesis Tamer raffle draw.

• 3 Ragmon Tickets: These can be redeemed for Ragmon NFTs to use in battles, merge with others, or sell in the marketplace.

There’s also a shot at nabbing a 1/200 Irochi Baphomet NFT, a rare collectible that'll have players and collectors drooling. At least that’s what they say.

How to Get Your Hands on One

On May 28, hit up the Mavis Launchpad to get involved in these stages:

• Collaborator Stage: For team members, partners, and select guilds. Only 60 Premium Packages available, each offering 1,300 Nyang Kits at 1,000 $RON each.

• Allowlist Stage: For active community members, Ronin creators, and Ronin Guild members. Snap up to 25 Nyang Kits with options like the Discovery Package (25 $RON for 30 Nyang Kits) and Starter Package (10 $RON for 11 Nyang Kits).

• Public Stage: Open to anyone with a Ronin Wallet, limited to 50 Nyang Kits per wallet. 🎮

Thetan World Drops 10K $USDT Airdrop Bomb

Thetan World is cranking things up with an airdrop event kicking off today, May 22. Sporting a 10,000 $USDT prize pool, they're tempting potential investors and welcoming new users. Up to 800 participants can cash in.

Not Your Average GameFi Gimmick

Wolffun Game, the brains behind Thetan Arena, just launched Thetan World to dive deeper into the GameFi space. With Thetan Gate, they’re rolling out investment management tools and simplifying the Play-to-Earn entry for the new kids on the block.

How to Grab Your Share

To get in on the action, here's what you need to do:

• Join Thetan World’s Discord and Telegram groups.

• Follow them on social media.

• Verify participation by buying a Thetan Box.

You need at least one Blank NFT, priced at $9.99, to qualify for a 12.5 $USDT prize. These NFTs are part of Thetan World’s Opening NFT Collection, which dropped on May 15.

Despite being the new kid in town since March, Thetan World already has the backing of big gaming communities like KGen and Tier One, plus nods from industry leaders. 🎮

NEWS
Crypto News In Three Sentences 📰

💎 Trader Turns $1,360 into $2.3 Million with Solana Meme Token

A savvy trader flipped $1,360 into $2.30 million by buying 5.21 million $PONKE tokens with 12 Solana last December. The token's price skyrocketed amid rumors of potential SEC approval for spot Ether ETFs. Lucky prick. More from CrpytoGlobe.

🐦 Bitcoiners Laugh at Peter Schiff's Ethereum ETF Theory

Gold bug Peter Schiff claims an Ether ETF could tank Bitcoin, arguing investors would shift funds from BTC to ETH. Bitcoin enthusiasts fired back, reminding Schiff that Bitcoin drives crypto market trends, not the other way around. Despite Schiff's bearish outlook, Bitcoin saw a surge fueled by strong ETF inflows. Bezinga has more.

⚖️ Uniswap Ready to Fight SEC Over DeFi

Uniswap Labs is gearing up to battle the SEC in court, calling the agency’s Wells notice "weak and wrong." They argue that the SEC's attempt to classify all tokens as securities won't hold up. Uniswap hopes a new bill, the Financial Innovation and Technology for the 21st Century Act, will nullify the SEC's case. From Cointelegraph.

🎮 RFK Jr. Buys GameStop to 'Punish' Short Sellers

Presidential hopeful RFK Jr. revealed he bought $24,000 in GameStop stock to combat predatory short-selling. RFK Jr. is championing retail investors and promising aggressive Wall Street reforms. He’s also backing Bitcoin, aiming to align with the digital asset community. Full story at Decrypt.

💰 Trump Embraces Crypto Donations for 2024 Campaign

Former President Trump is now accepting crypto donations for his re-election campaign, making him the first major U.S. candidate to do so. This move highlights the growing political clout of the crypto community. Meanwhile, speculation is rife that the SEC might approve spot Ethereum ETFs, marking a potential shift in U.S. crypto policy. More from CryptoSlate.

💸 Nexo Infuriates Users with Surprise Fee Hike

Nexo angered its users by suddenly raising bank transfer fees, prompting fears of more hidden charges. Customers vented their frustrations online, comparing Nexo to traditional banks they aim to replace. Although Nexo blamed third-party costs, the backlash underscores the delicate balance crypto platforms must maintain with user trust. DailyCoin has more.

Links That Don’t Suck 🔗

🐄 6-foot, 4-inch steer officially the tallest in the world

🐞 Gracy Chen steps in as Bitget CEO: What to expect next

🤔 Amazon to charge monthly fee for AI-infused Alexa, CNBC reports

🥱 Gamers are becoming less interested in games with deep strategy, study finds

🤦 There’s dumb and then there’s fucking dumb - SOL dev hospitalized with burns trying to pump meme coin

👮 CFTC Commissioner Summer Mersinger on overzealous crypto Regulation and the need for legislative action

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