Elon Musk pumps our bags

GM Baos,

"Sell in May and go away" may be proving to be more than just a meme... 

Today we cover:

• Binance exits Canada

• Elon Musk & $LADYS 😳

• Pay bail w/ stablecoins?

Binance exits Canada 🇨🇦

One of the biggest, if not the biggest, centralized crypto exchanges is exiting Canadian borders...

So what happened? The Canadian Securities Administration (CSA) recently unveiled new guidelines that impose restrictions on buying and selling stablecoins. These guidelines require approval and ongoing diligence checks on specific platforms. Unfortunately, Binance was unable to comply with the new regulations set by the CSA.

While the Canadian government's intention to protect its people through the regulation and monitoring of crypto transactions is commendable, losing one of the largest exchanges will undoubtedly impact the overall crypto trading volume in Canada.

Nonetheless, I truly hope that both parties can engage in bilateral talks to establish proper rules and regulations that can benefit everyone involved. 

Wyd Elon? 

Let's start with the upcoming CEO of Twitter, Linda Yaccarino. 

In the next six weeks, Elon Musk will step down as CEO of Twitter and hand over management of business operations to Linda Yaccarino. However, he will still be involved in product design and the technological aspects of Twitter, which are his strong suits as the CTO.

I'm extremely excited to see how Linda will shape her version of free speech into something that can be embraced by individuals like us.

Shifting to the NFT side, if you've noticed the recent surge in Milady's popularity, Elon's post about it may have sparked the trend. Milady experienced a significant spike, with its value increasing by at least 200% from its floor price at the time.

Since then, the project has garnered more attention and traction. Although it has settled down like other NFT projects from that period, its active community appears promising. 

Bail yourself out with stablecoins

Imagine another use case for stablecoins 🤔

Look no further, as New York is currently considering a bill that would allow people to pay bail using stablecoins. This proposed bill would require an adjustment to the law to permit payments in the "digital assets class" for legal purposes within the state

It's important to note that this specifically applies to fiat-collateralized stablecoins, so we must be cautious with our wording as not every stablecoin available will be accepted. Nonetheless, this is a significant move, especially considering the inherent stability of stablecoins.

While it may not be perfect yet, it represents a step towards the mass adoption of cryptocurrency.

Bao-Sized News

• Pudgy Penguins raises $9m in a seed round lead by 1kx 🐧

• Barbie and Boss Beauties team up to bring more women into Web3 💖

• Samsung and Bank of Korea partner to research CBDC technology 💻

Made us Kek 

Did you know that Fortune Friends Club has an IG account (@fortunefriendsclub) where you can find new Bao reels every week? 😉

–Bluejohn