GM, this is The Crypto Xplorer. We're consistently dropping crypto news like it's hot! So hot, our servers are melting from all the blockchain buzz!

But hey, we're not complaining.

Here's what we got for you today:

• DAO gets legal recognition in the US

• Vitalik dumps $700K worth of tokens

• Binance.US' plans to buy Voyager just got the green light

DAO Gets Legal Recognition In The US

Utah state legislature has decided to get with the times and passed the Utah Decentralized Autonomous Organizations Act (Utah DAO Act), giving legal recognition and limited liability to DAOs.

I guess this means all DAOs can now legally party in Utah without any worries!

DAOs can still maintain their anonymity… well, sort of, they must now divulge an incorporator while still trying to keep their identity under wraps.

This is like trying to keep a secret identity but still having to give a fake name at Starbucks.

The act was passed on March 1, 2023, here's a quick breakdown:

• Ownership of DAOs,

• Protects DAO-compliant anonymity through bylaws,

• and quality assurance DAO protocols are introduced to ensure clear nuances in tax treatment and updated DAO functionalities.

The act allows flexibility for innovation, recognizing that DAOs are transnational entities. 

The bill's implementation date is set for 2024 to give the Utah Division of Corporations enough time to figure out the practical implementations of the bill. (it's not like they can just ask Siri for help).

Vitalik Dumps $700K Worth Of Shitcoins!

Vitalik Bittern has just pulled off a “shitcoin selling spree”, dumping nearly $700,000 worth of tokens previously airdropped to him.

He swapped them for Ether.

The tokens affected were:

• 500 trillion SHIKOKU (SHIK) for 380.3 ETH($600k),

• Nearly 10 billion Cult DAO (CULT) for 58.1 ETH($91k),

• and 50 billion Mops (MOPS) for 1.25 ETH($2k)

And boy, did he have an impact! The token prices dropped like a hot potato, especially SHIK, which took an 86% hit.

Some within the cryptocurrency community shared their frustration at Buterin’s decision to sell considering the outsized effect it had on the tokens.

Others suggested it was motivated by the tax implications of receiving airdrops, which are subject to income tax in most countries.

Binance.US To Acquire Voyager's Assets For $1.3 Billion

Binance.US is about to be Voyager's knight in shining armor! For $1.3 billion, they'll be swooping in to save the day.

They had initially reached an agreement to buy Voyager for $1.022 billion in December 2022, but the SEC was like, "hold up, hold up, hold up, we need to review this," causing delays, but now everything seems to be back on track.

The deal was approved yesterday by a US bankruptcy court and is expected to help Voyager settle with its numerous creditors, including retail customers who have had their assets locked on the platform since 2022. (They must be feeling like they've won the lottery.)

Guess who else is happy about this news?

Voyager's token (VGX), it’s jumping up and down like a kid on a trampoline! (It’s up 25.8%, let's just hope it doesn't get too cocky and crash down to earth like a meteor).

That's all we have for today. See you on Twitter if you're there: @danielakpobare

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.