A Key Evidence in SBF Trial? 🔑
In today's edition: 🚪 Silvergate's CEO and executives to depart, ❓ Lawmakers question SEC and FINRA, 🚫 Binance Connect Closure, and more!
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What’s Poppin’?
by Samyuktha Sriram
Prosecutors Move to Include Caroline Ellison’s List of ‘Things Sam is Freaking Out About’ Into Evidence Against FTX Founder
The government argued that Ellison’s personal notes are not inadmissible hearsay because they were ways to keep track of issues that could implicate the conspiracy’s success.
US Lawmakers Press SEC and FINRA on Prometheum Approval
The Chairman of the House Financial Services Committee questioned the regulators on Prometheum’s unique approval and raised concerns over the “national security risks” posed by the firm’s reported ties to the Chinese Communist Party.
Silvergate CEO Alan Lane to Step Down Amid Bank’s Liquidation
Silvergate Bank’s CEO and two other key executives will leave their roles amid the firm’s ongoing liquidation proceedings.
Binance to Shut Down Crypto Payments Service
The crypto exchange plans to shut down its payments service Binance Connect on Aug. 16.
On the Pod…
Educator Anita Posch has spent months on the ground in Africa onboarding new users into the world of Bitcoin. In the West, bitcoin may seem extraneous; but in her telling, bitcoin in Zimbabwe, Zambia, and other African countries is essential. “Bitcoin can be one of the solutions for people who are disempowered, who are outlawed, the misfits,” says Posch. “Bitcoin is for them because no one can take it away from you.”
Daily Bits…✍️✍️✍️
🎉 Coinbase secured approval from the National Futures Association (NFA) to list crypto futures in the U.S., becoming the first crypto-focused platform to offer regulated and leveraged crypto futures alongside traditional spot trading.
🤖 SEC Chair Gary Gensler expressed concern over artificial intelligence (AI) in the financial sector, warning that AI tokens may face scrutiny as "bad actors" could use AI to influence capital markets.
🔓 Ethereum layer 2 scaling solution Arbitrum will "cliff unlock" 1.11 billion ARB tokens worth $1.24 billion on March 16, 2024, initiating a four-year period of staggered unfreezing, equating to 87% of the token's circulating supply.
⛏️ A new lobbying organization was formed in Washington, D.C., focusing on collaboration between the digital asset mining and energy industries to support energy sustainability and efficiency in crypto mining.
⚠️ A report from the FDIC underlines the consistent view of U.S. banking agencies, including the OCC and the Federal Reserve, that banks should largely keep their distance from digital assets.
💰 Former President Donald Trump owns over $2.8 million in cryptocurrency held in an Ethereum wallet and earned close to $4.9 million from NFT sales related to his 2024 campaign despite previously criticizing cryptocurrency.
💸 SwirlLend, a lending project on Ethereum Layer 2 networks Base and Linea, executed an apparent exit scam, draining an estimated $460,000 in user deposits.
🚨 RocketSwap, a DEX on the Base Layer 2 network, was hacked, losing 471 ETH ($870,000); the hacker then moved the stolen assets to Ethereum and created a memecoin named LoveRCKT, which briefly tripled in price before dropping by over 90%.
💨 Sei's mainnet has gone live, with the potential ability to achieve transaction finality in as little as 250 milliseconds, following a testnet that saw over 7.5 million wallets created.
Today in Crypto Adoption...
📱 Helium Mobile, a hybrid wireless carrier utilizing the decentralized Helium 5G network and T-Mobile's nationwide 5G network, launched in Miami.
The $$$ Corner…
💰 Dinari raised $7.5 million to develop a decentralized stock trading platform, emphasizing transparency and working with global regulators to ensure compliance with regulatory requirements.
🎮 South Korean metaverse platform Zepeto, in partnership with Jump Crypto, raised $13 million for their joint ZTX (ZepetoX) initiative.
🗳️ Crypto project JK Labs, aiming to fix governance issues in web3 and DeFi, secured $2 million in a pre-seed fundraise to develop a platform that uses on-chain reputations for decision-making processes.
What Do You Meme?
Learn 🤓
Bitcoin ETFs Explained: What Are They & How Do They Work?
Learn more about Bitcoin ETFs and how they make it easier for investors to invest in Bitcoin without actually owning the cryptocurrency.
📈 Your Market Update 📉
BTC is down .7%, trading at $29,158
ETH is down .8%, trading at $1,825
BTC dominance: 47.26%
Crypto market cap: $1.2 trillion
*All data as of today, 7:20 am ET
Recommended Reads
CoinDesk: The 3 Things Coinbase Says Will Determine the Future of Crypto
Bartek.eth on EigenLayer
Arjun Chand on Chainlink’s CCIP
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