Bullish Due to a New Accounting Rule 🤔
In today’s edition: 💻 Vitalik backs ZK-EVM, 🏛️ CFTC labels crypto commodities, 💸 CoinList's $1.2M settlement, 🔥 Yearn loses $1.4M, 🚨$2.8M stolen from OKX, and more!
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What’s Poppin’?
by James Rubin, Sage Young and Samyuktha Sriram
New Accounting Rules Will Allow Firms to Record Crypto Profits as Well as Losses
The guidance will allow companies to record profits when the value of their crypto holdings increases, and not just losses when the value of those holdings falls, as was previously the case.
Vitalik Buterin Supports Integrating Zero-Knowledge Ethereum Virtual Machines Into Main Ethereum Chain
In a new post, the Ethereum co-founder laid out the benefits and challenges of an “enshrined” ZK-EVM to improve security and speed.
‘Turf War:’ CFTC Chair Says Most Crypto Assets are Commodities
CTFC Chair Rostin Behnam said that most crypto tokens constitute commodities, while admitting that there is a “turf war” between regulatory bodies when it comes to jurisdiction over the crypto industry.
Crypto Exchange CoinList to Pay $1.2 Million in Settlement With Treasury Department
The Treasury Department’s Office of Foreign Assets Control (OFAC) said the penalty related to 989 transactions that were processed for CoinList users between April 2020 and May 2022.
$1.4 Million Wiped Out From Yearn Finance Treasury
A fault multisig script resulted in a large amount of the Yearn protocol’s treasury being drained, with the affected tokens being “strictly protocol-owned liquidity.”
OKX DEX Loses $2.8 Million in Exploit
The platform said it was working to locate the stolen funds and will reimburse affected users.
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The record $4.3 billion settlement between Binance and the U.S. government over charges of money laundering and sanctions violations calls for the world’s largest crypto exchange to maintain an independent compliance monitor for the next five years. Michael Dawson, a partner at WilmerHale, and Dorothy DeWitt, founder and CEO of Tolt Strategies, a former director at the CFTC and former general counsel at Coinbase, dissect the intricacies of this arrangement, delving into the roles and responsibilities of the compliance monitor, the potential impact on Binance’s operations and the broader implications for the crypto industry.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Daily Bits…✍️✍️✍️
⚖️ A federal judge is expediting the FTX bankruptcy case, potentially shortening the timeline for customers to recover their funds from the defunct crypto firm.
📈 The U.S. CFTC approved Bitnomial's application to become a derivatives clearing organization, enabling it to settle margined Bitcoin futures and options.
📧 Gemini began soliciting votes for the Genesis Plan of Reorganization from Earn users, providing voting instructions and a deadline of January 10, 2024.
🔗 Coti is set to launch an Ethereum Layer 2 network in 2024, transitioning from its DAG protocol to support native dapps and user privacy.
💰 Blockstream plans to launch Series 2 of its Bitcoin-denominated investment vehicle, BASIC Note, targeting non-U.S. investors to capitalize on the Bitcoin ASIC market.
🌍 Blockchain.com plans to increase its workforce by 25% to expand into Turkey and Nigeria, following a recent $110 million financing round.
Today in Crypto Adoption...
💱 Coinbase is rolling out spot trading of Bitcoin and Ether for international institutional investors, with plans to extend this to retail investors soon.
🎮 Worldcoin announced integrations with Minecraft, Reddit, Telegram, Shopify, and Mercado Libre, enhancing user verification while preserving privacy.
The $$$ Corner…
💰 Dynamic Labs received $13.5 million in Series A funding led by a16z crypto, focusing on developing new non-custodial wallet tools.
🌐 NodeKit raised $1.2 million in a pre-seed round for developing the Avalanche-based network SEQ, aimed at enhancing rollup chain performance.
What Do You Meme?
Recommended Reads
@0xRainandCoffee on Intents
Ryan Rasmussen on ten crypto predictions for 2024
DL News: S&P’s head of DeFi on why Tether’s ‘limited transparency’ makes it risky
📈 Your Market Update 📉
BTC is up 5.4%, trading at $43,195
ETH is up 5.8%, trading at $2,296
BTC dominance: 49.57%
Crypto market cap: $1.7T
*All data as of today, 06:50 am ET
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