🤔 Coinbase's Cryptic Tweet...
In today’s edition: 🔍 Is it time for DeFi price revival?, 🏛 Crypto up in arms over Harris' advisors, and more!
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The Cryptopians in Seoul! 🇰🇷
Laura is coming to Seoul for an exclusive book event, with the support of DeSpread 🎉
The event will take place at Kemistri in Gangnam on Monday, August 19 at 7 pm KST.
Don’t miss the chance to attend—RSVP now! 💌
Caitlin Long on Why the Fed’s Rejections of Custodia Bank Seem Politically Motivated
Caitlin Long and lawyer Michelle Kallen explain why Custodia Bank felt compelled to sue the Fed.
Custodia, established as a special purpose depository institution in Wyoming, aimed to offer secure banking services for the crypto sector. Despite meeting state requirements and taking extra steps to demonstrate its commitment to safety, Custodia’s application for a Fed master account was met with delays and ultimately denied in an unprecedented 86-page report.
In this episode, Caitlin Long and Michelle Kallen explain why they believe the Fed’s rejection was politically motivated, how this relates to Operation Choke Point 2.0, the appallingly small number of American banks owned by women, where they are in their lawsuit against the Fed, and what this case means for the future of crypto banking in the US.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
What’s Poppin’?
by Nelson Wang, Sage D. Young and Sam Sriram
Coinbase Teases Wrapped Bitcoin Alternative ‘cbBTC’
“We’re going to build a massive Bitcoin economy on Base,” said Base creator Jesse Pollak.
Has Decentralized Finance Hit Bottom?
DeFi assets have underperformed year-to-date, but the ecosystem has strong fundamentals, leading some to speculate it’s time for prices to rebound.
Kamala Harris’ Reported Economic Advisors Have Crypto Up In Arms
Among the people that Harris is reportedly relying on to develop her economic plan are two that are seen as decidedly anti-crypto. Crypto industry folks were not pleased.
Daily Bits… ✍️✍️✍️
🎯 The crypto industry, through the Fairshake PAC, plans to spend $12 million to support Bernie Moreno in Ohio's Senate race, targeting current Senate Banking Committee Chairman Sherrod Brown, who has been critical of the crypto sector.
📊 DRW Venture Capital disclosed holdings of nearly $200 million in crypto ETFs, with a significant $150 million invested in the Grayscale Ethereum Trust.
💰 Goldman Sachs reported holding $418 million in spot bitcoin ETF shares as of June 30, with significant investments in BlackRock’s iShares Bitcoin Trust and other leading bitcoin ETFs.
🎙️ The Crypto4Harris group is organizing a town hall with key speakers, including billionaire Mark Cuban and Reps. Ritchie Torres and Wiley Nickel, as they seek to reset and strengthen ties with Vice President Kamala Harris's presidential campaign.
🔒 A wallet holding $2 billion of Mt. Gox Bitcoin initiated a test transaction, likely preparing for fund distribution to creditors, with analysts suggesting the wallet belongs to crypto custody platform BitGo.
🏦 Grayscale launched a new single-asset trust focused on MakerDAO's governance token, MKR, which saw a 5% price increase following the announcement, making the fund accessible to accredited investors.
🆕 dYdX Chain is set to introduce a major upgrade called "dYdX Unlimited," allowing users to list an unlimited number of token trading markets without governance approval by depositing USDC into a new liquidity pool MegaVault.
Today in Crypto Adoption...
🌍 Tokenized asset issuer Backed partnered with eNor Securities, a regulated exchange in El Salvador, to offer tokenized real-world assets (RWAs) such as bTokens to retail investors across Latin America.
The $$$ Corner…
🚀 Essential, a developer of an intent-centric Ethereum layer 2 blockchain, raised $11 million in a Series A funding round led by Archetype, bringing its total funding to $16.15 million.
What Do You Meme?
📈 Your Market Update 📉
BTC is up 3.7%, trading at $60,982
ETH is up 3.5%, trading at $2,734
BTC dominance: 53.8%
Crypto market cap: $2.24T
*All data as of today, 07:18 am ET. Source: CoinGecko
Recommended Reads
Water, Water, Every Where by BitMEX co-founder Arthur Hayes
The Block: Runes protocol struggles with fee revenue as Bitcoin's conservative framework limits growth
UMA marketing lead Campbell Easton on the success of Polymarket
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