🥊 Consensys vs SEC Round 2
In today’s edition: 📝 Ethereum ETF filings need tweaks, 📊 21Shares files for Solana ETF, 👨⚖️ Judge greenlights major SEC charges against Binance, and more!
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Why the Mt. Gox Repayments May Not Hurt the Bitcoin Price Much
Ten and a half years after filing for bankruptcy, Mt. Gox is finally set to disburse 142,000 bitcoin, worth nearly $9 billion, to creditors between July and October.
Market concern has been growing over the potential impact on bitcoin prices, but Alex Thorn, head of research at Galaxy, explains why only a small fraction of those bitcoins will be sold. He also discusses the implications of this redistribution on the market, the potential success of Ethereum ETFs, and the chances of a Solana ETF approval.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
Daily Bits… ✍️✍️✍️
🦊 The SEC sued Consensys over its MetaMask swaps and staking services, alleging unregistered brokerage and securities violations.
📄 The SEC returned S-1 forms to Ethereum ETF issuers, requesting corrections, indicating at least one more round of revisions before approval.
📊 21Shares filed an S-1 with the SEC for a Solana ETF, similar to VanEck's filing, despite SOL being classified as a security by the SEC in lawsuits.
👨⚖️ A federal judge allowed most of the SEC's case against Binance and its founder to proceed, dismissing only the charges related to secondary BNB sales and Simple Earn.
🧾 The U.S. Treasury's IRS issued crypto tax rules for brokers starting in 2025, but deferred decisions on DeFi and unhosted wallets while considering public comments.
📱 Farcaster introduced in-app USDC payments to simplify crypto transactions, eliminating the need for wallet addresses.
🎮 Sony plans to restart the Whalefin crypto exchange, acquired from Amber Group in 2023, with the parent company now rebranded to S.BLOX.
🏛️ Bettors on Polymarket increased the odds to 46% that President Joe Biden will drop out of the 2024 election race.
💰 Aave DAO approved a $12 million grant to Aave Labs for developing Aave v4 and new visual assets, which is set to be completed by 2025.
💼 Yield App halted all activities and plans to liquidate after revealing losses from funds held on FTX, contradicting earlier claims of asset safety and insurance.
The $$$ Corner…
🐧 Igloo Inc., parent company of Pudgy Penguins, acquired the Web3 platform Frame to develop Abstract Chain, a layer 2 network for onchain culture.
What Do You Meme?
🎧 Laura shared her journey and her thoughts on crypto media on Beyond The Beat.
📈 Your Market Update 📉
BTC is up 2.2%, trading at $62,806
ETH is up 2.6%, trading at $3,469
BTC dominance: 50.75%
Crypto market cap: $2.44T
*All data as of today, 06:40 am ET. Source: CoinGecko
Recommended Reads
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