FTX's Ryan Salame Pleads Guilty? 😲
In today's edition: 🕒 Novogratz's big prediction, 🏊 U.S. Federal Reserve dives into crypto, 💰 DAI Savings Rate, and more!
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What’s Poppin’?
by Samyuktha Sriram
Former FTX Executive Ryan Salame Discusses Plea Deal With Prosecutors: Report
The former co-CEO of FTX Digital Markets is reportedly in talks with U.S. prosecutors to enter a guilty plea.
BlackRock and Invesco Insiders Expect Bitcoin ETFs in 6 Months: Mike Novogratz
The Galaxy Digital CEO believes that the window of approval for a spot Bitcoin ETF is four to six months.
U.S. Federal Reserve Starts Program to Oversee Banks’ Crypto Activities
The U.S. central bank defined how it plans to oversee banks that are engaged with firms involved with crypto asset and blockchain-related activities.
Maker Founder Proposes Changing DAI Savings Rate to 5%
The proposed changes would be to ensure the Enhanced DAI Savings Rate benefits regular DAI users as opposed to ETH whales.
On the Pod…
Show highlights:
why Worldcoin believes in the idea of a universal basic income (UBI)
Alex’s comments on the rise of a black market for World IDs
whether Worldcoin is storing people’s biometric data
how people don’t really understand the nuances of getting their irises scanned and why it’s fine that the “average person will not understand how crypto works,” according to Alex
what the purpose of the WLD token is and why the project decided to launch the token with a low float
why Alex believes that Worldcoin will become a “very powerful technology” that will be the main project for onboarding people to crypto
Daily Bits…✍️✍️✍️
⚖️ The Department of Justice affirmed that Sam Bankman-Fried will still face a campaign finance-related charge as part of his ongoing money laundering case.
🔄 The UK Treasury updated its regulatory proposals for systemic stablecoins, outlining a co-supervision arrangement led by the Bank of England and the Financial Conduct Authority.
💱 Anchorage Digital and Bitmain are set to acquire equity in the bankrupt crypto mining firm Core Scientific as part of its reorganization plan.
💰 JPMorgan suggests that the launch of PayPal's stablecoin could enhance Ethereum's utility as a stablecoin/DeFi platform, potentially filling the void left by Binance's BUSD.
🔗 Uniswap was integrated into Coinbase's Layer 2 network Base, recording over 11,700 transactions and about $3.65 million in trading volume.
💵 Coinbase plans to repurchase up to $150 million of its $1 billion bonds set to mature in 2031, with Citigroup Global Markets managing the offer.
🤝 Paxos, the issuer of PayPal's new stablecoin PYUSD, is exploring additional 'white label' stablecoin opportunities beyond its partnership with PayPal.
🔍 Bavaria's Data Protection Authority had not finished assessing Worldcoin when the project launched on July 24, though the company was not legally obliged to await approval.
📊 Ethereum experienced its highest illicit flows of the year last week, with nearly 2% of total flows being known illicit transactions between July 30 and August 5.
Today in Crypto Adoption...
📜 Binance obtained two licenses in El Salvador, becoming the "first fully licensed" crypto exchange in the country, allowing it to offer tailor-made products and services.
🔗 Circle introduced a new programmable Web3 wallet for businesses, aiming to simplify crypto payments and bridge traditional payment systems with the digital-asset economy.
The $$$ Corner…
💼🔐 Crypto infrastructure startup Puffer garnered $5.5 million in a funding round backed by Brevan Howard Digital, aiming to address challenges faced by solo validators in Ethereum's proof-of-stake network.
🎨 Generative art platform fxhash secured $5 million in seed funding led by 1kx, with plans to expand its team and integrate Ethereum minting in a major platform upgrade.
📈 L1 Digital, a backer of Multicoin, raised $152 million for its second crypto venture capital fund, with a focus on investing in crypto startups and early-stage crypto-focused investment firms during bear markets.
What Do You Meme?
Learn 🤓
Bitcoin Whales: What They Are & How to Spot Them?
Bitcoin whales can significantly impact the price of bitcoin when they decide to buy or sell BTC in large quantities.
📈 Your Market Update 📉
BTC is up 1.9%, trading at $29,795
ETH is up 1.6%, trading at $1,861
BTC dominance: 47.06%
Crypto market cap: $1.23 trillion
*All data as of today, 6:50 am ET
Recommended Reads
Rune Christensen on Maker Endgame
Crypto Carl on PayPal’s new PYUSD token
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