🥊 Is the SEC Preparing for a Fight Against Ethereum?
In today’s edition: 💰 Bitcoin miners' record revenue, 📈 Jupiter's governance vote controversy, 🧐 Declining NFT volumes, and more!
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On March 20, Fortune reported that the SEC was investigating the Ethereum Foundation and was looking for legal ways to label ether (ETH) as a security.
Sam Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLx Law joined Laura to discuss everything about the investigation and its implications.
The guests speculate about the hidden motivations behind the SEC’s investigation and discuss the likelihood of the approval of spot ether ETFs. They also discuss the recent ruling in the SEC vs Coinbase case, where the judge dismissed claims that Coinbase’s wallet was acting as an unregistered brokerage, but allowed the rest of the suit to proceed.
Lastly, they touch on the devastating impact on the crypto industry if the SEC were to win a case alleging ether is a security and what they are looking out for in the next couple of weeks and months.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
What’s Poppin’?
by Frederick Munawa, Sam Sriram, Juan Aranovich, and Sage Young
Bitcoin’s Fourth Halving Is Right Around the Corner. Is It Still a Good Time to Buy?
Bitcoin is already trading at near an all-time high going into April’s halving, which will reduce the introduction of new bitcoin supply by 50%. Can it continue to rise?
Bitcoin Miners See Record $2 Billion in Monthly Revenue
Bitcoin miners have recorded their highest level of monthly earnings ahead of the upcoming halving event, which would likely cut their profit margins in half unless the price of bitcoin increases significantly.
Jupiter Token Reaches All-Time High Amid Controversial Governance Vote to Allocate 4.5 Million JUP to Core Working Group
While three-quarters of those voting supported the controversial governance vote to allocate 4.5 Million JUP to its core working group, some in Jupiter’s forum discussion and on social media strongly disapproved of the large allocation.
NFT Market Cools as Traders Flock to Soaring Memecoins
With NFT volumes in decline and a surge in memecoin trading, market behavior suggests a new preferred asset for crypto enthusiasts.
Daily Bits…✍️✍️✍️
🚫 The TRON Foundation and its founder Justin Sun are seeking to have an SEC lawsuit dismissed, challenging the American court's authority over them due to their international status and denying allegations of illegal activities.
🙏🏼 Following a 25-year sentence for fraud charges Sam Bankman-Fried, the ex-CEO of FTX, voiced regret over his actions, acknowledging the hurt caused to customers and the crypto industry.
🔄 In an effort to bolster its DeFi offerings, MakerDAO is considering investing $600 million of DAI into the Ethena Labs' stablecoins USDe and sUSDe, aiming to expand its influence and stabilize the protocol's growth.
🚀 Ethena Labs introduced its governance token, ENA, now trading at around 60 cents, following the distribution of 750 million tokens to USDe holders, which make up 5% of its total supply.
👥 Binance introduced its first board of directors, featuring a mix of company executives and external members.
🪙 Tether's bitcoin holdings surpassed $5 billion after acquiring 8,888 more bitcoins.
🌐 dYdX voted to establish a legal entity in the Cayman Islands and plans to dissolve its existing treasury as part of its restructuring in a move for legal protection.
💰 Thai crypto exchange Bitkub is eyeing a 2025 IPO, according to CEO Jirayut Srupsrisopa.
Today in Crypto Adoption...
🔒 Singapore is set to enforce stricter crypto service regulations from April 4 after making amendments to the Payment Services Act. The country also outlined consumer protection guidelines for companies engaging in “digital payment token (DPT) services,” which will roll out later this year.
The $$$ Corner…
💼 Web3 infrastructure company Xion garnered $25 million in a funding round that included major investors such as Animoca Brands and Multicoin, among others.
🕹️ Andreessen Horowitz's gaming fund is set to invest $30 million in various startups, focusing on gaming technologies and Web3 advancements.
What Do You Meme?
Recommended Reads
CoinDesk: 12 Future Bitcoin Scenarios: From Bullish to Bearish
DL News: Manta says it has a plan to win back capital after fleeing airdrop hunters drive 52% plunge
📈 Your Market Update 📉
BTC is down 4.5%, trading at $66,233
ETH is down 5.4%, trading at $3,346
BTC dominance: 49.67%
Crypto market cap: $2.61T
*All data as of today, 06:25 am ET. Source: CoinGecko
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