🔍 ‘Sensible’ Crypto Legislation on Democrats' Agenda?
In today’s edition: 🔑 Three institutions to hold WBTC keys, 🎙️ Brother Bing dives into WBTC and SEC issues, 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! 💌
The Chopping Block: WBTC Drama, Decentralized AI & SEC Subpoenas
Brother Bing joins the show to unpack WBTC’s custody turmoil, the AI x crypto debate, and the SEC’s rumored subpoenas. Also, what’s missing in this crypto cycle?
This week, the gang is joined by Shuyao, cofounder of MegaETH Labs and founder of hotpot DAO.
They dive into the unfolding drama surrounding WBTC and BitGo’s strategic shift towards multi-jurisdictional custody in Hong Kong. They also explore the growing buzz around decentralized AI, sparked by Haseeb’s newfound role as an “influencer” in the space, and debate whether these projects can truly succeed.
Moreover, with the SEC reportedly issuing subpoenas to crypto VCs, the discussion turns to the potential implications for token investments and regulatory scrutiny.
Lastly, is this cycle lacking a zero-to-one innovation?
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 Sage D. Young and Sam Sriram
Crypto4Harris: Democrats Pledge ‘Sensible’ Crypto Laws as Self-Custody, Operation Choke Point 2.0 Go Unmentioned
Sen. Schumer said he wants to create bipartisan support for a “sensible” crypto bill at the Crypto4Harris event.
BitGo Abruptly Pivots on Holders of WBTC Multi-Sig Keys Following Community Outcry
The digital asset custodian said the three keys for the WBTC multi-signature wallet will now be held by three different institutions.
Daily Bits… ✍️✍️✍️
📊 Morgan Stanley revealed a $187.79 million stake in BlackRock's spot Bitcoin ETF by the end of Q2, while nearly selling off its position in Grayscale's GBTC, according to its latest 13F filing.
🏢 The Trump Organization is reportedly planning to launch a new crypto initiative, with Eric Trump hinting at potential involvement in "digital real estate," as he expresses growing enthusiasm for the crypto and DeFi space.
🇧🇷 Binance reached a $1.75 million settlement with Brazil's SEC, resolving a dispute over offering derivatives products, which have been banned in the country since 2020.
🔒 The U.S. government transferred nearly $600 million in Silk Road-related bitcoin to Coinbase Prime, though it’s unclear if the move indicates plans to sell the assets or hold them for custody purposes.
💧 Renzo is expanding into the Solana liquid restaking space by partnering with Jito Foundation, planning to launch a liquid restaking token called ezSOL next month.
🟠 Swell introduced "swBTC," a liquid restaking token that allows bitcoin holders to earn yield in the Ethereum ecosystem, with returns expected to start flowing by mid-September.
📈 Pump.Fun, a Solana-based token generator, hit a record $5.3 million in daily fees after eliminating its $2 token creation fee, but users are increasingly unhappy as the surge in token creation led to many coins losing value rapidly.
Today in Crypto Adoption...
💼 The State of Wisconsin Investment Board increased its holdings in BlackRock’s spot bitcoin ETF to nearly 2.9 million shares, worth $98.9 million, while selling off its entire position in the Grayscale Bitcoin Trust.
🏦 Grayscale launched five new single-token crypto trusts in the past three months, including products for Near, Stacks, Bittensor, Sui, and MakerDAO, attracting significant investor interest.
The $$$ Corner…
🤖 Crypto-AI startup Sahara Labs raised $37 million in strategic funding, co-led by Pantera Capital and Polychain Capital, to develop its decentralized blockchain platform, Sahara AI.
🌍 Sling Money, a global payment app using the Pax Dollar (USDP) stablecoin, secured $15 million in a Series A round led by Union Square Ventures, aiming to offer low-cost, instant money transfers across 50+ countries.
💻 Parfin, a crypto infrastructure firm, garnered $10 million in the first round of its Series A to develop its permissioned Ethereum Layer 2 network, Rayls, focused on enterprise use cases.
💼 Rhinestone secured $5 million in seed funding led by 1kx to develop modular smart accounts infrastructure, aiming to enhance interoperability, security, and features in smart accounts.
🌐 Former TON Foundation members launched TON Ventures with a $40 million fund to support projects building on the TON blockchain.
What Do You Meme?
📈 Your Market Update 📉
BTC is down 4.3%, trading at $58,672
ETH is down 4.1%, trading at $2,637
BTC dominance: 53.4%
Crypto market cap: $2.16T
*All data as of today, 07:40 am ET. Source: CoinGecko
Recommended Reads
Forbes: Leak Sparks Serious U.S. Crypto Crackdown Fears As The Bitcoin Price Bounces Back
Bitwise CIO Matt Hougan’s insights after reviewing the Q2 Bitcoin 13-F filings
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