🐕 🧢 Solana's New Top Dog
In today’s edition: 🌐 Arbitrum bets on real-world assets, 🔥 Firedancer lights up Solana testnet, 📡 StarkWare rolls out staking plans, and more!
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Why the SEC Lawsuit Against Consensys May Hold Little Ground
Past rulings, such as the Coinbase and Binance cases, undermine the allegations made by Gary Gensler’s agency, the U.S. Securities Exchange Commission (SEC), in its lawsuit against Consensys.
In this episode, crypto lawyers Kayvan Sadeghi and Sam Enzer delve into the SEC’s lawsuit against Consensys, which focuses on MetaMask’s swaps and staking services, and explore the implications of the SEC’s stance on MetaMask acting as a broker-dealer, and the classification of its staking product as a security.
They discuss how recent rulings on Coinbase and Binance challenge the SEC’s claims, and whether differing judicial opinions could lead to the Supreme Court.
Also, they talk about the potential impact of the Supreme Court striking down Chevron deference for crypto regulation.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
What’s Poppin’?
by Sage Young, Juan Aranovich, and Sam Sriram
BONK Overtakes Dogwifhat as Top Solana Memecoin by Market Cap
BONK and WIF, which have a combined market cap of nearly $3.4 billion, make up roughly 7.6% of the entire market cap of all memecoins.
Arbitrum DAO Approves Investing in 6 Real-World Asset Products, Including BlackRock’s BUIDL
ARB token holders signaled almost unanimous support in diversifying part of the DAO’s multi-billion dollar treasury into real-world assets.
Solana’s Firedancer Client Builds First Block on Testnet
Jump Crypto’s Firedancer achieved a key milestone on the testnet. The high-performance Solana validator client has been in the works since 2022.
Both Bitcoin and Ether Are Commodities: CFTC Chair Rostin Benham
Nearly a decade of digital asset experience has given the CFTC staff a deep understanding of the digital asset market, said the agency’s chairman Rostin Benham.
StarkWare Proposes Staking Plans in Incremental Steps for L2 Network Starknet
In the first stage, stakers are expected to run a full node, interact with the staking smart contracts, and follow StarkWare’s proposed rules to stake, while later stages will require additional validating software for sequencing and proving activities that secure the network.
Daily Bits… ✍️✍️✍️
🗣️ Former U.S. President Donald Trump is set to speak at the Bitcoin 2024 conference in Nashville later this month.
⚖️ FTX lawyers are disputing Jump Trading subsidiary Tai Mo Shan’s $264 million claim, arguing that the loan deal in question never commenced.
💸 Crypto exchange BitMEX pleaded guilty to violating the Bank Secrecy Act by failing to implement proper KYC and AML measures from 2015 to 2020.
🛡️ Sen. Debbie Stabenow plans to introduce a bill granting the CFTC regulatory authority over digital commodities, emphasizing the need for clear regulations to protect consumers and promote innovation. This was reported by Unchained on Monday.
🔍 OKX overpaid significantly while consolidating bitcoin UTXOs due to bidding against itself, resulting in paying six times the average fee rate.
📜 Crypto leaders, lawmakers, and a Biden adviser discussed the future of the crypto industry, covering topics like debanking and SEC actions, in a roundtable at the Willard Hotel in Washington, D.C.
🏦 Terraform Labs, which is in the midst of bankruptcy proceedings, is looking to sell four of its businesses, including Pulsar Finance and Station.
Today in Crypto Adoption...
🔒 Coinbase and Anchorage joined forces with eight other firms to form the Blockchain Security Standards Council, aiming to establish security standards for the blockchain industry by year's end.
The $$$ Corner…
💰 Hypersphere Ventures opened its $130 million liquid fund to outside investors and is raising an additional $75 million for a new venture capital fund.
💼 Tread.fi, an algorithmic crypto trading platform founded by ex-Morgan Stanley VP David Jeong, closed $3.5 million in a pre-seed funding round led by New Form Capital, with participation from several other investors.
What Do You Meme?
📈 Your Market Update 📉
BTC is down 0.5%, trading at $58,378
ETH is up 1.3%, trading at $3,144
BTC dominance: 50.86%
Crypto market cap: $2.26T
*All data as of today, 06:43 am ET. Source: CoinGecko
Recommended Reads
Blockworks: Does the ETH ETF ‘fee war’ even matter to investors?
Coinbase Institutional: Monthly Outlook
DL News: Inside the crypto war room: How a whitehat hacker helped recover $450 million
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