Could The Bahamas Save SBF? 🤪

In today's edition: 👀 Binance's trading collateral, 🤔 FTX's independent examiner, ⛏️ 50 trillion milestone, and more!

May 31, 2023

What’s Poppin’?

by Samyuktha Sriram

Former FTX CEO Sam Bankman-Fried could have some charges against him dropped if the Bahamas deems that they violate his extradition terms.

Binance is reportedly considering letting institutional clients hold their trading collateral at a bank as a way to reduce counterparty risk.

The government is pushing for an independent inquiry into FTX despite its estimated $100 million cost to the bankruptcy estate.

The next difficulty adjustment set to take place on May 31 would be a new all-time high for the Bitcoin mining metric.

On the Pod...

What people are saying:

Sébastien Derivaux: “This interview is saddening but thx to @laurashin for having it. Compliance and regulation are good when it serve the common good, but that's no longer the case.”

Brij: “This podcast is a must-listen. It goes against the entire ‘SEC bad’ and “hostile US regulatory regime” narrative surrounding crypto. Thanks @laurashin!”

Daily Bits…✍️✍️✍️

  • 🏛️ A former Coinbase product manager and his brother settled insider trading charges with the U.S. Securities and Exchange Commission, agreeing to forfeit their profits and pay interest.

  • ⚠️ The U.S. Commodity Futures Trading Commission (CFTC) cautioned companies about potential risks in clearing digital asset transactions, encouraging the development of a full-fledged rule to address these concerns.

  • 🇺🇸 Coinbase CEO Brian Armstrong warned that restrictive US crypto regulations may inadvertently drive innovation to China, thereby strengthening its digital financial systems and challenging the global role of the US dollar.

  • 👩‍💼 Blockchain data analytics platform Nansen announced a 30% reduction in its workforce to curtail costs amid challenging crypto market conditions.

  • 📉 Crypto exchange Bybit is set to exit the Canadian market on May 31 following new regulatory developments, adding to the list of exchanges that pulled out from the country.

  • 🚫 A Texas bill restricting Bitcoin miners' engagement in energy grid cost-saving schemes was halted at the state house committee stage.

  • 📊 ProShares' Bitcoin futures ETF underperformed BTC significantly this year due to the costs associated with "contango bleed" from rolling futures contracts monthly.

  • 🌍🔋 Stablecoin provider Tether is investing in a sustainable Bitcoin mining and energy production facility in Uruguay, with operations projected to begin by the third quarter of this year.

Today in Crypto Adoption...

  • 🖼️ A new blockchain token standard, BRC-721E, enables users to convert their Ethereum-based non-fungible tokens (NFTs) into Bitcoin-based NFTs.

  • 🚘 Mercedes-Benz NXT, the car maker's Web3 division, partnered with digital art group Fingerprints DAO and Dutch artist Harm van den Dorpel to launch an automotive-inspired NFT art collection, "Maschine."

The $$$ Corner…

  • 🌐 Transak, a Web3 payments startup, secured $20 million in a Series A funding round for global expansion and enhancing onboarding solutions for Web3 applications.

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📈 Your Market Update 📉

  • BTC is up 3.2%, trading at $27,086

  • ETH is down 2.3%, trading at $1,866

  • BTC dominance: 44.39%

  • Crypto market cap: $1.18 trillion

*All data as of today, 7:00 am ET

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