💣 FTX 2.0 !?️

In today's edition: 🎙️New episode on crypto regulation, 🚀 FTX's potential reboot, 🚫 Dash blockchain, and more!

May 23, 2023

What’s Poppin’?

by Samyuktha Sriram

Users in support of restarting the bankrupt crypto exchange shared renewed optimism that FTX 2.0 might soon become a reality.

The Dash blockchain stopped producing blocks for more than 20 hours after the Dash Core v19 hard fork was deployed.

Bankrupt crypto lender BlockFi issued a corrective letter to creditors disclosing that information shared was shared “prematurely” regarding a proposed reorganization plan.

Trading volume for the biggest crypto assets by market cap has dried up significantly since the rally earlier this year.

On the Pod…

In the SEC’s push to rein in the crypto sector, one question looms large: Is ETH a security? Dan Berkovitz, a former CFTC commissioner and SEC general counsel, and Colin Lloyd, a partner at law firm Sullivan & Cromwell, assess the current state of the regulatory turf war in the U.S., shedding light on some of Washington’s unanswered questions.

Daily Bits…✍️✍️✍️

  • 📜 South Korea's ruling People Power Party is pushing to expedite a bill requiring lawmakers and senior officials to disclose their cryptocurrency holdings, aiming for enforcement within two months, according to a Yonhap news report.

  • 📋 Hong Kong's Securities and Futures Commission (SFC) will start accepting license applications for cryptocurrency exchanges from June 1, implementing rules that ban crypto "gifts" aimed at encouraging retail investments.

  • 🐞 A bug in an upgrade to Aave V2 on the Polygon blockchain temporarily rendered $120 million inaccessible, though the funds remain safe, with a fix via a governance proposal underway.

  • ⏱️ Crypto mining firm, Core Scientific, aiming to expedite its restructuring process, could emerge from Chapter 11 bankruptcy by September, amid mounting pressure from creditors.

  • 📺 Crypto exchange Coinbase launched a new TV advertisement in Washington, D.C., as part of its effort to influence public opinion and policymakers about digital assets.

  • 💸 Ashish Khosla, co-founder of Evmos, has allegedly been selling a significant amount of the project's native token following his departure, according to a statement from the Evmos team.

  • 💼 MicroStrategy, a public company that is one of the biggest holders of Bitcoin, expressed support for the Financial Accounting Services Board's proposal allowing firms to employ fair-value accounting for cryptocurrencies on their balance sheets.

The $$$ Corner…

  • 💰 Web3 app development platform, Sort, raised $3.5 million in a seed funding round to expand its product offerings and advance its platform for building smart contracts into Web3 apps.

  • 🎮 Openfort, a crypto infrastructure startup, secured $3 million in seed funding to develop its "wallet-as-a-service" product aimed at reducing blockchain engagement for gamers to improve the gaming experience.

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📈 Your Market Update 📉

  • BTC is up 1.8%, trading at $27,333

  • ETH is up 2.2%, trading at $1,854

  • BTC dominance: 44.58%

  • Crypto market cap: $1.19 trillion

*All data as of today, 7:50 am ET

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