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👩‍⚖️ Judges Skeptical of SEC on Bitcoin ETF? 💥

In today's edition: 👩‍⚖️ Grayscale's first oral arguments, Binance 🤝 Voyager, 🧐 Silvergate's efforts to stay afoot, 💸 Kyle and Zhu are back, and more!

March 08, 2023

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On the Pod…

What’s Poppin’?

A bankruptcy judge approved Voyager’s restructuring plan, overruling objections from the SEC.

FDIC examiners are at Silvergate’s California headquarters, working with the bank on how to navigate its financial situation.

Kyle Davies, co-founder of 3AC, claims to have successfully raised funds for a new exchange OPNX that will use CoinFLEX’s native token to pay fees.

A large chunk of BTC seized by the U.S. government from the Silk Road hacker has been sent to Coinbase.

Learn With Unchained✍️🤓

by Lipsa Das

NFT games supposedly allow ownership of in-game assets, but have attracted significant pushback from old-school gamers.

In Other News…✍️✍️✍️

  • The SEC's arguments to reject Grayscale's conversion of its Bitcoin Trust into a spot ETF were met with skepticism by a panel of judges in a court hearing on Tuesday.

  • The Keep Innovation in America Act, a bill co-sponsored by U.S. Rep. Patrick McHenry and Ritchie Torres, is being reintroduced to reform the treatment of crypto for tax purposes and narrow the definition of a crypto broker.

  • Binance updated its Proof-of-Reserves system to include 24 tokens backed by $63 billion.

  • Federal Reserve Chairman Jerome Powell said that he is hoping there is “something useful” and innovative amid the chaos of the crypto industry, and that the Fed has to be open to the idea that the technology can make people's lives better

  • A court in Seychelles approved the restructuring plan of Hong Kong-based crypto derivatives exchange, CoinFLEX, as announced in a statement on Tuesday.

  • The Thai government is providing tax incentives for firms that issue digital tokens for investment.

  • A customer is suing Coinbase for not helping him recover $96,000 lost from his Coinbase wallet due to a hack.

  • Coinbase experienced a technical issue that blocked certain transfers of bitcoin from Binance, but the problem has been resolved and affected users will receive their deposits soon.

  • The White House is “aware of the situation” with troubled crypto bank Silvergate and will continue to monitor reports, according to White House Press Secretary Karine Jean-Pierre.

  • Attorneys representing Jimmy Fallon requested to dismiss a subpoena issued by conceptual artist Ryder Ripps in the case against Ripps and his partner over the creation of a counterfeit NFT collection resembling Yuga Labs' BAYC NFTs.

  • A survey of 5,000 U.S.-based working-age adults with a bank account and who have purchased cryptocurrency in the past three years showed that 75% remain confident in the future of crypto.

  • A hacker who exploited a misconfigured data oracle on Tender.fi to borrow $1.59 million in crypto assets with only $70 worth of collateral has returned the funds, according to on-chain data.

Today in Crypto Adoption...

  • Forkast Labs, a company specializing in media and web3 infrastructure, developed a set of index trackers for digital assets that provide real-time data analysis from various parts of the crypto industry. 

The $$$ Corner…

  • Kresus, a web3 “superapp”, closed a $25 million Series A round led by Liberty City Ventures.

  • Placeholder VC led a $3 million seed round for Tensor, the ‘Blur of Solana.’

What Do You Meme?

📈 Your Market Update 📉

  • BTC is down 1.76%, trading at $22,023

  • ETH is down .88%, trading at $1,556

  • BTC dominance: 40.65%

  • Crypto market cap: $1.05 trillion

*All data as of today, 5 am ET

Recommended Reads

  1. Sheila Warren on US’ approach to the semiconductor industry and how it could serve as a cautionary tale for crypto:

  2. George Kaloudis’ analysis of FTX’s most recent bankruptcy documents

  3. TuongVy Le, head of policy at Bain Capital Crypto, on how the SEC should approach crypto:

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