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  • 🚨🚨 SCOOP: Regulators Limiting Crypto-Friendly Banks. Is It Legal? 🚨🚨

🚨🚨 SCOOP: Regulators Limiting Crypto-Friendly Banks. Is It Legal? 🚨🚨

In today’s edition: 📉 Bitcoin reserves at six-year low, 💵 FTX to distribute $16.5B to creditors, 🏌️‍♂️Is 'Uptober' in full swing for bitcoin? And more!

October 08, 2024

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What’s Poppin’?

by Veronica Irwin, Tikta, Kari McMahon and Sage D. Young

If the Federal Reserve and FDIC are imposing an undisclosed rule, they may be in breach of the Administrative Procedure Act.

Bitcoin reserves on exchanges have dropped to a six-year low, suggesting that investors are leaning towards holding coins over actively trading.

FTX creditors will soon start to receive as much as $16.5 billion in distributions now that the bankrupt crypto exchange’s reorganization plan has been approved. But that doesn’t mean all this money will immediately flow back into the crypto markets. 

Bitcoin has recovered its losses for the month, while memecoins are posting strong gains. However, some caution against overly optimistic expectations for October.

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Daily Bits… ✍️✍️✍

  • 🔄 Robinhood's chief legal officer Dan Gallagher could potentially lead the SEC if Donald Trump wins the presidency, with his nomination marking a significant shift given his past criticism of the agency's approach to regulating digital assets.

  • ⚖️ Coinbase is pushing for an appeal in its legal battle with the SEC, citing the agency’s recent appeal in the Ripple case as an example of ongoing confusion in how securities laws apply to digital assets.

  • ⚡ Linea proposed a decentralization roadmap for its zkEVM Layer 2 protocol, suggesting a shift to a proof-of-stake model where validators must stake tokens and use the QBFT consensus to ensure block finality, with penalties for misconduct and an onchain auction system for block proposers to reduce token supply.

  • 🦛 Ethereum co-founder Vitalik Buterin donated $182,000 worth of ether, converted from billions of Moo Deng memecoins sent to him, to a biotech charity, reinforcing his belief that memecoins should be used for positive global impact.

  • 🔍 Blockchain investigator ZachXBT helped recover $275,000 for a Coinbase customer targeted by scammers in a growing social engineering scheme, which has resulted in over $5 million in stolen crypto assets.

  • 🛡 Fintech giant Revolut has prevented nearly $13.5 million in potential crypto losses over the past three months by implementing advanced fraud detection algorithms, further enhancing customer protection measures.

What Do You Meme?

📈 Your Market Update 📉

  • BTC is down 0.4%, trading at $62,602

  • ETH is down 0.9%, trading at $2,438

  • BTC dominance: 54.32%

  • Crypto market cap: $2.28T

*All data as of today, 07:55 am ET. Source: CoinGecko

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