🥇 Who Will Win the Spot Bitcoin ETF Race?

In today's edition: 🎙️ BlackRock’s impact on Grayscale-SEC lawsuit, 🤑 FTX's $700 million clawback, 🫡 Binance.US' withdrawals, and more!

What’s Poppin’?

by Samyuktha Sriram

Bankrupt crypto exchange FTX is suing Michael Kives, a former Hollywood agent and aide to the Clintons, and seeking to recoup millions of dollars from his company K5 Global.

by Samyuktha Sriram

The crypto exchange said it had worked with banking partners to restore U.S. dollar withdrawals on the platform, but warned that the service could be discontinued in the near future.

by Samyuktha Sriram

The Nevada Department of Business and Industry found that crypto custody firm is operating at a substantial deficit.

by Juan Aranovich

If approved, BlackRock’s spot Bitcoin ETF could allow the SEC to save face on a potential loss in its legal battle with Grayscale. 

by Samyuktha Sriram

The second largest profit taking event this year took place on June 21, when the price of Bitcoin surpassed $30,000.

On the Pod…

The SEC has swatted down so many spot bitcoin ETF applications that crypto diehards simply gave up caring. Then comes TradFi giant BlackRock – at the height of the SEC’s crypto crackdown, no less – with an ETF application that has seemingly changed the calculus.

Bloomberg Intelligence ETF watcher James Seyffart joins the show to unpack the odds of BlackRock being the first to win approval, and what it would mean for other players in the space chasing down TradFi’s “holy grail.”

Daily Bits…✍️✍️✍️

  • 🏛️ The U.S. SEC agreed to defer a $30 million fine from bankrupt crypto lender BlockFi until investors are reimbursed, aiming to maximize and expedite investor repayments.

  • 📰 Bankruptcy claims exchange OPNX, linked to the founders of the defunct Three Arrows Capital, initiated a defamation lawsuit against venture capitalist Mike Dudas and issued Justice Tokens tied to defamation lawsuits.

  • 🚔 The CFTC filed an enforcement action against New York resident William Koo Ichioka for misappropriating over $21 million from commodity pool participants' funds, with Ichioka agreeing to the charges.

  • ⚖️ The CFTC initiated legal proceedings against California businessman Cunwen Zhu for allegedly running a ‘pig butchering’ scam through his company, Justby International Auctions, defrauding at least 29 investors of more than $1.3 million earmarked for digital asset and forex trading.

  • 🌐 The International Monetary Fund (IMF) suggested that outright crypto bans might not be the most effective long-term risk mitigation strategy, and instead it’s recommending a focus on addressing the drivers of crypto demand and improving transparency.

  • 💱 24 Exchange, backed by Steve Cohen, is ceasing its spot crypto services due to insufficient demand, and is set to reapply with the SEC for an equities trading license later this summer.

  • 💼 South Korean cryptocurrency yield platform Haru Invest is terminating over 100 employee contracts, following a recent halt of withdrawals and deposits.

  • 🛠️ Offchain Labs introduced a tool that enables developers to establish their own customizable Layer 3 blockchains on top of Arbitrum's Layer 2 chains using the Orbit software stack.

Today in Crypto Adoption...

  • 🌍 Gibraltar's crypto-friendly Xapo Bank is broadening its operations across South Asia, including India, reflecting the positive dynamics in Asia's developing cryptocurrency market.

The $$$ Corner…

  • 🚀 Kaito garnered $5.5 million in a Series A funding round, aiming to develop an AI search engine specifically for the cryptocurrency sector, attaining a valuation of $87.5 million.

  • 💰 Northstake, a platform facilitating institutional crypto staking, secured $3 million in funding from several venture capital firms to enhance the legal and technical aspects of their staking services.

  • ♟️ Anichess, an Animoca Brands subsidiary, raised $1.5 million in seed funding to develop a decentralized chess game, with the release planned for early 2024.

  • 🔄 Decentralized exchange Vertex Protocol secured an undisclosed strategic investment from Wintermute Ventures, which will also provide liquidity services for the exchange.

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What Do You Meme?

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A look at the onetime supremely popular ‘algorithmic stablecoin’ whose implosion in 2022 triggered a major crypto sell-off.

📈 Your Market Update 📉

  • BTC is up .5%, trading at $30,082

  • ETH is down 1%, trading at $1,878

  • BTC dominance: 48.13%

  • Crypto market cap: $1.21 trillion

*All data as of today, 7:20 am ET

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