On the Pod…

What’s Poppin’?

Senators Warren and Marshall have proposed bringing crypto under the same rules as banks, brokers and traditional money service businesses.

Ryan Salame, co-CEO of Bahamas-based FTX Digital Markets, alerted Bahamian regulators of potential fraud before he left for Washington D.C.

MetaMask expects its integration with PayPal will β€œdrive more successful on-ramp transactions.”

Crypto lending platform Maple Finance has decided to stop lending on the Solana blockchain.

On Unchained Premium πŸ’Ž

I interviewed Garett Jones, an economics professor at George Mason University. Garett is building a rating agency to analyze and rate stablecoins, with the goal of providing everyday users and investors more insights.

In Other Newsβ€¦βœοΈβœοΈβœοΈ

  • The White House declined to comment on whether it would return campaign donations by former FTX CEO Sam Bankman-Fried to President Joe Biden or whether other elected officials should return similar donations.

  • During the Senate Banking Committee hearing about FTX, Senators raised concerns about Binance, the largest crypto exchange in the world.

  • Binance CEO Changpeng Zhao warned staff that the cryptocurrency market is still in a "crypto winter" and that they should prepare for a difficult period ahead.

  • Lawyers for FTX's new leadership urged a bankruptcy judge to not grant the lawyers for FTX Digital Markets access to the computer systems of that Bahamas-based subsidiary, suggesting that the Bahamian government and FTX executives were involved in illegally shifting assets to avoid the US bankruptcy process.

  • BitGo prevented Alameda Research from selling off $50 million worth of wrapped Bitcoin before the firm declared bankruptcy.

  • Bankrupt lender Celsius Network is attempting to gain $7.7 million from Voyager Digital's estate as the legal status of Celsius's assets is questioned by judges.

  • The US Securities and Exchange Commission accused Twitter stock influencers Zack Morris and PJ Matlock, the founders of Atlas Trading, and other alleged co-conspirators of stock manipulation, claiming that they made around $100 million in a three-year period.

  • The U.S. Department of Justice reported that nine individuals had been charged with perpetrating two crypto-based Ponzi schemes: IcomTech and Forcount.

  • Magic Eden, the largest NFT marketplace on Solana, is introducing a rewards program for NFT traders, providing them with discounts, free NFTs, and other perks.

  • CleanSpark, a bitcoin miner, reported significantly less than expected revenue of $26.2 million in the three months ending in September, missing the average estimate of $27.1 million.

  • Compound DAO and other defendants are being sued by plaintiffs for allegedly selling unlicensed securities and causing the plaintiffs to suffer damages by holding COMP tokens valued under $100.

Today in Crypto Adoption...

  • Curve Finance, the largest decentralized stablecoin exchange, is set to deploy on zkSync's mainnet, taking advantage of Ethereum scaling and privacy capabilities offered by the ZK-rollup technology.

The $$$ Corner…

  • B. Riley Financial wants to provide Core Scientific with a $72 million financing package to help the company remain viable and avoid bankruptcy. In response, the company's shares skyrocketed 94%.

  • Spaceport, a web3 intellectual property protocol, closed a $3.6 million pre-seed round co-led by Arca, Decasonic and Crit Ventures.

I spoke with Andy Slavitt, host of the In the Bubble podcast and a crypto skeptic, about the deception behind crypto and its use cases.

What Do You Meme

πŸ“ˆ Your Market Update πŸ“‰

  • BTC is down .63%, trading at $17,717

  • ETH is down 2.55%, trading at $1,289

  • BTC dominance: 38.19%

  • Crypto market cap: $892Β billion

*All data as of today, 5Β am ET

Recommended Reads

  1. Coin Center’s Peter Van Valkenburgh on The Digital Asset Anti-Money Laundering Act

  2. β€œHow Crypto Can Avoid the Next FTX” by Shlomit Azgad-Tromer and Matthew Green

  3. Former FTX employee Dani Cloud on working in FTX:

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