Industry regulatory enforcement actions continued to simmer down. Political influence in the crypto community is real. That said, settlements were in play.
The headlines:
- Grayscale plans to launch a new ETF;
- Gemini settled with the IRA Financial Trust;
- Cboe Spot Ethereum ETFs will (expectedly) launch this week;
- Binance.US has investment plans;
- Plus, Satoshi Summer Camp is coming to Nashville Tennessee;
- And much more!
As always, these are your decentralized diaries!
Bitcoin is at $67k
From a $62,487.97 low, Bitcoin prices hit a $68,480.06 high to reach support levels. Bitcoin is currently at $67,154.54 (as of 7/22/24).
The altcoins are looking up, too.
Ethereum (ETH) is at $3,469.55, Solana (SOL) is at $179.54, Avalanche (AVAX) at $31.63, Polkadot (DOT) at $6.27 and Chainlink (LINK) at $14.14.
Grayscale Revealed New ETF Plans
In a July 19 announcement, premiere crypto asset manager Grayscale revealed plans to create an offshoot of its crown jewel Bitcoin fund, the Grayscale Bitcoin Trust (GBTC), into a new ETF. Grayscale will (expectedly) contribute 10% of its spot Bitcoin holdings to the Grayscale Bitcoin Mini Trust (BTC).
Additionally, following (final) regulatory approvals, the Grayscale Bitcoin Mini Trust (BTC) will trade on the New York Stock Exchange (NYSE) Arca. Grayscale Investments (also) launched the Grayscale Decentralized AI Fund LLC.
The fund’s basket of tokens includes Filecoin (FIL), Near (NEAR), Render (RNDR), Livepeer (LPT) and Bittensor (TAO).
Gemini Settled with the IRA Financial Trust
The legal issues between the Winklevoss-owned Gemini and the IRA Financial Trust have reached a crescendo. Judge Analisa Torres of the United States District Court for the Southern District of New York dismissed the case filed by the IRA Financial Trust on July 18.
Both parties told Torres that they had settled. IRA Financial sued Gemini in 2022 after an exploit led to the theft of $63 million from its Gemini account.
The FBI Recovered $2.5 Million in a Thai Pig Butchering Scam
In a July 16 announcement, the US Attorney’s Office for the District of Columbia revealed a civil forfeiture action that involved the FBI’s seizure of 2,546,415.01 USDT tokens held by a Thai resident. The Feds linked the tokens to an alleged pig butchering scheme that (allegedly) scammed American residents.
The tokens were (also) reportedly held in Binance accounts.
Cboe Revealed a Launch Date for Five Spot Ethereum ETF Products
The Ethereum ETF sector will have its day in the sun (this Week) with a revelation from Cboe. In a July 19 announcement, Cboe indicated that on July 23, five spot Ethereum ETF offerings will begin trading. As part of moves to push the markets forward, most Ethereum ETF issuers have introduced discounts and fee waivers.
Messari‘s CEO Stepped Down Following Allegedly Controversial Social Media Posts
Following a six-and-a-half-year stint at crypto research behemoth Messari, CEO Ryan Selkis announced his resignation. His standing down follows adverse reactions to his political stance, which Selkis boldly stated.
Consequently, Selkis will (reportedly) remain on the sidelines as a senior adviser to Messari.
Vitalik Buterin Warned About Crypto Political Choices
In a veiled reference to the (upcoming) November Presidential elections, Ethereum co-founder Vitalik Buterin advised the crypto community to choose their candidates wisely. In a July 17 article, Buterin cautioned about political choices (solely) based on their industry support.
Buterin also highlighted the (initial) values upon which the industry operates, iterating that these values also extend to other interests. Furthermore, Buterin indicated that current crypto support may translate into a short-term phenomenon.
FTX Reached a $12.7 Billion Settlement with the CFTC
The (ongoing) legal drama between bankrupt crypto exchange FTX and the CFTC reached a head. Both parties reached a $12.7 billion settlement, ending the 19-month dispute (since December 2022). FTX will pay $8.7 billion in restitution and $4 billion in disgorgement. The CFTC did not pursue a civil penalty because of FTX’s (ongoing) liabilities.
A Court Approved Binance.US’s $40 Million Treasuries Investment Request
Interestingly, things may be better for the American arm of crypto exchange giant Binance. On July 19, Judge Amy Berman Jackson of the United States District Court for the District of Columbia approved a request by Binance.US to invest $40 million (approximately) in $10 million tranches within four weeks.
Additionally, the exchange will invest via a TreasuryDirect account in US treasuries for the duration.
Fidelity Investments Added Litecoin to its Crypto Offerings
Financial behemoth Fidelity Investment expanded its digital asset portfolio to include Litecoin (LTC). The move follows the token’s strong performance and its industry resilience.
The Satoshi Summer Camp Comes to Tennessee
At the (upcoming) Satoshi Summer Camp, parents can educate their kids about Bitcoin (and other emerging technologies). The event will (expectedly) occur between July 26 and July 27 in Nashville, Tennessee.
The Camp intends to introduce kids to the world’s first cryptocurrency token alongside other technologies, including 3D printing and Minecraft game design. Parents are included, too, with a chance to swap experiences and network with (other) like-minded people.
Satoshi Summer Camp partnered with Virginia-based BSTEM to develop the experience.
Chainlink Launched a Crypto Sandbox
Oracle-focused Chainlink continued to innovate by introducing a digital assets sandbox. The Chainlink Digital Assets Sandbox (DAS) provides an environment for developers (in financial institutions) to explore concepts and ideas before deployment.
Additionally, DAS users can access support from Chainlink Labs, the network’s primary developer.
