Last week (ended) on a positive note for the industry, with regulatory approvals balancing out enforcement actions. Institutional adoption is rising, with scam risks remaining a (genuine) concern.
The headlines:
- The SEC approved Spot Ethereum ETFs;
- Senator Cynthia Lummis (R-WY) revealed an exciting bill;
- Crypto could have more of an impact on the November elections than you think (more on that later);
- A new touchscreen hardware wallet is in town;
- Plus, there are plans to tokenize a basketball;
- And much more!
As always, these are your decentralized diaries!
Bitcoin is at $68k
The crypto space looks set to find a support level after hitting a $69,987.54 high from a $67,602.00 low. Bitcoin is currently at $68,729.75 (as of 7/29/24).
Following (regulatory) approvals, the altcoins are (slightly) divergent. Ethereum (ETH) is at $3,322.14, Solana (SOL) is at $188.58, Avalanche (AVAX) at $27.92, Polkadot (DOT) at $5.78, and Chainlink (LINK) at $13.68.
The SEC Approved Spot Ethereum ETFs
Again, the crypto community had its day in the sun with the SEC’s approval of Spot Ethereum ETFs. The regulator (unexpectedly) approved filings by Ark 21Shares, BlackRock, Bitwise, Franklin Templeton, Fidelity, Grayscale, and Invesco.
Similarly, in a Twitter/X post, Bitwise revealed that it would donate 10% of its Spot Ethereum ETF fees towards the open-source development of the blockchain’s ecosystem for the next decade.
Senator Cynthia Lummis Made a Bold Proposal
The Bitcoin 2024 Conference in Nashville, Tennessee, came with several surprises. A noteworthy one was a (brave) suggestion from Senator Cynthia Lummis (R-WY).
As part of efforts to reduce the American national debt, Lummis revealed plans to introduce legislation that could see the US Government buy (and hold) 1 million bitcoins for twenty years. Holding a copy of the proposed bill on the stage at the event, Lummis called the legislation a “solution” and referred to the idea as a “Lousiana purchase moment.”
Additionally, the move (if approved and passed) will make Bitcoin a strategic reserve for the USA.
Gemini Conducted an Interesting Crypto Election Survey
Things are (definitely) going to be engaging in November. That’s what a survey from Gemini suggests.
According to a preview of the “2024 State of Crypto survey” (by Gemini in conjunction with Data Driven Consulting Group), one in five Americans own digital assets. Consequently, 73% are willing to consider a presidential candidate’s crypto-political stance as a voting decision.
Additionally, 38% of Americans who don’t own crypto tokens alluded to the need for a clear regulatory framework for their lack of participation in the industry.
Foundry Unveiled Bitcoin Developer Support Plans
Bitcoin developers received (further) recognition and support from the industry by introducing an initiative from crypto miner Foundry USA. “Foundry Donate” allows miners connected to the pool to donate (directly) to IRS-approved nonprofits.
Furthermore, Foundry and Core Scientific contributed 1.4 BTC to give the program momentum.
Washington State’s Financial Regulator Issued a Warning
Scams continued; this time, social media platforms and messaging apps were fraudsters’ favorite tools. The Washington State Department of Financial Institutions (DFI) warned about a crypto scam.
Following a complaint, the regulator flagged the Miami Equity Fund Institute 005 ( or Miami Foundation Equity Fund 005) as a scam. A victim had invested funds via Vims.one, a platform (that is) no longer accessible.
Additionally, the scam occurred via a WhatsApp group, where scammers promised 100% ROI twice a week. The pseudo nonprofit’s names (closely) resemble the (legitimate) Miami Foundation’s.
Similarly, investment behemoth BlackRock warned the Public (on its Twitter/X handle) about increased crypto investment scams that direct users to fake websites, social media platforms, and WhatsApp groups.
Crypto Finance App Fold Revealed Plans to Go Public
Niche crypto finance app Fold unveiled plans to go public via a business combination with blank check, Nasdaq-listed FTAC Emerald Acquisition Corp. The (proposed) deal puts Fold’s pre-money equity valuation at $365 million.
Furthermore, Fold CEO Will Reeves indicated on his X/Twitter handle that the firm has over 1,000 bitcoins in its treasury, setting the Fintech up for a boom period. Pending regulatory and shareholder approvals, the deal will (expectedly) close at the end of the year.
The board of directors of the duo (already) approved the measure.
The SEC Approved the Grayscale Bitcoin Mini Trust NYSE Arca Listing
On July 26, the SEC (consented) to the NYSE Arca listing of the Grayscale Bitcoin Mini Trust. The approval follows rule changes by the NYSE Arca. Additionally, the regulator approved Cboe BZX Exchange’s proposal to list and trade Pando Asset Spot Bitcoin Trust shares.
Ledger Launched a Touchscreen Wallet
Famous crypto hardware wallet maker Ledger upped its game by introducing a (new) touchscreen wallet. The “Ledger Flex” wallet has a 2.84-inch touchscreen, alongside access to Ledger’s secure digital asset ecosystem via its Secure Element chip.
Jersey City Pension Fund Has Bitcoin ETF Allocation Plans
Institutional Bitcoin ETF adoption continued with a revelation from Jersey City Mayor Steven Fulop that its Pension Fund will set aside some of its holdings for Bitcoin ETFs. In a July 25 post on his Twitter/X handle, Fulop indicated that the City was filing (the required) paperwork with regulators.
Additionally, Fulop iterated that the holdings will be (similar to) the Wisconsin Pension Fund’s 2% allocation.
A Basketball Makes Tokenization History
Interestingly, tokenization continues to find utility. This time, a basketball from the 1991 Chicago Bulls-Los Angeles Lakers NBA finals is getting tokenized. Former Chicago Bulls (small) forward and (two-time) Olympic medalist Scottie Pippen revealed plans to “tokenize” the (historic) item.
According to Pippen, he saved the basketball that secured his team’s victory against the Lakers. Furthermore, the project’s website indicates that the claims will be (fully) verified by reliable authentication services.
