Crypto is once again the new cool as a blazing-hot summer gives way to fall. Adoption achieved momentum alongside rising mainstream interest. Sadly, the bad actors are still out there, so be careful with your funds and tokens.
The headlines:
- BlackRock unveiled a new role for Bitcoin;
- BNY Mellon beat everyone else in the SAB 121 race;
- A court struck out the Consensys lawsuit;
- Ethereum will (soon) have its day in the sun (read on to find out);
- Plus, there is no love lost between Caroline Ellison and former paramour SBF;
- And much more!
As always, these are your decentralized diaries!
Bitcoin is at $63k
The crypto swings continued, with Bitcoin prices moving from a $57,628.07 low to a $63,968.82 high. Bitcoin is currently at $63,618.70 (as of 9/23/24).
Ethereum (ETH) is at $2,656.88, Solana (SOL) at $144.77, Avalanche (AVAX) at $27.47, Chainlink (LINK) at $11.46, Polkadot (DOT) at $4.38, and Maker (MKR) at $1,600.36.
BlackRock Published a Bitcoin Report
Investment behemoth BlackRock’s foray into Bitcoin continued to deepen. In a recently published report, BlackRock referred to Bitcoin as a detached asset from traditional investments. On the reverse side, the report indicated that its adoption depends on global fundamental concerns as opposed to other investments.
Additionally, Bitcoin’s decentralized nature was also explored. Similarly, in a recent SEC filing, BlackRock amended its Coinbase custody agreement, shortening the withdrawal timeframe to public wallet addresses to 12 hours.
BNY Mellon is the First Bank to Receive an SAB 121 Exemption
The SEC’s SAB 121 drama continued with a revelation that BNY Mellon has become the first institution to scale the hurdles. Chris Land, general counsel for Senator Cynthia Lummis (R-WY), indicated that regulators opened the doors for BNY Mellon to become an institutional crypto custodian at a September 16 public Wyoming Select Committee on Blockchain, Financial Technology, and Digital Innovation Technology hearing.
Land made the comments in light of firms that have Wyoming’s Special Purpose Depository Insurance (SPDI) bank charter and SEC Chief Accountant Paul Munter’s (previous) comments on the issue.
A Texas Court Dismissed the Consensys Lawsuit
The SEC-Consensys legal tussle had a dramatic finish. On September 19, Judge Reed O’Connor of the U.S. District Court for the Northern District of Texas dismissed the ongoing lawsuit for lack of immediate danger to Consensys.
Consensys sued the regulator in April following its moves against the Ethereum community.
Citigroup and Franklin Templeton Revealed Massive Solana Blockchain Moves
Solana continued to dominate the crypto adoption conversation with an entrée by Citigroup and Franklin Templeton. The duo made twin announcements on September 20 at the Solana Breakpoint 2024 event in Singapore.
Asset management giant Franklin Templeton launched an on-chain mutual fund, while Citi revealed blockchain exploration plans. Citi is interested in Solana’s smart contract and asset transfer capabilities.
Steno Research-Ethereum Has a Bright Future
Interestingly, the rainy days are over for the world’s first smart contract-capable blockchain. According to a September 19 report by economic analysis firm Steno Research, Ethereum has increased by over 200% in value (as opposed to Bitcoin).
The report attributed the rapid growth to a rise in DeFi and NFT activities alongside stablecoin issuance.
Consequently, the report predicted a further increase in on-chain activities because of the recent Fed interest rate cut.
Plume Network Unveiled Billion-Dollar Tokenization Plans
Modular blockchain Plume Network introduced aspirations to tokenize approximately $1.25 billion of real-world assets by Q4, 2024. The (proposed) tokenization portfolio includes solar infrastructure, private credit, oil and gas mineral rights, and Medicaid claims.
Additionally, token holders will earn a return on the assets. The assets include $500 million worth of equity from private credit fund Credbull and $120 million in Medicaid claims and others.
OKX will Relaunch its American Exchange with a New App Debut
Popular crypto exchange OKX is staging a comeback of its US arm (formerly OKCoin). The newly renamed “OKX” will launch later this fall. Moreover, the exchange will migrate OKCoin’s users to the new app.
Prosecutors Praised Caroline Ellison
The FTX saga continued with a letter from federal prosecutors for Alameda Research CEO Caroline Ellison, Sam Bankman-Fried’s former partner. According to a letter to District Court for the Southern District of New York Judge Lewis A. Kaplan, the prosecutors acknowledged Ellison’s assistance in its case against Bankman-Fried.
Additionally, the prosecutors highlighted Ellison’s “limited” role in the fraudulent conduct of SBF and others in FTX’s operations. Ellison’s lawyers have requested a supervised release and time served instead of a conviction per her sentencing.
Google Cloud Launched a New RPC Service
Web3 developers hit it big with a big announcement from Google Cloud. In a September 18 blog post, the computing platform revealed the launch of a new Remote Procedure Call (RPC) service.
The RPC service is Ethereum-focused and offers affordable, real-time access to blockchain data. Moreover, the service offers developers up to 100 requests per second alongside a free option.
Google Cloud will host a webinar about the new service on October 10.
BitGo will Launch a Stablecoin in 2025
According to a September 19 press release, crypto custody firm BitGo revealed plans to launch “USDS”, its stablecoin, in January 2025. The USDS will be (expectedly) equivalent to the greenback and have a comprehensive rewards program.
Furthermore, BitGo will pay liquidity providers (up to) 98% of the ecosystem’s earnings. BitGo also indicated that the USDS will have live, publicly available, real-time Proof-of-Reserves data.
The Maryland State Police Issued a Warning
Scammers and bad actors continued to do their thing, with the Maryland State Police issuing an alert. The Maryland State Police Financial Crimes Unit had received reports of phishing emails targeting Gmail users with supposedly (and false) “incriminating” information.
Scammers also showed victims pictures of their residences, with threats to release personal information and requests for payment to prevent the action. Additionally, the police advised residents to be cautious and warned against clicking suspicious links and opening strange emails.
