The industry continued to normalize, with unique traits defining its pivotal moments. Digital assets continued to have the innovation everyone is (now) accustomed to but with a forward-leaning focus. Time shall tell as the new president comes to take the reins.
The headlines:
- The Grayscale XRP Trust is (now) live;
- Surprisingly, the Treasury has a soft spot for several crypto industry components;
- A former FTX exec beat the bars;
- Circle’s stablecoins may soon have privacy-oriented features;
- Plus, in an “only in Florida” moment, State CFO Jimmy Patronis called for State Pension Bitcoin investments;
- And much more!
As always, these are your decentralized diaries!
Bitcoin Hovers at $68k
The crypto markets continued to move sideways, with Bitcoin sliding to a $67,482.53 low from a $73,577.21 high. Currently, Bitcoin is at $68,844.72 (as of 11/4/24).
The altcoins are also in the gray zone. Ethereum (ETH) is at $2,470.33, Solana (SOL) is at $163.83, Avalanche (AVAX) at $23.64, Chainlink (LINK) at $10.64, and Polkadot (DOT) at $3.80.
Grayscale Enabled Trading on its XRP Trust
Digital asset management firm Grayscale launched trading on its XRP Trust. Similarly, 21Shares filed with the SEC to introduce an XRP ETF to American investors on November 1.
In a statement, 21Shares iterated its commitment to innovation and “expanding investor access” to digital assets.
The Treasury is Looking Toward Tokenization and Stablecoins
Positive industry-related comments from the Treasury could change the American financial landscape. According to the Treasury’s Q4 2024 report, blockchain technology will enable the creation of “new financial market infrastructure” that has enhanced market optimizations.
The report called for adequate regulatory and legal frameworks to aid the adoption of new technologies.
In related news, at an October 29 meeting, the Treasury’s Borrowing Advisory Committee considered the benefits of tokenization and stablecoin deployments. A member proposed a permissioned blockchain for Treasuries.
The committee also identified stablecoin financial stability risks.
Sheetz will Enable Crypto Access Across its Store Network
Popular convenience store chain Sheetz pushed the adoption game further via an across-the-pond partnership with UK-based digital asset payment firm Flexa. The collaboration will enable in-store crypto payments across Sheetz’s 750+ locations.
A Former FTX Exec Escaped Jail Time
Things were looking up for former FTX engineering chief Nishad Singh. New York Judge Lewis Kaplan handed Singh a three-year supervised release sentence. Kaplan noted his cooperation as the basis for his decision.
In a related development, the U.S. government sought additional time as part of attempts to claw back up to $13.25 million in FTX-related political donations. According to a November 1 filing, the government requested an extension until January 15, 2025, to continue its negotiations with PACs.
Coinbase Partnered with Visa to Enable Instant Deposits
In collaboration with Visa, premier crypto exchange Coinbase moved things up a notch with a new fiat-to-crypto onramp. The new integration allows users to link their debit cards instantly.
Users can make instant deposits to their Coinbase wallets.
Circle Published a Privacy-Focused Whitepaper
Stablecoin powerhouse Circle (finally) released its long-awaited whitepaper that revealed a privacy-enabled blockchain framework. According to the document, the Ethereum Virtual Machine (EVM)-powered system will convert ERC-20 tokens into confidential versions.
The wrapped tokens will meet global compliance and regulatory standards.
Reddit Sold All its Bitcoin and Ether Holdings
Social media giant Reddit (finally) sold its Bitcoin and Ether treasury reserves for $6.87 million in Q3, 2024. The exit came as Reddit entered its first-ever profitable quarter of $29.9 million.
In addition, the social network iterated that the crypto-related profits are irrelevant to its overall bottom line.
The SEC Hit Another Firm
The SEC’s enforcement actions continued to reverberate across the crypto space. This time, the regulator hit Web3 gaming platform Immutable with a Wells notice. According to a November 1 announcement, Immutable revealed that the regulator could be after the IMX tokens’ 2021 (private) listing and sales.
Immutable referred to a September 1, 2021, post outlining Huobi Ventures Blockchain Fund token pre-acquisition activities.
Florida’s CFO Pushed for Bitcoin State Pension Fund Investments
If Chief Financial Officer Jimmy Patronis has his way, the Sunshine State may soon shift towards crypto. In an October 29 letter to the State Board of Administration (SBA), Patronis urged authorities to consider investing in Bitcoin.
He (also) proposed the creation of a “Digital Currency Investment Pilot Program” that will invest 1.5% of the Florida Retirement System Trust Fund in Bitcoin.
Broadridge Launched a Crypto Compliance Product
Financial infrastructure firm Broadridge upped its game with Broadridge® ClearFi (“ClearFi”), a product portfolio that aims to help digital asset-related FIs keep up with crypto-related regulatory and disclosure rules. ClearFi integrates with key players, providing them with up-to-date information about crypto tokens.
Furthermore, ClearFi provides up-to-date information about (different) digital assets, including tech facts, tokenomics, and more.
The CFTC Issued a Crypto Scam Advisory
Bad actors continued their dark activities in the space. This time, messaging apps are now their favorite method of targeting unsuspecting victims. According to an October 31 advisory by the CFTC’s Office of Customer Education and Outreach, scammers exploit the default settings of text messages and popular messaging apps to send spam messages.
Another tactic the bad guys employ is sending group messages that promise unrealistic returns on bogus crypto investments. The regulator advised caution when people receive messages from strangers and advocated for users to change their privacy-related settings on their mobile devices.
