Weekly Crypto News Recap - September 1, 2023

September 1, 2023

TOP STORIES OF THE WEEK

Grayscale Wins Appeal Against SEC to Convert Bitcoin Trust to ETF

A US federal appeals court ruled in Grayscale's favor in its bid to convert its Grayscale Bitcoin Trust (GBTC) into an ETF. Specifically, the court granted Grayscale's petition for review and vacated the SEC's order to deny the GBTC listing application. In the ruling the court said it agreed with Grayscale's assertion that its proposed bitcoin exchange-traded product is materially similar to existing bitcoin futures exchange-traded products and that it should have been approved. While the ruling does not guarantee future approval, the SEC must now review its rejection of Grayscale's ETF bid. Shares of GBTC increased 17% in the wake of the announcement, and the discount narrowed from 25% to 17%.

SEC delays decision on seven spot Bitcoin ETFs, including Blackrock

On August 31, the SEC postponed decisions regarding spot bitcoin ETF applications from seven companies, including Fidelity, VanEck, WisdomTree, Invesco, Valkyrie Investments, BlackRock, and Bitwise. Most decisions are now postponed until Oct. 17. However, its decision on Valkyrie is postponed to Oct. 19, and its decision on Bitwise is postponed to Oct. 16.

SEC Charges Impact Theory Over NFT Sales

Los Angeles-based media conglomerate Impact Theory came under scrutiny after being accused by the SEC of executing an unregistered sale of crypto asset securities in the form of NFTs. The SEC accused Impact Theory of promoting the NFTs as a potential avenue for investment in the company, and determined that they functioned as investment contracts, making them securities. Impact Theory did not concede or refute the accusations, but did consent to a cease-and-desist order and agreed to pay a $6m fine. This marks the SEC's first ever NFT enforcement action.

U.S. Court Calls ETH a Commodity While Tossing Investor Suit Against Uniswap

Crypto News – CoinSpectator

A New York judge dismissed a class action lawsuit against Uniswap, ruling that Uniswap cannot be held liable for damages caused by third parties misusing the protocol. In the ruling, the judge classified ETH as a commodity.

Robinhood Revealed to Be Third-Largest Bitcoin Holder With $3B in BTC

Investing and trading platform Robinhood holds over $3 billion in bitcoin in a single wallet that attracted the holdings over several months, according to Arkham Intelligence. This makes it the third-largest bitcoin holder behind crypto exchanges Binance and Bitfinex.

BITCOIN

Bitcoin, Ethereum Trading Volumes Headed for Worst Quarter Since 2019 Crypto for Advisors: Bitcoin and the Bull CME Bitcoin trading volume surpasses Bybit, but is it impacting BTC price? No Internet? You Could Still Use Bitcoin on the Lightning Network Several exchanges show alarming fall in Bitcoin holdings What's a Bitcoin Drivechain and Why Are Devs At Odds Over Its Proposal? Bitcoin Adoption Grows in Argentina as El Salvador Proceeds with Caution Bitcoin network reaches unprecedented 400 th/s amid global energy concerns Bitcoin block production trend suggests early 2024 halving event

ETHEREUM

Major Ethereum Staking Providers Promise Not to Own More Than 22% of Validators Ethereum’s Value Grows with Network Usage, Fidelity Reports Ethereum Handled Friend.tech Frenzy Without 'Gas Fee' Spike. Why That’s a Big Deal Ethereum Transaction Fees Fall To Levels Not Seen Since Late 2022

ALTCOINS

French Data Watchdog Conducts 'Inspections' at Worldcoin's Office in Paris Shibarium Crosses 600K Unique Wallets as SHIB Whale Moves $38M Worldcoin claims to verify one Argentinian every 9 seconds; WLD dumps 9% Arbitrum Developer Courts Coders Who Already Know WebAssembly-Compatible Languages PancakeSwap Expands to Coinbase-Incubated Base Network Japanese Regulators Greenlight EOS Token Trading, Enabling Pairing with Japanese Yen dYdX Community Votes On Appchain Migration and V4 Deployment DYdX to unlock 6.52M tokens worth $14M for community treasury, rewards Yearn Finance Voters to Wintermute: Drop Dead Bored Ape & Axie to Unlock 11% of Their Market Cap Solana-Based Automation Startup Clockwork to Shut Down 1inch wallet buys $10M in ETH following a $3.7M profit streak in July Layer 2 Solution Shibarium Resumes Asset Withdrawals on Bridge ‘Bad Actors’: Last PepeCoin Founder Claims PEPE Could Still Thrive Balancer exploited in nearly $900k after vulnerability warning

STABLECOINS

Lira-Backed TRYB Token Becomes World's Second-Largest Non-Dollar-Pegged Stablecoin PayPal’s Stablecoin Sees Minimal Activity Three Weeks After Launch Coinbase Lists PayPal USD as Binance Cuts BUSD Support Aave Launches sDAI Pool As MakerDAO Weighs Reducing Yields Circle launches USDC stablecoin on Mercado Pago in Chile Tether adds Bahamas-based private bank Britannia as partner: Report Republican Lawmakers Accuse Fed of Obstructing Advancements on Stablecoin Bill Stablecoin settlements were on par with payments giant Visa during 2022

CRYPTO ECOSYSTEM

StarkWare, Herodotus launch tech to verify data from any point in Ethereum’s history Gemini rejects Genesis, FTX proposed settlement, describes it as ‘sweetheart pre-plan deal’ Trust Machines Launches Leather, a New Bitcoin Wallet Brand KC Fed tracks healthy growth of crypto ATM industry despite predatory operators Ethereum Integrates Giddy for Multichain Smart-Wallet Compatibility DeFi Deposits on Base Soar as Yield Farmers Plant Aerodrome Harvest Nexo Rolls Out 'Dual Mode' for its Flagship Crypto Card Prada Group Uses Blockchain Technology to Verify Authenticity of Products Virtue Poker Relaunches With Focus on Connecting NFT Communities Pseudonymous FTX Creditors Could Be Doxxed Following Kroll Data Breach Starkware Wiped $550K From 'Deprecated' Crypto Wallets—Then Gave It Back AI Can Shrink 'Time to Market' for Web3 Startups: Google Cloud Executive Genesis Lender Group Opposes ‘Wholly Insufficient’ DCG Deal BlockFi asks court for permission to convert trade-only assets into stablecoins Polygon Releases 'Chain Development Kit' for ZK-Powered Networks on Ethereum Crypto Cybersecurity Firm OpenZeppelin Launches Blockchain Security Upgrade ‘Defender’ Version 2.0 DCG Reaches Preliminary Agreement with Genesis Creditors, Offering Potential 70%-90% Recovery Indian Crypto Layoffs Continue as CoinSwitch Fires 44 Employees Citing Redundancy in Roles Base Inks Profit Sharing Deal With Optimism Ceffu Launches Newest Off-Exchange Settlement Solution MirrorX for Binance Institutional Users Shibarium wallets surpass 100K after SHIB devs relaunch bridge Friend.tech Revenues Plummet 90% as Social App Hype Cools Celsius Token Holders Lose Bid to Hike CEL Valuation Tor Network Is Now Using Bitcoin-Like Security to Guard Against Attacks Exodus Records Solid Q2 with $12.4 Million Revenue – Crypto Wallets Making a Comeback? Judge Cites Ripple Case in Rejecting CEL's Security Classification in Bankruptcy Proceedings Prime Trust Filing Reveals Cascade of Failures That Led To Bankruptcy Filing

NFTS / GAMING / METAVERSE

Adidas Creates Residency for NFT Artists With Plans for Physical Collabs
Amazon's Free NFT Giveaway: Here's How to Claim Your Loot
Otherside: Legends of the Mara Open Beta Launching in September
GTA owner joins Web3, Bitcoin casino, Sunflower Land review: Web3 Gamer
After Music NFT Relaunch, LimeWire Is Adding AI Tools—Here's Why
OpenSea Unveils Standards For Redeemable NFTs
Dragonfly Capital Leads $3.75 Million Round for NFT Pioneer FirstMate – Crypto Funding Back?
Mickey Mouse Joins Disney Cryptoverse with $40 NFT Collection
Donald Trump NFT prices spike following release of mugshot in Georgia criminal case

MINING

US Bitcoin Corp to host 8,500 of Celsius’ mining rigs as part of asset management deal
How Bitcoin mining is a model for modern industrial loads
Stronghold requests permission to burn tires for crypto mining in Pennsylvania
Iris Energy buys 248 Nvidia GPUs worth $10M for generative AI and Bitcoin mining
Argo Blockchain cuts 2022 debt by half, down to $75M
Canaan Breaks Record in Mining Revenue but Struggles to Turn a Profit
BlackRock’s Bitcoin strategy involves investments in top mining companies
Bitcoin revenue per terahash nears record lows as hashrate soars
Laos pulls the plug on crypto mining electricity supply after drought

EXCHANGES

SEC vs. Coinbase: New lawyer Patrick Kennedy joins fight
OKX plans to enter India, hire local employees for Web3 exploration
Binance's Asia-Pacific Head Departs Amidst Market Share Decline and Regulatory Pressures
Uphold Inks Sleeve Sponsorship Deal with Premier League Club Burnley
FTX Founder Sam Bankman-Fried’s Highly-Anticipated Fraud Trial Could Be Delayed: Report
South Korean Prosecutors Seek Arrest Warrants for Golf Star & Bithumb Exec
Meet the Sole Crypto Exchange Publishing Proof of Reserves after FTX's Downfall
Bloomberg Report: Binance Japan Plans To Increase Number of Listed Tokens to 100
Huobi seeing increased outflows to competitors according to new reliance metrics
Binance launches new crypto on-ramp ‘Send Cash’ in Latin America amid crypto card service suspension
HashKey, OSL, first exchanges to offer retail crypto services in Hong Kong
Nigeria’s Patricia crypto exchange seeks to explain its token amid confusion
SEC's Secret Binance Court Filing Has Observers Bracing for Bad News
Coinbase Probes Technical Glitch Leading to Empty Balances for Wallet Users – Here's the Latest
What's Good for Grayscale and Bitcoin ETFs Could Be Great for Coinbase
Binance Delists Banco de Venezuela From P2P Payment Service: What’s Going On?
US DOJ Opposes Sam Bankman-Fried’s Claims on Evidence
Binance launches crypto-to-bank account payment product in Latin America
Binance to Offer 'T+3' Daily BNB/USDT Options
Sam Bankman-Fried lawyers decry procedural breach as evidence pages pile to 7.7 million
Binance Dodges Regulatory Bullet in Belgium, Redirects Users to Poland
Bankman-Fried Appeals Judge’s Jail Decision as October Trial Looms
Effect of Supporting Sanctioned Banks? Binance Mulls Russia Exit
OKX and Bybit remove sanctioned Russian banks from payments list
South Korea Tightens Crypto Reserves: A Mandate for Local Crypto Exchanges
Bitfinex Crypto Exchange Collaborates with Turkey's Second-Largest Bank to Offer Free Turkish Lira Deposits
Binance Discontinues Peer-to-Peer Service with Sanctioned Russian Banks – Here's the Latest
FTX suspends user accounts amid Kroll cyber breach concerns

CAPITAL RAISES

Argent, Starknet Foundation Tag 'Several Millions' for New Startup Studio
Stroom Raises $3.5M to Bring Liquid Staking to Bitcoin Lightning Network
Dubai Crypto Exchange BitOasis Secures Investment from Jump Capital and Wamda – Here's the Latest

INVESTMENT MANAGEMENT

Bitwise withdraws Bitcoin and Ether Market Cap ETF application
HashKey Capital's $100M Digital Asset Fund to Invest Significantly in Altcoins: Reuters
Grayscale’s AUM soars after court win, but it faces stiff competition in ETF markets
SEC Could Prepare Alternative Arguments to Reject Spot Bitcoin ETFs: Berenberg
Bitcoin ETFs have 75% chance of approval this year: Bloomberg analysts
Grayscale Victory Against SEC Clears Path for Spot Bitcoin ETFs: Bernstein
SEC’s Grayscale Court Rout Puts Agency in Will-They, Won’t-They Role Starring Gensler
Grayscale’s Victory Ignites a GBTC Trading Frenzy as Investors Bet on Narrowing Discount to Bitcoin Price
LatAm Firm Hashdex Joins Bitcoin Spot ETF Scrum With Distinct Plan

TRADFI / TECH

Robinhood Brings DeFi to Users, Adds 200+ Ethereum and Polygon Tokens
Lufthansa airline launches NFT loyalty program on Polygon
Chainlink, Swift Complete Tokenization Tests With Citi Bank, BNY Mellon, and Others
First Mover Americas: Musk's X Obtains Payment Licenses in Several U.S. States
US officials extend export curbs on Nvidia AI chip to ‘some Middle Eastern countries’
Robinhood owns fifth-largest Ethereum wallet, holding $2.54B in ETH
Robinhood and Jump Trading No Longer Have Crypto Partnership: Source
Swiss Bank SEBA Gets in-principle Approval From Hong Kong Regulators to Offer Crypto Services
Tokenized U.S. Treasuries Arrive to XDC Network as Digital Bond Market Grows
Dropbox drops unlimited storage plans, citing abuse by crypto miners
Worst of Recent Bitcoin (BTC) Correction Largely Behind Us, Says Banking Giant JPMorgan: Report

CBDC

IBM offers guidance for successful implementation of digital euro
SWIFT says blockchain integration ‘more plausible’ than unifying CBDCs
Controversial Digital Euro Plan to Be Led by Architect of Landmark MiCA Crypto Law
China Set for Digital Yuan Adoption Drive Ahead of Asian Games
China’s JD, ICBC to Launch Digital Yuan Supply Chain Financing Solution
Transport Operators in Jamaica Interested in Adopting CBDC Payments
Russian Banks to Quiz Central Bank on Digital Ruble Pilot Next Month
Indian Billionaire Mukesh Ambani's Firm Will Explore Blockchain Platforms and CBDCs

REGULATORY / COUNTRIES

China court declares virtual assets legal properties protected by law: Report
UK’s Travel Rule comes into effect, could halt certain crypto transfers
Vivek Ramaswamy Is Changing Presidential Campaign Discourse on Crypto
Turkey Crypto Investors Rise by 12% as Inflation Continues to Plague the Country
The EU's Financial Watchdog Raises 8 Red Flags in AI and Crypto
SEC Chair Gary Gensler Set for Back-to-Back Hearings Before Congress
US Congressman Calls to Dismiss Gensler as SEC Chair Following Grayscale Ruling
South Korean Lawmaker Retains Seat Amid Crypto Trading Allegations
SEC Commissioners Peirce, Uyeda push back against SEC’s NFT enforcement action
PM Modi Advocates Global Framework for Crypto Regulation and Ethical AI at B20 Summit
Treasury, IRS propose crypto tax rules defining DeFi platforms as brokers
US Releases Tornado Cash Founder on Bail After $1,000,000,000 Money Laundering Charge
Oman Invests Millions In Crypto Amid Questions of Whether It's Sharia Compliant

ENVIRONMENTAL, SOCIAL, GOVERNANCE

Cambridge Bitcoin Energy Consumption Index lowers estimate by 14%, revises methodology
How blockchain tech and dMRV can help carbon trading markets
TinyTap Unveils New AI Features and Roadmap to Revolutionize Learning Material Creation for Children
Crypto donations fund fire relief efforts on Maui
An Open Letter to President Biden Regarding Bitcoin Mining
Jacobi spot Bitcoin ETF classed as ‘environmental investing’ by issuer
Maui Strong: Hawaii Artist Teams Up With Decrypt for NFT Fundraiser
Bitcoin’s Energy Dilemma: Booming Hash Rates Amid Looming Energy Crises
Tokenization Could Improve Bond Market Efficiency, Hong Kong Regulator Says

SURVEYS, HACKS, MISC

Ronaldinho denies part in alleged $61M crypto scam at congressional hearing
BitBoy apology video reveals Armstrong plans comeback amid emotional plea
Exploits, hacks and scams stole almost $1B in 2023: Report
Major Singapore Banks Named in $740 Million Money-Laundering Scandal in Which Police Seized Millions in Crypto
76% of Vietnamese crypto holders invest based on referrals — Report
One less crypto-friendly candidate — Miami mayor ends US presidential run
BitBoy removes host Ben Armstrong amid meme coin controversy – reports
Brazilian Soccer Star Ronaldinho Fails to Turn Up at ‘Crypto Scam’ Hearing
OnlyFans’ parent company bought $20M of Ethereum as revenue surged

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