Tuesday June 28, 2022
◾ SEC Chair Gary Gensler reiterated that bitcoin is the only digital currency he is currently willing to define as a commodity. (CNBC)
◾ FTX has denied reports that the digital trading platform is in talks to buy Robinhood (HOOD). (Bloomberg)
◾ The First Deputy Governor of the Bank of Russia says developing a CBDC will insure that “SWIFT will no longer be needed.” (Finbold)
Government & NGO Actions
◾ The Central African Republic announced an initiative centered around the country’s blockchain infrastructure. (Cointelegraph)
◾ In response to Zimbabwe increasing its policy rate to 200% per year, the Central Bank is issuing a gold coin to act as a store of value, but it is not a digital coin as some may have believed. (RBZ)
◾ Executives from China’s blockchain service network called digital currencies the “biggest Ponzi scheme in human history” and labeled web3 games an investment fraud. (SCMP)
◾ The State of Massachusetts issued a warning that crypto scammers are targeting the LGBTQIA+ community using “false promises or a sense or urgency” to steal personal information. (Mass.gov)
Public Company Releases
◾ Voyager Digital (VOYG) issued a notice of default to Three Arrows Capital for failure to make the required payments on its previously disclosed loan of 15,250 BTC and $350 million USDC. (Cision)
Protocols, Applications & Business News
◾ Compass Mining has ceased operations in Maine after repeatedly failing to pay its power bill. (Twitter)
◾ Grayscale CEO Michael Sonnenshein said the digital asset manager remains fully committed to converting GBTC to an ETF and has partnered with Wall Street trading firms Jane Street and Virtu Financial to help close the discount on GBTC following an ETF conversion. (Bloomberg)
◾ Crypto exchange CoinFlex is issuing a “recovery value” token that will pay 20% annual returns to help provide liquidity and reopen client withdrawals. (Bloomberg)
◾ Celsius has denied reports that CEO Alex Mashinsky has attempted to flee the country. (Cointelegraph)
◾ Australian crypto trading platform Banxa is cutting its workforce by 30%. (AFR)
◾ Ripple CEO Brad Garlinghouse said his firm may relocate its business outside of the US if it loses its lawsuit with the SEC. (Axios)
◾Crypto derivatives market Bybit is establishing options trading in dollar pegged stablecoin USDC. (Accesswire)
◾ Reports say that Huobi is expected to announce layoffs with employee cuts possibly reaching 30% of the work force. (Twitter)
Market Data
◾ Digital asset investment products saw their largest outflow last week with $423 million driven by bitcoin’s (BTC) net outflows of $453 million. (Coinshares)
◾ Global Industry Analysts reports the automotive blockchain market could reach $5.2 billion by 2030. (Marketandmarkets)
Exchange, Custody and Product Updates
◾ Crypto.com announced plans to integrate Apple Pay into the trading platforms mobile app. (Crypto.com)
Thoughts on the Ecosystem
◾ Dr. Nicholas Weaver of The University of California in Berkeley believes bitcoin “resembles nothing more than a pyramid scheme” with the winners gaining “at the expense of some equal amount of loss elsewhere.” (Finbold)