6/27/24: Coinbase On The Offense ⚔️❗️📁

Author

Valko
June 27, 2024

Top News

  1. Coinbase sues SEC for pressuring banks to deny crypto firms

  2. Polymarket challenges UMA’s verdict on DJT bet, $1M at stake

  3. VanEck files for first Solana ETF in the US this morning

Specs’ Breakdown

1. Coinbase sues SEC for pressuring banks to deny crypto firms

⌐◪-◪ → Coinbase filed lawsuits against the SEC and FDIC for not complying with FOIA requests, alleging a coordinated effort to cut off crypto firms from banking services. The lawsuits seek access to internal documents to expose these efforts.

The legal actions underscore the ongoing tension between the crypto industry and federal regulators, highlighting the need for not just regulatory clarity but also regulatory transparency.

If Coinbase’s accusations are true, this would be a major win for the industry, relieving a lot of regulatory pressure and putting the SEC on the ropes.

2. Polymarket challenges UMA’s verdict on DJT bet, $1M at stake

⌐◪-◪ → Polymarket disputes UMA's "No" resolution on Barron Trump's involvement with the DJT token, promising a near-term solution. Over $1 million was bet on the outcome.

Polymarket uses UMA as a resolution source for its markets, but this time they disagree with UMA’s verdict. Meanwhile, our favorite menace Martin Shkreli has been going off on X with nonstop posts and spaces.

While the $DJT saga is surely exciting, the real issue is Polymarket’s challenge to UMA’s verdict and the reliability and fairness of oracle-based prediction market settlement.

Despite Polymarket’s growth and undeniable success, this move could nuke trust and undermine their entire product. While this could be the beginning of the end for Polymarket, I think it’s more likely they simply tighten up their settlement criteria requirements and the space moves on.

After all, this space has the memory of a goldfish.

3. VanEck files for first Solana ETF in the US this morning

⌐◪-◪ → VanEck filed for the first Solana ETF in the US, aiming to list it on the Cboe BZX Exchange. Their head of Digital Assets, Matthew Sigel, argues that Solana's high utility and decentralization make it a commodity like Bitcoin and Ether.

This filing comes after the SEC’s recent approval of Ethereum ETFs, which are pending launch but “progressing smoothly” according to Gary Gensler.

VanEck’s filing for the first Solana ETF in the US shows that altcoins are coming to Wall Street and that institutions have an appetite.

I really should have entered that bet, asserting Solana would be the third crypto ETF.

Everything Else

⛓️ Crypto & DeFi

  • Vitalik argues for blockchain defense against authoritarian regimes

  • Paradigm launches production-ready Ethereum execution client

  • Bitcoin Mining profitability is <5% away from all-time low

  • Sam Altman's Worldcoin partners with Alchemy web3 dev platform

  • Blast Airdrop muddled by scams from verified gold-check X users

  • Rarimo's Worldcoin alternative 'RariMe’ goes live

  • BTC Virtual Machine team launches ZK rollups to scale Bitcoin

  • Tezos reveals a rejuvenation roadmap to boost interoperability till 2026

  • LayerZero's token ZRO receives mixed reactions amid sybil crackdown

🏦 Wall Street & VC

  • State Street and Galaxy Digital team up to launch active crypto ETF

  • Investcorp and Securitize partner up to tokenize funds

  • Elmnts mineral rights tokenization fund emerges from stealth mode

  • Ora raises $20M to develop decentralized AI infra

  • US Gov moves $240M worth of seized BTC to Coinbase

🏛️ Legal & Regulatory

  • State Department sets new $5M bounty for OneCoin’s Cryptoqueen

  • Abra settles with 25 states to return $82M to US customers

  • Crypto giants sway US politics without mentioning crypto

🌎 Rest of the World

  • Animoca looks to go public in Hong Kong or Middle East in 2025

  • Nigeria SEC gives crypto firms 30 days to register or face enforcement

  • South Korean crypto VC Hashed expands presence to Abu Dhabi

🖼️ NFTs & Metaverse

  • Pak returns to X and unlocks all of his 30k Censored NFTs

  • ZynCoin meme token ZYN escapes Phillip Morris lawsuit

  • Jason Derulo JASON token hits $40M market cap

  • Hedgehog allows users to bet on X via Solana Blinks

  • Top Shot holders to receive 12 cents per moment in $4M settlement

  • Claynosaurz selected as a finalist for the Collision Choice Awards

  • Jupiter DEX to experiment with 'PPP’ memecoin

  • PoliFi tokens under pressure ahead of Biden-Trump debate today

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