US gets lapped, FDIC shook, India plays regulatoor

Today’s News ⌐◪-◪

• Europe laps US, launching first spot bitcoin ETF

• Javier Milei wins Argentina’s primaries, calls “Central Banks a Scam”

• Happy 52 year anniversary of the end of the Gold Standard

• FDIC says crypto poses “complex risk” to banking system

• Maple Finance offers tokenized US treasuries

• Singapore authority unveils stablecoin regulatory framework

• SBF charged with donating $100M in stolen funds to US politicians

Europe laps US, launching first spot bitcoin ETF

• Blockworks, Coindesk, Cointelegraph, Watcher.Guru

• Listed by Jacobi Asset Management, ticker BCOIN

• 1.5% annual management fee → big TradFi yikes from me

• US Grayscale decision still pending, but expected this week

• AB Bernstein says this increases US’s odds → thnx Europe

Javier Milei wins Argentina’s primaries and calls “Central Banks a Scam”

• Coindesk, Bitcoinist, Bitcoin News

• Pro-BTC candidate dominates Argentina’s primaries

• Slams legal tender, “politicians scam you with inflationary tax”

• Emphasizes that BTC = return of money to the private sector

• Meanwhile BTC hits new ATH in pesos → lol

• Argentina’s Central Bank hikes rates to 118% per year → also lol

Happy 52 year anniversary of the end of the Gold Standard

• 52 yrs ago Nixon temporarily suspended the gold standard

• US Dollar has been in a nosedive ever since

• Innovators looking towards crypto for a modern solution

• Is Nixon the genius behind the “De-Dollarization” meme?

Bank regulators think crypto poses “complex risk” to banking system

• The Block, Cointelegraph, Decrypt

• FDIC highlights “Novel & complex risks” that are “difficult to asses”

• They are shook by the “dynamic nature” of digital assets

• 1st time dedicating section to crypto in their annual report → bullish

• My initial reaction → no shit guys, that’s the point

Maple Finance offers tokenized US treasuries

• Coindesk, Whale Coin Talk, Cryptoslate

• Maple secured securities exemption Rule 506(c) Reg D

• The platform attracted $22M in deposits since April opening

• Tokenized US Treasuries just surpassed $600M

• RWAs = one of the fastest-growing crypto sectors

• DAOs can now park spare stables in t-bills at 4-5% yields → bullish

Singapore authority unveils stablecoin regulatory framework

• Coindesk, The Block, CNBC, Blockworks

• Created by Monetary Authority of Singapore (MAS)

• One of first global jurisdictions to do so

• Applies to Singaporean dollar or G10 currency stablecoins

• Reserves must exceed value of stablecoin in circulation

• I guess this is bullish → but fuck a regulatoooor

SBF charged with donating $100M in stolen funds to US politicians

• Reuters, Daily Coin, The Block

• Sam Bankman-Fried donated over $100M to 2022 midterms

• Money was stolen from customers of FTX exchange

• Used FTX execs to circumvent contribution limits

• But don’t worry, Sam will have an Adderall perscription + his laptop

Other Stuff That Happened

• Chinese Filecoin mining firm busted for $83M pyramid scheme

• Compound hops on the $BASE bandwagon

• India, current G20 Pres, wants global crypto regs

• SEI token launching today on Bitfinex, Binance, and more

• Machi backpedals, withdrawing defamation suit against ZachXBT

• CoinDesk fires 45% editorial staff to prepare for sale?

• Bankrupt Celsius attempting to come back from the grave

• FarmVille developer, Zynga, getting acquired & on NFT games

• Hype NFT project DeGods sees 5x trading volume amongst FUD

• Coinbase launches in Canada - US increasingly lame for crypto

• Prime Trust files for bankruptcy - owes $100-500M, yikes

• Coinbase leading crypto fight - launches Stand with Crypto Alliance

• Binance.US asks for protective order - accusing SEC of “fishing”