Eventually, the Supreme Court is likely to weigh questions that are central to the nature and survival of crypto in the U.S. – namely, what makes a digital asset a security or a commodity, and what are the government’s powers to oversee the markets where such assets change hands. But those cases are still winding through lower courts and may not rise to the high court’s consideration for many months or even years. Source
TERRA-FI-ING? If it seems too good to be true, it sometimes is. But hope springs eternal that the crypto project Ethena’s new USDe token might prove sustainable despite yields that typically might signify high risk. Described as a “synthetic dollar” rather than a stablecoin, USDe is backed by Ethereum liquid staking tokens such as Lido’s stETH, but paired with short ETH perpetual futures positions on derivatives exchanges. As of Monday, the annualized yield was calculated at 24%, and according to DeFiLlama, the project has already pulled in nearly $500 million…
Although billions of dollars have already been invested in these products, the investment floodgates might not open until the bitcoin ETFs are offered by big registered investment advisor (RIA) networks and broker-dealers platforms such as those attached to firms like Merrill Lynch, Morgan Stanley, Wells Fargo and others. Source
If the new ETFs are part of the answer, so is the complementary investment vehicle of crypto separately managed accounts (SMAs). Crypto SMAs, or portfolios of digital assets, are quickly gaining ground with wealth managers, family offices and registered investment advisors (RIAs). Source
As we look ahead, in addition to ether, other high beta names in Layer 2 are also poised to benefit from the Dencun upgrade. Layer 2 networks like Arbitrum (ARB) and Optimism (OP), which bundle transactions before posting them back to the main chain, are expected to reap significant advantages from the introduction of data blobs, for instance. Source
The country’s bonds have also surged to over 80 cents on the dollar. Source
The publicly traded U.S. crypto exchange said it would add support for the additional Ethereum “clients” – computer programs used to access and run the distributed network – to help reduce dependence on the dominant Geth software. Source
Counsel for both COPA and Wright this week tried to undermine expert witnesses for the other party, particularly questioning their “independence.” Wright’s team on Monday questioned COPA expert witness Patrick Madden on why he’d enlisted the help of COPA’s counsel at Bird & Bird LLP to organize the findings of his investigation into Wright’s claims instead of seeking independent help. On Wednesday, the COPA camp, in turn, asked Wright’s expert witness ZeMing Gao, who has authored multiple essays asserting Wright is Satoshi, whether he was truly an objective expert. Source
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To commemorate the 10th anniversary of the collapse of bitcoin exchange MtGox, Mark Hunter, author of “Ultimate Catastrophe: How MtGox Lost Half a Billion Dollars and Nearly Killed Bitcoin,” tackles the questions that still remain unanswered ten years later. Source