Grayscale Argues With the SEC - The WAGMI Journal #32
It's about time the US steps up its crypto product offerings.
In today’s issue:
The crypto market is flat with the global market cap sitting around $2.8 trillion. Powell’s tone turned hawkish and the money markets estimated that the Fed will hike rates as early as May. In other news, Grayscale argues that the SEC’s treatment on Bitcoin spot ETF, Crypto.com spent $216M to acquire US-based derivatives platforms, and $91B AUM PE firm Thoma Bravo eyes crypto.
Starting today, our daily issue will be sent out before 9 am EST.
We’re continually improving our content — based on our readers’ suggestions, we are working to add:
a section showing open interest and other trading-related metrics 24-h changes
a section showing newly released projects
Please reach out if you have any other ideas or would like us to recap a segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Grayscale Argues SEC’s Bitcoin ETF Treatment
As one of the world’s largest crypto asset managers, Grayscale is seeking to convert its GBTC trust into an ETF. In light of the SEC rejection towards VanEck’s spot-based Bitcoin ETF proposal (similar to the one Grayscale is filing for), Grayscale sent a letter arguing that the SEC’s repeat rejections might violate the Administrative Procedure Act (APA), which governs the decision-making process of federal agencies. This relatively more “aggressive” move from Grayscale makes sense as the firm needs to eventually convert its trust into an ETF; and the sooner it happens, the better.
⎆Crypto.com Acquired 2 US Derivatives Platforms for $216M
The crypto derivatives market is by far the largest under-tapped reservoir for US-based crypto firms. US customers (especially retails) still have a hard time accessing crypto derivatives products, and CME’s aren’t necessarily the best. Most of the crypto derivatives volume exists outside of the US due to regulatory restrictions but we have been seeing efforts from large players to make crypto derivatives more accessible for US-based customers. FTX previously acquired LedgerX, and now Crypto.com is acquiring North American Derivatives Exchange and Small Exchange from IG Group Holdings.
⎆$91 Billion PE Thoma Bravo Eyes Crypto
Although not many details are available, the $91B Private Equity firm is building a growth investing business with a focus on crypto and fintech. Its founder, Orlando Bravo, has also stated his interest in the Metaverse during a CNBC interview. Former General Atlantic Vice President Christine Kang will be leading the new practice.
👨🏻💻Decentralized Finance (DeFi)
Grayscale Launches New Trust Dedicated to Solana
Kimbal Musk’s Big Green DAO Is a Big Step for Web 3
Cook Finance Launches DeFi Index Platform on Avalanche
gOHM is Live
$31 Million Stolen From MonoX on Polygon and Ethereum in Latest DeFi Hack
🏛Governance - Active Proposals
Fei - FIP-45: Angle Protocol Partnership
PoolTogether - PTIP-48: Grants Committee Funding (Season 2)
Gitcoin - dCompass Q4 Budget request
🦮NFT & Metaverse
Imprisoned Silk Road Founder Causes a Stir with NFT drop
UAE Issues First NFT Stamps in The Middle East
3D Metaverse Marketplace MetaMundo Aims for 2022 Launch
Premier League Considering Partnership With NFT Crypto Platform
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Guild of Guardians - $5.3M Unknown Round
SpiceDAO - $11M Unknown Round
Hxro - $34M Unknown Round
Sloika - $2M Seed Round
Colony - $18.5M Seed Round
Iron Fish - $27.7M Series A
Zepeto - $150M Series B
1inch - $175M Series B
2TM - $50M Series B Round Extension
Play Ventures - $75M Gaming Fund
Borderless Capital - $500M Algorand Focused Fund
NYDIG - $50M Seventh Digital Asset Fund
Unbound Security - Undisclosed Amount Acquisition by Coinbase
Napoleon - $15.7M CoinShares Acquisition
⚖️Regulatory Update
Yellen Says Stablecoins Require Proper Regulations
Morgan Stanley Sees Crypto-Banking Regulation Arriving Faster Than Expected
Indian Finance Minister Says Monitoring Crypto Ads; Not Weighing Ban
'Coin Signals' Trader Pleads Guilty to Commodities Fraud, Faces Up to 10 Years
Grayscale Argues The SEC's Bitcoin ETF Treatment Could Violate The APA
China’s Central Bank Proposes to Monitor Metaverse and NFTs
Vladimir Putin Says Cryptocurrencies ‘Bear High Risks'
📚Noteworthy Reads
Alex Beckett’s Read on The Basics of zkSTARKs and zkSNARKs
BanklessDAO’s Read on How to Become a Crypto-Lawyer
WuBlockchain’s Read on Understanding OlympusDAO
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.
DISCLAIMER:
All the information presented on The WAGMI Journal publication and its affiliation is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, and any other forms of advice. Writers, authors, and contributors of The WAGMI Journal may hold any assets mentioned in the issue.