⚖️Grayscale Sues the SEC - TWJ #176

The $15B+ digital asset manager readies to fight the SEC.

In today’s issue:

The crypto market is down with its total market cap at ~$800 billion. Synthetix (SNX) is the worst performer in the top 100 in the past 7-d. Fear of US recession continue to increase while China’s economy shows signs of improvements in June.

In other news, Grayscale sues SEC over rejected BTC ETF, OpenSea experiences data breach, and Nansen examines how UST collapse affected 3AC and Celsius.

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- Curated by Marco Manoppo (@manoppomarco)

📰Market News

⎆Grayscale Sues SEC Over Rejected BTC ETF

The SEC rejected Grayscale’s spot Bitcoin ETF application, causing the firm to officially launched its legal action against the agency. Not long after the outcome of the ETF was announced, Grayscale sued the SEC and asks the U.S. Court of Appeals for the District of Columbia Circuit to review the SEC's order.

Jake Chervinsky @jchervinsky

The SEC has denied Grayscale's proposal to convert GBTC to an ETF. Deeply disappointing. The point of the SEC is to protect investors & an ETF is unquestionably a better product for them. This decision defies both common sense & federal law. I hope it goes quickly to court.

⎆OpenSea Experiences Data Breach

One of the world’s largest NFT marketplace, OpenSea, has stated that it had a data breach after an employee at its email delivery partner leaked user data. The said employee misappropriates access to the OpenSea users’ and newsletter subscribers database before downloading and sharing it with an external party.

CZ 🔶 Binance @cz_binance

Watch out for Phishing emails. Ideally, use a different email address for each platform you use. ie, use an email forwarding service. This way, if you get a phishing email, you know who leaked it. » OpenSea Reports Email Data Breach

coindesk.comOpenSea Reports Email Data BreachAn employee at an outside contractor tasked with managing OpenSea email newsletters copied the list of customer emails and shared it with an outside party, OpenSea says.

⎆Nansen: UST Collapse Affected 3AC and Celsius

Blockchain analytics firm Nansen published a research report that outlined how the collapse of UST resulted in multiple contagions that partially contributed to the de-pegging of stETH, and caused 3AC & Celsius insolvencies.

Nansen🧭 @nansen_ai

2/ Our on-chain investigation revealed that contagion stemming from the de-peg of UST and subsequent collapse of the Terra ecosystem was likely the main factor for stETH deviating away from this historical 1:1 stETH/ ETH ratio.

👨🏻‍💻Decentralized Finance (DeFi)

• Arbitrum Odyssey Paused until Nitro Release

• QiDao v2 Live

• Stargate ETH Pools Live

• Cega Vaults Open for Deposit

• MarginFi Mainnet Release

• Beefy Live on Optimism

• FIP-77 Passed Snapshot, FXS Buyback with $20M FRAX

• Lyra Introduces Avalon

• Solana Network Upgrades

• Polkadot's Founder Announces New Governance Model

• North Korean Attackers Behind $100M Harmony Hack

• Coinbase Adds Solana Staking Rewards

• Chainlink’s Smart Contract Products Go Live on Fantom

🏛Governance - Active Proposals

• Compound - OpenZeppelin Security Partnership - 2022 Q3 Adjustment

• Compound - Risk Parameter Updates for 2 Collateral Assets

🦮NFT & Metaverse

• GuildFi Introduces Morroc

• Flipside Crypto Launches NFTs to Pull Multi-chain Data

• Sandbox Deploys Lands on Polygon

• Doodles Bucket Auction

• OpenSea Reports Email Data Breach

• Gem Introduces Live Mints

Top Sales (Last 24-h); Source: https://dappradar.com/nft

📈Deal Flow & Capital Raise

• MicroStrategy - $10M Bitcoin Purchase

⚖️Regulatory Update

• SEC Rejects Grayscale’s Spot Bitcoin ETF Application

• Grayscale Sues SEC Over Bitcoin ETF Application Rejection

• EU Officials Reach Agreement on Aml Authority for Supervising Crypto Firms

• US Govt Delays Enforcement of Crypto Broker Reporting Requirements

• Grayscale Launches Legal Challenge to Bitcoin Spot ETF Rejection

• Singapore Central Bank Censures 3AC for Misleading and False Disclosures

📚Noteworthy Reads

• Geralt Davidson’s Thread on USDC

• Ryan Rasmussen’s Thread on Stablecoins

• The Tie’s Read on Centralization Risks for Post-Merge Ethereum

Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.

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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, or any other form of advice.