Tobias Bauer’s Post

🚨 Top Blockchain News of the Week: 6th January 2024 🚨 1. The SEC's acceptance of 19b-4 amendment filings from major asset managers for spot Bitcoin ETFs signals a significant step towards potential approval, hinting at increased crypto adoption in the U.S. and globally. 2. Celsius, amidst restructuring, plans to unstake $470M worth of Ethereum, stirring market concerns. This move aims to distribute assets to creditors and offset restructuring costs, impacting a significant portion of ETH awaiting withdrawal. 3. The founder of Taiwan's ACE Exchange was arrested for alleged fraud involving false crypto ads, with police seizing assets over $6.4 million. ACE clarifies the founder ceased daily operations in 2022 and is aiding the police as a witness. 4. Mango Markets, hit by a $100M heist in 2022, faces U.S. regulatory inquiries. Its governing body considers appointing a legal representative amid Avi Eisenberg's upcoming fraud trial. 5. Visa introduces a web3 loyalty platform, allowing brands to create immersive customer experiences with features like AR treasure hunts, gamified rewards, and customizable crypto wallets for tailored engagement and rewards. Check here for more information: https://lnkd.in/dh_Xfiae #web3 #blockchain #founders #vcfunding #startups #founders #crypto #technology #community #innovation

Pivotal Moment in Crypto Regulation?   Let’s rewind to what’s been happening in Crypto since the last year or so?   Since 2022, most of the Crypto industry has experienced large downfalls across all assets (Bitcoin experiencing a maximum drawdown of ~78% and Ethereum of ~82%. Some other Layer -1 chains with upto 80-90% drawdown as well). The Fall was primarily across all Risk-assets with the S&P 500 correcting 27% from the peak around Nov 2021 and the Nasdaq Composite(consisting of high weightage of major Tech stocks that had been trading at very high multiples throughout the post-covid period) also correcting 38% from the top.   Crypto Market Cap at its peak during the end of 2021 was around $3 Trillion and had corrected to $700 Billion last year in November 2022 (A collapse of ~77% in the Total Crypto Market Cap!) with the FTX Scandal and Global Macro uncertainties around Inflation, Wars and Rate hikes kept the market on a downwards trajectory.   FTX Scandal: Sam Bankman-Fried, CEO of FTX Exchange was accused of siphoning off Customer Deposits into a sister company (Almaeda Research) and funding personal lavish purchases. FTX and SBF were later charged on several criminal counts in what is said to be one of the biggest frauds in American history. The FTX event led to a domino effect due to its size and took down several Crypto companies with it.   Post the FTX Scandal last year, there have been several developments mainly with the US Regulatory authorities putting a hard stance across the Crypto Industry which led to a lot of companies going under. The latest of which was Binance as the SEC imposed a record fine on Binance accusing them of illegally selling securities in the US and money laundering while also demanding the resignation of its CEO Changpeng Zhao (aka “CZ”) and the complete exit of Binance from the US market.   Recovery in the Crypto Market BTC and ETH have recovered significantly with BTC now trading ~$46k (Low of $15.4k) and ETH ~$2.6k (Low of $0.8k) Bitcoin ETFs Approval by the SEC The Big boys are coming up with Bitcoin ETFs and now the field is clear for them to take advantage of the situation. Blackrock recently filed for a Bitcoin ETF and the timing impeccably coincided with the Final Verdict of the Binance case. Yesterday, on 10th January '24, The U.S. Securities and Exchange Commission approved 11 ETF applications, including from BlackRock, Ark Investments, Fidelity, Invesco, VanEck, etc. The ETF approvals have been awaited for more than a decade and are considered a landmark moment in the Crypto Regulations. This will offer institutional and retail investors exposure to Bitcoin without directly holding it. (Bloomberg predicts $4 billion in spot Bitcoin ETF inflows on the first day of trading, with the possibility of $2 billion directly from BlackRock.) With a bit of regulation clarity coming in, it will interesting to keep an eye on how it pans out for the Crypto Industry! #Crypto #Blockchain #ETF #BTC #Bitcoin

🚨 Top Blockchain News of the Week: 30th December 2023 🚨 1. #Japan's Cabinet proposes to scrap corporate tax on unrealized #crypto gains, aiming to boost the country's #Web3 industry. This move, pending parliamentary debate, seeks to eliminate a #tax discrepancy and stimulate economic reform. 2. #Catalyx, a Canadian crypto #exchange, halts all trading and withdrawals after a #security breach resulting in the loss of customer #funds, with suspicions of employee involvement. An #investigation is underway. 3. The Reserve Bank of #India reinforces its stance against legalizing #cryptocurrencies, citing no economic benefit and potential risks to macroeconomic stability. Instead, it advocates for #CBDCs as a safer alternative. 4. #BlackRock updates its #SEC filing for a spot bitcoin #ETF, notably naming Jane Street and JPMorgan as authorized participants. This move signals a potential final push for regulatory approval, with a decision expected early January. 5. #US prosecutors believe there's insufficient new evidence for a second trial against Sam Bankman-Fried, former #FTX CEO, following his #fraud conviction. The focus now shifts to the March 28, 2024 sentencing. Check here for more information: https://lnkd.in/dYQDnsky

🚨 Top Blockchain News of the Week: 29th June 2024 🚨 1. A #Bitcoin wallet from 2010, inactive for 14 years, transferred 50 BTC to Binance. The wallet belonged to a miner who earned 50 BTC as mining rewards when #BTC was $0.05. This rare movement of #Satoshi-era BTC has caught significant attention. 2. #Coinbase filed lawsuits against the #SEC and #FDIC, claiming unfair targeting and overregulation. The exchange seeks clarity under the Freedom of Information Act, challenging the regulatory pressure it faces amidst a broader #crypto crackdown. 3. #Bitcoin dropped towards $60,000 after the U.S. moved $240M worth of seized #SilkRoad-related BTC to Coinbase Prime. This transfer, from narcotics trafficker Banmeet Singh's case, raised concerns about market impacts from selling these assets. 4. The #IRS released final "broker rule" guidance, delaying decisions on non-custodial platforms like #DEXs. #Crypto lobbyists feared ambiguous language could impact wallet providers and DEXs. The IRS clarified custodial brokers are defined as brokers, with further reviews pending. 5. The #SEC sued #Consensys for offering unregistered securities and not registering as a broker. Consensys, expecting this, claims #MetaMask doesn't need to register as a securities broker and vows to defend its stance in court. Check here for more information: https://lnkd.in/dYQDnsky

It's crypto news time on what has been a largely benign week 🧘♂️ So what's been happening? Well the whiplash from last week's change in the US political wind is a hard act to follow. I think we all needed a bit of calm and thankfully we got it. Continuing from last week's big shift, the Biden re-election campaign is reaching out to the crypto industry like never before. However, President Joe Biden vetoed the SAB 121 repeal resolution because "he will not support measures that jeopardize the well-being of consumers and investors." In other news... 🔘 Chainlink looks like the big winner in the RWA trend. 🔘 Blackrock’s ETF is now bigger than Greyscale. 🔘 Staying with Greyscale, if ETHE follows the same path as their Bitcoin ETF, they could leak $110m per day. 🔘 In ETH EFT news, Blackrock updated its S-1 application. Best guess is a 4th of July launch. 🔘 The XRP army has got their hopes up for a XRP ETF after the Ripple CEO guessed that they would see the ETF “probably in 2025”. 🔘 Australia’s Bitcoin ETF went live, it will be interesting to see what volume it pulls. 🔘 PSA - Celebrity endorsed crypto projects just don’t perform. They just don’t. Coincidentally, Caitlyn Jenner has launched a memecoin. 🔘 Coins in Mt Gox wallets are moving, which is stirring speculation that disbursements might finally happen. In a similar vein, Gemini repaid $2.2bn to Earn holders. 🔘 A judge ordered the SEC to pay $1.5m in fees in its bad faith dealings with DebtBox. 🔘 Gnosis Pay is now linked with Visa. 🔘 Singapore’s largest bank, DBS, has been outed as an ETH whale with over $650m in holdings. 🔘 The US DoJ isn’t against mixers, it's just against identity obfuscation. Anonymity, if provided in a way they are ok with, is fine. 🔘 Binance will move to support Europe’s MICA legislation on stablecoins by 30th June by only supporting “regulated stablecoins” which I think means Circle and a few others and not USDT. 🔘 Coinbase wallet will allow you to txt over 100 coins to someone on Base. So that's it. Quiet week... wonder if it will last 🤔

🚨 Top Blockchain News of the Week: 13th January 2024 🚨 1. Bitwise's spot bitcoin ETF sees $238 million in inflows on its first trading day, leading among peers like Fidelity and BlackRock. Total ETF inflows reach $721 million, excluding Valkyrie and Grayscale. 2. Sens. Wyden and Lummis request an investigation into the SEC's compromised Twitter account over false Bitcoin ETF approval post, highlighting the agency's failure to implement cybersecurity best practices like 2FA. 3. Genesis Trading settles with NYDFS, forfeiting its BitLicense, ending NY operations, and paying an $8M fine, after failing to maintain robust anti-money laundering and cybersecurity protocols. 4. FTX creditors request 'in-kind' crypto repayments, opposing the valuation of assets at 2022's low prices. They argue this approach undervalues the recent surge in cryptocurrency values. 5. Grayscale transfers $200M in Bitcoin to Coinbase Prime, hinting at ETF redemption activity following the launch of Bitcoin ETFs. This move aligns with the creation and redemption processes of ETF shares. Check here for more information: https://lnkd.in/dh_Xfiae #web3 #blockchain #founders #vcfunding #startups #founders #crypto #technology #community #innovation

🚨 Top Blockchain News of the Week: 22nd June 2024 🚨 1. Political #memecoins like Super Trump, Maga, Jeo Boden, and Doland Tremp are expected to experience volatile price movements during and after the #TrumpBiden debate on June 27. 2. The #SEC has dropped its investigation into #Consensys, confirming no charges will be brought against #ETH for being a security. This decision brings relief to #Ethereum developers and participants, marking a major regulatory win for the blockchain ecosystem. 3. #Bitcoin's price dropped by 3.5%, continuing a downward trend over the past two weeks. The decline is attributed to the #German government's sale of $325M worth of Bitcoin, confiscated from a movie piracy website, causing #market volatility. 4. #Bitwise's updated filing for its spot #Ether ETF reveals that #Pantera Capital is considering a $100M investment. This significant potential buy-in reflects growing institutional interest in Ether-based #ETFs. 5. The U.S. Treasury Department's Financial Crimes Enforcement Network flagged increased use of #cryptocurrencies, including #Bitcoin, #Ether, #Monero, and #Tether, by Mexican cartels to buy fentanyl ingredients. Check here for more information: https://lnkd.in/dYQDnsky

👉On the first ETH ETF trading day 👇 👉  “Sorry Mum “ – The Little Tech Agenda – Biden vs Trump podcast by Ben Horowitz and Marc Andreesen, founders of a16z crypto VC, who reveal that unlike previous Democrat administrations, this one has not even been willing to hold a dialogue, not allowing them to explain the importance of both Crypto / Blockchain and AI. Trump has formally stated that he made it a key part of his election program. May a possible future Democrat administration change this attitude ? https://lnkd.in/ehe-fvwj 👉Ethereum co-founder warns against voting only on ‘pro-crypto,’ a day after a16z founders support Trump https://lnkd.in/eesNYEcF 👉Pro-Crypto Ohio Senator J.D. Vance Is Donald Trump's Vice President Pick https://lnkd.in/enhqnQZN   👉Ripple CEO: “Why would we have a Republican vs. Democrat dynamic around innovation?” https://lnkd.in/e2Y6iBex 👉 The Banks Are Coming to Bitcoin!..... ..the SEC is now granting “exceptions” to its punitive accounting standard called SAB-121 for “several large banks” for providing custody services for bitcoin and crypto. https://lnkd.in/guzfujVe   👉Circle CEO says EU’s MiCA crypto law ‘introduces a lot of bank risk’ MiCA requires companies issuing stablecoins pegged to a fiat currency to hold 30% of the reserves in cash in multiple EU bank accounts, and up to 60% for significant e-money tokens...some experts speculate that a MiCA II regulation will follow https://lnkd.in/eBD2vV2W 👉The Digital Yuan is a Disaster https://lnkd.in/ed57U2qw   👉USDT and USDC at Risk as BIS Endorses Only Permissioned Stablecoins Stablecoins like USDT and USDC could face regulatory pressure as the BIS commits to supporting permissioned stablecoins like JPMCoin. https://lnkd.in/eJg2-gSD     👉OKX selects Malta as MiCA hub for EU crypto compliance https://lnkd.in/gdPEVtNA   👉Plaintiffs File New, Slimmed Down Complaint in Class Action Lawsuit Against Tether ..focus on three causes of action related to market manipulation and antitrust violations, includes deposition logs allegedly showing Tether executives admitting to manipulative practices, https://lnkd.in/eu2bJYs6   👉Hong Kong Adds Seven Unlicensed Crypto Exchanges to its Alert List ...which now includes a total of 39 entries, flagged for conducting unauthorized activities without required licenses https://lnkd.in/e7invtTE   👉Jailed for North Korea visit, Ethereum researcher Virgil Griffith on cusp of release 2019 trip to North Korea and his presentation on bypassing sanctions led to his conviction under the International Emergency Economic Powers Act. https://lnkd.in/eRpKQYFQ 👉Taiwan Tightens AML Regulations for Virtual Asset Providers (VASPs) ..requiring crypto providers (including overseas platforms) to register as VASPs and comply with AML procedures, with penalties including up to two years in prison or fines of up to NT$5 million (about $153,817) for non-compliance. https://lnkd.in/eu6Zmukt

The downfall of the Crypto King When rumours began to emerge in 2022 of trouble at leading crypto exchange FTX, nobody could have guessed the extent. After serious allegations were confirmed the regulators quickly intervened, closing down the business and looking to see what happened to billions of dollars of client funds. Very quickly, it became apparent that co-founder Sam Bankman-Fried was linked to external transfers totalling more than $8 billion. So, what has happened to the former Crypto King? Sentenced to 25 years in prison The US authorities have sentenced Sam Bankman-Fried to 25 years in prison, although theoretically, this could have been more than a hundred years. The authorities suggested a maximum sentence of 40 years, while Bankman-Fried’s legal team were hoping for around five years. In theory, even with a 25-year prison sentence, he could be out within 13 years. The knock-on effect on cryptocurrencies There was an initial knock-on effect on investors' confidence in cryptocurrencies, an area of investment that could be best described as lightly regulated. Ironically, the prosecution of Sam Bankman-Fried has allowed regulators to flex their muscles and start to rebuild confidence in the sector. In the longer term, such is the demand and strength of the cryptocurrency sector (and broader digital asset market) that the collapse of FTX is unlikely to impact investor confidence. Hong Kong and Singapore lead the way As we have mentioned numerous times, the Hong Kong and Singapore authorities have been highly proactive in regulating cryptocurrencies. Unlike their UK, US and EU counterparts, the regulators in Hong Kong and Singapore have managed to find a balance between protecting investor interests and encouraging innovation. Summary The sentencing of Sam Bankman-Fried brings down the curtain on a difficult time for the cryptocurrency market. When it comes to regulations, the US, UK and EU are struggling to find the right tone, protecting investors while encouraging innovation. Elsewhere, a more balanced, proactive approach to regulation by the Hong Kong and Singapore authorities is paying dividends, leaving other countries and regulators scrambling to catch up.

Bitcoin Gets The SEC’s Spot Tick – But Caveat Emptor! https://lnkd.in/eGS4e46K The Securities and Exchange Commission has for the first time approved exchange-traded funds that invest directly in Bitcoin, a move heralded as a landmark event for the roughly $1.7 trillion digital-asset sector that will broaden access to the largest cryptocurrency on Wall Street and beyond. Now much is resting on the concept that the futures market has already brought crypto assets sufficiently into the financial mainstream. The SEC was frankly bounced into this decision in response to the loss of some critical legal cases, and puts Bitcoin ever closer to existing financial services players. This does not necessarily mitigate risk. SEC Chair Gary Gensler said “While we approved the listing and trading of certain spot Bitcoin ETP shares today, we did not approve or endorse Bitcoin,”. “Investors should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto.” Crypto zealots have for years argued that a so-called spot fund that invests directly in Bitcoin would be beneficial to investors and would help bring the industry closer to the more highly regulated world of traditional finance. It also suggests a sort of milestone of maturity for the relatively nascent industry, where skirmishes with regulators came to a climax after the collapse of Sam Bankman-Fried’s FTX empire highlighted risks lurking in the industry. But of course, by definition, the mainstream approval this represents cuts right across the original ideology of Bitcoin already compromised by the significant use of derivatives, and becoming ever more controlled by large financial institutions and regulators. Even after Gensler went to such lengths to say that the SEC wasn’t giving any seal of approval to Bitcoin, the odds remain that this will expose many more people to crypto’s risks and opportunities. So Caveat Emptor! Let The Buyer Beware! https://lnkd.in/g3P5Nmmb Go to the Walk The World Universe at https://lnkd.in/gFYzZZHe