TL;DR Breakdown SEC Chair Gary Gensler will appear before the US House Committee to discuss a draft crypto regulation bill, addressing concerns about the Commission’s authority and its mission to protect investors and maintain fair markets. Treasury Secretary Janet Yellen will submit a written response to the same proposal. Meanwhile, the outcome of the SEC’s lawsuit against Ripple, which could set a legal precedent. Description In a move to gain insights into the legislative proposal to revise the market structure related to digital assets, US Representative Maxine Waters has requested Securities and Exchanges Commission Chair Gary Gensler and Treasury Secretary Janet Yellen to provide their views. The proposal, introduced by leaders of the House Financial Services Commission and Agriculture Committee, … Read more In a move to gain insights into the legislative proposal to revise the market structure related to digital assets, US Representative Maxine Waters has requested Securities and Exchanges Commission Chair Gary Gensler and Treasury Secretary Janet Yellen to provide their views. The proposal, introduced by leaders of the House Financial Services Commission and Agriculture Committee, aims to…

TL;DR Breakdown Eight major U.S. financial institutions, including BlackRock and Fidelity, are actively seeking ways to provide their clients with exposure to Bitcoin and cryptocurrencies. While the $27 trillion in assets under management is substantial, only a fraction is likely to be allocated to crypto investments due to the perceived risks associated with digital assets. Description In a groundbreaking revelation, CoinShares, a leading digital asset management firm, has disclosed that eight major U.S. financial institutions with a combined $27 trillion in assets under management (AUM) are actively exploring opportunities to provide their clients with exposure to Bitcoin and cryptocurrencies. The move signals a significant shift in the investment landscape, with institutions … Read more In a groundbreaking revelation, CoinShares, a leading digital asset management firm, has disclosed that eight major U.S. financial institutions with a combined $27 trillion in assets under management (AUM) are actively exploring opportunities to provide their clients with exposure to Bitcoin and cryptocurrencies. The move signals a significant shift in the investment landscape, with institutions recognizing the potential of digital assets as a valuable addition to…

TL;DR Breakdown The Bank of England (BOE) will throw the UK into a recession by the end of the year If the Bank of England further increases the rates above 5%, economists predict the risk of financial stability shock will grow exponentially. Description The Bank of England (BOE), by the end of the year, will throw the U.K. into a recession as it continues to battle the worst inflation faced by any Group of Seven economies, according to a warning from Bloomberg Economics. Notably, despite the BOE’s efforts, making 13 straight interest-rate increases since the end of 2021, … Read more The Bank of England (BOE), by the end of the year, will throw the U.K. into a recession as it continues to battle the worst inflation faced by any Group of Seven economies, according to a warning from Bloomberg Economics. Notably, despite the BOE’s efforts, making 13 straight interest-rate increases since the end of 2021, the inflation rate has remained high, close to double digits, spreading fear among consumers.  Bank of England could trigger a recession According to economists…

TL;DR Breakdown Attorney and legal representative of XRP holders, John Deaton, took to Twitter to share his initial excitement followed by a disappointing revelation. According to Deaton, the withdrawal in itself does not alter the trajectory of the Ripple litigation. Another legal expert, Marc Fagel, who is a former attorney and former SEC director in San Francisco, shared a related perspective on the situation. Description In a recent update on the SEC v. Ripple case, attorney and legal representative of XRP holders, John Deaton, took to Twitter to share his initial excitement followed by a disappointing revelation. Deaton had received an email filing related to the case, which initially caused a flutter of anticipation. However, his hopes were swiftly dashed … Read more In a recent update on the SEC v. Ripple case, attorney and legal representative of XRP holders, John Deaton, took to Twitter to share his initial excitement followed by a disappointing revelation. Deaton had received an email filing related to the case, which initially caused a flutter of anticipation. However, his hopes were swiftly dashed as he…

TL;DR Breakdown Robinhood, a popular brokerage firm for cryptocurrencies and equities, has reportedly laid off approximately 7% of its workforce. It was revealed that around 150 employees were let go in order to adjust to market conditions and realign team structures. Robinhood is not the only company feeling the effects of a less active crypto market. Lower trading volumes across the industry have resulted in reduced profits for companies involved in facilitating crypto trades. Description Robinhood, a popular brokerage firm for cryptocurrencies and equities, has reportedly laid off approximately 7% of its workforce, according to a report by The Wall Street Journal. The layoffs come as the company faces challenges due to declining trading activity and a less enthusiastic user base compared to the frenzied days of the meme stock … Read more Robinhood, a popular brokerage firm for cryptocurrencies and equities, has reportedly laid off approximately 7% of its workforce, according to a report by The Wall Street Journal. The layoffs come as the company faces challenges due to declining trading activity and a less enthusiastic user base compared…

TL;DR Breakdown Federal Judge Amy Berman Jackson rejects Binance’s request to limit SEC’s press releases. Binance’s complaint against the SEC’s alleged misleading statements is dismissed. The lawsuit between Binance and the SEC continues, with Binance given until September 21 to respond to the allegations.   Description U.S. District Court Judge Amy Berman Jackson dismissed a motion from Binance.US, Binance Holdings Limited, and CEO Changpeng “CZ” Zhao, seeking to curtail the Securities and Exchange Commission’s (SEC) language use in its press releases about the ongoing case against the crypto exchange giant​. Binance’s legal team argued that the SEC’s public pronouncements about the … Read more U.S. District Court Judge Amy Berman Jackson dismissed a motion from Binance.US, Binance Holdings Limited, and CEO Changpeng “CZ” Zhao, seeking to curtail the Securities and Exchange Commission’s (SEC) language use in its press releases about the ongoing case against the crypto exchange giant​. Binance’s legal team argued that the SEC’s public pronouncements about the company’s handling of customer assets were not only misleading but could also prejudice the jury pool and cause undue market confusion​….

TL;DR Breakdown FTX, a once reputable crypto exchange, is embroiled in a scandal involving the misuse of customer deposits for personal gain. The investigative report reveals that FTX commingled customer funds with corporate funds, resulting in the misappropriation of approximately $8.7 billion owed to customers. Former FTX executives deliberately concealed their actions, making it challenging to trace the misappropriated assets. Description FTX, once hailed as a customer-focused leader in the digital age, is now under intense scrutiny following the release of a damning investigative report by FTX debtors. The report uncovers shocking revelations of the commingling and misuse of customer deposits at the now-defunct crypto exchange. The former senior executives at FTX Group are accused of … Read more FTX, once hailed as a customer-focused leader in the digital age, is now under intense scrutiny following the release of a damning investigative report by FTX debtors. The report uncovers shocking revelations of the commingling and misuse of customer deposits at the now-defunct crypto exchange. The former senior executives at FTX Group are accused of deliberately misusing customer funds for personal…

TL;DR Breakdown The US government has spent $12,700,000,000 to bail out 10 wealthy depositors amid the banking crisis in March 2023. Several high-profile regional banks went bankrupt in the spring of 2023, including Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank.  What happens to other clients? Is the US government headed for worse times than the Great Depression? Description The US Government has portrayed a level of injustice to so many in the economic society following the crash of several big banks. According to sources, the Federal Deposit Insurance Corporation (FDIC) has released an unredacted document revealing that the US government guaranteed the accounts of Silicon Valley Bank’s (SVB) top ten clients following its … Read more The US Government has portrayed a level of injustice to so many in the economic society following the crash of several big banks. According to sources, the Federal Deposit Insurance Corporation (FDIC) has released an unredacted document revealing that the US government guaranteed the accounts of Silicon Valley Bank’s (SVB) top ten clients following its highly publicized failure in March. This…

TL;DR Breakdown Crypto markets tank as BTC tries to hold above $30,000. Ethereum struggles to regain $2,000 while the total crypto market cap tries to hold the $1 million mark. Altcoins take over the market with a balance of losses and gains. Description The Bitcoin (BTC) price has reached a new annual peak, while the Crypto Market Cap is close to doing the same. The crypto markets are at an all-time high, although sentiment appears to be negative. Despite the price reaching a new yearly high, the proportion of the Bitcoin supply that has not changed in over … Read more The Bitcoin (BTC) price has reached a new annual peak, while the Crypto Market Cap is close to doing the same. The crypto markets are at an all-time high, although sentiment appears to be negative. Despite the price reaching a new yearly high, the proportion of the Bitcoin supply that has not changed in over a year attained an all-time high. This demonstrates the conviction of BTC holders, who are unwilling to accept profit during this rally. Contents hide…

TL;DR Breakdown Azuki announces Azuki Elementals, a new NFT collection inspired by earth, fire, lightning, and water. The collection includes 20,000 NFTs with varying rarity, and the pricing will be determined through a Dutch Auction. Existing Azuki NFT and BEANZ holders receive priority access, and a portion of the Elementals was airdropped during the “Follow the Rabbit” event in Las Vegas. Description Popular blue-chip non-fungible token (NFT) collection Azuki has launched its highly anticipated new collection, Azuki Elementals. The collection draws inspiration from the elements found within the Azuki ecosystem, namely earth, fire, lightning, and water. According to a press release, Azuki Elementals will consist of 20,000 NFTs, each with different levels of rarity traits that will … Read more Popular blue-chip non-fungible token (NFT) collection Azuki has launched its highly anticipated new collection, Azuki Elementals. The collection draws inspiration from the elements found within the Azuki ecosystem, namely earth, fire, lightning, and water. According to a press release, Azuki Elementals will consist of 20,000 NFTs, each with different levels of rarity traits that will be revealed upon minting. The…