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• Jun 5, 5:37 PM Crypto Briefing

  SEC chairman Gensler discusses concerns over crypto ETFs on CNBC

  SEC Chairman Gary Gensler expressed reservations about approving new crypto exchange-traded funds (ETFs) on CNBC's Squawk on the Street, citing inadequate disclosures and regulatory non-compliance by crypto exchanges. He emphasized the need for proper investor disclosures and regulatory oversight to prevent fraud and market manipulation, referencing challenges including the legal troubles of industry figures like Do Kwon. His comments highlight ongoing concerns about crypto market practices in the US.

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• Jun 5, 5:22 PM CoinDesk

  JPMorgan highlights Bitcoin miners with good power deals as top M&A targets

  JPMorgan identifies Bitcoin mining companies with favorable power contracts as likely acquisition targets, particularly as hyperscalers and AI firms increase their stakes in the sector. The involvement of these firms is set to raise valuations and consolidate the industry, following key deals like CoreWeave's acquisition of Core Scientific and Riot Platforms' offer for Bitfarms. The report emphasizes that such mergers could enhance efficiency and profitability in Bitcoin mining operations by reallocating power resources.

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• Jun 4, 2:46 PM Crypto Briefing

  Polygon Labs acquires Toposware to boost zero-knowledge tech

  Polygon Labs has acquired blockchain firm Toposware to enhance its zero-knowledge (ZK) capabilities within the Web3 space. This marks the third major ZK-related acquisition by Polygon Labs, following Hermez and Mir in 2021. The integration of Toposware's expertise will support the development of Polygon’s zkEVM prover and the AggLayer, aiming to unify and secure multiple layer-1 blockchains. Despite this strategic expansion, Polygon's token MATIC continues to underperform in the market compared to its competitors.

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• Jun 3, 6:30 PM Decrypt

  Coinbase contributes $25 million to political action committee Fairshake

  Coinbase, a leading US crypto exchange, has donated $25 million to Fairshake, a political action committee, boosting its contributions this election cycle to $160 million. This funding aims to support pro-crypto candidates and influence the 2024 US elections amidst heightened political focus on crypto regulations. This move follows significant political developments, including new regulatory frameworks and tensions within the Democratic party over crypto policy. Coinbase CEO, Brian Armstrong, emphasized the need for bipartisan support for crypto in politics.

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• Jun 3, 1:25 PM Crypto Briefing

  Crypto funds see record $15 billion in 2024 with strong Bitcoin and Ethereum inflows

  In 2024, crypto funds achieved a new milestone with total inflows hitting $15 billion, bolstered by significant contributions in May and a robust week that saw $185 million enter the market. Bitcoin led the charge with $148 million in inflows, showcasing continued confidence among investors, while Ethereum reversed a previous downtrend with substantial inflows, partly due to SEC approval for a spot-based ETF. Despite these positive movements in crypto, trading volumes decreased, and blockchain equities experienced notable outflows.

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• Jun 3, 11:31 AM Crypto Briefing

  Linea scrutinized for halting block production after Velocore hack

  Ethereum layer-2 blockchain Linea halted its block production to prevent further losses following a hack on Velocore, a decentralized exchange on its network, which compromised 700 ETH ($2.6 million). This decision, meant to inhibit the hacker's ability to transfer stolen funds, has faced criticism for undermining the principles of decentralization and censorship resistance. Despite the backlash, Linea defended its actions and reaffirmed its future commitment to creating a decentralized and censorship-resistant environment to enhance security without central oversight.

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• Jun 3, 3:59 AM Crypto Briefing

  Roaring Kitty triggers 300% surge in Solana-based memecoin $GME

  Following the return of Keith Gill, known as "Roaring Kitty," the Solana-based memecoin $GME experienced a 300% increase in market cap, surpassing $100 million. Gill's social media activity, including a post on Reddit revealing significant GameStop stock and options purchases, coincided with heightened trading volumes and value spikes in related meme tokens.

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• May 31, 8:37 PM Crypto Briefing

  House Financial Services Committee urges President Biden to reconsider veto on SAB 121 affecting crypto custody

  The House Financial Services Committee, led by Chairman Patrick McHenry and Senator Cynthia Lummis, has requested President Joe Biden to reconsider his potential veto of the Congressional Review Act resolution, which seeks to overturn SEC's Staff Accounting Bulletin 121 (SAB 121). The bulletin restricts highly regulated financial institutions from holding Bitcoin and other tokens. This bipartisan initiative passed both Senate and House votes and is seen as a critical measure to safeguard essential crypto custody services and consumers.

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• May 31, 9:49 AM The Block

  Ether options indicate bullish sentiment for June with $5,000 calls

  Open interest in Ether options is heavily concentrated on $5,000 calls for the end-of-June expiry, reflecting a bullish stance among traders. This optimism is evident in the active use of call spreads between the $4,000 and $5,000 price points, aiming to capitalize on potential price increases. The options market's put-call ratio further supports this bullish outlook, although some traders are adapting to possible downsides due to delays in the ether ETFs launch.

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• May 30, 5:33 PM Crypto Briefing

  Elon Musk denies advising Donald Trump on crypto matters

  Elon Musk has refuted claims reported by Bloomberg that he is a crypto advisor for Donald Trump's presidential campaign. These discussions were suggested to underscore Musk’s influence and Trump's strategic focus on crypto to attract voters. Additionally, Trump, who previously viewed crypto skeptically, now openly supports the crypto industry and has begun accepting crypto donations for his campaign, aiming to promote US leadership in this sector.

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• May 29, 7:47 PM Crypto Briefing

  Rep. Tom Emmer criticizes SEC chair Gary Gensler's approach to crypto regulation

  At the Consensus conference, Rep. Tom Emmer criticized SEC Chair Gary Gensler's management of crypto regulations, labeling it as overly authoritative and harmful to the industry. Emmer accused Gensler of misusing his open-door policy to initiate lawsuits against crypto projects post-discussions. He also mentioned the recent passing of the CBDC Act aimed at avoiding CCP-style surveillance, and highlighted the increasing significance of the crypto voter demographic, especially among young US voters.

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• May 29, 5:07 PM Crypto Briefing

  Nasdaq pulls back Hashdex Ethereum ETF proposal after SEC approves others

  Nasdaq has withdrawn its proposal to list the Hashdex Nasdaq Ethereum ETF despite the US Securities and Exchange Commission approving similar Ethereum ETFs from eight different issuers, including major players like BlackRock and Fidelity. This decision, taking place a day after these approvals, was unexpected, especially since Hashdex had not amended its proposal unlike its competitors.

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• May 29, 4:30 PM Crypto Briefing

  Mastercard launches Crypto Credential service for secure blockchain transactions

  Mastercard has introduced the Mastercard Crypto Credential, enabling users of crypto exchanges to conduct transactions using aliases instead of complex wallet addresses. This new feature enhances security by verifying wallet compatibility, preventing the loss of funds due to incompatible asset or blockchain support. Initially available in Latin America and Europe through exchanges like Bit2Me, Lirium, and Mercado Bitcoin, the service is expanding, with new partners like Brazilian exchange Foxbit. The Crypto Credential also facilitates compliance by supporting the exchange of Travel Rule information required for cross-border transactions, thereby promoting transparency and preventing illicit activities.

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• May 29, 2:00 PM The Block

  Gemini Earn to return $2.18 billion in crypto to users, says Winklevoss-owned exchange

  Gemini Earn users will receive over $2 billion worth of cryptocurrency, restored in the same amount originally lent, following a 232% recovery rate since withdrawal stoppages in November 2022., according to a statement from Cameron Winklevoss to The Block. The Gemini exchange, directed by the Winklevoss twins, has committed to redistributing assets following the collapse of the Earn program's partner, Genesis Global Capital. Despite ongoing legal battles including a lawsuit from the US Securities and Exchange Commission, Gemini assures further returns within the next year and settles with a $37 million fine to the New York regulator.

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• May 28, 4:37 PM Crypto Briefing

  Former FTX executive Ryan Salame receives 7.5-year sentence and $11 million fine

  Former FTX executive Ryan Salame has been sentenced to seven and a half years in prison and fined over $11 million for his role in making unlawful political contributions and operating an unlicensed money-transmitting business. His sentence also includes three years of supervised release. Salame, who held high-ranking positions at Alameda Research and FTX Digital Markets, was involved in a scheme that compromised the integrity of US elections and financial systems by utilizing illegal methods to foster FTX's rapid growth and size.

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