📅 a BIG week ahead for Bitcoin

Good morning!

We have an eventful week ahead in the world of crypto, as the SEC faces its initial deadlines to approve seven Bitcoin ETFs in the coming week. These decisions could potentially wield significant influence on the market. Notably, Coinbase's stock has already surged by 15%, following a federal judge's endorsement of Grayscale during their legal tussle with the SEC.

In the world of Crypto media, a wave of drama has taken center stage as the Bitboy Crypto network and its figurehead, Ben Armstrong, have gone their separate ways. The network cites substance abuse as the cause for the split, a claim that Ben is staunchly contesting.

Let’s dive in 👇

Markets

Coinbase Stock Soars 15% Following Grayscale’s Bitcoin ETF Win Against SEC (2 minute read)
Coinbase stock saw a significant rise today following news that a federal judge had supported Grayscale in their legal battle with the SEC. Just before the markets closed on Tuesday, the price of COIN shares was at $85.13, marking an increase of over 15% in a single day. Coinbase, the largest digital asset exchange in the United States, has been publicly traded on the Nasdaq since 2021 .On Tuesday, a federal court ruled that the U.S. Securities and Exchange Commission (SEC) lacked a clear explanation for rejecting Grayscale's request to change its Bitcoin Trust into a Bitcoin ETF. Investors have seen this ruling as a positive development for the cryptocurrency industry, potentially paving the way for a Bitcoin ETF to be available on Wall Street. Coinbase has been chosen by some applicants aiming to launch a Bitcoin ETF as the custodian for the fund and as a partner for sharing surveillance information. This role could potentially have positive implications for Coinbase's standing in the market.

SEC’s first deadlines to approve 7 Bitcoin ETFs coming over the next week (4 minute read)
The United States Securities and Exchange Commission (SEC) is now facing a series of deadlines for evaluating seven applications for spot Bitcoin exchange-traded funds, the most recent one being September 4th. This comes in the wake of the SEC's recent loss to Grayscale Investments in a U.S. federal appeals court. The countdown begins with Bitwise anticipating the SEC's verdict on September 1st, while BlackRock, VanEck, Fidelity, Invesco, and Wisdomtree are all eagerly awaiting the SEC's decisions on their respective funds by September 2nd, as indicated by multiple SEC filings. In a parallel timeline, Valkyrie is on track to receive the SEC's response on September 4th. As the clock ticks, the crypto community and these investment firms are keeping an eye on these pivotal dates.

Tech

Ripple-Funded Research Proposes How To Speed Up XRP Ledger (2 minute read)
A fresh academic paper by researchers from the University of Luxembourg brings a new approach to enhance communication efficiency within Ripple's XRP Ledger. This study, supported by both the Luxembourg National Research Fund and Ripple's University Blockchain Research Initiative (UBRI), takes a deep dive into the world of Named Data Networking (NDN), a new layer, designed to turbocharge the XRP Ledger's consensus-validation mechanism. What's really interesting is that the brains behind this research—Lucian Trestioreanu, Wazen M. Shbair, Flaviene Scheidt de Cristo, and Radu State—are no strangers to the XRP community. You might recall their names from the PayIDSecure project, the very one that snagged the top spot in the PayID hackathon, netting them a cool $15,000 prize in XRP.

Binance launches Send Cash in Latin America (2 minute read)
Binance has introduced a new platform named Send Cash, which allows users in nine Latin American countries to transfer cryptocurrencies from Binance Pay. This platform enables quicker and more cost-effective digital fund transfers through licensed providers, as mentioned in a statement released by Binance on Tuesday. The initial rollout will cover Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico. During this first phase, users from these countries can send funds to bank accounts in Colombia and Argentina. Min Lin, Binance's Regional Vice President for Latin America, emphasized the significance of this move, stating, "This is another step forward for Binance, which renews its commitment to the crypto industry in Latin America, to the expansion of the benefits it offers in terms of financial inclusion, and to developing new ways of using crypto in everyday life."

Misc

Ben Armstrong Calls Allegations by BitBoy Crypto Network ‘Diabolical,’ Levels Own Claims Against Company (4 minute read)
BJ Investment Holdings, the parent company of Hit Network and BitBoy Crypto, made waves this week by parting ways with prominent crypto personality and YouTuber Ben Armstrong. The company cited concerns about Armstrong's alleged substance abuse and claimed that his actions had caused various forms of damage. However, Armstrong, who goes by @JoinBenCoin on Twitter, responded swiftly, sharing a document revealing a series of "negative" results from a five-panel drug test. When contacted by Decrypt, Armstrong confirmed his authorship of the document but chose not to make any further statements for the time being.

Former SEC official hints at criminal probe in sealed Binance case (2 minute read)
The U.S. Securities and Exchange Commission (SEC) has made a curious move by filing a request with the U.S. District Court for the District of Columbia, seeking approval to keep certain documents confidential in its civil case against Binance, its U.S. arm Binance.US, and CEO Changpeng Zhao. The contents of the SEC's motion remain a secret, sparking intrigue about the nature of the information it contains. Observers, like former SEC official John Reed Stark, are pondering whether this could be tied to an ongoing U.S. Department of Justice criminal investigation. Reports suggest that the DOJ is examining Binance for potential issues related to money laundering and possible violations involving Russian entities. Stark suggests that Binance might not contest the SEC's request to seal the documents, as it could potentially risk exposing detrimental evidence.

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