⛵ More FTX shenanigans

Good Morning!

Could this be the week that we finally see a spot Bitcoin ETF approved, the moment we’ve all been waiting for? Well, JP Morgan just released a report stating that they believe Grayscale’s legal win versus SEC makes an ETF approval much more likely, so keep your eyes peeled this week.

Outside of strictly Crypto. There’s been some big advancements for Blockchain use cases. The London Stock Exchange is preparing to create a traditional asset trading platform with Blockchain technology and China is pushing ahead with its’ digital yuan trials.

Let’s dive in 👇

Markets

Grayscale's Legal Win Versus SEC Makes Spot Bitcoin ETF Approval More Likely (2 minute read)
A recent federal court ruling may pave the way for the SEC to give the green light to several asset managers' applications for spot Bitcoin exchange-traded funds (ETFs), according to a report by JPMorgan. The court found that the SEC's rejection of Grayscale's attempt to convert the Grayscale Bitcoin Trust into an ETF was arbitrary and capricious because the regulator failed to clarify its differing treatment of similar products, like futures-based Bitcoin ETFs. Notably, the court's decision raises questions about the SEC's previous approval of futures-based Bitcoin ETFs, potentially forcing the regulator to reconsider its stance on these products.

Lido Dominance Prompts Warnings About Liquid Staking Derivatives (3 minute read)
Lido Finance, a prominent liquid staking solution, now manages 32.7% of all staked Ethereum (ETH), a notable rise given that the total staked ETH has increased from $22 billion to $41.6 billion over the past year, according to Dune Analytics. However, this growth has raised eyebrows in the Ethereum community. Evan Van Ness, Ethereum's Chief Decentralization Officer, voiced concerns on Twitter about Lido's expanding influence potentially undermining Ethereum's decentralization. For context, Lido's share is significantly larger than its closest competitor, Coinbase, which holds just 8.7% of the staked ETH.

Tech

London Stock Exchange to create traditional assets trading platform on blockchain (2 minute read)
The London Stock Exchange (LSE) Group is venturing into the world of blockchain. According to a recent article in the Financial Times, the LSE has been exploring the development of a blockchain-based trading platform for traditional financial assets for the past year. Murray Roos, LSE Group’s head of capital markets, confirmed that the company is progressing with its blockchain plans. However, he emphasized that their focus isn't on cryptocurrencies, but rather on using blockchain technology to improve the efficiency of trading traditional assets.

ARK Invest’s Cathie Wood bullish on Bitcoin and AI intersection (3 minute read)
Cathie Wood, the forward-thinking CEO of ARK Invest, recently shared her insights on the intriguing intersection of Bitcoin and artificial intelligence on X. In her post, Wood expressed a strong belief in the combined potential of these two groundbreaking technologies. She envisions a future where the seamless integration of AI and Bitcoin, coupled with the expansive web3 space, catalyzes monumental shifts across various industries. Beyond just theoretical musings, Wood predicts tangible benefits: reimagined corporate structures, notable cost savings, and a significant boost in productivity. It's clear that, in her eyes, the synergy of Bitcoin and AI holds the keys to an exhilarating economic evolution.

Misc

FTX filing shows company bought yacht for former co-CEO Sam Trabucco (1 minute read)
A recent filing from FTX debtors, under the leadership of CEO John Ray III, has cast a spotlight on some interesting financial dealings at Alameda Research. This trading firm, previously led by Sam Bankman-Fried, appears to have made substantial cash transfers to its top brass. Among the highlights, a significant $900 million was transferred to Bankman-Fried, marked simply as "Cash Payment." In addition, separate amounts of $15.5 million and $3.5 million found their way to Bankman-Fried and former Alameda CEO Caroline Ellison, respectively. Adding a touch of luxury to the tale, a payment of $2.5 million was made to the American Yacht Group, ostensibly for a boat for former co-CEO Samuel Trabucco. Trabucco had mentioned purchasing a boat around the time he stepped down from his role. Ellison, perhaps with a hint of jest, remarked about the boat purchase, "I hope he has a great time on his boat!".

China’s digital yuan must be available in all retail scenarios, says central bank official (2 minute read)
China's foray into the digital currency realm is underway. Changchun Mu, who heads the digital currency research at the People’s Bank of China, emphasized that China’s digital yuan, currently in its trial phase, should be a go-to option for all retail payments. Addressing a trade forum in Beijing, Mu stressed the importance of compliance for wallet providers, like WeChat, Alipay, and other commercial banks with their apps. As reported by local outlet The Paper, Mu highlighted, “The first step is to embrace the digital yuan for all retail scenarios.” He's keen on kickstarting the process by unifying QR code standards, eyeing seamless QR interactions.

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