Who this week referred to the SEC as “arbitrary and capricious”? Monday Market Report | August 29th - September 3rd, 2023
📢 Weekly TL;DR
Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
What a week NDAXers—hot ziggety!
Bitcoin price jumped 6% when Grayscale beat the SEC in Court and then ‘Crashed’ on news of the SEC delaying several Bitcoin Spot ETF decisions, while—
The class action lawsuit against Uniswap was dismissed by the Judge currently overseeing Coinbase’s lawsuit against the SEC. Ouf!
Never a dull moment in crypto: This is early adoption.
- It is no secret that Elon’s intentions for X (formerly Twitter) have always been to turn it into an Asian style ‘super app’, so when they got their license this week from Rhode Island to integrate crypto into their platform, few were surprised. But it’s still noteworthy news because 1) X has a user base of roughly half a billion people (and bots—can't forget the bots) and 2) Half a billion people is about 16% of the world’s population, or 8 times crypto’s current estimated adoption level. CoinDesk
- In a decision—or, shirking thereof—which came as a surprise to very few on the other hand, the SEC this week opted to further delay until October the approval or rejection of a slew of pending Bitcoin Spot ETF applications, notably from BlackRock, WisdomTree (Fidelity), Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets. Whether this came as a moody response to their unambiguous legal slap on the wrist in a lackluster defense against Grayscale’s lawsuit, remains to be seen... Either way, for now Americans will have to wait a little longer to buy ‘Bitcoin’ via their preferred online stockbrokers. CoinDesk
- Indeed on Tuesday, D.C. Circuit Court of Appeals Judge Neomi Rao ruled that some of the SEC's arguments in rejecting bitcoin ETF applications seemed "arbitrary and capricious," after Grayscale’s lawyer Donald Verrilli Jr. (who served as solicitor general of the US under Obama) argued that the regulator had no basis to reject its bid to convert Grayscale’s Bitcoin Trust into an ETF. Rao invalidated the SEC's reason for rejecting Grayscale's application, which was that Grayscale's ETF proposal wasn't "designed to prevent fraudulent and manipulative acts". In essence, the point of the lawsuit was that the SEC had previously approved market manipulation safeguards for other BTC futures ETFs, which Grayscale's proposal met (hence “capricious and arbitrary”). The court agreed that Grayscale’s safeguards were sufficient. So what’s next? The SEC has 45 days to appeal the ruling (if they want to continue fighting the court on tax-payers' dimes). They can brainstorm new reasons to deny the Grayscale Bitcoin ETF... Or they could also approve Grayscale's Bitcoin ETF! (Imagine that.) Cointelegraph
📰 Other Community News
In the cryptocurrency community, there's always something going on. Here are a few events and happenings that you might be interested in:
- Uniswap Ruling Creates Regulatory 'Anomaly' for DeFi: Legal Scholar Decrypt
- Grayscale and Uniswap rulings contain strong message for US lawmakers The Block
- Coherent crypto regulation in the US is ‘months, not years away’ says Zurrer Blockworks
- Judge Dismisses Class Action Lawsuit Against Uniswap, Rules DEX Isn’t Liable for Scam Tokens Unchained
- IBM offers guidance for successful implementation of digital euro Cointelegraph
- What Is a Central Bank Digital Currency? A Brief Guide to CBDCs Unchained
For more new stories, visit our LinkedIn
📈 Weekly Moves
Market Summary:
The global cryptocurrency market has reached a total market capitalization of CAD $1.42 trillion.
- Bitcoin continues to lead the market with a dominance of 48.3%, followed by Ethereum at 18.8%.
Performance:
Bitcoin is currently the top trading pair on NDAX, followed by XRP, Ethereum, Gala, Stellar & Litecoin.
- Week over week, the value of Bitcoin (BTC) is down 2.08% and currently steady(ish) around $35.2 while Ethereum is down another 2.5%, now trading around $2,220.
As of 09/03/2023 10:25:00 PM EST, values in CAD.
Keep an eye on the market here 👉 Cryptocurrency Prices
📅 Upcoming Events
Mark your calendars!
- Sept 1 – SEC Decision for BlackRock iShares ETF (Delayed Early)
- Sept 13 – August CPI Numbers
- Sept 22 – FOMC Interest Rate Decision
- Sept 29 – Chicago Mercantile Exchange (CME) Options Expiry
- Oct 3 – Valkyrie Bitcoin and Ether Strategy ETF Effective Date
- Oct 31 – Mt Gox claims payment date
- Fall 2023 - US Court of Appeals for the DC Circuit decision in Grayscale Case
📖 Educational Resources
For those of you looking to learn more about bitcoin and crypto markets this week:
- This week’s episode of Market Talks discusses whether it will ever be “too late” to buy Bitcoin and why BTC could take over the financial world, with Luke Broyles - Cointelegraph’s Market Talks - When will it be too late to invest in Bitcoin?
- Lyn Alden is a macroeconomist and investment strategist. In this interview, we discuss Lyn’s amazing new book: Broken Money. This show, the first in a series of three shows, delves into the history of money: the concept of money as a ledger, its different forms throughout history, as well as the properties that make a commodity suitable for use as money. - What Bitcoin Did - The Emergence of Money with Lyn Alden (1/3)
- A class action lawsuit against Uniswap has been dismissed with prejudice and the decision might have big implications for other ongoing crypto cases. – The Breakdown w/ NLW – Judge In Uniswap Suit Says "Ask Congress, Not Me!"
- Preston talks with Bitcoin OG and inventor of Proof of Work Adam Back about numerous hot topics in Bitcoin. Also in the conversation is James Macedonio who’s leading the Blockstream ASIC debt issuance. This conversation covers Bitcoin mining and potential software upgrades to the base layer. - Bitcoin Fundamentals w/ Preston Pysh - ADAM BACK ON DRIVECHAINS, MINING HARDWARE, & L1 SCALING W/ JAMES MACEDONIO
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