Scenius Sync (Issue #136)
First Ever Crypto Ball, TRUMP’s Memecoin Surprise Rallies Massively, BTC-Backed Loans Are Back On Coinbase, Solana TVL Crosses $10B, & Helium Vows To Defend Itself Vigorously Against SEC Lawsuit
Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.
Welcome to The Scenius Sync.
Our mission with this concise publication is twofold:
Share the essential stories driving the crypto industry and markets.
Highlight innovative applications and mainstream adoption of crypto and blockchain technology.
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Essential News 🗞
For the guests at Friday’s black-tie affair, hosted at the neoclassical Andrew W. Mellon Auditorium just blocks from the White House, the party was a victory lap. After years of pariah status under a hostile Biden Administration, the industry waged a successful political campaign to elect crypto-friendly politicians, including President-elect Trump. Now, the industry is enjoying a once-unimaginable level of power and respect in Washington, D.C.
In his return to Washington D.C. on Monday, Donald Trump touted his support for innovation, though did not specifically mention crypto during his inauguration speech on Monday. “There’s no nation like our nation,” Trump said. “Americans are explorers, builders, innovators, entrepreneurs and pioneers. The spirit of the frontier is written into our hearts." However, Trump did not mention crypto in a document titled "President Trump's America First Priorities" in an email sent out by the office of the press secretary. Punchbowl News earlier released the document.
Helium founder says company will defend itself 'vigorously' against SEC lawsuit
The SEC sued Helium creator Nova Labs, arguing it issued unregistered crypto asset securities and misled investors about the existence of partnerships with Lime, Nestlé, and Salesforce. The enforcement action was filed on Friday, shortly before SEC Chair Gary Gensler is set to resign on Monday as Donald Trump begins his second presidential term. “[I can’t] believe we made it this long without them calling us out,” the firm’s business development VP reportedly said after receiving a cease-and-desist from Nestlé. Helium founder Amir Haleem posted a defiant message on X, promising the company will defend itself “vigorously” and calling the sequence of events “blood boiling.”
Ethereum co-founder Vitalik Buterin, in a post on X, said “large changes” to the leadership structure of the Ethereum Foundation (EF) are underway. Buterin outlined goals of improving communication and better supporting Ethereum’s developer community, but said the EF’s core mission will not change. The post comes as fellow Ethereum co-founder Joseph Lubin called for new leadership at the EF, floating two names to replace current director Aya Miyaguchi.
In related news: Ethereum Foundation to set aside 50K ETH to support DeFi apps
Ted Cruz plans to overturn controversial IRS crypto tax rule as Trump enters office
Sen. Ted Cruz plans to introduce a Congressional Review Act resolution on Tuesday a month after Internal Revenue Service finalized a rule that garnered criticism from the crypto industry. Cruz has been one of the most vocal congressional advocates for crypto over the years.
Innovation & Adoption 💡📈
Donald Trump's memecoin rallies to $13.5 billion market cap, cracking top 20 coins
President-elect Donald Trump's memecoin Official Trump has continued its incredible price rally, hitting a $13.5 billion market cap high and breaking into the top 20 coins on CoinGecko. At this all-time high, the memecoin was worth $67 per token, with a $67.5 billion fully diluted valuation. Since then, it has dropped back slightly with a current value of $66 per token. Big exchange listings have helped the recent price action. Binance has listed the memecoin already, while Coinbase added it to its roadmap. Decentralized exchange Hyperliquid has also added the token.
More here: Donald Trump’s ‘Official’ Memecoin Makes Millionaires, Raffles $3B Volumes in a Couple of Hours
Here: Donald and Melania Trump debuted meme coins, $Trump and $Melania. Here's what to know.
Here: Donald Trump memecoin crashes 48% as Melania Trump launches her own memecoin
Here: Bernstein says some may cringe, but Trump memecoin is a 'paradigm shift' in US crypto approach
And finally here: Trump's memecoin 'distracts from the greater good,' draws criticism from crypto insiders and Washington leaders
Wyoming and Massachusetts Join Growing List of States Considering Bitcoin Reserves
Wyoming and Massachusetts have joined the expanding number of U.S. states that may soon vote on establishing Bitcoin reserves, with representatives from both states submitting draft legislation supporting the initiative on Friday.
On a similar note: Texas kicks off 89th legislative session with new strategic Bitcoin reserve bill
Insdf
Coinbase launches Bitcoin-backed onchain loans via DeFi protocol Morpho
Coinbase has launched Bitcoin-backed onchain loans through Morpho, a decentralized lending protocol available on Ethereum and Coinbase-incubated Ethereum Layer 2 network Base. Customers can borrow up to $100,000 in the USDC stablecoin using their bitcoin holdings on Coinbase as collateral, the company said Thursday. The borrowing process is facilitated by Morpho specifically on Base (not on Ethereum), with Coinbase providing an interface to access the protocol but not directly managing the loans, a Coinbase spokesperson told The Block.
Solana-based social graph protocol Tapestry raises $5.75 million in Series A funding
Tapestry, a Solana -based social graph protocol, has raised $5.75 million in a Series A funding round co-led by Union Square Ventures and Fabric Ventures, the project said Thursday. Additional participants in the round included Stellation Capital, Slow Ventures and Foresight Ventures.
Solana’s TVL Crosses $10B for First Time Since FTX Collapse After TRUMP Memecoin Launch
The launch of Donald Trump’s official memecoin helped Solana’s price and trading volume surged, helped its total value locked surpass $10 billion for the first time since the FTX collapse. Trump’s memecoin is now the third-largest across all blockchains in terms of market capitalization and boosted perceived odds of a solana ETF launch. The launch of a cryptocurrency endorsed by a U.S. President suggests a shift towards a more permissive approach to cryptocurrency innovation in the United States.