Scenius Sync (Issue # 160)
Bitcoin Surge To ATH Above $112k, Elon's America Party Embraces BTC, Trump Media Files For Crypto Blue Chip ETF, Circle's Rev Share with Bybit & Phantom Unveils Perp Trading Powered by Hyperliquid
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Welcome to The Scenius Sync.
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Essential News 🗞
Bitcoin Surges to New All-Time High Price Above $112K
The price of Bitcoin hit a new all-time high price on Wednesday according to crypto exchange Coinbase, which shows a new peak of about $112,055 as of about 3:55pm ET. Coinbase's previous high mark was $111,891, set in May. The price of Bitcoin surged rapidly Wednesday afternoon in the minutes leading up to the new mark.
Elon Musk’s America Party embraces Bitcoin
Elon Musk has confirmed that his newly announced political venture, the America Party, would support Bitcoin. The statement came during a conversation on X (formerly Twitter), where Musk responded to a question about whether the new party would embrace the leading crypto. According to him: “Fiat is hopeless, so yes [we would embrace BTC].” This declaration is consistent with Musk’s long-running interest in cryptocurrencies. Tesla, one of Musk’s companies, holds Bitcoin on its balance sheet.
US Senator Cynthia Lummis drafts standalone crypto tax bill
US Senator Cynthia Lummis submitted a draft bill on Thursday, outlining several provisions to overhaul the tax code and exempt certain digital asset transactions from taxation after crypto amendments failed to appear in the budget package. The bill proposes a de minimis exemption for digital asset transactions and capital gains of $300 or less, with a $5,000 annual exemption cap. The Wyoming Senator also outlined provisions to exempt crypto lending agreements and digital assets used in charitable contributions from taxation. Additionally, the bill proposed deferring taxes on mining and staking rewards until the underlying assets are sold.
FTX Recovery Trust may withhold assets from creditors in 49 restricted countries
FTX Recovery Trust wants to put together a team of experts to help it determine if it will be permitted to distribute somewhere in the region of $800 million in assets to creditors in 49 “potentially restricted countries.” Specifically, it wants to employ regional lawyers to assess whether or not the countries in question are legally sound for creditors. If they are, their funds will be returned. This is according to a filing, part of which was shared by FTX creditor activist Sunil Kavuri, which lists countries including Saudi Arabia, China, Egypt, Russia, Ukraine, the Republic of the Congo, and Montenegro. The claims in the 49 countries represent roughly 5% of FTX’s $16 billion in potential claims, with China alone representing 82% of the claimants in potentially restricted countries.
Grayscale Calls SEC Trading Pause on ETF Holding Solana, XRP 'Unexpected'
The SEC this week paused an order approving the trading of a Grayscale ETF containing Solana, XRP, Cardano, alongside Bitcoin and Ethereum. Grayscale told Decrypt that the decision was "unexpected." The SEC is weighing applications from multiple altcoin ETFs.
Innovation & Adoption 💡📈
Trump Media Files for 'Crypto Blue Chip' ETF Holding Bitcoin, Ethereum, Solana and XRP
Trump Media and Technology Group has applied with federal regulators to offer an exchange-traded fund tracking the prices of Bitcoin, Ethereum, Solana, Cronos, and XRP, the fintech firm said Tuesday in a statement.
The Truth Social Crypto Blue Chip ETF will be composed of 70% BTC, 15% ETH, 8% SOL, 5% CRO, and 2% XRP, according to an S-1 registration statement filed last Thursday with the U.S. SEC. The filing calls attention to yet another crypto-based fund that could begin trading in the coming months from Trump Media, a publicly traded company co-founded by U.S. President Donald Trump.
Circle Has USDC Revenue Sharing Deal With Second-Largest Crypto Exchange ByBit: Sources
Circle, the U.S.-listed stablecoin issuer, has quietly arranged a revenue sharing agreement with Bybit, the world’s second-largest cryptocurrency exchange, according to two people with knowledge of the arrangement.
Circle, which is sandwiched in competition between larger rival Tether and a growing crop of new stablecoins, shares 50% of the yield from reserves backing its U.S. dollar-pegged USDC stablecoin with crypto exchange Coinbase, a long-standing arrangement that has helped proliferate USDC across the industry.
The “REX-Osprey Solana + Staking ETF,” which made history as the first approved staking ETF in the U.S. on Wednesday, closed the day with approximately $33 million in trading volume, according to Bloomberg Senior ETF Analyst Eric Balchunas on X. The fund, which is atypically regulated under the Investment Company Act of 1940 and uses Anchorage as a custodian, also brought in $1 million in assets under management.
Phantom wallet unveils direct perp trading support, powered by Hyperliquid
Phantom is rolling out support for perpetual contract trading, starting with users in the EU, powered by Hyperliquid. The product utilizes a permissionless integration with Hyperliquid's API to access the markets, enabling eligible users to trade perps directly within the popular web3 wallet while retaining non-custodial control of their positions. It offers a mobile-first experience designed to feel like an intuitive extension of Phantom's core interface, providing up to 40x leverage, stop-loss, take-profit, and real-time alerts.
Story and World partner to verify IP ownership onchain amid proliferation of AI-generated content
Story network and digital identity project World have partnered to bring the World ID digital identity solution into Story's intellectual property-focused Layer 1. The partnership aims to tackle artificial intelligence-generated content infringing on intellectual property rights, particularly when it comes to spoofed identities and false ownership claims. By integrating World ID into the Story network, users will be able to verify the IP in their wallet and also set terms for how others can use and pay for their intellectual property, according to a release shared with The Block. Story and World's partnership will take effect in fall 2025, Story president Andrea Muttoni told The Block.