Scenius Sync (Issue # 162)
GENIUS Act Signed Into Law, US Retirement Market Set to Open to Crypto, Satsuma Smashes UK's BTC Treasury Record, BNY & GS Launch Tokenized Money Market Solution & NFT Volumes Soar To 6-Month High
Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.
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Essential News 🗞
Trump signs GENIUS Act into law, activating America’s first regulatory framework for stablecoins
President Donald Trump signed the GENIUS Act into law on July 18, pledging that the measure will secure “global dominance” in crypto technology.
The legislation gives the US its first federal framework for dollar‑backed stablecoins. Trump celebrated the passing of the bill, saying: “Crypto has gone up more than any stock. Crypto makes the dollar look good. Crypto is good for the dollar, the nation.” He added that the GENIUS Act positions the country to lead the sector and vowed to approve broader crypto market structure legislation before the end of the year. Senate Banking Committee ranking member Tim Scott called the statute “regulatory clarity for the stablecoin industry” and said faster, cheaper payments would “solidify the US dollar’s dominance across the world.
Donald Trump set to open US retirement market to crypto investments
Donald Trump is preparing to open the $9tn US retirement market to cryptocurrency investments, gold and private equity in a move that would spur a radical shift in the way Americans’ savings are managed. Trump is expected to sign an executive order as soon as this week that would open up 401k plans to alternative investments beyond traditional stocks and bonds, according to three people who have been briefed on the president’s plans. These investments would run a broad spectrum of asset classes, from digital assets to metals and funds focused on corporate takeovers, private loans and infrastructure deals. The executive order would instruct Washington regulatory agencies to investigate the remaining hurdles needed to allow for such alternative investments to be included in professionally managed funds used by 401k savers, these people said.
One of the world's largest market makers, Citadel Securities, is urging the U.S. SEC to treat tokenized equities the same as their more traditional counterparts amid a push from crypto firms to launch those assets. In a letter sent to the SEC Crypto Task Force this week, the firm said the agency should avoid exemptions from securities rules and should focus on market liquidity and investor protection. "Simply put, while we strongly support technological innovations designed to address market inefficiencies, seeking to exploit regulatory arbitrage for 'look-a-like' securities is not innovation," the market maker said in the letter. Ken Griffin, a billionaire donor to the Republican party, founded Citadel Securities.
FTX to begin $1.9B payouts in September as claims no longer disputed
The FTX bankruptcy estate has scheduled the next distribution to creditors, using funds no longer classified as disputed claims. The FTX Recovery Trust and debtor FTX Trading on Wednesday announced that the next distribution is expected to start on Sept. 30. They will determine eligible claim holders based on a record date of Aug. 15. The upcoming distribution will mark the third round of repayments to FTX creditors, following a $1.2 billion distribution in February and a $5 billion distribution announced in May. The new repayment comes after the Bankruptcy Court authorized FTX to reduce the disputed claims reserve from $6.5 billion to $4.3 billion, releasing $1.9 billion in cash to be distributed to holders of allowed claims.
Two Men Charged in NYC Crypto Torture Case Released on $1 Million Bail Each
Two men accused of subjecting a Bitcoin investor to weeks of brutal torture walked free on bail, despite facing charges that could land them in prison for life. Manhattan Judge Gregory Carro on Wednesday approved $1 million bail for John Woeltz, dubbed the “crypto king of Kentucky,” and his alleged accomplice William Duplessie, rejecting prosecutors' arguments to keep the pair behind bars, according to ABC News. Last month, they pleaded not guilty to a raft of charges, including first-degree kidnapping, assault, and weapons possession.
Innovation & Adoption 💡📈
UK company smashes local Bitcoin treasury record with $135M raise
London-based artificial intelligence firm Satsuma Technology raised 100 million British pounds ($135 million) for its new Bitcoin treasury, setting a national record for BTC treasury raises. According to a Thursday announcement, Satsuma Technology said it “has successfully closed the book on the raise materially in excess” of the $135 million target. The company expects all committed funds to arrive within the next two weeks.
If the full amount is converted into Bitcoin, the purchase would make Satsuma the second-largest corporate Bitcoin holder in the UK, behind The Smarter Web Company, which holds 1,600 BTC worth about $190 million, according to BitcoinTreasuries.NET data. Currently, Phoenix Digital Assets holds second place with 247 BTC valued at $29 million.
BNY and Goldman Sachs Launch Tokenized Money Market Funds Solution
The Bank of New York Mellon Corporation ("BNY"), a global financial services company, and the Goldman Sachs Group, Inc. today announced a collaborative initiative by which BNY will employ blockchain technology developed by Goldman Sachs to maintain a record of customers’ ownership of select Money Market Funds (MMFs), in a significant step towards enhancing the utility and transferability of existing MMF shares. This combined solution marks the first time in the U.S. that fund managers have enabled subscription for shares of their MMFs via BNY’s LiquidityDirectSM and Digital Asset platforms, the corresponding value of which will be represented through mirrored record tokenization utilizing GS DAP®. BlackRock, BNY Investments Dreyfus, Federated Hermes, Fidelity Investments, and Goldman Sachs Asset Management will participate in the initial launch.
Telegram launches non-custodial crypto app in US
Messaging app Telegram has launched a new non-custodial crypto wallet in the United States through a partnership with MoonPay. The new feature will enable millions of users to send and manage crypto directly within the app. Telegram previously launched a crypto wallet globally that was activated by more than 100 million users. Tuesday’s launch will enable users in the U.S. to send, receive, and manage cryptocurrency directly inside the app. The wallet is built on The Open Platform, a.k.a. TOP, which is built on the blockchain. The feature allows users to transact with crypto as easily as sending a message. Telegram said that the wallet will be instantly installed and will not require a download.
Anchorage Digital, home to the first and only federally chartered crypto bank, today announced a strategic partnership with Ethena Labs, the creator of USDe and USDtb, to bring USDtb to the U.S. as the first-ever stablecoin with a clear pathway to becoming compliant with the recently enacted GENIUS Act—America’s new law to regulate issuance of stablecoins. The launch will be the first to leverage Anchorage Digital’s stablecoin issuance platform—a turnkey solution for institutions to launch and distribute fully regulated digital dollars. Anchorage Digital’s decision to partner with Ethena, a project focused on developing secure, compliance-driven rails and products that provide institutional investors with access to the unique advantages of digital assets, marks a significant step forward in aligning innovation with regulation in the U.S. financial system.
Weekly NFT trade volume hits six-month high, led by Ethereum projects
Last week’s NFT trading volume across all blockchains surpassed $140 million for the first time since January, signaling a possible revival in interest in the slumping digital asset class. NFT trade volume on Ethereum has risen over 300% in the past two weeks, leading the charge, according to The Block’s data. On Sunday afternoon, a whale bought 45 CryptoPunks in a significant sweep.