The Scenius Sync (Issue #21)
CZ Puts SBF On The Ropes, LBRY Loses SEC Case, & Goldman Imposes Order With Crypto Classification System
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 🗞
Binance CEO Goes Full FUD in Attempt to Bury FTX
What happens when two of crypto’s wealthiest billionaires have a public spat? FUD flies and markets spasm. Last week, CoinDesk published a story revealing the balance sheet of FTX sister company Alameda Research was loaded with FTX's native exchange token FTT. As speculation mounted over the weekend about the solvency of FTX crypto exchange, CEO Sam Bankman-Fried tweeted early Monday morning that "FTX is fine. Assets are fine." Meanwhile, the head of FTX’s sister company Alameda Research offered to buy as much FTT as Binance wants to sell.
No ICO is No Excuse, LBRY Ruling Shows — Bad News For Ripple?
A federal judge has ruled there is enough evidence to make a decision about the SEC vs LBRY case without moving forward to trial. The federal judge ruled crypto startup LBRY completed an unregistered security offering when it sold LBC, the protocol’s native token. While an appeal is still possible and many have already criticized the decision’s reasoning, the ruling could have serious repercussions for Ripple and other cryptocurrency companies.
Goldman Sachs seeks to impose order on expanding crypto universe with classification system
Goldman Sachs is set to unveil a data service created with global index provider MSCI and crypto data firm Coin Metrics that seeks to classify hundreds of digital coins and tokens so institutional investors can make sense of the new asset class. The new service, called Datonomy, can be accessed as a subscription-based data feed or through Marquee, which is Goldman’s digital storefront for institutional investors. The data feed will help with analysis and research as well as benchmarking performance, managing portfolios or creating investment products based on sectors like decentralized finance, metaverse, smart contract platforms or value-transfer coins.
Crypto Investment Firm Paradigm Launches Crypto Policy Council
The Web3 venture capital firm Crypto Policy Council includes former Speaker of the House of Representatives Paul Ryan (R-WI) and former U.S. Congressman Steve Israel (D-NY), among other political figures. The eight-member bipartisan council will advise Paradigm’s leadership and assist the company in “tell[ing] the story of Web3 in Washington and around the world.”
US Seizes 50K Bitcoins Related to Silk Road Marketplace
The U.S. Attorney for the Southern District of New York, said Monday that authorities seized 50,676 bitcoins related to the darknet marketplace Silk Road in November.
Innovation & Adoption 💡📈
JPMorgan Executes Its First DeFi Trade Using Public Blockchain
While the transaction wasn’t a crypto trade, it used the infrastructure developed by crypto firms: the Polygon blockchain, which makes transactions on the Ethereum blockchain cheaper, and a modified version of Aave, a major DeFi lending project.
Crypto Exchange Gemini Expands to 5 More European Countries
Crypto exchange Gemini announced it has expanded its offerings to five more European countries, bringing its presence on the continent to 12 nations even as crypto prices suffer from a prolonged slump. Crypto traders in Croatia, Cyprus, Hungary, Romania, and Slovenia can now access the over 100 cryptocurrencies available.
A CBDC could protect euro dominance, say EU leaders
European Union leaders see a digital euro undertaking as an opportunity to preserve the value of the shared currency and address concern over losing financial sovereignty in the eurozone. Meanwhile, the U.S. seems to take a more relaxed approach, and is not competing for a first-mover position in developing a central bank digital currency.
Hong Kong is ‘actively looking’ at authorizing crypto ETFs
Hong Kong’s Securities and Futures Commission looks set to allow the launch of exchange traded funds tracking cryptocurrency futures for retail investors, citing the increasing sophistication of investor safeguards.
Buy an NFT, Get Maine Lobster Shipped to Your Door
NFTs aren’t all about apes, artwork, and sports collectibles. OneOf—an NFT startup known for music, sports, and brand-centric collectibles—announced today that it has partnered with online seafood delivery service Get Maine Lobster to create an NFT-based membership club. And yes, joining the club entitles paying members to receive deliveries of fresh seafood direct from Maine, including lobster.