The Scenius Sync (Issue #25)

SBF's Hearing Attendance Insisted Upon, Coinbase Disables NFT Transfers Citing Dispute with Apple & Stripe Launching Fiat-To-Crypto On-Ramp

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:

1. Share the essential stories driving the crypto industry and markets.

2. Highlight innovative applications and mainstream adoption of crypto and blockchain technology.

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1. U.S. Rep. Maxine Waters Insists SBF Attend FTX Hearing on Capitol Hill & Gensler to brief House Democrats in run-up to hearing

   • The ranking member of the House Financial Services Committee tells the embattled ex-CEO that skipping out on the December 13th House Committee hearing on the collapse of FTX is not an option.

   • Democrats on the House Financial Services Committee are holding a series of closed-door briefings with financial regulators in preparation for the hearing including with SEC Chair Gary Gensler who will speak at a Democratic members-only briefing on Tuesday.

2. Coinbase Disables Mobile NFT Transfers, Citing Apple’s App Store Policies

   • Coinbase has disabled NFT transfers on its iOS wallet app because of a dispute with Apple over the company’s in-app purchase policy. Taking to Twitter on Thursday, Coinbase said Apple is demanding it pays its gas fees using Apple software, which would thus make those gas fees subject to Apple’s 30% app tax.

3. Silvergate CEO: Crypto Bank Has ‘Ample Liquidity’

   • California-based Silvergate is a federally regulated bank that has been working with institutional investors in digital assets since 2013. The stock, down about 53% in the past month, has been heavily weighed upon — along with its peers — following the collapse of FTX. In a letter to shareholders, the bank’s CEO highlighted that speculation and misinformation abounded as the FTX saga unraveled, adding that Silvergate did extensive due diligence on FTX and Alameda Research, that its customer deposits are safe, and that the company has “a resilient balance sheet and ample liquidity.”

4. Genesis Creditor Groups' Loans Amount to $1.8B and Counting

   • In addition to the previously reported group of Gemini customers owed $900 million, there are two other groups of Genesis creditors being represented by lawyers.

5. Three Arrows Capital liquidators begin taking control of failed hedge fund's assets

   • Teneo, the advisory firm overseeing the liquidation of crypto hedge fund Three Arrows Capital, has taken control of some of its assets, including $35.6 million worth of fiat currency and 3AC’s Starkware tokens, among other assets.

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Innovation & Adoption 💡📈

1. Stripe Enables Fiat-to-crypto On-ramp

   • Global payments processing company Stripe is launching its own fiat-to-crypto on-ramp, allowing customers to exchange dollars for cryptocurrencies. As a major payments processor for prominent Web2 companies, such as Apple and Walmart, Stripe’s decision to step further into the crypto world during a time when centralized exchanges are under heightened scrutiny can help DeFi become more accessible to mainstream consumers. Stripe says it will handle tasks related to KYC requirements, payments, fraud and compliance.

2. Brazil passes law to legalize crypto as a payment method

   • The Chamber of Deputies of Brazil, a federal legislative body, has passed a regulatory framework that legalizes the use of cryptocurrencies as a payment method within the country. The passing of the bill does not make any cryptocurrencies legal tender within the country, however, the bill will include digital currencies and air mileage programs in the definition of payment methods that are under the supervision of the country’s central bank. While this makes significant progress for crypto within Brazil, the law still requires the signature of Brazil’s president for it to be enacted.

3. NFT Trading Goes Live on Uniswap With $5M Airdrop

   • NFT trading is now available on Uniswap, the decentralized crypto exchange said Wednesday. Uniswap users will be able to trade digital collectibles across OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, Foundation and NFT20 marketplaces using the platform’s NFT aggregator tool. In addition, the platform says its new open-sourced Universal Router contract can save users up to 15% on gas fees compared to other NFT aggregators. Accompanying the announcement is a $5 million airdrop to historical users of Genie, the NFT marketplace aggregator Uniswap acquired in June.

4. Reddit Collectible Avatar minting hits all-time high

   • Almost 255,000 Reddit Collectible Avatars were minted on Saturday, a new record that surpassed the more than 200,000 mints on both Aug. 30 and Aug. 31. It brings the total number of Collectible Avatars — the term Reddit uses for its Polygon-based NFTs — in circulation to about 4.4 million, and has been lauded as an example of successfully introducing NFTs to a mainstream audience.

5. Red Cross to reveal prototype for blockchain-based aid distribution project

   • The International Committee of the Red Cross (ICRC) is testing concepts for distributing aid to people in conflict zones through blockchain technology. The charity organization is in the prototype stages of developing a crypto alternative to cash-and-voucher assistance through a partnership with layer one network Partisia Blockchain that began earlier this year. If successful, it could result in the ICRC providing assistance via a "stable utility token," the value of which would be pegged to the price of an asset in a manner similar to that of a stablecoin.