Crypto Weekly Update: ETH ETF, SEC Suits & New Tech

Bankless Nation Weekly Rollup: July 3rd, 2024

Welcome, Bankless Nation! It’s the first week of July, and while we’re a day early, it’s time for our weekly rollup. We’ve got a lot to cover, from price movements to landmark legal rulings and potential game-changers in the crypto space. Despite some dips, we remain bullish, especially with the anticipation of the ETH ETF. This could be the final rollup without it! Let’s dive into what’s happening, the market’s expectations, and much more.

Market Overview

Price Movements

  • Bitcoin: Down 2.7% this week, starting at \(61,200 and now just above \)60,000.
  • Ethereum: Down 1.7%, starting the week at \(3,336 and now just above \)3,300.

Despite the slight downturn, the market remains optimistic, especially with the upcoming ETH ETF.

ETH ETF Anticipation

The ETH ETF could be approved as soon as July 8th. All S1s have been handed back with light comments, and issuers have been asked to address these by July 8th. This could mean immediate approval and trading, but it’s not set in stone.

Token Unlocks

July sees significant token unlocks, including:

  • Alt Layer
  • XAI Games
  • Aptos

With nearly $700 million worth of token unlocks, this could explain some of the market’s current doldrums.

Chevron Deference Overturned

The US Supreme Court recently overturned the Chevron Deference, a 40-year-old precedent allowing agencies to interpret ambiguous laws. This is seen as a win for crypto, potentially curtailing the SEC’s overreach.

SEC Lawsuits

The SEC has officially sued ConsenSys and labeled staked ETH, Lido, and Rocket Pool ETH as securities. This continues their crackdown on staking services, despite dropping the case against Ethereum 2.0.

IRS Crypto Tax Guidance

The IRS has issued new guidance on crypto taxes, delaying the requirement for DeFi front-ends to issue 1099s until 2025. This is a temporary relief but not a permanent solution.

Technological and Market Developments

ZK Sync Elastic Chain

ZK Sync has unveiled the Elastic Chain, their version of a scalable, interoperable ZK rollup network. This aims to provide a seamless user experience across multiple chains, similar to Optimism’s Superchain and Polygon’s zkEVM.

Prediction Markets

PolyMarket is seeing unprecedented volumes, especially in political betting markets. With $216 million in TVL for the 2024 presidential election market, it’s becoming a critical tool for real-time insights.

Stablecoin News

Circle has been authorized as an e-money issuer in France and is launching a Euro-backed stablecoin, EURC. This marks a significant step in stablecoin regulation and adoption in Europe.

Notable Raises

Astria

Astria, a decentralized sequencing layer, has raised funds led by Placeholder and Bankless Ventures. This aims to create a shared sequencer for rollups, enhancing scalability and interoperability.

Meme of the Week

Ethereum is depicted as an army man protecting a sleeping Solana from Gary Gensler, symbolizing Ethereum’s ongoing regulatory battles while Solana gets an ETF submission.

Final Thoughts

As we celebrate the Fourth of July, it’s a time to reflect on the principles of freedom and individualism that resonate so strongly within the crypto community. From groundbreaking legal changes to technological advancements, we’re on the brink of significant transformations. Whether it’s the anticipation of the ETH ETF or the strategic moves in the regulatory landscape, the journey west continues. Happy Fourth of July to our American listeners, and here’s to the pursuit of life, liberty, and crypto gains!

Stay bullish, Bankless Nation!

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