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If you happen to’ve been dreaming about bitcoin spot ETFs, it’s time to speak to somebody exterior of the crypto world. That is coming from somebody who actually had a dream about them this week. Pray for me.
There have been cheers all through the crypto group this week as Grayscale gained its lawsuit towards the SEC with reference to its bitcoin spot ETF utility. Whereas there’s nonetheless a 45-day overview interval, many imagine it is a step in the precise course.
Though this was a win for the digital asset agency, the SEC was additionally making headlines individually for its go well with towards an NFT undertaking, which was fined $6 million.
In the meantime, in decentralized social media land, the Pal.tech hype — which I covered and highlighted community skepticism about — has fallen as every day transactions plummeted. Particulars under.
This week in web3
- As appeals court rules in favor of Grayscale, a bitcoin spot ETF could be on the horizon
- Grayscale’s legal head says bitcoin spot ETF approval is a ‘matter of when, not if’
- SEC settles first NFT enforcement case, fines LA media company $6M
- Friend.tech gets unfriended: Daily transactions drop 95% as hyped decentralized social app loses steam
- MoonPay launches venture arm to invest in web3 infra, gaming and fintech
- Bitcoin startups remain undercapitalized as funding drought drags on
The most recent pod
For this week’s new episode, Jacquelyn interviewed Craig Salm, chief authorized officer at Grayscale Investments.
Grayscale is a digital asset funding agency that goals to offer services, like its Grayscale Bitcoin Belief (GBTC), to institutional and particular person traders. The corporate was based in 2014 and is without doubt one of the world’s largest digital asset forex managers. It at the moment owns 3.4% of excellent bitcoin, “value tens of billions of {dollars},” in line with a current authorized filing.
As talked about above, the agency was making headlines this week after the D.C. Circuit Courtroom of Appeals dominated in favor of Grayscale in a lawsuit towards the U.S. Securities and Alternate Fee (SEC) on the matter of a bitcoin ETF. This ruling is in response to the SEC denying Grayscale’s utility to transform its GBTC product right into a bitcoin spot ETF in June 2022.
We mentioned why the ruling issues for Grayscale and its GBTC funding car; in addition to what it may imply for the crypto ecosystem and different companies like BlackRock and Constancy that additionally filed functions for bitcoin spot ETFs.
We additionally talked concerning the SEC’s argued distinction between bitcoin futures ETFs, which have been accredited by the company, and bitcoin spot ETFs, which haven’t been accredited by the company.
Subscribe to Chain Response on Apple Podcasts, Spotify or your favourite pod platform to maintain up with the most recent episodes, and please go away us a overview in case you like what you hear!
Observe the cash
- NFT-focused startup FirstMate raised $3.75 million in a spherical led by Dragonfly Capital
- Web3 engagement platform Raleon raised $3.8 million in a seed spherical
- Coral Finance obtained $500,000 in capital from Momentum Capital
- Web3 infrastructure startup Ironmill raised $2.6 million in funding
- Builder DAO raised $2 million in a spherical led by Sequoia China and Seven X Ventures
This listing was compiled with info from Messari in addition to TechCrunch’s personal reporting.
What else we’re writing
Need to department out from the world of web3? Listed below are some articles on TechCrunch that caught our consideration this week.
- This venture-backed startup has quietly bought more than 80 mom-and-pop shops
- Will the power of data in the AI era leave startups at a disadvantage?
- Tesla investors might get payout from SEC settlement
- The mugshot that launched a thousand memes
- Five takeaways from Instacart’s S-1 filing
Observe me on Twitter @Jacqmelinek for breaking crypto information, memes and extra.