Illustration by Mitchell Preffer for Decrypt
It was another relatively quiet week in the markets and over on Twitter. The biggest noise in crypto news was heard on Tuesday, when a judge told the U.S. Securities and Exchange Commission (SEC) that its denial of crypto asset manager Grayscale’s spot Bitcoin ETF application would have to be reviewed. The Federal appeals court said the SEC failed to provide a “coherent explanation” for its denial.
Prices rallied on the news. But by the end of the month, the already slow week had ground to a halt after word broke out that the SEC had delayed verdicts on not one, not two, but a handful of Bitcoin spot market ETF applications, including that of asset manager giant BlackRock.
The developments were followed closely on Crypto Twitter, where the community delivered a few verdicts of their own this week.
On Monday, crypto fan @0xSisyphus pointed out the high rate of redemptions for Circle’s dollar-pegged USD Coin (USDC). Circle’s stablecoin has dropped from its all-time high market cap of about $56 billion in the summer of last year to less than half of that—$26 billion—today, marking a two-year low.
Researcher Rebecca Stevens, a data analyst for The Block, shared some insight into USDC’s falling dominance on Ethereum.
SEC Commissioner Hester Peirce once again argued against a collective decision made by her organization. Earlier this year, Peirce used strong words to condemn the SEC for proposing to change the definition of “exchange” in attempt to bring crypto exchanges under its jurisdiction.
British Bitcoin mining analyst Anthony Power crunched the numbers on miners’ earnings for Q2 this year.
According to crypto-savvy lawyer Stephen Palley, a lawsuit against decentralized exchange Uniswap was thrown out by a New York judge on Tuesday.
The latest StarWare update prompted another note from @0xSisyphus, who observed that anyone caught in the mess is an easy contender for the industry’s most unfortunate customer this week.
On Wednesday, crypto-loving Republican U.S. Presidential candidate Vivek Ramaswamy celebrated Grayscale’s win over the SEC.
Bloomberg ETF expert James Seyffart was on the front lines as the SEC began issuing notices to say that it is delaying the delivery of its verdict on multiple ETF applications.
This included asset manager giant BlackRock:
Travis Kling, the founder and Chief Investment Officer at crypto asset manager Ikigai, read a lot into the launch of a new BNB perpetual futures contract on Bitfinex.
Superphiz, a staking consultant for the Ethereum Beacon chain community, tweeted about how the network decentralizes itself through coordination.
TRON founder and chief Justin Sun shared some Chinese whispers on Friday.
Chinese blockchain journalist Colin Wu then fleshed out the story.
Finally, James Seyffart returned on Friday. This time, he was trying to determine why BlackRock’s delay letter wasn’t posted on the SEC’s website. Very interesting!
