Overview
- Senate bill to give CFTC oversight of crypto commodities.
- Aglaé Ventures to launch web3 fund.
- Ancient BTC whale moves funds.
- SBF says Solana is undervalued.
- Tinder halts NFT and metaverse plans.
Good morning Banter Fam,
The Senate has introduced a bipartisan bill that could give the Commodity Futures Trading Commission (CFTC) regulatory oversight of cryptocurrencies that the SEC deems commodities.
Why is this big news?
The Security Exchange Commission (SEC) chair has a history of misleading crypto-based entities and currencies.
Moreover, the CFTC has shown more of a common-sense approach to regulating the sectors. An interview on Unchained with CFTC commissioner Caroline Pham in June proves the point. Her tone is completely open and in favor of regulating the sector fairly.
More below in the Newswatch section, including Sam Bankman-Fried’s opinion.
Solana Wallet Hack Update.
Houston, we found the problem.
Solana wallet provider Slope has acknowledged the breach of its compromised wallets and has asked users to move funds to other wallets. The exploit originated from a leak of the wallet’s backend, allowing exploiters to view seed phrases as plain text.
The Slope team released their announcement in an open Google Sheets document.
Market update 🌍
Crypto and the Nasdaq continue to trudge along with sideways price action. It’s been a reasonably quiet week for both sectors. On the other hand, the S&P 500 displayed a vigorous climb of 1.56% today that saw the price in SPX reach a critical resistance level of 4160.
BTC/USD
Price continues to be driven downward by sellers in Bitcoin within a still-valid uptrend. As a result, we might have to wait for price reactions in the $22ks before we see BTC make a decisive move. BTC completed the daily candle down -0.75% to $22,813, reaching a high of $23,634 during the day.
High-resolution chart
VIX
The volatility index (VIX), which inversely represents fear in the equities markets, continues to plummet from its recent highs. The drop in the VIX generally represents traders’ sentiment to continue driving the market upwards. Ultimately, we’d like to see the VIX steady out in the teens, which will point towards “business as usual” in equities.
High-resolution chart
| US markets close | Gain |
| S&P 500 | +1.56% |
| Nasdaq | +0.83% |
| Dow | -0.12% |
| VIX | +8.35% |
Notable Gainers (24h):
| Protocol (Coin) | Price ($) | Gain (%) |
| Lido DAO (LDO) | 2.60 | +11 |
| BitDAO (BIT) | 0.74 | +8 |
| Uniswap (UNI) | 9.03 | +7.5 |
| Stacks (STX) | 0.47 | +7 |
| ApeCoin (APE) | 7.16 | +6 |
| Optimism (OP) | 2.08 | +32 |
| GMX (GMX) | 42.02 | +16 |
| IoTeX (IOTX) | 0.036 | +16 |
| Holo (HOT) | 0.0025 | +13 |
| Rocket Pool (RPL) | 27.86 | +10 |
| Ethereum Name Ser. (ENS) | 16.40 | +10 |
| Juno (JUNO) | 4.49 | +10 |
| Bitcoin Fear and Greed Index | 30 Fear |
| “Crypto” Google Trends 90d | 16 |
| “Bitcoin” Google Trends 90d | 29 |
Newswatch 📰
Senate bill to give CFTC oversight of crypto commodities. The Agriculture Committee introduced a bill that could land the CFTC as the chief regulator for digital assets that qualify as commodities (Bitcoin, Ethereum). However, the categorization of assets would still fall under the Securities Exchange Commission (SEC).
Aglaé Ventures to launch web3 fund. The venture firm behind tech giants such as Airbnb, Netflix, and Slack looks to launch a $100m fund focused on web3 startups.
Ancient BTC whale moves funds. CryptoQuant has verified the move of 1,100 BTC after eight years of inactivity. The analysts believe the coins belong to retired miner Ghash- although they have not transferred the BTC to an exchange.
News tidbits:
- Hashed lost $3b during the Terra collapse.
- SBF tells Fortune magazine: Solana is the most underrated token right now.
- $9m refunded to Nomad Bridge by whitehat hackers.
At the protocol level ⛓
Protocol tidbits:
- Validator registration is open for Sui.
- Nomad Bridge Fund recovery process.
- Massive malware attack on GitHub.
NFT & metaverse update 🐵
- Pearson textbooks to utilize NFTs to track secondary sales.
- OpenSea’s new “gifting” feature opens the door to exploiters.
- Tinder halts token and metaverse plans after the CEO departs.
- NFTs.com domain sells for $15m.
Banter’s take
Crypto needs regulation for it to become legitimized in the current financial system. Unfortunately, many people view regulations as bad, but I’m here to tell you that is not the case.
Think of regulations as a direct avenue into traditional finance (TradFi).
Brace yourselves! The path will change digital assets forever. First, societies will shift their sentiment towards the class once they realize the benefits, and eventually, crypto will become a mainstream sector of the financial world.
The benefits of digital assets far outweigh any product currently offered in TradFi. Moreover, many of those TradFi products can easily be converted into digital assets with beneficial attributes such as immutability, transparency, and accountability.
Once the general public realizes what the crypto OGs have theorized since the beginning, the new technology will siphon bankroll from the traditional finance world and forever change the emergent sector known as crypto.
Gabri
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Disclaimer
Good Morning crypto (issued by Crypto Banter) is a newsletter for entertainment purposes only.
All opinions expressed by the publisher, writers, and chartists should not be construed as financial advice and do not necessarily reflect the views of Crypto Banter. The publisher, writers, and chartists may hold positions in the tokens and assets discussed. Readers are encouraged to do their own research.
