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Catch of the day? Regulation filet

GM citronauts. The market's extra zesty today. Lucky for you, we're your crypto lemonade stand, turning market chaos into a refreshing news digest.

🐟 The SEC faces criticism after a $750K settlement with Flyfish Club over unregistered NFT sales.

🍊 News drops: the Trump family's DeFi project involves a governance token, Singapore's largest bank plans to launch OTC crypto options trading and structured notes for institutions, Democratic Senators are urging the Fed to cut interest rates + more


🍍 Market flavour today

Crypto Fear and Greed Index
Find out more about the Fear & Greed Index here.
Crypto Market Cap $2.14 Trillion -0.7% (24H)
Name Price 24H % 7D %
BTC Bitcoin BTC $58,915.85 1.43% 3.89%
ETH Ethereum ETH $2,305.48 0.92% -1.14%
BNB BNB BNB $540.08 -0.86% 4.51%
SOL Solana SOL $131.37 0.07% -1.64%
Prices as of 10:00 AM EST. Click here to see live data.

The crypto market's feeling a bit jittery, with the Fear and Greed Index dipping to 33. Prices are a mixed bag today, with Bitcoin showing some green while others are struggling to keep up. No big news driving the market, but all eyes are on tomorrow's Fed meeting. There's buzz about a possible 0.5% rate cut, which could signal economic worries. Watch out for the Fed chair's comments after the decision - they could spark some serious price swings. 

MicroStrategy doesn't seem fazed, though - they're looking to borrow another $700 million for more Bitcoin after just dropping a cool billion. CoinShares reports Bitcoin ETFs bounced back with $436 million in inflows last week, while Ethereum ETFs continued to see outflows, albeit smaller ones.


🐟 This fish ain't flying, it's frying

I feel like I should start my own business. I've always been a foodie, so maybe a restaurant? But not just any random place; I want it to be high-end, maybe even invite-only. What if it was a paid membership? Sounds exclusive. But a regular membership sounds boring. Oh, I know. It could be a membership in the form of an NFT—exclusive, modern, luv it. What if people don't want to come back? Well, they could then resell their memberships to other peo…

Image

Oop. Nvm. Glad it was just a thought.

For Flyfish Club, tho? Not just a thought. They sold 1,6K NFTs, raking in around $14.8M to build an exclusive restaurant in Manhattan. Holders of the NFTs have access to the restaurant, which is supposed to open this Friday.

All fun and games 'til the SEC entered the chat, saying that these NFTs checked all the boxes of being investment contracts. The reasoning? Buyers can resell their memberships at higher prices = they can expect profits if the club is successful = the NFTs fall under securities laws = your lawsuit delivery has arrived.

While Flyfish didn't admit to violating securities laws, they did agree to a settlement, requiring them to pay a $750K civil penalty, destroy any leftover NFTs, and not collect royalties from future resales.

However, not all members of the SEC agreed with this decision. Commissioners Hester Peirce (aka "crypto mom") and Mark Uyeda pointed out that these NFTs were just a different way of selling memberships, so they shouldn't be regulated as securities. They added:

"Creative people should be able to experiment with NFTs without having to consult a high-priced tea-leaf reader—ahem, lawyer. The Commission can change its menu to include a healthy serving of guidance to give non-securities NFT creators the freedom to experiment."

Ahem, thank you, chefs, this was cooked perfectly.

And this wasn't the first time the SEC had targeted NFT sellers—they sued Impact Theory and Stoner Cats 2 last year and more recently hit the OpenSea NFT marketplace with a Wells notice, which is basically a we're suing you threat.

In response to all this, the blockchain advocacy group Digital Chamber started pushing Congress to define certain NFTs as consumer products, arguing that many of them are more like the digital version of artwork or collectibles, not securities.

Republican Rep. William Timmons then went like, I hear you, and served the New Frontiers in Technology Act (NFT Act), a bill that would classify NFTs as collectibles if they're meant to be art, music, or other creative works and not investments.

If enacted, the bill would bring much-needed clarity for NFTs. 'Cause now, it feels like suing The Weeknd for selling concert tickets. Make it make sense.


📰 News drops

🍊 Donald Trump went live on X Spaces for an event called "Donald Trump State of Crypto Address," yet hardly touched on crypto or his family's new DeFi project, World Liberty Financial. While Trump kept it vague, Zak Folman, one of the project's leaders, revealed they'd launch WLFI tokens.

🤖 AI scientists are urging governments around the globe to set up a framework for managing the risks associated with AI technology. They're concerned that without proper protections, the technology they've helped develop could turn dangerous.

🏦 DBS, Singapore's largest bank, plans to launch over-the-counter (OTC) crypto options trading and structured notes for institutional clients by the end of this year. These offerings will give clients trusted, institutional-grade access to digital assets.

📬 Democratic Senators Elizabeth Warren, John Hickenlooper, and Sheldon Whitehouse called on the Fed to cut interest rates by 75 basis points. "If the Fed is too cautious in cutting rates, it would needlessly risk our economy heading towards a recession," they warned.

⛏️ Blockchain analytics firm Arkham reported that Bhutan holds over $750 million in Bitcoin. Unlike most governments, Bhutan's BTC isn't from law enforcement seizures; it comes from their Bitcoin mining operations.

🦾 BitGo, a crypto custodian, has launched an automated platform for managing native tokens. This new system simplifies everything from custody and grant management to distribution and payouts.


🍌 Juicy memes

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Source: @Trader_Theory
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Source: @wallstreetbets
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Source: @cryptocevo

Gode S. , Web3 Market Analyst
Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.
Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.
Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.

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