🏓 Grayscale's Gambit
Hey folks! From the Uniswap court decision to Grayscale's dispute with the SEC, Google embraces NFT ads, and the turmoil around Tornado Cash and Celsius - all covered today.
Weekly Digest From TradeCrypto.com #29
Daily statistics update:
Today's market is flat. BTC is trading at $26,226; ETH is at $1,645.
💪 Bitcoin dominance: 48.38%
📉 Total Crypto Market Cap: $1.05T
😲 Fear and greed index: 46 (Fear)
🚀 7d Gainers (Top-100)
• Synthetix (SNX) +15.11%
• IOTA (MIOTA) +14.18%
• Render (RNDR) +9.49%
😭 7d Losers (Top-100)
• Gala (GALA) -15.23%
• dYdX (DYDX) -7.91%
• Mantle (MNT) -7.15%
🔮 Doom Cat: Alex Mashinsky will be in prison?
Uniswap is dismissed
Oops, the court did it again. 🤤 A New York court has ruled that ETH and BTC are commodities and dismissed a class action lawsuit against Uniswap. In April 2022, a group of investors claimed Uniswap and its founder Hayden violated U.S. securities laws by failing to register as a securities exchange or broker-dealer. Uniswap is responsible for causing investors to lose money through "fraudulent tokens" issued on the platform, it said. The tokens named in the lawsuit are ERC-20, EMAX, BEZOGE and AWF. The court dismissed the lawsuit on the grounds that the true defendants in this case are the issuers of the "fraudulent tokens," not Uniswap.
Grayscale wants BTC ETF now
Disappointment for Grayscale. 😤 They beat SEC so soundly in court so soundly that now don't know whether to wait for a new decision from the regulator or file a new application. And they won't know for another 45 days. But they are not discouraged: On Sept. 5, Grayscale's lawyers sent a letter to SEC asking for a meeting to discuss next steps. They wrote to SEC: We believe the nearly one million investors in the fund deserve this fair outcome ASAP.🤬 Oh yes, SEC, we really all believe that matters need to be resolved sooner rather than later.
Google to run NFT ads
Update on crypto ad, including NFT games! Starting September 15, advertisers offering non-gambling NFT games will be able to promote via Google Ads. 🔥 Google banned crypto ads in 2018, but relaxed its policies in 2021 to allow ads for crypto exchanges and wallets in the U.S. as long as they are registered with financial authorities and comply with the law. However, Google continues to ban ads for Initial Coin Offerings (ICOs), decentralized financial protocols (DeFi), and any ads related to crypto gambling. 🤫
Tornado Cash founder pleads not guilty
Roman Storm, that just recently released on 2 million bond bail and with travel restrictions in the U.S., pleaded not guilty to all charges.😮💨 The charges are: Money Laundering, Sanctions Violations and Embezzlement of Unlicensed Cash Transfers. We had expected this move, as Alexey Pertsev, the Tornado Cash dev who was arrested on the same charges in 2022, was recently released from prison and denied any ties to Lazarus Group. As we said before, it seems that the US is conducting a witch hunt, while the crypto world does not see Tornado Cash as black as the government. 😤
Alex Mashinskiy’s assets frozen
Here’s the joke about Celsius and how things went south. Let's not gloat too much, that's what Celsius’ creditors are for. 😉 Just a reminder, Alex was arrested on July 13 on criminal and civil charges and released on $40 million bail pending trial. Now, no money can leave certain bank accounts, and real estate is also closely monitored. No way out. Is there any chance he can get away with ripping off billions? 🤡
Conclusion: As the last image shows: The sweet taste of justice. This week, you can sit with a similar cup of tea and watch the charts change from red to green with no clear signs. The court decides everything in the U.S., not the regulators. And while the surface of things may be a little scary, things like Google being allowed to run NFT ads are something of a warm glow.
See you next week, folks! Thanks for being with us. Brought to you by Yana :)
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What is Crypto Ping Pong digest?
We work pretty hard, and from time to time we need to relax. Recently we got a ping pong table to complete our chill zone. As you all know, our biggest hobby is crypto, and even when we play, we don’t shut up about it. Ever.
So memes, leaks, and gossip happen – we collect them and share them with you. We like to call Crypto Ping Pong digest.