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Block 1: Essential news
Tether launches new gold-backed stablecoin
Tether, the issuer of the USDT stablecoin, has launched a new range of stablecoins called "Alloy by Tether", over-collateralized with gold. The first product, aUSDT, is dollar-backed and guaranteed by Tether Gold (XAUTUGRIK), with physical gold stored in Switzerland. Users can create aUSDT using XAUTUGRIK as collateral, after KYC verification. This stablecoin is currently only available on the Ethereum blockchain and includes an arbitrage mechanism to keep its value anchored at one dollar.
MicroStrategy wants more
Nasdaq-listed software company MicroStrategy has increased its convertible bill offering by 40%, so by $500 million to $700 million, a day after launching the issue. The bonds, which offer an annual yield of 2.25% and are only available to institutional investors in a private offering, are being sold to enable the company to buy more bitcoins. The company founded by Michael Saylor already holds 214,400 BTC (worth around $14 billion).
Deutsche Telekom takes another step into crypto-currencies
Deutsche Telekom, the German telecommunications giant, announced its entry into cryptocurrency mining, including Bitcoin, at the BTC Prague conference. The company, already active in the blockchain field, has been managing nodes for the Bitcoin network and the Lightning Network since 2023. This initiative marks a further step in their Web3 strategy, which aims to strengthen their presence in the cryptocurrency ecosystem.
Coinbase launches token pre-listing service
Coinbase has launched a pre-launch marketplace for trading cryptocurrencies prior to their official listing. This product enables speculation on the price of tokens before their "token generation event (TGE)", i.e. before official airdrops. Users can trade perpetual futures contracts on these tokens, which convert to standard contracts after launch. Accessible mainly via Coinbase International and Coinbase Advanced, this market presents increased liquidity and volatility risks.
Pre-launch markets are coming to Coinbase Advanced.
Trade new tokens before they launch and participate in price discovery, all within a trusted and secure platform. Check back here to see our first pre-launch listing, coming soon...
Check it out ↓ pic.twitter.com/GsKrWDkT9W
- Coinbase Traders (@coinbasetraders) June 17, 2024
Block 2: Crypto Analysis of the Week
Consensys, one of the most important players in the Ethereum ecosystem, has announced that the Securities and Exchange Commission (SEC), the US stock market regulator, has closed its investigation into the company. Specifically, in a letter published on June 18, the SEC announced that it "does not intend to recommend enforcement action against Consensys Software Inc". In other words, the regulator is dropping its investigation launched in April against Consensys, which manages the uncontested Metamask wallet for the Ethereum ecosystem.
The company was quick to react on social networks:
ETHEREUM SURVIVES THE SEC.
Today we're happy to announce a major win for Ethereum developers, technology providers, and industry participants: the Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0.
This means that the SEC...
- Consensys (@Consensys) June 19, 2024
Translation: "Today, we are pleased to announce a major victory for Ethereum developers, technology providers and industry participants: the SEC's Enforcement Division has notified us that it is closing its investigation into Ethereum 2.0. This means that the SEC will not pursue claims that ETH sales are securities transactions".
Although Consensys believes that, with this decision, the SEC no longer considers ethers (ETH) to be "financial securities", the SEC letter does not explicitly mention this conclusion. Moreover, the regulator explains that "this letter was in no way intended to be interpreted as indicating that the party has been exonerated or that no action may ultimately result from the staff's investigation". In other words, the SEC is not precluded from initiating further investigations or prosecutions in the future.
But for many, this cancellation of the investigation, combined with the recent approval of Ethereum Spot ETFs, confirms that the SEC will not classify ETH as a security. In fact, the Commodity Futures & Trading Commission (CFTC) has already classified the asset as a commodity, just as it did for bitcoin.
As a reminder, in the United States, the SEC is responsible for regulating financial securities, while the CFTC is in charge of regulating the commodities market. The two regulatory authorities have been battling over the regulation of the crypto sector for several years.
Even if this cancellation of the investigation does not explicitly mean that ether is definitively out of the SEC's crosshairs as regards its status as a security or not, it remains a victory in view of the American regulator's behavior in recent years.
A hostile attitude towards the cryptosphere that culminated in Coinbase , the leading US-based centralized platform, taking legal action against the SEC, seeking to force the regulator to comply with its formal rulemaking process in April 2023. The SEC is mandated to solicit public comment on proposed rules, but overall, the SEC has applied retroactive measures against crypto companies - especially after the FTX bankruptcy - while refusing to clarify the regulatory obligations of crypto companies.
But with the US presidential elections approaching, the stakes are becoming more political than purely regulatory.
Block 3: Tops & Flops
Crypto chart(Click to enlarge)
Block 4 : This week's readings
Crypto scammers target Trump's MAGA supporters (WSJ)
Trump's call to Bitcoin miners is a wake-up call to keep cryptos apolitical (Bitcoin Magazine)
