Author: Coindesk

Kraken’s ill-fated motion to dismiss, filed in February, argued that the SEC had failed to state a claim – essentially, that the facts in the case, even if true, did not constitute a violation of the law – arguing that cryptocurrencies do not meet the definition of a security as defined by the Howey Test. Read the full article here

Importantly, these companies would likely be raising money at more realistic valuations, as they would need to demonstrate they are building genuine businesses with sustainable revenue models. In this model, the blockchain would generate revenue from the blockspace used by these products, builders would profit as the value of the tokens they own increases, venture capitalists would see returns through token unlocks, and centralized exchanges would earn from the buying and selling of tokens by users. Or, perhaps, larger companies would acquire these projects in a way that is financially beneficial for everyone involved. Read the full article here

BlackRock’s iShares Ethereum Trust (ETHA) just passed $1 billion of net inflows, making it the seventh-most-successful ETF launch this year, according to Nate Geraci, president of the ETF Store. Fidelity’s Advantage Ether ETF and the Bitwise Ethereum ETF have taken in $390 million and $312 million, respectively, according to data from Farside Investors. Read the full article here

Starting in 2020, the crypto investment platform and lender began offering Abra Earn to customers, promising high levels of returns for letting the firm use their assets, the SEC said in its complaint. At one point, the program had about $600 million, and almost $500 million was from U.S. investors. Also, for at least two years, Abra operated as an investment company without registering, the SEC said. Read the full article here

Most of the recent growth, however, came from smaller issuers, rwa.xyz data shows. Hashnote’s offering mushroomed nearly 50% to hit $218 million over the past month. Meanwhile, OpenEden’s and Superstate’s products grew 37% and 18%, respectively, during the same period, both nearing $100 million market cap. Read the full article here

Every single DePIN project needs an explorer that shows the number and location of their devices, their token price and trading volume, their on-chain revenue, and other important metrics. Historically, each DePIN has had to create this for themselves which involves smart contract, backend, and frontend work and can take months. This is incredibly inefficient as this piece of the stack is basically the same across every DePIN project. Luckily, Hotspotty, EV3, IoTeX, and DePIN Pulse are here to help. Read the full article here

While various projects have seen real value brought by the accelerated growth from leveraging points programs, there have been issues around unmet promises and users getting airdrops and payouts from their point programs that are much less than they were expecting, said Rumpel Labs CEO Kenton Prescott – a former developer of MakerDAO. Meanwhile, there are users out there who want to get extra exposure to these projects, but have no way of getting that, Prescott added. Read the full article here

The red line is the difference in the spread we discussed above. Notice to the far right, in June 2022, the real rate of interest was -8.3%. In other words, policy was so weak, it had no effect on prices. At the time, the effective fed funds rate was close to zero while inflation growth peaked at 9.1%. So, shortly thereafter, the Fed started a series of aggressive rate hikes to get price growth back under control. Read the full article here

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Bitcoin (BTC) traded near $64,000 early Monday, briefly hitting $65,000 over the weekend boosted by Federal Reserve Chair Jerome Powell’s dovish remarks at the Jackson Hole symposium. On Friday, Powell signaled that an interest rate cut might be coming in September. Solana (SOL) showed relative strength among crypto majors, up 3% over the past 24 hours, shrugging off diminishing odds of a SOL-based spot ETF in the U.S. The broad-market benchmark CoinDesk 20 advanced 0.6% during the same period. The recovery of crypto prices was supported by a strong stablecoin expansion, with $1 billion of tokens minted at a 7-day…