Alpaca Finance Institutional Newsletter #89
Highlights
- SEC Crypto Asset Unit Head David Hirsch Resigns After Nine Years
- Tether Launches Gold-Backed Digital Currency Alloy
- SEC Closes Investigation Into Ethereum 2.0, Consensys Celebrates Win
David Hirsch, head of the SEC’s Crypto Asset and Cyber Unit, has resigned after nearly nine years with the agency. Announcing his departure on LinkedIn, Hirsch highlighted his work on complex investigations and expressed pride in leading the Crypto Assets and Cyber Unit. He did not disclose future plans but hinted at a break before sharing more details. Hirsch’s departure comes amid heightened scrutiny of the SEC’s role in the crypto sector, with the agency facing pressure to approve spot Ethereum ETFs and its Chair, Gary Gensler, remaining a controversial figure in the crypto community.
Tether has launched Alloy by Tether, a groundbreaking digital asset backed by Tether Gold, developed by Moon Gold NA and Moon Gold El Salvador. The first token, aUSD₮, tracks the US dollar’s value while being over-collateralized by gold stored in Switzerland. Alloy by Tether offers stability through its innovative tethering mechanism and is available on the Ethereum Mainnet. This platform enables the creation of various gold-backed digital assets, providing secure options for transactions and asset management.
Consensys announced that the U.S. SEC has closed its investigation into Ethereum 2.0, a significant victory for the blockchain industry. This decision came after Consensys sent a letter in June seeking clarification on ether’s classification following the approval of spot ether ETFs. Consensys, the company behind the MetaMask wallet, had previously filed a lawsuit against the SEC, challenging the categorization of ether as a financial security. While SEC Chair Gary Gensler has been noncommittal on the issue, CFTC Chair Rostin Behnam has labeled ether a commodity. Consensys continues to seek legal clarity on its MetaMask Swaps and Staking services.
News
SEC’s Head of Crypto Asset and Cyber Unit departs after nearly nine years
Michael Saylor’s MicroStrategy Acquires 11.9K More Bitcoin for $786M
Michael Dell’s Bitcoin post sparks massive BTC purchase speculations
1,590 CoinStats crypto wallets ‘affected’ in security breach
Products
Tether Announces Launch of Alloy by Tether: A New Digital Asset Backed by Tether Gold
Coinbase starts offering pre-launch markets trading on its international and advanced exchanges
Standard Chartered is Building a Bitcoin Trading Desk
APhone introduces DApp store combining Web2 and Web3 apps
Regulation
US SEC closes investigation in Ethereum 2.0, ‘major win’ for industry: Consensys
US CFTC probing Jump Trading’s involvement in crypto, Fortune reports
Uphold to delist USDT and 5 stablecoins by July 1, citing MiCA
Italian gov’t to ramp up surveillance of crypto market
Funding
VC Roundup: Investors double down on funding for crypto, blockchain startups
Trump campaign refunds Winklevoss twins after bitcoin donations exceed limit, Bloomberg News reports
Fidelity amends Ether ETF Filing, discloses $4.7M in seed capital
SoSoValue raised $4.15M seed funding to lead AI-driven crypto investment research revolution
