Alpaca Finance Institutional Newsletter #91
Highlights
- Mt. Gox Begins Repayments, Bitcoin Faces Selling Pressure
- German Member of Parliament Urges Government to Halt Bitcoin Sell-Off
- Federal Court Rules Cryptocurrencies and BNB Not Securities
Mt. Gox has started repaying customers nearly a decade after a 2014 hack led to its bankruptcy, resulting in the loss of 740,000 bitcoins. Once the leading crypto exchange, handling over 70% of bitcoin transactions, Mt. Gox’s repayment announcement has added selling pressure on the crypto market, with Bitcoin dropping to $53,600. Despite market fears, WOO X COO Willy Chuang believes the long-term impact will be less severe as the market gradually absorbs the sell-off. Some customers may wait 60–90 days for payouts, with exchanges like Bitbank, BitGo, Bitstamp, Kraken, and SBI VC Trade approved for processing.
German MP Joana Cotar has urged the government to stop its “hasty” Bitcoin sell-off, advocating for Bitcoin to be used as a strategic reserve currency. Since June 19, Germany has sold 7,583 BTC, worth $434.9 million, but Cotar argues that holding Bitcoin could diversify treasury assets and protect against currency devaluation. She emphasized that further sell-offs are counterproductive and invited politicians to the “Bitcoin Strategies for Nation States” event in October. Despite recent sales impacting Bitcoin’s price, Cotar believes a comprehensive Bitcoin strategy could enhance Germany’s economic resilience and attract global talent.
In a major victory for the crypto industry, a U.S. federal court ruled that cryptocurrencies and secondary sales of BNB tokens do not constitute securities. Judge Amy Berman Jackson dismissed several SEC claims against Binance, stating the SEC failed to prove that purchasers expected profits, a key criterion of the Howey test. This decision could impact other legal battles, such as the SEC vs. Ripple lawsuit, by emphasizing that the circumstances of each transaction, rather than the cryptocurrencies themselves, determine if they are securities.
News
Mt. Gox Begins Repayments in Bitcoin and Bitcoin Cash
German MP urges government to stop ‘hasty’ Bitcoin sell-off
Robinhood looking to list crypto futures in the coming months: Bloomberg
Ubisoft Is Making Another Effort To Push NFTs
Products
Crypto startup Hamilton launches tokenized US Treasury bonds on Bitcoin layer-2s
Hamster Kombat hits 239M users in 81 days — Telegram’s Durov
Sony gets ready to launch crypto exchange in Japan with acquired Amber platform
Grayscale Ethereum Trust discount to NAV quietly switches to a premium ahead of anticipated spot ETF launch
Regulation
SEC vs. Binance: Court rules BNB sales, cryptocurrencies not securities
UK crypto advocates call for consistent policy after Labour landslide
US House may vote to overturn Biden’s SAB 121 veto next week
Russian regulator encourages use of crypto to counter sanctions
Funding
Notcoin and Helika Gaming unveil $50M Telegram Gaming Accelerator
DWF Labs launches $20M fund for Web3 projects in China
VC Roundup: Blockchain-AI startups grab investors’ attention
Multicoin Pledges up to $1M for Pro-Crypto Senate Candidates
