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| Hey Insider! Welcome back to the Inside Cryptocurrency newsletter! Today’s issue covers the six biggest stories from the crypto industry, including TON’s new on-chain private messaging feature, Bittrex’s legal motion against the SEC, Credit Suisse’s NFT collection dedicated to women’s football, and more. Enjoy your reading! Doğa
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| 1 | | Crypto exchange Bittrex, carrying on its bankruptcy proceedings in the U.S., has filed a motion asking the court to dismiss charges brought by the U.S. Securities and Exchange Commission (SEC). In its motion, the exchange argued that the agency does not have the authority to regulate the crypto market unless Congress explicitly grants this authority to the regulator. More: - In April, the SEC filed a lawsuit against Bittrex over the violation of U.S. laws by running as an exchange, broker-dealer, and clearinghouse at the same time without registration and listing unregistered securities.
- Shortly after the complaint, Bittrex filed for Chapter 11 bankruptcy protection in the U.S. without halting its global operations.
- In its latest motion, the exchange said crypto assets being traded on secondary markets should not be classified as securities but as commodities.
- The platform also stated that the SEC did not properly communicate with the crypto exchanges to inform them that their actions were illegal.
- The firm noted that even if all the allegations are true, the agency has no legal authority to regulate cryptocurrencies as securities.
Zoom Out: - Coinbase, the largest U.S. crypto exchange, also recently submitted a motion asking the court to dismiss the SEC's charges against it.
- Coinbase also said regulating the crypto market is beyond the agency's legal authority, citing the SEC Chair Gary Gensler's testimony from 2021.
- Gensler said only Congress had the power to regulate the crypto industry.
- Over the last several months, many other crypto exchanges, including Binance, Coinbase, Kraken, and Gemini, came under increased scrutiny by the SEC.
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| 2 | |  What the numbers say: Yuga Labs' famous Bored Ape Yacht Club (BAYC) NFT collection recently retreated to under 30 Ether (ETH) in floor price for the first time since October 2021 before seeing a slight recovery. The collection's floor price fell to as much as 27.5 ETH on June 3, hitting a 20-month low. The figure also represents a 88% decrease from the collection's all-time high in April 2022. However, the popular NFTs managed to surge to the 30 ETH level again during the early hours of June 4.
Relevance: The decline in the BAYC collection's floor price was attributed to the recent downward trend in the NFT market. The trend started with the launch of a new NFT collection dubbed Elementals by Chiru Labs, the firm behind the popular Azuki NFTs, last week. The new collection failed to meet expectations as many users found the visuals in Elementals identical to the ones in Azuki. The similarities between the two collections paved the way for a wave of holders who sold off the main Azuki NFTs, creating a ripple effect across the entire market. Brands that should care: Meanwhile, several other well-known NFT collections, including Mutant Ape Yacht Club and Pudgy Penguins, have also been impacted by this downward trend, showing a sudden decline in floor prices. | | | |
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| 3 | | Kyle Davies and other co-founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC), announced that they would donate a certain portion of earnings from the crypto exchange OPNX to 3AC creditors who lost money in the collapse. Davies launched OPNX in April this year with fellow 3AC co-founder, Su Zhu. More: - Davies said that donating OPNX's potential earnings to the creditors would be good karma.
- Davies added that the scheme would be independent of the official liquidation process.
- 3AC creditors will be only able to receive funds from OPNX earnings if they are early supporters of the exchange.
- Davies said on Twitter that there are already many creditors who fully recovered their funds.
- At the time of OPNX's launch, Davies and Zhu pointed out that the new exchange mainly aims to support the trading of user assets in the form of tokens stuck on bankrupt crypto platforms, including FTX and Celsius.
Zoom Out: - 3AC filed for bankruptcy in July 2022 due in part to the prolonged crypto winter triggered by the multi-billion dollar collapse of Terra in May.
- The bankruptcy filings showed that the collapsed fund owed around $2.8B to more than 20 firms.
- Founders Kyle Davis and Su Zhu were held responsible for the failure and for the multi-billion dollar losses suffered by many people after the bankruptcy.
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| 4 | | South Africa's Financial Sector Conduct Authority (FSCA) has announced that it will make operating with licenses mandatory for crypto exchanges by the end of 2023. The financial market regulator said digital asset trading platforms could face enforcement actions for noncompliance. More: - The potential enforcement actions include closure and fines.
- The FSCA started accepting applications for a crypto service provider license a few weeks ago.
- Since then, the regulator has received around 20 applications.
- FSCA Commissioner Unathi Kamlana said they want to introduce a regulatory framework for the crypto market since virtual assets could pose the risk of serious harm to financial customers.
Zoom Out: - South Africa is currently the most developed economy in Africa.
- The nation is also the first country on the continent to require crypto exchanges to obtain licenses.
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| 5 | | TON Foundation, the community behind The Open Network (TON), has launched an on-chain messaging feature that encrypts messages end to end. The new feature allows TON users to send private messages to each other. More: - TON users were already able to send messages in transactions, which can be publicly read.
- However, the new feature added the option to send messages that can be only read by the intended recipients.
- TON's core developer Anatoly Makosov said the feature would personalize the transactions and be useful in situations where traditional messenger servers fail.
- The new private messaging feature is currently available in several wallet apps, including MyTonWallet, OpenMask, and TON Wallet.
Zoom Out: - TON was initially developed by the popular instant messaging app Telegram as the platform's first big step toward Web3.
- However, confrontations with the U.S. Securities and Exchange Commission (SEC) forced Telegram to abandon the project in 2020.
- Since then, TON has been run by the TON Foundation, an open-source project comprised of community members.
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| 6 | | Swiss investment bank Credit Suisse announced that it will launch a 756-piece NFT collection on the Ethereum blockchain in collaboration with the Swiss Football Association (SFA) to support women's football. The move marked the bank's first foray into the NFT space. More: - The collection features digital art portraits of the players of the Swiss Women's National Team.
- The NFTs will be put up for sale in three different packages with price tags ranging from $167 to $11,165: Unique, rare, and limited.
- The holders will be able to access different benefits depending on the package, including physical artwork, exclusive meeting sessions with the players, and signed uniforms.
- The physical artwork versions of the NFTs were designed by Swiss artist Daniela Filippelli before the digital collectibles were minted by Credit Suisse on Ethereum.
- The 756 NFTs in the collection will be available for purchase between July 11 and August 31 on the Swiss bank's digital banking app, CSX.
- Users will be able to buy the digital collectibles in Swiss francs through a direct account debit.
- All the proceeds from the sales will be donated to the team and the organizations dedicated to empowering female football players.
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- Thailand's Securities and Exchange Commission banned crypto exchanges from using customers' crypto assets in lending and investment services.
- A New Jersey resident has been sentenced to six years in prison after paying $20,000 of Bitcoin (BTC) to a hitman to commit murder.
- Cameron Winklevoss, cofounder of U.S.-based crypto exchange Gemini, said the U.S. Securities and Exchange Commission (SEC) pushed investors into toxic and unregulated crypto products.
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 | Staff Writer | | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. | | This newsletter was edited by Gregory Bridgman | |
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