10/26/23: SBF Pulls An Elizabeth Holmes ⚖️🏦📜

Author

Valko
October 26, 2023

Top News

  • ⚖️ SBF to take the stand and testify at his trial | New York Magazine

  • 🏦 JP Morgan handles $1B daily transactions on JPM Coin | CoinDesk

  • 📜 UK passes bill to make seizing & freezing crypto easier | CoinDesk

Sam Bankman-Fried Is Pulling an Elizabeth Holmes And Testifying

The alleged crypto fraudster will take the witness stand in his defense — a risky move.

⌐◪-◪ → I know I said I’m getting tired of the SBF headlines, but this time it’s different. After sitting through his case silently, SBF is finally taking the stand. This could be the climax we’ve all been waitng for, with folks semi-joking that SBF may accidentally talk himself into the death penalty. Whatever he asserts/denies, he’ll be up against 3x witnesses according to his lawyer. In the meantime, check out the new SBF documentary, and Carlo⚖️.eth’s IRL experience at court in NYC.

JPMorgan Handles $1B Transactions Daily In Digital Token JPM Coin on their Onyx platform.

JPMorgan has plans to widen the coin's usage the bank's head of payments Takis Georgakopoulos said in an interview

⌐◪-◪ → $1B in daily transactions is pretty impreessive. For context, Uniswap did $961.57M of volume over the last 24 hours. But what exactly is trading? Onyx is JP Morgan’s platform for tokenizing traditional assets like US treasuries, mortgage backed securities, etc. - with participants including Goldman Sachs. Looks Onyx is finding product/market fit, and may very well completely decimate traditional business credit lines - unlocking true intraday liquidity.

UK Lawmakers Pass Bill to Help Seize Illicit Crypto

The bill lets law enforcement freeze crypto without a conviction, promising faster and more substantial seizures.

⌐◪-◪ → You guys probably already know where I’m going with this, so without further adieu - not your keys, not your crypto. Seriously though, if it CAN be regulated it WILL be regulated. Blockchain was created to eliminate any single point of failure - or requirement of trust - in favor of an entirely peer to peer electronic cash system. So, while headlines like this might feel bearish, remember that you can (and should) always self custody your crypto.

Peripheral Vision

⛓️ Crypto & DeFi

  • Bitcoin developers torn on Lightning Network vulnerability | DLNews

  • $13.3M of SIM swap scams unraveled by ZachXBT | @zachxbt

  • Mastercard teams up with MoonPay on customer loyalty | CoinDesk

  • RUIN, a feature documentary about the SBF saga drops | Bloomberg

  • 1st tokens on Uniswap, HayCoin, being collected | CoinDesk

  • CNBC anchor says, “prepare for the halvening” | @BitcoinMagazine

  • LayerZero introduces omnichain token | The Block

  • Elliptic says the scale of crypto terrorism funding is tiny | The Block

  • Unciphered offers to recover $244M in lost BTC | Cointelegraph

🏦 Wallstreet & VC

  • Ricardo Salinas says Bitcoin is a “way of life” | @BitcoinMagazine

  • Anboto Labs raises $3M for custodial trading platform | The Block

  • Deutsche Bank trials SWIFT alternative for stablecoins | CoinDesk

🏛️ Legal & Regulatory

  • Sen. Warren finds support in US House for crypto regs | The Block

  • Hashdex meets with SEC about ETF application | @BitcoinNewsCom

  • Bitwise updates ETF application after SEC feedback | @BTC_Archive

  • JPMorgan says SEC rejection of ETFs could cause lawsuits | The Block

  • Gensler, true to form, says crypto is full of fraud & scams | The Block

🌎 Rest of the World

  • Japan implements new law to regulate stablecoin issuance | CoinDesk

  • Freshman Mexican Senator wants to make BTC legal tender | Decrypt

  • Nigeria’s currency crisis leads to stablecoin adoption | DLNews

  • Circle partners with Taiwan’s BitoGroup and FamilyMart | The Block

  • Argentina’s 3rd-place candidate supports Milei | @BitcoinMagazine

🖼️ NFTs & Metaverse

  • ApeCoin DAO rejects prop to cut salaries 50% | @BoredApeGazette

  • Snofro Velocity Series mints out earlier today | @Tyler_Did_It

  • Lebron caught rocking RTFKT x Rimowa collab | @nftnow

  • Parallel Games adds 120+ NFTS to expansion pack | Decrypt

  • Memeland token sale hits $10M in just 42 minutes | CoinDesk

Spectacular Shoutout

Thanks for the awesome shoutout Mighty Labs!

Believe it or not, their entire Discord community reads Specs every day 😎

👉 To get featured here → give us a shoutout on 𝕏!