SEC, CFTC Chairs Agree BTC Is a Commodity

Bitcoin mining revenue mirrors 2021 lows, just before BTC leaped to all-time high (ATH). All the metrics say BTC has hit bottom. Still, traders fear a further fall to $10,000. Securities and Exchange Commission (SEC) Chairman Gary Gensler calls bitcoin a commodity. This is more than significant. In May, Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam declared bitcoin and ether as commodities. While Gensler has yet to determine the status of ether, his agreeing with Behnam on the category bitcoin falls into means that the U.S. is getting closer to regulatory clarity. It also means legitimacy for bitcoin. We can expect the regulatory agencies to perform an audit of the entire crypto industry to determine whether every other project is a security, a commodity, or something else. Regarding bitcoin mining revenue and BTC’s ATH, past performance does not guarantee future performance.

Ethereum Co-Founder Vitalik Buterin whispered sweet nothings into EOS’s ear. EOS Founder Daniel Larimer blew Buterin a kiss while thanking the ETH master for his objectivity. The rest of the internet went ballistic, some arguing that Buterin was being sarcastic. Do you think Buterin believes EOS is superior to Ethereum, or was he blowing smoke?

FTX may have its eyes on Robinhood. On another note, FTX Founder Sam Bankman-Fried says some crypto exchanges are already insolvent and will soon fail. If FTX acquires Robinhood, that would be a game changer for both companies. I’m not sure how I feel about that. On the other note, it wouldn’t surprise me one bit to see a few crypto exchanges die in the harshness of the coming winter.

Axie Infinity has reopened for transactions.

Yuga Labs, creator of Bored Ape Yacht Club, sues digital artist for copying digital simians.

Binance CEO Changpeng Zhao says the worst of crypto winter is over.

Why are black people investing in crypto? (A MUST-READ published by the Kansas City Fed.) Listen to NPR’s discussion on black crypto investing.

Celsius CEO Alex Mashinsky was accused of trying to flee the country, but Celsius says it’s not true. On the other side of town, Nexo claims to be nothing like Celsius. But is it?

Roger Ver, dubbed Bitcoin Jesus for his early pioneering support of bitcoin before turning coat to promote Bitcoin Cash, is being accused by CoinFLEX of owing $47 million in USDC. Ver denies the charges, but he could get crucified.

MakerDAO is voting on a proposal to invest 500 million Dai into U.S. treasuries and bonds.

What is the relationship between transhumanism and the metaverse? (An AWESOME READ)

How Auryn Macmillan went from dribbling to founding a DAO.

14 bitcoin wallets every crypto freak should know.

KPMG is investing $30 million into Web3 training for its employees, focusing mainly on the metaverse.

HTC is building a phone to help customers enter the metaverse. In other words, they want to use a buzzword to sell you a product you don’t need. Isn’t capitalism wonderful?

Harmony hackers are laundering their loot.

Fewer than 1 percent of DAO members have 90 percent of the voting power. Gotta love democracy. Three problems with DAO governance. Everyone’s talking about this Solend thing. It doesn’t look good for Solana.

Web3 doesn’t have the same barriers Web2 had. Give the people what they want or give them Web3. Meet some of the women building Web3.

Migrating from an attention economy to a values-driven economy.

3 challenges to metaverse payment testing. Three trends shaping the metaverse of the future. Typically, consumers arrive first and brands follow. What I find interesting about the metaverse is that brands are getting there first. What if consumers don’t show up?

Indian crypto taxes are driving crypto businesses to other countries. Should anyone be surprised by this?

Taiwan Central Bank is working on a digital currency.

What kind of world would it be if we didn’t have snark and commentary in italics? Don’t even answer that question because you know it would be a horrible, dystopian and unbearable world. That’s why I put my best work in italics. You’re welcome. On the plus side of things, nothing in this newsletter is financial advice. If you take it that way, it’s on you. Do your own research and don’t take any wooden nickels.

Cryptocracy is a decentralized newsletter published several times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto.

First published at Cryptocracy. Not to be construed as financial advice.

Image credit: Kansas City Fed