FTX Creditors Repaid 💰, Biden Vetoes Crypto Legislation ✂️, VanEck Launches Memecoin Index 🐶
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<div style="display:none; font-size:0px; line-height:0px; max-height:0px; max-width:0px; opacity:0; overflow:hidden; visibility:hidden; mso-hide:all;">Former crypto exchange FTX has proposed a plan to see 98% of creditors receive 118% of their claims. Other non-governmental creditors would get 100% </div>
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<h1><strong>TLDR Crypto <span id="date">2024-05-09</span></strong></h1>
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<a href="https://www.coindesk.com/policy/2024/05/08/nearly-all-ftx-creditors-will-get-118-of-their-funds-back-in-cash-estate-says-in-new-plan/">
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<strong>Nearly All FTX Creditors Will Get 118% of Their Funds Back in Cash, Estate Says in New Plan (4 minute read)</strong>
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<span style='font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;'>
Former crypto exchange FTX has proposed a plan to see 98% of creditors receive 118% of their claims. Other non-governmental creditors would get 100% of claims plus up to 9% interest if the bankruptcy court approves the plan. The money was accrued by selling various FTX assets, like its stake in AI company Anthropic. FTX's lack of BTC and ETH holdings at the time of bankruptcy prevented it from seeing asset appreciation due to recently rising prices.
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<a href="https://bitcoinmagazine.com/business/president-joe-biden-will-veto-legislation-allowing-financial-firms-to-custody-bitcoin-white-house">
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<strong>President Joe Biden will veto legislation allowing financial firms to custody Bitcoin: White House (3 minute read)</strong>
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<span style='font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;'>
President Joe Biden's Executive Office announced that Biden would veto the proposed H.J. Res. 109, allowing highly regulated financial firms to be cryptocurrency custodians. The office claims the resolution would disrupt the SEC and overturn a previous SEC bulletin. The legislation passed in the House of Representatives.
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<a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38706497/bitcoin-etf-issuer-vaneck-launches-memecoin-index-includes-doge-shib-and-4-more-meme-coins">
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<strong>VanEck launches memecoin index (2 minute read)</strong>
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<span style='font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;'>
VanEck has launched an index of popular meme coins like DOGE and SHIB. Its strategy caps individual coins at a 30% weighting and adjusts monthly. VanEck warns investors how memecoins are volatile and driven by social media influence.
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<strong>Mastercard works on tokenized settlement (2 minute read)</strong>
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Mastercard is partnering with major U.S. banking institutions like Citigroup, Visa, and JPMorgan to test a tokenized settlement system on a shared ledger platform, aiming to streamline multi-asset class settlements. This Regulated Settlement Network (RSN) trial integrates different asset types like treasuries and commercial bank money into a unified system, potentially improving settlement efficiency and lowering risks associated with traditional finance systems.
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<strong>Deep dive into EIP-7702 (6 minute read)</strong>
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<span style='font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;'>
This post breaks down how EIP-7702, recently proposed by Vitalik Buterin, incorporates EIP-3074, 4337, and 5003 to improve Ethereum's account abstraction while enhancing security and user experience. EIP-7702 introduces a migration mechanism for EOAs to leverage smart contract features, enabling users to interact with Ethereum in a more streamlined fashion.
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<a href="https://medium.com/@nic__carter/five-perspectives-on-stablecoins-5bc20076270a">
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<strong>Nic Carter's analysis on 5 stablecoin perspectives (31 minute read)</strong>
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This article shares five perspectives on stablecoins and what a post-stablecoin world looks like. It focuses on thoughts that shift from “should stablecoins exist” to “assuming stablecoins, then what” and explores a wide spectrum of views from academics to policymakers.
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<strong>$438B Asset Manager Susquehanna Buys $1.3B In Bitcoin ETFs (2 minute read)</strong>
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In its 13F filing, Susquehanna revealed it purchased $1.3 billion of Bitcoin ETFs. The purchase was spread across various ETFS, with Grayscale's GBTC accounting for over $1 billion. This is the largest recorded holding of the ETF to date. Hightower, a $130B asset manager, recently bought $68 million in Bitcoin ETFs.
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<a href="https://mirror.xyz/tamaratran.eth/6ezSVdmxWv2yN8a2hm_NlJtRSWOm1ql1eRU6Fbv2xfY">
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<strong>Structuring Blobspace Futures for Fun and Profit (7 minute read)</strong>
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Options and forward contracts for blobspace allow L2s to hedge against future congestion or mainnet demand effectively. A ~1-month forward strip is a sufficient timeframe for hedging while consolidating liquidity across speculators. Since the blob gas fee is prone to manipulation, the supply of contracts must be limited. Sellers exposed to asymmetric risk must be protected somehow, possibly through an insurance fund.
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Former crypto exchange FTX has proposed a plan to see 98% of creditors
receive 118% of their claims. Other non-governmental creditors would
get 100%
Sign Up [1] |Advertise [2]|View Online [3]
TLDR
TLDR CRYPTO 2024-05-09
📈
MARKETS & BUSINESS
NEARLY ALL FTX CREDITORS WILL GET 118% OF THEIR FUNDS BACK IN CASH,
ESTATE SAYS IN NEW PLAN (4 MINUTE READ) [4]
Former crypto exchange FTX has proposed a plan to see 98% of
creditors receive 118% of their claims. Other non-governmental
creditors would get 100% of claims plus up to 9% interest if the
bankruptcy court approves the plan. The money was accrued by selling
various FTX assets, like its stake in AI company Anthropic. FTX's lack
of BTC and ETH holdings at the time of bankruptcy prevented it from
seeing asset appreciation due to recently rising prices.
PRESIDENT JOE BIDEN WILL VETO LEGISLATION ALLOWING FINANCIAL FIRMS TO
CUSTODY BITCOIN: WHITE HOUSE (3 MINUTE READ) [5]
President Joe Biden's Executive Office announced that Biden would
veto the proposed H.J. Res. 109, allowing highly regulated financial
firms to be cryptocurrency custodians. The office claims the
resolution would disrupt the SEC and overturn a previous SEC bulletin.
The legislation passed in the House of Representatives.
🚀
INNOVATION & LAUNCHES
VANECK LAUNCHES MEMECOIN INDEX (2 MINUTE READ) [6]
VanEck has launched an index of popular meme coins like DOGE and
SHIB. Its strategy caps individual coins at a 30% weighting and
adjusts monthly. VanEck warns investors how memecoins are volatile and
driven by social media influence.
MASTERCARD WORKS ON TOKENIZED SETTLEMENT (2 MINUTE READ) [7]
Mastercard is partnering with major U.S. banking institutions like
Citigroup, Visa, and JPMorgan to test a tokenized settlement system on
a shared ledger platform, aiming to streamline multi-asset class
settlements. This Regulated Settlement Network (RSN) trial integrates
different asset types like treasuries and commercial bank money into a
unified system, potentially improving settlement efficiency and
lowering risks associated with traditional finance systems.
💡
GUIDES & TUTORIALS
DEEP DIVE INTO EIP-7702 (6 MINUTE READ) [8]
This post breaks down how EIP-7702, recently proposed by Vitalik
Buterin, incorporates EIP-3074, 4337, and 5003 to improve Ethereum's
account abstraction while enhancing security and user experience.
EIP-7702 introduces a migration mechanism for EOAs to leverage smart
contract features, enabling users to interact with Ethereum in a more
streamlined fashion.
NIC CARTER'S ANALYSIS ON 5 STABLECOIN PERSPECTIVES (31 MINUTE READ)
[9]
This article shares five perspectives on stablecoins and what a
post-stablecoin world looks like. It focuses on thoughts that shift
from “should stablecoins exist” to “assuming stablecoins, then
what” and explores a wide spectrum of views from academics to
policymakers.
🦄
MISCELLANEOUS
$438B ASSET MANAGER SUSQUEHANNA BUYS $1.3B IN BITCOIN ETFS (2 MINUTE
READ) [10]
In its 13F filing, Susquehanna revealed it purchased $1.3 billion of
Bitcoin ETFs. The purchase was spread across various ETFS, with
Grayscale's GBTC accounting for over $1 billion. This is the largest
recorded holding of the ETF to date. Hightower, a $130B asset manager,
recently bought $68 million in Bitcoin ETFs.
STRUCTURING BLOBSPACE FUTURES FOR FUN AND PROFIT (7 MINUTE READ) [11]
Options and forward contracts for blobspace allow L2s to hedge
against future congestion or mainnet demand effectively. A ~1-month
forward strip is a sufficient timeframe for hedging while
consolidating liquidity across speculators. Since the blob gas fee is
prone to manipulation, the supply of contracts must be limited.
Sellers exposed to asymmetric risk must be protected somehow, possibly
through an insurance fund.
⚡
QUICK LINKS
PANTERA CAPITAL: 100TH LETTER FUND V LAUNCH (30 MINUTE READ) [12]
Pantera Capital is launching a new $1 billion venture fund, Pantera
Fund V, to invest across the spectrum of venture equity, early-stage
tokens, treasury tokens, and liquid tokens.
BENEFITS OF COSMOS (1 MINUTE READ) [13]
This thread briefly touts the benefits of using the Cosmos chain due
to the IBC bridge's cheap, fast settlement and bigger Dapps like DyDx
leveraging Cosmos' app chain capabilities
ARGENTINA ENERGY COMPANY TO MINE BITCOIN (2 MINUTE READ) [14]
An Argentinian state-owned energy firm, YPF Luz, is working with
Genesis Digital Assets to launch a Bitcoin mining operation powered by
stranded gas from oil fields.
“HOW TO DICTATOR-PROOF YOUR MONEY” (8 MINUTE READ) [15]
Human rights activists are using Bitcoin to maintain financial
independence despite authoritarian regimes trying to weaponize
traditional finance systems to strip them of their assets.
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Esham Macauley, Lincoln Murr & Nish Samarasinghe
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[8] https://threadreaderapp.com/thread/1788119041024168385.html?utm_source=tldrcrypto
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