US Judge Shuts Down SEC from Crypto!
Plus : Corporate Behemoths Entering The Market | CoinBasics Newsletter #28
Hey, GM. We've got some wild news for you today that will have you saying "WTF?!" in the best way possible.
Here is what we’re covering today :
SEC Shutdown by a USA judge
Corporate Giants’ renewed interest in market
Yuga Labs Bitcoin Ordinals Auction
First up, we've got the SEC :
It's like a bad breakup, but instead of your ex, it's the Securities and Exchange Commission getting kicked to the curb.
NO MORE SEC INTERFERENCE IN CRYPTO!
In a recent development, a US judge has shut down the SEC's attempt to interfere with a bankruptcy case involving embattled crypto lender Voyager.
Judge Michael Wiles has ruled that the SEC cannot punish executives and advisors working on proposals to create a new token that would help repay customers affected by the lender's collapse.
The judge criticized the SEC's interference, asking how any court proceeding could function with that kind of suggestion.
The bankruptcy proceedings stem from Binance.US's acquisition of over $1 billion worth of assets from Voyager after FTX's plans to acquire the assets fell through.
The SEC can pursue Binance.US or Voyager's attempts to actually issue a bankruptcy token in the future, but it would be plainly wrong to punish individuals for working on their proposals in court, according to the judge.
This ruling is a positive development for the crypto industry and sets a precedent for the SEC to tread carefully when it comes to interfering with bankruptcy proceedings involving crypto companies.
We will keep a close eye on this developing story and keep you updated on any further developments.
Looks like they'll have to find another hobby besides trying to regulate our favorite decentralized assets.
But wait, there's more!
It seems like the big dogs are finally entering the crypto game.
It's about time, right?
It's like when your mom finally starts using emojis - a little late to the party, but we're happy to have them here.
A) AMAZON
Amazon's Upcoming NFT marketplace is no secret. But it could send the NFT space parabolic, thanks to its 200 million Prime subscribers, annual revenue of more than $500 million, and market cap in excess of $1 trillion.
However, we hope they avoid the Coinbase NFT marketplace pitfalls.
We're excited to see what kind of innovation and disruption these corporate giants will bring to the crypto world.
B) BANK OF AMERICA
Bank of America seems to have grasped the concept of secondary royalties.
They have given positive reviews of Starbucks Odyssey's expansion which could ignite interest from the masses.
We could see some favorable price action soon, with a limited edition Stamp (NFT) mint coming up on March 9.
We're excited to see what kind of innovation and disruption these corporate giants will bring to the crypto world.
But onto to existing giants in the NFT space now.
YUGA LABS BITCOIN ORDINIALS AUCTION.
Yuga Labs has made quite a splash in the NFT world with their Bitcoin Ordinal collection, raking in a whopping $16.5 million in just 24 hours!
The "TwelveFold" collection featured 288 Bitcoin-based NFTs, each inscribed on Satoshis on the BTC network. And it seems the lucky winners couldn't wait to show off their new NFTs online.
The daily volume exceeding $1m following the Twelvefold Yuga Bitcoin announcement.
Despite a manual escrow process and a website UI/UX that looks like a website from the ’90s, the final auction results aligned more closely with the lofty estimated auction prices.
Described as a "base 12 art system localized around a 12x12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain," the Bitcoin Ordinal collection certainly captured the attention of NFT enthusiasts. And with a high bid of just over 7 BTC, or $161,000, it's clear that these NFTs are in high demand.
Congratulations to the winners, who can expect to receive their inscriptions within one week, and for those whose bids were unsuccessful, don't worry - your bid amount will be returned within 24 hours.
But not everyone is thrilled about the auction process.
Casey Rodarmor, the inventor of Ordinals, has expressed concerns that the Yuga Labs model sets a dangerous precedent for scammers looking to take advantage of bidders' Bitcoin holdings. Despite the controversy, Yuga Labs has made a bold statement with this successful auction.
So buckle up, folks.
It's an exciting time to be in the world of web3, and we're here to keep you updated on all the latest and greatest happenings.
Stay savvy and stay tuned for more CoinBasics!
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research