The Crypto Compass Issue #51

Hello readers,

In this edition, we start with the potentially transformative approval of the first spot Bitcoin ETF by the SEC in early 2024, a development eagerly awaited by major financial firms. We then shift to the world of NFTs, focusing on CryptoPunks, the trailblazers in the digital art and investment arena of cryptocurrencies . Finally, we cover Coinbase's assertive response to Senator Elizabeth Warren's allegations about their hiring practices, highlighting their dedication to responsible crypto regulation. Join us as we navigate these exciting developments in the crypto universe.

Bitwise Amplifies Bitcoin ETF Push with New Ad

Bitwise, amid its SEC application for a Spot Bitcoin ETF, has launched its second commercial starring Jonathan Goldsmith, known for his "The Most Interesting Man in the World" role.

In this ad, Goldsmith hints at Bitcoin's potential with a nod to Satoshi Nakamoto. The ad bolsters Bitwise's campaign as one of many firms vying for the first approved spot Bitcoin ETF in the U.S. Amidst regulatory hesitation, the crypto market buzzes with anticipation, particularly for Bitcoin, as experts foresee possible approvals by 2024. This move, especially the high-profile advertisement, signals Bitwise's confidence in a favorable SEC decision.

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Spotlight on Crypto: SEC Poised to Approve First Spot Bitcoin ETF in Early 2024

Major financial firms anticipate the SEC's approval of the first "spot" bitcoin ETF by January 10, 2024, marking a significant move towards mainstream cryptocurrency adoption in the U.S. Ark Investment Management, in partnership with 21Shares, leads the race among about a dozen applicants, including industry giants like BlackRock and Fidelity. This development, spurred by a recent court ruling limiting SEC Chairman Gary Gensler's crypto regulation authority, signals a shift in the market, offering retail investors direct exposure to bitcoin through regulated platforms.

New Wrapper Contract for CryptoPunks

If you didn’t already know, CryptoPunks are one of the first non-fungible token (NFT) projects on the Ethereum blockchain, launched in 2017. They consist of 10,000 uniquely generated characters, each with its distinct style and attributes. These pixel-art characters have become iconic in the NFT space, representing a significant part of digital art and collectible history. Their rarity and status as pioneers in the NFT world have made them highly sought after, with some selling for millions of dollars, symbolizing both a digital art revolution and speculative investment trend in the cryptocurrency domain.

Happenings of the week

• Inscriptions are responsible for ~90% of transactions on many EVM chains this week.

• EigenLayer deposits surpass $900 million amid increased LST caps

• China Vows to Clarify Web3, NFT Development Path

• Spot Crypto ETF Applications Will Be Considered, Hong Kong Regulators Say

Coinbase Counters Senator Warren's 'Revolving Door' Allegations in Firm Response

Coinbase responded to Senator Elizabeth Warren's allegations, denying claims of hiring former legislators and law enforcement to resist regulatory restrictions. They emphasized their commitment to responsible crypto regulation and legislation. The response highlighted the company's Global Advisory Council, which includes former elected officials, for providing strategic insights. Coinbase warned against the risk of driving crypto innovation offshore and invited Senator Warren for a briefing on their efforts against terrorist financing. Senator Warren's office has not commented on the matter.

Stay tuned for more updates next week! If you haven't yet, hit that subscribe button to ensure you never miss an issue. Found value in this edition? Please consider sharing it with your friends, colleagues, and fellow crypto enthusiasts. Together, let's navigate the world of crypto with clarity and insight!