SBF shares lawyer with Alex Polygon partners with StarkWare

Headlines

▌SBF will share the same defense attorney as the founder of Celsius

Sam Bankman-Fried, who made his first appearance in court on Wednesday after being found guilty of defrauding FTX customers of billions of dollars, said lawyers Mark Cohen and Christian Everdale who represented him during the trial last year are expected to withdraw from the case before sentencing in March. , newly hired lawyer Marc Mukasey will defend him next month.  

It is reported that Mukasey also represented Alex Mashinsky, the founder of bankrupt cryptocurrency lender Celsius, who was charged by the Department of Justice with securities fraud, commodities fraud and conspiracy to manipulate the price of CEL. He goes to trial this fall.

▌Polygon and StarkWare cooperate to launch ZK technology upgrade "Circle STARK"

Polygon and StarkWare StarkWare has teamed up to launch "Circle STARKs", a major technological upgrade to current zero-knowledge proofs (ZK). According to the white paper, the new Circle STARK will accelerate the proof process of rollups, thus improving the scalability and efficiency of the blockchain. Additionally, Circle STARK proofs will be finalized much faster than current STARK proofs.  

The release time of Circle STARKS has not yet been determined. Polygon co-founder Brendan Farmer said in an interview: "This will play a role in our new proof system Plonky3. We expect 7 to 10 Times improvement."

Market

As of press time, according to coinmarketcap data:

The latest transaction price of BTC is 51796.5 US dollar, intraday rise and fall+1.26%;

ETH’s recent transaction price was US$2961.47, with intraday changes +1.55%< /span>;

BNB’s recent transaction price was US$380.6, with an intraday increase or decrease+2.70< strong>%;

ORDI’s recent transaction price was US$65.834, with intraday gains and losses+0.65%;

DOGE’s recent transaction price was US$0.0844, with intraday gains and losses+1.29%;

SOL’s recent transaction price was US$104.72, with intraday gains and losses+0.84%.

Policy

▌DCG opposes Genesis and New York Attorney General’s Office The settlement plan

Digital Money Group (DCG) opposes the settlement plan proposed by subsidiary Genesis and the New York Attorney General’s Office.  

Genesis Global reached an agreement with the attorney general's office earlier this month to resolve allegations that it defrauded investors, but its parent company claimed it was not an appropriate settlement. DCG argued in an objection filed in the U.S. Bankruptcy Court for the Southern District of New York that Genesis "cannot violate absolute priority by taking value from the underclass and redistributing it to senior creditors under the guise of 'settlement'" ." 

Jason Brown, a former co-chief deputy in the Attorney General's Office and a former senior federal prosecutor in New York, supported DCG's opposition, claiming in court documents that the details of the settlement may not have been properly finalized.

▌Sources: The U.S. Senate Banking Committee is not yet ready to take action on the crypto money laundering bill

The U.S. Senate Banking Committee, which includes Senator Elizabeth Warren, one of the Senate’s biggest cryptocurrency critics, is not ready to take immediate action on a series of crypto money laundering proposals, according to people familiar with the committee’s plans.  

Some Democrats on the Senate Banking Committee have been pushing legislation to address what they see as dangerous vulnerabilities for criminals and terrorists to misuse cryptocurrencies, but the panel is currently busy with other priorities, sources said , has not yet moved to encryption legislation.  

Even if Warren's bill wins approval at the committee level, it will likely take bipartisan momentum to clear a closely divided Senate.

▌Terra founder Do Kwon will be extradited to the United States

According to local media Pobjeda, Terra founder Do Kwon will be extradited to the United States. Montenegro's justice minister said the decision was "political" and mentioned expectations for a US extradition treaty, saying: "The United States is our main foreign partner and we want to develop a framework for future cases".

▌U.S. crypto companies and industry groups sued the SEC, saying "Exceeding authority" over digital assets

U.S. encryption company Lejilex and the Crypto Freedom Alliance of Texas (CFAT) sued the U.S. SEC on Wednesday, claiming that the regulatory agency had "overreached" authority over digital assets and Asking a judge to rule that digital assets traded on exchanges are not securities. Lejilex said the SEC exercised jurisdiction over the industry without "clear statutory authority" and argued the SEC was wrong to classify digital assets as "investment contracts" because they are between creators and purchasers. No ongoing commitment is established.  

They also asked the court to apply the "substantial question" doctrine, which allows judges to invalidate executive agency actions of "enormous economic and political significance" unless expressly authorized by Congress.

Blockchain Applications

▌Esports giant Team Liquid launches fan rewards platform in Sui

Esports organization Team Liquid announced a multi-year collaboration with Mysten Labs, the team behind the Sui blockchain, to build new fans in Sui Loyalty platform and NFT collectible experience.  

It is reported that under the new platform scheduled to be launched in the second quarter of 2024, Team Liquid fans can obtain unique NFT collectibles and customize avatars representing the organization’s mascot Blue. Team Liquid and Mysten Labs will also collaborate on marketing initiatives, including live streaming and other content about crypto gaming on Sui.

▌KYVE test network Kaon adds support for Celestia data< /strong>

Data verification protocol KYVE announced that Celestia’s historical data is now supported on KYVE’s testnet Kaon. This testnet integration improves modular scalability and data validity. By processing historical data with KYVE, Celestia can completely avoid data deletion while remaining lightweight and fully scalable and still accessible to future builders for all their data needs.

Cryptocurrency

▌Coinbase elaborates on three major reasons for recommending that the SEC approve the Grayscale Spot Ethereum ETF

Coinbase today responded to the SEC’s request for comment on the conversion of Grayscale Ethereum Trust (ETHE) to a spot ETF. , the exchange provided in a 27-page comment letter the legal, technical and economic reasons why the SEC should approve: 

1: ETH is not a security. In fact, before and after the merger, the SEC, CFTC and the market no longer regarded ETH as a security, but as a commodity.  

2: ETH’s proof of stake has obviously strong governance capabilities, showing strong characteristics in terms of ownership concentration, consensus, liquidity and governance, thus reducing the risk of fraud and manipulation.  

3: Economics shows that ETH is as resilient as BTC in meeting the committee’s ETP approval standards.  

Coinbase stated that it is committed to urging the SEC to make wise regulatory decisions in the rapidly developing cryptocurrency environment, support innovation, and cultivate a transparent, safe and inclusive financial ecosystem through continued dialogue and research. system.

▌Deribit: Bitcoin call options concentrated above $60,000, suggesting bullish sentiment after halving

Bitcoin call options expiring at the end of June are concentrated above the $60,000 strike price, according to Deribit data, indicating that a large portion of market participants have a special opinion that Bitcoin’s price will rise above that level. interest or anticipation.  

Deribit Chief Commercial Officer Luuk Strijers said that in anticipation of Bitcoin’s post-halving expiration, call options above $60,000 are relatively overbought, saying: “After the March expiration, The deviation between put options and call options has obviously changed, indicating that call options are relatively overbought after the halving, implying bullish expectations."

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