The Breakdown First Five - Thursday September 28, 2023

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

5. Do Kwon US Deposition “Impossible”

Lawyers for incarcerated Luna founder Do Kwon have opposed an SEC request for a deposition in the US. They said it would be “impossible” to bring Kwon to the US as he is locked up in Montenegro with “no scheduled release or extradition date.” Kwon was sentenced to four months in prison after being caught traveling on a falsified passport. Lawyers said making an unenforceable order risks “undermining judicial authority.”

4. Binance Debanked in Europe

Binance claims that Paysafe has unilaterally shut off Euro deposits ahead of schedule. Euro trading pairs have been delisted on the platform, but users can still withdraw Euros according to Binance. Customers with balances stuck on Paysafe can convert any remaining Euros into Tether until the end of October. Binance said they are working on replacement fiat rails for Europe.

3. Gensler Hearing

Gary Gensler fronted the House Financial Services committee for a routine oversight hearing. Very little information about crypto policy was gleaned from Gensler, who avoided engaging with most questions. The main theme for Republicans was the SEC failing to respond to document requests. To that end, Committee Chair Patrick McHenry said he was willing to use his subpoena power to finally get some answers.

2. Coinbase Goes to Washington

Alongside Gensler’s testimony, Coinbase showed up at Congress to promote their “stand with crypto” campaign. Cold brew was handed out to staffers, emblazoned with the slogan “wake up”. The event highlighted the need to modernize the crypto policy and listen to the 52 million Americans who own crypto. Brian Armstrong along with 50 crypto founders warned that the industry is being pushed offshore, causing the US to fall behind and costing jobs.

2. Coinbase Goes to Washington

Alongside Gensler’s testimony, Coinbase showed up at Congress to promote their “stand with crypto” campaign. Cold brew was handed out to staffers, emblazoned with the slogan “wake up”. The event highlighted the need to modernize the crypto policy and listen to the 52 million Americans who own crypto. Brian Armstrong along with 50 crypto founders warned that the industry is being pushed offshore, causing the US to fall behind and costing jobs.

1. ETH ETFs Looking Likely

Bloomberg analysts have said that Ethereum Futures ETFs could begin trading as soon as next week. There are currently 15 ETH Futures ETFs awaiting approval across nine issuers. Speculation is that the SEC wants to get this issue off their plate ahead of a government shutdown expected on Sunday. Rumors they have asked issuers to update their filings. Analysts gave a 90% chance of launch in October, but don’t expect all 15 products to be approved.

Thanks for reading -NLW