The Breakdown First Five - Wednesday November 8, 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. CFTC Breaks Records

The CFTC had a bumper year on the back of a crypto crackdown. The enforcement division set a record by bringing 96 cases, with almost half of them related to crypto. Alongside actions against SBF, CZ and Mashinsky, the agency has also been busy getting tough on DeFi and DAOs. Their annual report cemented their reputation as the “premier enforcement agency in the digital assets space." 

4. Circle Eying IPO

Rumors are swirling that Circle is considering another attempt at going public in early 2024. The firm failed to get a SPAC across the line last year after hitting an SEC roadblock. This time, sources say Circle is meeting with advisors to launch via a regular IPO. Circle is well past unicorn status, having been priced at $9B for their canceled SPAC. Circle acknowledged that going public is a part of “strategic aspirations” but wouldn’t comment on rumors.  

3. Custodia Launches Custodia

Custodia Bank has finally launched its long awaited Bitcoin custody platform. Custodia have spent much of the last few years battling it out with the Federal Reserve over its right to access payments infrastructure. The bank will now offer institutional grade Bitcoin custody to investment advisers, fund managers and corporate treasurers. Unlike most services, Custodia will use individually segregated wallets for Bitcoin storage to ensure asset safety. 

2. Roubini’s Magic Green Money

After spending a decade predicting the demise of Bitcoin, Nouriel Roubini has entered the crypto space by launching an environmental token. The launch announcement came complete with buzzword salad, AI, inflation-protected returns, and climate investments. CZ slammed the project for using the binance logo without permission. It’s unclear what the token does aside from greenwashing and paying Roubini. 

1. Coinbase Staffs Up on Natsec

The Coinbase Global Advisory Council has added four national security experts to its already beefy lineup of former lawmakers. Comments from Coinbase focused on the need to get crypto policy right given the industry’s increasingly important role in national security issues. Coinbase claimed the US is at risk of losing its leadership position, which could impact sanctions, global payments and even the status of the US dollar. 

Thanks for reading -NLW