The Block

Quick Take The introduction of options on spot bitcoin ETFs is expected to increase volatility for the underlying asset, according to analysts. On Friday, the SEC granted “accelerated approval” to allow for the trading and listing of options of multiple spot bitcoin ETFs.

Quick Take Two days of insightful discussions exploring the convergence of AI and Web3.

Quick Take Stablecoins are increasingly gaining traction, with major corporations launching their own, discussions about them at the highest levels of government — and, now, Stripe’s $1.1 billion acquisition of Bridge. Analysts argue stablecoins legitimize public blockchains, providing investment opportunities in the form of public companies, an alternative to money market accounts, and value accruing to their underlying networks.

Quick Take Across Protocol has proposed capping its ACX token supply to one billion following criticism from LayerZero Labs CEO Bryan Pellegrino. Pellegrino flagged a function in the Across token contract that he claimed allowed the owner to burn ACX tokens from any wallet. The LayerZero Labs CEO also claimed the Across and UMA Protocol contracts can infinitely mint tokens.

Quick Take Karpatkey, an onchain treasury management solutions provider for DAOs, has closed a $7 million funding round. Karpatkey plans to expand services to more DAOs and extend outreach to traditional financial institutions.

Quick Take Sky founder Rune Christensen said the project would mull making brand changes, giving the community three options. Community members may contemplate reverting to its original brand identity following community feedback. The project will hold a community call this Friday to discuss the options set forth by Christensen.

Quick Take Nomura-backed Komainu announced Tuesday that it is acquiring Singapore-based custodian Propine, pending approval from the MAS. Komainu said that the acquisition is expected to strengthen its presence in Singapore.

Quick Take CFTC Chair Rostin Behnam said he doesn’t expect Congress to act this year on crypto legislation during SIFMA’s annual meeting on Monday. Behnam also called on Congress to “weigh in” on election betting.

Quick Take The team behind Ethereum Layer 2 blockchain Scroll announced it will distribute 7% of the new SCR token’s total supply in its first airdrop. Many users have taken to social media to vent their frustrations about the planned tokenomics.