The Block
Coinbase attributes ether’s underperformance compared to its peers to the idiosyncratic market structure of the cryptocurrency sector.The Coinbase analyst pointed to factors such as investors crowding into altcoins and the difficulty of exiting positions as contributing to ETH’s underperformance.
Quick Take CFTC swiftly appeals judge’s decision allowing Kalshi’s election contracts to proceed. Judge rules CFTC overstepped by blocking Kalshi’s congressional election contracts. CFTC warns election contracts could undermine confidence in election integrity.
Cypherpunk Holdings is doubling down on its strategy to buy and stake Solana’s native token and rebrand to SOL Strategies.The firm now holds over 86,000 SOL and is running a validator that has earned about $57,000 in staking rewards as of June.
Quick Take Ryan Salame, the former co-CEO of FTX Digital Markets, withdraws bid to void his sentence after disputes over U.S. investigation of partner Michelle Bond. Salame’s lawyers claim prosecutors coerced his guilty plea by promising not to investigate Bond, now facing charges. Judge Kaplan called Salame’s arguments “ambiguous” and may impose sanctions following his plea withdrawal.
Quick Take Infinit raised $6 million in a funding round involving Electric Capital, Mirana Ventures, Hashed, and Arthur Hayes’ family office, Maelstrom.
Quick Take Kalshi’s contracts do not involve “unlawful activity or gaming,” said Judge Jia M. Cobb for the U.S. District Court for the District of Columbia in an order posted on Thursday. “This case is not about whether the Court likes Kalshi’s product or thinks trading it is a good idea,” the judge said.
Quick Take Stablecoins are not just being used for crypto trading anymore, according to a recent survey of 2,500 people from five emerging markets. The survey of self-reported crypto users found that stablecoin usage has been growing — including during the recent market downturn. The most popular non-trading use cases included currency conversion, paying for goods, remittances and paying or receiving a salary.
Quick Take Web3 firm Nirvana Labs has acquired query and execution platform Vektor to enhance the multichain functionality of its cloud computing services.
Quick Take The SEC says the financial services firm operated as an “unregistered broker and unregistered clearing agency.” eToro agreed to make a select set of crypto available for trading, including bitcoin, Bitcoin Cash and ether.
