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hucker🎩

@hucker

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2️⃣ Deribit Acquisition Coinbase recently announced it will acquire Deribit – the undisputed global leader in crypto options – for $2.9B ($700M cash and 11M shares of COIN). The acquisition marks the largest deal that the crypto industry has ever seen. This deal will enable Coinbase to offer options alongside existing spot, futures, and perpetuals offerings to international and advanced traders, transforming the exchange into a full-service crypto powerhouse with all of the tools savvy traders need to express their views on digital asset and commodities markets. Options allow traders to transact larger notional dollar volumes per dollar of capital thanks to their built-in leverage. The introduction of these instruments will not only allow Coinbase to earn more fees, it also stands to build a synergistic relationship that boosts overall platform trading volumes.
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The S&P 500 index is a broad-market benchmark that programmatically weights ~500 of the largest publicly traded U.S. companies by market capitalization. It is the basis for trillions of dollars in passive and active investment strategies. On May 19, Coinbase became the first crypto stock to be included in the index; its addition was estimated to have triggered $15B in inflows for the stock and means that roughly 0.11% of every dollar flowing into S&P 500-linked portfolios is now allocated to the crypto exchange. While this amount might seem modest, the sheer scale of the index translates that fraction into multi-million dollar buys every month as investors allocate to the passive strategy, a valuable support mechanism for COIN’s price and liquidity that signals crypto’s deepening ties with traditional finance.
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2️⃣ DOJ Won't Drop Tornado Cash Case According to a memo penned by the U.S. Attorney for the Southern District of New York, former SEC Chair Jay Clayton, the Department of Justice will proceed with its case against Tornado Cash developer Roman Storm. This development comes despite an April release from the agency that it would pull back on regulatory charges involving digital assets, unless there is evidence that the defendant “willfully” violated licensing or registration requirements. While charges against Storm for failure to comply with money transmitting business registration requirements have been abandoned, the original November indictment remains largely intact. Prosecutors are intent on trying the embattled crypto developer for conspiracy to commit money laundering, transmission of funds derived from criminal activity, and criminal sanctions violations.
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2️⃣ DOJ Won't Drop Tornado Cash Case According to a memo penned by the U.S. Attorney for the Southern District of New York, former SEC Chair Jay Clayton, the Department of Justice will proceed with its case against Tornado Cash developer Roman Storm. This development comes despite an April release from the agency that it would pull back on regulatory charges involving digital assets, unless there is evidence that the defendant “willfully” violated licensing or registration requirements. While charges against Storm for failure to comply with money transmitting business registration requirements have been abandoned, the original November indictment remains largely intact. Prosecutors are intent on trying the embattled crypto developer for conspiracy to commit money laundering, transmission of funds derived from criminal activity, and criminal sanctions violations.
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1️⃣ Coinbase’s Chaotic Week Coinbase yet again dominated crypto news headlines this week. After the U.S. stock market close on Monday, S&P Global announced that Coinbase (COIN) would replace Discover Financial Services (DFS) in its S&P 500 index, effective May 19. COIN’s inclusion in the capitalization-weighted index should trigger $9B of passive inflows, sending the stock soaring with 25% gains during Tuesday’s trading session. On Thursday, the company’s fortunes deteriorated, with its stock selling off as much as 8.4% amid a concerning leak of the personal info of a large swath of customers including ID cards, contact info, and transaction histories. While the company said the total leak amounted to less than 1% of total customers, that's still a hell of a leak. Amid all of that ruckus, news also emerged of a long-standing SEC inquiry into alleged misstated user metrics in its 2021 IPO filing. Despite the chaotic developments, Coinbase did end up recuperating the entirety of its Thursday
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4️⃣ Superstate Onchain Equities On Thursday, tokenized fund issuer Superstate released Opening Bell, a platform that enables companies to issue publicly registered equities directly onto blockchain networks like Solana and Ethereum. The program’s first issuer will be SOL Strategies, a Canadian-registered Solana investment vehicle that trades under the ticker HODL. Opening Bell provides public companies access to onchain capital markets. Meanwhile, private firms face lower listing standards and receive the chance to make shares available in crypto markets, with available paths to up-list on traditional exchanges. That same day, SEC Commissioner Hester Peirce posted that she is considering potential exemptions from registration that would allow firms to use distributed ledger technology to issue, trade, and settle securities.
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