Crypto Bill to the Hill

Good morning. Today we've got coverage on the bipartisan crypto bill, another stumbling block for Gemini, and an SEC probe into Binance. Those stories and more for you today in the CT5!

Market Update (as of 9:38am ET):

My asks from you:
- Forward to your friends, family, and anyone that would be interested (check the Top Sharers leaderboard at the bottom of this email to see where you stand!)
- If you're new, hit that pink subscribe button just below this section
- Send any and all feedback to jmaxxyoungii@gmail.com
- Add us to your Contact List so this newsletter doesn't end up in your spam folder

Top 5:

1. Bipartisan crypto overhaul seeks to treat most digital assets as commodities and empower CFTC. Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) are bringing to Congress the first major attempt at regulating crypto and digital assets. Their bill, titled the Responsible Financial Innovation Act, would classify a majority of digital assets as commodities and steer more (but not all) oversight into the hands of the CFTC rather than the SEC. The size and complexity of the draft bill means changes will occur in an attempt to get it passed.

2. Crypto IRA company sues Gemini over $36M theft. IRA Financial Trust, a crypto retirement account manager, is suing Gemini after a hack in February saw the firm lose $36 million in BTC and ETH. The company uses Gemini's platform to hold assets and alleges that Gemini "failed to freeze accounts within a sufficient time frame immediately following the incident." Gemini denies the allegations and points to their industry leading security standards and says they responded quickly after being notified of the issue. IRA Financial has pledged that proceeds of the lawsuit will go to reimbursing customers for lost funds.

3. Fireblocks deepens payments push with Checkout.com USDC settlement. Crypto custodian Fireblocks will now support Checkout.com's fiat-to-stable conversation offering. Merchants using Checkout.com's payment platform can enable settlement with customers outside of the traditional 9-5 weekday window. In their beta program Checkout.com has successfully settled more than $300 million in USDC.

4. US probes Binance over token that is now world’s fifth largest. The SEC is investigating whether Binance broke securities rules by selling digital tokens as the exchange was launching in 2017. Investigators are examining if the initial coin offering should have been classified as the sale of a security and therefore registered with the SEC. According to Bloomberg, the SEC's investigation is also covering insider trading abuses, the separation of Binance.US from the parent company, and links from Binance's CEO to market-making companies.

5. Lightning Network startup Mash raises $6M seed round. Mash is a payments platform that allows creators and developers to monetize their content published online utilizing the Lightning Network. The seed funding round was led by Castle Island Ventures and Whitecap Venture Partners. Mash currently offers “pay-as-you-enjoy” pricing options for things like online courses, games, and other digital experiences. The company will use the funds to continue building out their platform and to strengthen ties with creators.

Updates and other stories:
- White House office report on crypto mining expected in August...Read More
- Epic Games store’s first NFT game is Gala’s Wild West shooter GRIT...Read More
- Jack Ma's Ant Group launches digital bank in Singapore...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.