It's all a Blur

Good morning. Today we've got Grayscale attempting to flex some legal muscles against the SEC, a new institutional NFT trading platform, Binance sidechains, and more!

Market Update (as of 7:47am ET):

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Top 5:

1. BNB Chain to launch application-specific sidechains to reduce network strain. The layer 1 blockchain launched by crypto exchange Binance is planning to introduce sidechains to their ecosystem in order to "cut the cost and increase the speed of transactions for resource intense applications such as gaming." The new infrastructure, called BNB Chain Application Sidechain (BAS), will allowed developers to port data and assets from the main chain and to create application-specific sidechains focused on specific use cases.

2. NFT marketplace Blur raises $11 million in seed round led by Paradigm. Blur is an NFT marketplace that caters to professional traders rather than retail. According to the company, "current NFT marketplaces prioritize the retail experience, but they neglect the growing needs of pro traders." These needs include infrastructure to support monthly trading volumes in the billions and poorly aligned incentives that adhere to "web2 business models". The company's mission is to, "solve these problems and move the NFT space toward becoming institutional grade while increasing decentralization."

3. US lawmakers introduce 'ECASH' bill in new push to create a digital dollar. A group of Senators are introducing a new bill to allow the US Treasury to own creation of a digital dollar, rather than the Federal Reserve. The Electronic Currency And Secure Hardware Act (ECASH) would create an electronic bearer instrument in the form of tokens that users could hold on their phones or cards. The digital dollar would support fully anonymous transactions and would not subject users to any know-your-customer (KYC) rules that are not applied to use of cash today.

4. Grayscale threatens legal action if SEC rejects bitcoin ETF conversion bid. The saga continues between the SEC and Grayscale as the firm is now threatening legal action if the SEC does not approve the conversion of the Grayscale Bitcoin Trust (GBTC) to an ETF. CEO Michael Sonnenshein said during an interview with Bloomberg that "all options are on the table" in regards to pushing for conversion of the trust. The SEC's 240 day public comment period on the conversion is set to close in early July.

5. Bank of England, MIT to collaborate on CBDC. The Brits are partnering with the brains over at MIT to collaborate on a 12-month research project focused on central bank digital currencies (CBDCs). The project is being driven by the Bank of England who is looking to modernize in the face of declining bank note usage and the changing payment landscape. MIT's Digital Currency Initiative is already working with the Bank of Canada and the Federal Reserve Bank of Boston on similar projects.

Updates and other stories:
- Coinbase seeks bodyguards with driving skills, positive energy...Read More
- Biden proposal estimates $11B in revenue by updating crypto rules...Read More
- WWE signs deal to launch NFTs through Fanatics’ Candy Digital...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.