Chapter 11 for Celsius

Good morning. Celsius officially files for Chapter 11 bankruptcy, the Mouse gets in on Ethereum scaling solutions, and Dubai adds another crypto exchange. All that and more today in the CT5!

Programming note: we will be off tomorrow and returning on Monday - have a great weekend!

Market Update (as of 6:56am ET):

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Top 5:

1. Celsius files for Chapter 11 bankrupcty. To no one's surprise Celsius will be filing for Chapter 11 bankruptcy. The company's lawyers began notifying states Wednesday evening according to sources close to the matter. The move comes after Celsius paid off its last major DeFi debt to Compound, recouping almost $200 million worth of wrapped BTC that was pledged as collateral. In total Celsius has recovered around $1 billion in collateral over the last few weeks. The company has $167 million in cash on hand to support "certain operations" during the restructuring process. At this time Celsius is not requesting authority to allow customer withdrawals.

2. OKX joins growing list of crypto companies approved to operate in Dubai. Crypto trading app OKX has secured a provisional license from Dubai regulators to operate in the market and plans to open a regional hub in the city. The license will allow OKX to provide qualified investors and financial service providers with access to certain crypto products. The UAE has been focused on growing crypto in the country and over the last several months has handed out crypto licenses to Crypto.com, FTX, and Binance who will all maintain regional offices in the country.

3. Former crypto adviser Michael Barr confirmed as top US financial watchdog. The former Ripple adviser has received Senate confirmation to serve as the vice chairman for supervision at the Federal Reserve. In the position Barr will have input into how the traditional financial system interacts with cryptocurrencies. He will also be influential in how the U.S. Financial Stability Oversight Council approaches stablecoin regulation. Though he’ll technically be outranked by Fed Chair Jerome Powell, the chairman has said publicly that he’ll defer to the vice chair on financial oversight matters.

4. Polygon joins Disney's 'accelerator program' to develop AR, NFT, and AI experiences. Ethereum scaling tool Polygon has partnered with Disney as part of the accelerator program to develop new technologies within augmented reality, non-fungible tokens, and artificial intelligence. Of the six companies selected to the program, Polygon is the only blockchain-native platform to participate.

5. Have a great weekend! Reminder that the CT5 will be off tomorrow! Enjoy the weekend and we will see you on Monday.

Updates and other stories:
- GameStop’s Ethereum NFT sales dwarf Coinbase NFT in two days...Read More
- Vermont regulator joins ‘multistate investigation’ into Celsius...Read More
- US Treasury opens door for public comments on Biden’s crypto order...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.