Daily Brief

Welcome to Uptober

gm Bankless Nation, we're so back and we've got a lot to talk about.
Oct 24, 20233 min read
Welcome to Uptober
Published on Oct 24, 2023
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Welcome to Uptober
  1. 💰 BlackRock ETF maneuvers. As Bitcoin rages past $34k, attention is zeroing in on spot ETFs. BlackRock is seeding theirs, but the ticker just disappeared?
  2. 🔑 Ledger launches Recover. The hardware wallet co faced a PR nightmare after announcing its seed phrase recovery service. The service just launched.
  3. 👨‍⚖️ Emmer snags Speaker nom. Friend of crypto Tom Emmer could become the top dog in Congress, but he has to win over some critics in his party first.

Prices updated at 4:00 pm ET 24HR
Crypto Market Cap $1.25T ↗ 5.2%
Bitcoin $33,756 ↗ 7.5%
Ethereum $1,775 ↗ 3.9%

📈 Today marks an industry-wide change in sentiment. At some point, people get exhausted being bearish. Strong signs of the stage being set for a spot ETF. Short squeezes and bear liquidations across the board.

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DeFi Needs Your Help

Regulators are regulating an industry they don't understand, and they're trying to take the decentralization out of DeFi. We can't let them! In a special guest column, we unpack newly proposed U.S. Treasury rules and detail how you can get involved to protect DeFi.

tl;drSend a comment to the IRS right now!

Why this matters:

These latest rules don't make any sense, and regulators need to hear how unclear rules could seriously damage the crypto industry. The last thing we need is more anti-crypto regulators getting carte blanche to do whatever they want.

The takeaway:

Sometimes, to protect your vision of the future, you need to play by the old rules to get anything done. Filling out comments and sending them to the IRS shouldn't be a necessary step to getting halfway sensible legislation across the finish line, but this is what we need to do!


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US Gov is Trying to Kill Crypto

We need to stop the US from killing crypto. The new IRS proposals could effectively destroy DeFi and other crypto use cases. The good news? We can change this. Five minutes is all it takes to leave a comment and get the interpretation delayed.

In this episode, we bring on Miller Whitehouse-Levine of the DeFi Education Fund and tax lawyer Jason Schwartz to discuss the proposed rules and their catastrophic implications.

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🔒 What We're Doing

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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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