TLDR CRYPTO 2023-12-14

COINBASE INTRODUCES SPOT CRYPTO TRADING FOR INTERNATIONAL INSTITUTIONS

Coinbase is launching spot crypto trading on its international platform, enabling institutional international investors to trade Bitcoin and Ether against the USDC stablecoin. The rollout, aimed at reducing concerns over US regulatory uncertainties, will soon be extended to retail users with added assets and features. This follows Coinbase's expansion of its perpetual futures service to non-US retail traders in October.

FASB CONFIRMS 'FAIR VALUE' APPROACH FOR CORPORATE CRYPTO HOLDINGS

The US Financial Accounting Standards Board has updated its guidelines to allow corporations to recognize changes in the "fair value" of their cryptocurrency holdings. The rule change, taking effect after December 15, 2024, will benefit companies that hold crypto on their balance sheets. Under the new guidelines, companies will report the fair value, cost-basis, and types of assets they possess, versus solely reporting a loss if assets are worth less than the purchase price, as is the current practice.

ECLIPSE TESTNET IS LIVE

Eclipse, an Ethereum L2 solution leveraging the Solana Virtual Machine, launched on Ethereum's Sepolia and Celestia's Mocha testnets. This is a crucial step towards deploying the Eclipse Mainnet, which combines Ethereum for settlement, Celestia for data availability, and the SVM for execution. Developers can now bridge Sepolia ETH and launch contracts on this final stage of testnet rollouts. Notably, the first 1,000 developers to deploy to the Eclipse Testnet will receive a special NFT on the upcoming Eclipse Mainnet.

PIREX ETH LIVE ON MAINNET; BEGINNING THE DINERO ROLLOUT

Pirex ETH, a two-token Ethereum liquid staking solution, is now live on the Ethereum mainnet. The system consists of pxETH for liquidity and apxETH for increased staking yields. It aims to provide a straightforward and flexible solution to solo staking and liquid staking tokens. While security is being prioritized, the next steps in the process include introducing enhancements and expanding user integrations. This launch marks the initial phase of the Dinero protocol, which involves the creation of an overcollateralized stablecoin.

THE YEAR AHEAD: 10 CRYPTO PREDICTIONS FOR 2024

This report lays out Bitwise's predictions for 2024, which include Bitcoin trading over $80,000, the approval of spot bitcoin ETFs, and Coinbase doubling its revenue. It also predicts stablecoins will settle more value than Visa and that J.P. Morgan will tokenize a fund and launch it on-chain. One of the more aggressive predictions the firm has is that Taylor Swift will use NFTs to interact with fans. Each prediction they outline is supported by a short summary and some data points.

REVISITING THE APPLICATION LAYER

This article delves into the complexities of the application layer in crypto, which is comprised of state (assets) and logic (applications). It emphasizes Ethereum's expansion of both layers, but points out the lack of significant use cases as a challenge, discussing speculation-driven market activities. The authors outline a model, broken down into quadrants, to understand other potential applications, arguing for less reflexive, more real-world use cases. Expanding the application layer to incorporate non-crypto assets and off-chain applications can drive tangible value and reduce crypto market volatility.

CFTC CHAIR CLAIMS MOST CRYPTOCURRENCIES ARE COMMODITIES, ADMITS THERE'S A 'TURF WAR' GOING ON OVER CRYPTO

The Chairman of the CFTC, Rostin Behnam, recently stated on CNBC that most crypto assets could be categorized as commodities under current laws. He also noted a regulatory "turf war" between the CFTC and the SEC over jurisdiction of the crypto industry. This debate has blocked progress in creating clear guidelines for digital assets and the broader crypto industry.

WHAT MIGHT AN “ENSHRINED ZK-EVM” LOOK LIKE?

DEUTSCHE BANK, OTHERS TO ISSUE EURO-BASED STABLECOIN

Deutsche Bank is reportedly planning to launch a euro-based stablecoin in Frankfurt, aiming for mainstream adoption of tokenized assets and regulatory approval.

THE L1 VS L2 LANDSCAPE: UNDERSTANDING THE DESIGN DIFFERENCES, TRADEOFFS, AND ENDGAMES

This article goes over L1 and L2 blockchain technologies, focusing on their design differences, tradeoffs, and impacts on blockchain applications and user experiences.

MND - THE AI-ENABLED AUTOMATED TRADING SYSTEM

This thread explains a new protocol called MND that allows users to build programmatic trading strategies with a visual user interface aided by AI.

BINANCE PUSHES TO DISMISS SEC LAWSUIT WITH FLURRY OF FILINGS

Binance is arguing its $4.3 billion settlement with U.S. regulators should not affect the outcome of its ongoing SEC lawsuit, challenging the SEC's interpretation of securities laws.

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