BTC Taps New ATH, Then Cools
Last night Bitcoin prices notched new all-time highs of $124.1k before dropping sharply to ~$118k this morning. July PPI printed 3.3% YoY (vs. 2.5% expected), adding some macro heat. Meanwhile, Bessent said on Fox News the federal government won’t purchase additional Bitcoin to add to existing holdings. Read more →
Front-End Developers Aren’t Brokers
a16z and the DeFi Education Fund are asking the SEC to create a safe harbor exempting builders of non-custodial interfaces (think DeFi front-ends, NFT marketplaces, wallet integrations) from broker-dealer rules. In a proposal to Commissioner Hester Peirce, they argue neutral software that never touches user funds shouldn’t be deemed a broker. The urgency? Roman Storm’s Tornado Cash conviction last week, Project Crypto’s rollout, and an active Senate debate on DeFi. Read more →
Jack Dorsey’s Block Launches Proto
Fresh off of a $1.5 raise, Block (NYSE: XYZ) CEO Jack Dorsey wants to compete against China for BTC mining chips. The company, dubbed Proto and which we first covered in 2021, has produced a suite of bitcoin mining products and services. The $3-6 billion BTC mining industry is currently controlled by Chinese companies like Bitmain, MicroBT, and Canaan. Block aims to become the first major American competitor to challenge their dominance. Core Scientific (CORZ), one of the largest public Bitcoin mining companies, has already agreed to buy Proto chips. Read more →
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