Dispatch #167: The Necessary Course of Action?

The Big Idea

As One Era Ends, a New Chapter of Progress Begins?

At first glance, recent weeks have been smooth sailing for the crypto world with markets boosted by enthusiasm for the star in BTC trading to be presented – a spot ETF. That vibe was abruptly interrupted by news of Binance’s CZ stepping down as company CEO in a settlement case. What was settled on was $4.3B in penalties for evading US laws.

U.S. authorities pointed out how they followed up on their intentions by indicting two of the most influential crypto CEOs in quick succession. And no amount of “4” or “BUIDL” social media posts or the fact that the charges relate to a past period, can take away their heft as one of the largest corporate settlements in U.S. history. CZ himself awaits trial in February.

So where does that leave us with Binance, the company which has enhanced digital asset adoption immensely, seemingly shaken out? Remaining logical here, in a place where some of the most damning charges aimed at the sector have been addressed with authorities, thus liberating the space. JPMorgan analysts seem to agree with our humble opinion as they say the settlement is 'positive' for the industry as it eliminates potential systemic risk. The timing could be extremely apt too, with Bitcoin’s Halving event fast approaching and experts praising the current conditions.

But it’s the sense of a new chapter being entered into that we’d like to capture and transpire here on Dispatch. And now with that news unable to shake up the markets meaningfully, how wide does that open the door for Bitcoin’s return to the center stage with the spot ETF accolade? You tell us.

The Latest In…

Everybody Loves Sam (Not that One)

Folks, this saga was poised to make it to the Big Idea, but then Tuesday happened. In a plot twist that could rival an AI thriller, Sam Altman is set to reclaim his role as OpenAI's CEO, just days after his unexpected ousting triggered a storm of controversy. The shakeup prompted a leaked memo citing Altman's lack of consistent candor, but the details remain elusive. Altman's imminent return comes with a new board and strong ties to major investor Microsoft. Reports hint at Microsoft's push for Altman's reinstatement, sparking intense negotiations. The saga, which saw Altman's departure potentially luring him and other ex-staff to Microsoft, underscores the power plays reshaping OpenAI's future.

The Latest In…

The TradFi Way to Crypto Adoption

• Santander Private Banking now offers high-net-worth clients in Switzerland the ability to trade major cryptocurrencies, with a Swiss-regulated custody model – a bold move in an industry where big banks rarely utilize open-access blockchains, media report.
• Osaka Digital Exchange (ODX) is launching its digital securities trading platform, backed by banking giants SBI Holdings and Sumitomo Mitsui Financial Group. ODX plans to issue around $20M worth of tokenized securities.
• Wintermute Asia executed its inaugural BTC/USD options block trade on the Chicago Mercantile Exchange using ABN AMRO Clearing Bank, responding to rising institutional demand for digital asset exposure.

The Latest In…

Happy New Presidency, Argentina

The election of Javier Milei as the new president of Argentina pushed Bitcoin above $37,500 at the start of the week, following his supportive comments about the cryptocurrency. Milei, often likened to El Salvador's pro-Bitcoin president Nayib Bukele, has not outlined a specific Bitcoin policy but advocates closing the Central Bank and dollarizing the economy… “What Bitcoin is representing, is the return of money to its original creator, the private sector”, to quote the man himself. Grayscale Research interestingly chipped in with a comment to note this as a significant step for crypto adoption, emphasizing Bitcoin's growing prominence in global politics.

The Week’s Most Interesting Data Story

New HOLDing Highs

Bitcoin's circulating supply inactive for over a year has hit a record 70.35%, signaling strong holder belief and indicating long-term investors' reluctance to sell even in the face of current crypto-wide developments.

Hot Topics

What the Community Is Discussing

Excellent Tweetjack. Kudos from our social media team.

The Nexo AMA gets a revamp!

One way to look at it.

What to Watch for Next Week:

• How popular is bot trading?
• When’s the next wave of adoption?
• Will BTC’s Halving bring a new ATH?