The Crypto Roundup: 10 June 2024

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

The cryptocurrency community in the United States is rallying to change what are seen as “unworkable requirements” in the 2,700-page infrastructure bill caused by poorly-worded language that “could mean anything.”

Google has revised its ad policies to now allow cryptocurrency companies to advertise on the internet giant’s network once again. The new ad policy comes after it banned crypto companies and initial coin offerings (ICOs) from advertising on its platform in March.

JPMorgan has reportedly started pitching its wealthy clients an in-house bitcoin fund. The firm’s Private Bank clients are being offered a passively managed fund in partnership with NYDIG.

Sponsored: Another exciting quarter has come and gone and despite the turmoil experienced in crypto markets after mid-May, the Invictus Capital suite of funds has continued to offer investors exceptional returns, with the Hyperion VC (IHF), Margin Lending (IML) and Crypto10 Hedged (C10) Funds all shooting the lights out.

Top stories in the Crypto Roundup today:

Crypto Community Rallies to Change ‘Unworkable Requirements’ in Infrastructure Bill
Google Starts Allowing Some Cryptocurrency Ads
JPMorgan Pitches In-House Bitcoin Fund to Wealthy Clients
Daily Movers – DOT, BTT, UNI
Sponsored: Invictus Capital Q2 2021 Investment Report

Crypto Community Rallies to Change ‘Unworkable Requirements’ in Infrastructure Bill

Owen Lay, an analyst at Oppenheimer, explained to CNBC that the problem is the definition of a digital asset “broker.” The bill defines it as any party “responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person."

The poorly worded regulation, Lay says, could lead to expanding the reporting requirements applied to brokers and vastly increase operational costs. He said the wording “can mean anything” and added, “if I transfer bitcoin to you, then it can mean I become a broker.”

In a joint statement the Blockchain Association, Coinbase, Coin Center, Ribbit Capital, and Square expressed concern over the language included in the infrastructure bill, as it will place “unworkable requirements on crypto technology.”

The statement details “brokers” could be miners, software and hardware wallet makers and others who don’t engage in trading. It would also make possible a “massive increase in financial surveillance, potentially requiring companies to report information about individuals even if they are not customers.” It adds:

“[The development of crypto] should not be subject to potentially devastating legislation without public participation and public comment.”

Crypto lawyers including Jake Chervinsky, who’s currently working as the general counsel behind Compound, are urging community members to call their senators and inform them they support the amendment proposed by Senators Wyden, Lummis, and Toomey.

Google Starts Allowing Some Cryptocurrency Ads

Cryptocurrency exchange and wallet operators in the United States will now once again be able to advertise their products and services when they meet specific requirements and are certified by Google, an announcement details.

To get certified by Google, advertisers need to either be registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business or be a federal or state-chartered bank. Landing pages will also have to comply with Google’s advertising policies.

Ads for ICOs, decentralized finance trading protocols, and those “promoting the purchase, sale, or trade of cryptocurrencies or related products” are not allowed. On top of that, “ad destinations that aggregate or compare issuers of cryptocurrencies or related products” are prohibited.

JPMorgan Pitches In-House Bitcoin Fund to Wealthy Clients

JPMorgan has reportedly started pitching its wealthy clients an in-house bitcoin fund. The firm’s Private Bank clients are being offered a passively managed fund in partnership with NYDIG.

The bank doesn’t have any investments from clients yet, but it held a call with advertisers recently about the fund, according to two unnamed sources familiar with the matter. The fund will be presented to clients as the safest and cheapest bitcoin investment vehicle available on private markets, the sources said.

All of JPMorgan’s wealth management clients have recently gained the ability to access bitcoin funds such as GBTC through the company’s brokerage account. The new bitcoin fund is limited to customers of JPMorgan Private Bank.

Daily Movers – DOT, BTT, UNI

Several tokens are leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Polkadot (DOT) - Polkadot is often described as a “blockchain of blockchains,” or a multichain. The blockchain aims to incentivize a global network of computers to operate distributed ledger technology and is designed to operate a main network, the relay chain where transactions are permanent, and user-generated networks, called parachains.

BitTorrent (BTT) - BitTorrent Protocol is a decentralized protocol with over 1 billion users. BitTorrent Inc. invented and maintains the BitTorrent protocol. While there are many implementations of the BitTorrent software, BitTorrent and µTorrent (often called “utorrent”) remain two of the most popular.

Uniswap (UNI) - Uniswap is a protocol for exchanging ERC-20 tokens on Ethereum. It eliminates trusted intermediaries and unnecessary forms of rent extraction, allowing for fast, efficient trading. Uniswap uses an automated market maker (AMM) model user centralized order books.

Invictus Capital Q2 2021 Investment Report

Another exciting quarter has come and gone and despite the turmoil experienced in crypto markets after mid-May, the Invictus Capital suite of funds has continued to offer investors exceptional returns, with the Hyperion VC (IHF), Margin Lending (IML) and Crypto10 Hedged (C10) Funds all shooting the lights out.

AUM is still ticking up, with an average of $145 million under management over June. Hyperion has continued to astound, and we are incredibly proud of the performance of the underlying portfolio that now firmly places the fund within the top tiers of global venture capital fund performance.

The company's funds offered commendable performance in a quarter marked by heightened volatility and extreme fear in the Bitcoin and broader cryptoasset market. The simple average return across our suite of seven funds was 9.85% for the quarter, which is equivalent to an annualized return of 45.61%.

We invite you to read the full Q2 2021 investment report which includes comprehensive macroeconomic and crypto market analysis, fund-specific commentary and detailed company updates.

Disclaimer:

Cryptocurrency trading involves high risk, and is not suitable for all investors. Before deciding to trade cryptocurrencies, tokens or any other digital asset you should carefully consider your investment objectives, level of experience, and risk appetite.

Its content does not constitute financial advice. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice.