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How Trump Can Help Crypto on Day One

A simple executive order issued on Jan. 20 would pave the way for the crypto sector’s resurgence in the U.S.

Dear President Elect Trump,

As the co-head of a major law firm’s digital assets practice, I am hopeful that your nominee to chair the Securities Exchange Commission (SEC) will make much-needed (and long-overdue) reforms to the way the SEC approaches crypto market regulation in the United States.

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However, as you know, it will take some time for your nominee to be confirmed as SEC chair, and for him to formulate new SEC guidance and rules for the crypto industry. Bearing that in mind, I write respectfully to propose an Executive Order that you can issue—on Day One of your Presidency—to help restore American leadership in the burgeoning crypto financial system.

While other countries have raced to create regulatory clarity for crypto entrepreneurship to thrive, U.S. lawmakers and regulators have thus far refused to mold and modernize decades-old rules that were never meant to apply to this groundbreaking technology, leaving U.S. market participants adrift in a sea of regulatory ambiguity. All the while, the SEC under its current chair, Gary Gensler, has teed up case-after-case against crypto companies, projects and founders based on allegations that they violated these outmoded and anachronistic requirements, even where there are no allegations of fraud or actual harm to investors.

It should be no surprise that this regulation-by-enforcement approach has chased many of the leading innovators and businesses in the digital assets sector offshore, jeopardizing America’s leadership position in the global economy.

How to find our way again

The good news is that it’s not too late to turn things around. The current moment presents a once-in-a-generation opportunity to make America the crypto capital of the world, and harness the transformative promise that digital assets and blockchain technology hold for our country. While there are many legislative, regulatory and tax reforms that will be needed to seize this opportunity, there is one immediate action you can take—on Day One of your Presidency—to pave the way for the crypto sector’s resurgence in America.

You can issue an Executive Order on January 20 directing all federal agencies to:

1. Immediately stay all investigations, enforcement actions and prosecutions of crypto companies, projects and founders unless they involve credible allegations of (a) acts of fraud or other intentional misconduct that harms investors or other victims, or (b) conduct that threatens our national security.

2. Provide a written report to the Office of the President within 180 days detailing why the relevant agency should not immediately terminate such proceedings.

3. Promptly terminate all investigations, enforcement actions, or prosecutions of crypto companies, projects or founders that do not warrant continued prosecution.

What the proposed executive order would accomplish

This proposed Executive Order would be vitally important to undo the chilling effect on the digital assets industry that has been caused by the explosion in recent years of government enforcement litigation, including actions brought against good actors who at most did not follow outdated and inapplicable rules without causing harm to a single investor. The SEC, most notably, has extracted billions of dollars in disgorgement—a financial penalty which, several courts have held, should be used only in cases where an alleged violation of law caused pecuniary harm to victims—in victimless crypto enforcement lawsuits.

Many of these lawsuits have sought to impose draconian sanctions against legitimate crypto market participants that are providing the digital infrastructure needed for these markets to flourish in the United States. The time has come to rethink this blunderbuss approach to enforcement. The proposed Executive Order can achieve this on Day One of your Presidency.

To be clear, you have ample authority to do this. Article II of the Constitution gives the President the power to unilaterally issue such Executive Orders without legislation or regulatory rulemaking. The Justice Department’s own Office of Legal Counsel has opined that Article II empowers the President to compel all federal agencies—including independent regulatory agencies such as the SEC—to comply with executive orders, such as the one proposed here, that would apply generally to all Executive Branch agencies.

You can make America the center of the global crypto economy. The proposed Executive Order can be your first step, on Day One of your Presidency, towards achieving that goal.

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

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How MicroStrategy and Others Are Taking on Billions in Debt to Buy More Bitcoin

Michael Saylor has raised $6 billion in convertible bonds, with $18 billion more to come. His strategy is unprecedented — here’s how it works.

Have Michael Saylor and MicroStrategy (MSTR) stumbled onto an infinite money glitch?

It would be hard to blame anyone for thinking so. While the Saylor-led company began buying bitcoin (BTC) more than four years ago, over the past 10 months MicroStrategy has used a unique strategy to raise over $6 billion for the express purpose of adding more bitcoin to its balance sheet, which as of Dec. 15 footed to 439,000 tokens worth $46 billion at the current price of about $106,000.

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MicroStrategy did not raise these funds by taking out loans or by issuing more company shares (though it has separately issued billions of dollars worth of equity). Rather, the firm sold convertible notes — debt securities which can be converted into equity on specified dates or under special conditions. And it’s not done yet: Saylor and company intend to raise at least another $18 billion through such bonds over the course of the next three years, according to a plan laid out in October.

Demand for this convertible paper has been so high that other companies, bitcoin miner MARA Holdings (MARA) among them, have adopted a similar playbook to raise billions to add to their own stacks.

But that raises a question: Could issuing so much debt eventually become dangerous for these firms, and for the crypto market at large?

“If bitcoin faces a prolonged period of low/declining prices, [the companies] could have to issue more equity and dilute shareholders at an inopportune time … [or] sell the bitcoin for less than they bought,” Quinn Thompson, founder of crypto hedge fund Lekker Capital, told CoinDesk. Thompson added, though, that he doesn’t expect the companies to become insolvent.

How convertible notes work

Convertible notes are a financial tool that allows companies to quickly raise funds without needing to provide collateral (as they would for a loan) or to immediately dilute their stock. These bonds are priced based on the interest rate baked into them, the firm’s underlying stock, the volatility of that stock and the firm’s credit worthiness.

For example, in November bitcoin mining firm Bitdeer (BTDR) raised $360 million by issuing convertible notes with an interest rate of 5.25%. These will mature on Dec. 1, 2029 at a price of $15.95 per share — which is approximately 42.5% higher than what these shares were trading for on Nov. 21 when the convertible notes were priced.

In other words, instead of simply buying the company’s shares on the open market, investors can earn a solid yield by holding these notes while also benefitting if the stock surges. Even better, convertible notes come with downside protection. On specific dates, such bonds can be redeemed in cash for an amount equal to the original investment plus interest payments. Put differently, investors are almost guaranteed to get their money back even if the stock plunges before the note matures.

But MicroStrategy’s situation is rather unheard of in that the firm has found demand for convertible bonds at a 0% interest rate even though benchmark U.S. interest rates are closer to 5%. Why? Volatility. Being essentially a leveraged play on bitcoin, MicroStrategy common stock most recently has been trading with a 30-day average implied volatility of 106 and prior to that even higher. For comparison, the S&P 500 usually trades at roughly 15 in implied volatility, and bitcoin at 60.

The stock volatility affects price action in MSTR’s convertible bonds and sophisticated market participants are able to score sizable profits by trading that volatility in a market neutral fashion. “I was on the phone with a convertible note [arbitrage] trader… just to sort of understand what he’s going through with all of this,” Richard Byworth, a convertible bond expert and managing partner at asset management firm Syz Capital, told the On The Margin podcast. “He said ‘Rich, I’ve become a degen crypto trader. … It’s insane. I go to the bathroom, if I haven’t tightened up all my deltas and at least left some limits, I can come back and have millions of dollars of exposure.’ This stuff is whipping around like crazy.”

There’s thus a huge demand for MicroStrategy’s convertible notes, and that has allowed the firm to sell a ton of them — five issuances in a year, which is unprecedented. At press time, the company had six outstanding convertible notes, with maturations between 2027 and 2032. Two of these have 0% interest rates, while two others yield 0.625%, a fifth 0.875% and the last one 2.25%. Because these rates are so low, MicroStrategy is managing to sell equity at a massive premium compared to its current stock price, while only paying a blended 0.811% interest rate on its debt, or $35 million annually, an amount easily covered by the firm’s revenue.

“Should implied volatility remain high, I bet MSTR sells more and more convertible bonds… meaning they buy more and more bitcoin,” Greg Magadini, director of derivatives at crypto data firm Amberdata, told CoinDesk. “To me the first sign of a bitcoin rally “TOP” will coincide with a drop in MSTR implied volatility.”

Convertible notes mania

In addition to the above-mentioned bitcoin miners, there’s medical device company Semler Scientific (SMLR), which made public its bitcoin treasury strategy in late May. While the firm to date has only purchased bitcoin with cash already on its balance sheet and capital raised through share sales, its stock was granted an options market on Tuesday, which will make note offerings much more attractive to investors and traders looking to profit in similar fashion to that of MicroStrategy’s debt.

Bitcoin miners took on roughly $5.2 billion in debt from June to Dec. 5 alone, according to the MinerMag. Some of these convertible notes have been issued with 0% interest in the case of MARA and Core Scientific, while others like Bitdeer, IREN (IREN) and TeraWulf (WULF) have issued them at rates ranging from 2.75% to 8.5%.

Not every company is employing the strategy for the same reasons, however. MARA and Riot Platforms (RIOT) are walking in MicroStrategy’s footsteps by using the proceeds from the convertible notes to add more bitcoin to their balance sheet, but Core Scientific, for example, wants the funds for operating expenses, capital expenditures, and potential acquisitions. Bitdeer, meanwhile, said it aimed to further develop its mining rig manufacturing business.

Bill eventually comes due

Convertible notes, however, are not free money. As mentioned previously, once the notes reach full maturity, holders can decide to convert them for equity at an agreed-upon price per share, or redeem them for cash if the stock has underperformed expectations.

The danger, then, is that the stock prices of these various firms could drop significantly over a long period of time, incentivizing holders to redeem their notes for cash instead of shares. In MicroStrategy’s case, that could compel the company to sell some of its bitcoin holdings to pay investors back, while bitcoin mining firms could be forced to sell off various mining assets. In a worst case scenario, firms could end up facing bankruptcy.

Forced selling of bitcoin isn’t necessarily the end of the world, at least as long as the company’s average purchase price is lower than the price it sells at. MicroStrategy’s stash, for instance, was acquired for $61,725 per bitcoin on average, which gives the firm a certain amount of breathing space. The trouble is bitcoin is well known for plunging 80% every few years. Just this year — in the middle of a bull market — the price declined nearly 40% at one point, so there’s no guarantee the top cryptocurrency won’t ever sink lower than MicroStrategy’s average purchase price.

Even so, MicroStrategy’s bonds are staggered, meaning that they all have different maturation years. That reduces the company’s risk because it won’t need to repay all of that debt all at once. In other words, bitcoin and MSTR would need to stay down for a significant number of years for the firm’s situation to get really dicey. The fact that most of MicroStrategy’s notes already meet the requirements for conversion is another point in the company’s favor, and it always has the option of rolling over its debt by issuing new convertible bonds, even if they wouldn’t be on such favorable terms.

In a sense, MicroStrategy is a grizzled veteran of this strategy. It’s possible the newcomers like the bitcoin miners and maybe Semler (if it does choose to issue debt) — whose average bitcoin purchase prices will be far higher — could find themselves far more exposed, having taken on large liabilities closer to a potential cycle top.

EigenLayer’s Sreeram Kannan: King of the Professor Coins

Kannan may have played a larger role than any other entrepreneur in revitalizing DeFi on Ethereum. But not everything went according to plan.

For a crypto founder who’s attracted so much controversy, Sreeram Kannan is surprisingly sanguine.

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In a wide-ranging interview after his selection as one of CoinDesk’s “Most Influential” figures in crypto for 2024, the EigenLayer founder was generous with his time, chatting more than an hour beyond our scheduled slot. I was surprised at his openness because the last time we spoke, a colleague and I had just published an investigation into potential conflicts of interest at his company, Eigen Labs, and in the interim Kannan had disavowed our reporting point-by-point on a Blockworks podcast.

This time, Kannan emerged in a different light. Whatever his misgivings about CoinDesk’s past coverage, they didn’t seem top-of-mind.

What emerged wasn’t the portrait of a defensive tech founder, but rather that of a driven, thoughtful academic-turned-entrepreneur still adjusting to a spotlight few in this industry ever enjoy. Instead of bitterness or evasion, I found ambition, reflection and a quiet kind of excitement.

Kannan seemed as astonished as anyone by how swiftly EigenLayer had transformed from a concept into one of crypto’s most talked-about experiments, telling CoinDesk that he continued to view EigenLayer as a “scrappy startup.”

Over the past 12 months, EigenLayer — which allows emerging blockchain applications to borrow Ethereum’s robust security — went from a relative unknown to an industry heavyweight. The platform raised more than $100 million from venture firms including Andreessen Horowitz and, before even fully launching, drew hundreds of millions of dollars in deposits from crypto users seeking extra yield. Many were incentivized by a viral points program that investors hoped would translate into a lucrative future token airdrop.

EigenLayer’s success during the bear market was striking, and Kannan may have played a larger role than any other entrepreneur in revitalizing decentralized finance on Ethereum. But not everything went according to plan.

Industry critics took issue with the EIGEN token distribution plan — which locked up tokens for months and barred claimants from certain geographies — as well as the platform’s slower-than-expected feature rollout and concerns about “rehypothecation,” or the reuse of collateral for multiple purposes. In August, the CoinDesk investigation (that Kannan disputed in the podcast) raised questions about EigenLayer’s conflict-of-interest policies, which may have allowed employees preferential access to tokens powered by its platform.

None of this seemed to derail Kannan’s intellectual ascent. Beyond running Eigen Labs, he still holds a position as an associate professor of electrical and computer engineering at the University of Washington, though he is currently on leave, and his theory of “restaking” — letting people reuse staked Ethereum assets to secure other networks — has sparked a wave of innovation and copycats. He’s become a familiar face on the conference circuit, where he unpacks his vision of blockchains as tools for solving humanity’s endless “coordination problems.”

Blockchains, Kannan says, “are the biggest upgrade to human civilization since the U.S. Constitution.”

Academia

Kannan grew up in Chennai, in southern India. At first, he was drawn to pure math, staying in India for his undergraduate and master’s degrees. He studied telecommunications, a discipline that would later prove relevant to crypto’s distributed systems.

In 2008, he moved to the United States to earn another master’s in mathematics at the University of Illinois at Urbana-Champaign, followed by a Ph.D. in entrepreneurship. Then, postdoctoral stints at Berkeley and Stanford opened his eyes to new academic frontiers.

At Berkeley, a lecture on “Synthetic Genomics” lured Kannan into the intricate realm of reprogramming living systems. “I said, ‘Okay, that seems much more fun than trying to get people to download more and more data on their phones,’” Kannan remarked.

Computational biology became Kannan’s specialty. As an associate professor at the University of Washington, he worked with his students to develop complex mathematical models to study the structure of DNA. Then advances in artificial intelligence blindsided him. One of Kannan’s students proposed using AI for a particularly tricky DNA sequencing problem, and Kannan balked — surely a neural network couldn’t outperform his finely tuned equations. Yet, in just two weeks, the AI beat Kannan’s best benchmarks.

Kannan came to a disturbing realization: “In five or ten years, all the stuff I was doing — the mathematical algorithms — is all gone,” he said. “AI will do everything.”

Pathfinding

Confronted with AI’s relentless rise, Kannan saw two paths: go deeper into AI-driven computational biology or try something new. He chose the latter.

In 2017, a call from his Ph.D. advisor alerted him to Bitcoin’s meteoric rise. Kannan began dabbling in crypto, and a reading of Yuval Noah Harari’s “Sapiens” offered deeper inspiration. Kannan’s takeaway from the bestseller was that “the reason why humans are special is not that we are intelligent,” or “can innovate.” Instead, humanity’s strength comes from our ability to coordinate at scale.

“Coordination is communication plus commitments,” Kannan said, explaining that while the internet had solved global communication, there was still no digital-native way to ensure trust. To Kannan, the trustless architecture of blockchains could fill that void. “If you don’t trust somebody, you’re not going to be able to coordinate,” he said, framing blockchains as the next evolutionary leap in human cooperation.

He dove deeper into Bitcoin, noting its low throughput and inefficiencies. That felt oddly familiar. “This is what I had studied in my PhD: How do you optimize a peer-to-peer wireless network?” Crypto’s bottlenecks and scaling issues seemed like the perfect place to apply his telecommunications expertise.

By early 2018, Kannan had found his purpose in crypto: not just to tinker, but to use his academic experience to address fundamental human coordination and scaling problems. He was ready, as he put it, “to go all in.”

Founding EigenLayer

Kannan’s early path through crypto founderdom included a few less-than-successful pit stops, among them building a short-lived NFT marketplace. “I realized I can only really build things for which I, or some core team members, are also the consumers,“ Kannan said. He shuttered the project in under a year.

He then began shopping around ideas for new blockchain security models, including one that he proposed to Cardano, the blockchain project helmed by Ethereum co-founder Charles Hoskinson. Kannan’s work in this area eventually culminated in an idea that stuck: “restaking” — the technology that would eventually underpin EigenLayer.

Ultimately, Kannan focused on Ethereum, the most widely used smart-contract blockchain, and he formed Eigen Labs, the company behind EigenLayer. The new platform’s goal was straightforward: let emerging blockchain projects “borrow” Ethereum’s security through restaking.

Ethereum is secured by a system in which users “stake” ether (ETH) as collateral, effectively earning interest in return for helping validate the network. Misbehavior – such as misreporting transactions or going offline – risks having collateral slashed.

EigenLayer builds on that structure, allowing stakers to earn additional returns by “restaking” their ETH pledged on the main chain to secure other networks, known as “actively validated services” or AVSs.

It’s unlikely most stakers (or restakers) really understand how this all works under the hood. Most investors stake ETH because they want to earn interest. EigenLayer promised to boost yields with its restaking.

For AVS developers, EigenLayer provides an easy way to tap into Ethereum’s collateral reserves without building a new security framework from scratch. This concept of “shared security” resonated widely and helped propel EigenLayer’s sudden rise.

“It’s a crazy, 100-year project, and it upgrades the human species,” Kannan told CoinDesk.

Growing pains

As EigenLayer soared, the bright lights brought scrutiny. “There was a lot of uncomfortable attention,” recalls Kannan. The attention was “positive, initially,” but it eventually began to sour in some corners.

“I think the first time the negativity hit was after the token launch,” reflected Kannan.

Before announcing the EIGEN token, EigenLayer gave “points” to depositors, a common tactic in crypto to spark early interest. Officially, the points are just an informal tally meant to gamify the system. But people mainly racked up points because they assumed they’d eventually be able to cash them in for EIGEN crypto tokens — speculation that EigenLayer did little to quell.

Entire markets emerged around these points, even though they were not meant to hold intrinsic value and EigenLayer never directly confirmed that it would release a token.

Early enthusiasm surrounding EigenLayer points turned into disappointment once the EIGEN token details finally emerged in April. People who expected easy liquidity chafed at EigenLayer’s plan to lock tokens for several months. Some felt excluded by geography-based restrictions, which Eigen Labs imposed to avoid violating U.S. securities laws. Others criticized EigenLayer’s slow feature rollout and fretted over conflict-of-interest issues, including (but not limited to) those raised by CoinDesk’s investigation.

“We had these features which were coming up. We had more decentralization coming up,” said Kannan. In the EigenLayer founder’s mind, he was “trying to protect the rights of all the people holding tokens” with his conservative regulatory approach, and by blocking transfers until after the platform was ready to release its main features. But, Kannan admits, ”it just blew up in the most negative possible manner.”

Kannan attributes some of the turbulence to his academic roots. He’d stepped into a world rife with hype cycles, tribal spheres, and financialization, and he was still learning its rhythms.

Early on, he realized that building a crypto startup required a more diverse team and skill set than any academic project. In one of his earlier failed crypto ventures, “everybody was similar,” with PhDs from “Stanford, MIT, and the University of Washington.” With EigenLayer, Kannan knew he needed not just brilliant engineers but also clear communicators, community advocates, and savvy business operators.

But Kannan still had to learn how to turn intellectual rigor into practical progress — and how to communicate that progress to a restless audience. The token fiasco exposed a disconnect between Eigen Labs and its community.

Users and developers wanted more transparency, collaboration, and communication. To Kannan, those demands felt extreme even by crypto’s warped, highly financialized standards. But he eventually understood that his perception of EigenLayer, as a scrappy startup, didn’t match how others saw it, as an industry juggernaut.

Kannan recalls being at a crypto conference and having a stranger ask him how the crypto community should address a concerning trend of over-leverage in crypto markets. Kannan was confused. “That doesn’t have anything to do with EigenLayer,” he recalled thinking. “I asked him, ‘Why are you telling me this?’” The answer: “Because you’re an industry leader.”

It was a turning point. Kannan, who once saw himself as “just some startup guy,” began accepting this new reality. Influence comes with responsibility and complexity.

One EigenLayer investor reminded Kannan that as he charted new territory, he would continue facing unexpected hurdles. In founding a startup, Kannan would be forced to reckon with something he was used to from his research days: trial and error. “You will learn,” the investor told him, “So I’m going to let you make your mistakes.”

Crypto for Advisors: Crypto as a Growth Driver

For wealth managers, crypto presents a key opportunity for growth – especially with rising mainstream interest after the approval of spot bitcoin and ether ETFs earlier this year.

In today’s issue, Nathan McCauley, co-founder & CEO of Anchorage Digital, explores how crypto could be a growth driver for advisors.

In Ask an Expert, Marissa Kim from Abra Capital Management answers questions advisors may have about including crypto in their practice.

– Sarah Morton

You’re reading Crypto for Advisors, CoinDesk’s weekly newsletter that unpacks digital assets for financial advisors. Subscribe here to get it every Thursday.

Crypto is a Growth Driver for Wealth Managers

For wealth managers, crypto presents a key opportunity for growth – especially with rising mainstream interest after the approval of spot bitcoin and ether exchange-traded funds (ETFs) earlier this year.

As organic growth in wealth management declines and the marketplace becomes more crowded and competitive, crypto can help wealth managers drive client retention and reach new clients with a differentiated offering.

Between the new spot ETFs and separately managed accounts (SMAs), wealth managers have a wide menu of options to offer crypto to their end clients.

ETFs and streamlined adoption

Spot ETFs present a streamlined path for wealth managers to offer crypto, especially for those who use ETF-based model portfolios. In recent months, some of the largest players – from major wealth management firms to Wall Street banks – have allowed advisors to offer crypto ETFs to eligible clients.

The ETF wrapper has unlocked serious latent interest in integrating crypto into traditional portfolios, driving tens of billions of dollars into the digital asset class through a regulated and accessible investment vehicle. Competition amongst ETF issuers in the U.S., in particular, sparked fee compression for these products, benefiting crypto ETF shareholders.

While spot crypto ETFs continue to be a significant unlock across mainstream and institutional finance, there are a few things wealth managers need to keep in mind. First, only SEC-regulated spot ETFs for bitcoin and ether are available on the market today. Like all spot ETFs, these products give shareholders direct exposure to – but not direct ownership of – the underlying asset.

As a result, wealth managers should also consider other complementary avenues for crypto ownership, such as SMAs.

Crypto SMAs as the next evolution

With rising adoption of SMAs across the board and increasing interest in crypto as an asset class, crypto SMAs represent a perfect marriage. By combining direct ownership with professional management, crypto SMAs offer significant benefits for both wealth managers and clients alike.

A qualified custodian serves as the base layer of a compliant crypto SMA. Today, wealth managers can access qualified custodians for crypto through turnkey asset management platforms, third-party technology platforms, and direct integrations. Safekeeping crypto with a qualified custodian gives end clients the regulatory certainty they need to participate in the asset class.

For end clients, crypto SMAs unlock the ability to access a broader range of digital assets – beyond just Bitcoin and Ethereum. The SMA structure also allows for greater flexibility in portfolio construction, which means end clients can deploy more personalized investment strategies. End clients may also benefit from improved tax efficiency.

For wealth managers, what does all of this mean? Greater client choice, which translates into enhanced client retention and differentiation from competitors in the market. By offering crypto SMAs, wealth managers can help future-proof their businesses – while providing the safety, security and regulatory certainty that clients have come to expect.

Embracing crypto through SMAs and complementary vehicles like spot ETFs can help position wealth managers to play a leading role in financial innovation, driving both long-term client satisfaction and business growth.

– Nathan McCauley, co-founder & CEO of Anchorage Digital

Ask an Expert

Q: How large of an opportunity does crypto represent? We want to understand how much firm resources we should devote toward gaining knowledge of crypto products.

It is estimated that about 50 million Americans (15%) already own crypto today, which means some of your clients likely already have exposure or are interested in getting exposure. Moreover, the adoption of cryptocurrencies is happening faster than the adoption of the internet, and we believe this participation rate may skyrocket over the next five years so that there will be significant demand from your clients.

As the wealth transfer from Boomers to Millennials occurs over the next five to 20 years, we believe millennials will have greater interest in owning cryptocurrencies and are likely to want to hold those assets directly, versus through ETFs or ETPs. There are still ways for advisors to be value-add to this type of client, but it does require investment of time to learn how clients will want to access these assets and the full breadth of product offerings beyond the ETFs.

Q: Where do digital assets fit into client portfolios from an allocation perspective?

Bitcoin is now being considered by some as a risk asset and as an asset that you would hold in a lower risk, defensive bucket, similar to precious metals or bonds. That being said, many advisors we speak to are only recommending to their clients exposure of 1-5% of total investable net worth to Bitcoin for now.

Assets like Ethereum and Solana are still being considered mostly in a high-risk bucket, more similar to owning single high-growth technology stocks, which can have significant upside as adoption continues but will also continue to be volatile, which may not be suitable for large position sizing or for some types of more conservative investors.

Q: What will happen with the regulatory environment in the U.S. – should we wait to make recommendations until the landscape is more settled?

In general, there is uncertainty in the U.S. around how digital assets should be treated under current law and whether the SEC and/or CFTC have jurisdiction over certain assets. There are many inconsistent approaches from various U.S. agencies and active cases going through the legal system now that are starting to show where the gaps are. There have also been several bipartisan crypto-related bills proposed over the last year.

While the industry certainly needs more regulatory clarity, BTC and ETH have some certainty following the approval of the spot ETFs, which confirmed that these assets are commodities – which is why these assets are likely to see increased institutional adoption.

– Marissa Kim, head of Asset Management, Abra Capital Management

Keep Reading

Swan Bitcoin Claims Ex-Employees Stole its Mining Business at Tether’s Direction in New Suit

Swan is looking for financial compensation and legal protections against its former employees, according to a lawsuit.

Swan Bitcoin has filed suit against a group of former employees and consultants, alleging they “hatched and executed a ‘rain and hellfire’ plan” to steal its lucrative bitcoin mining business with the help of Tether, Swan Bitcoin’s one-time ally and fundraising partner.

The lawsuit accuses six employees of looting Swan’s trade secrets – including “highly proprietary code,” hash-rate optimization techniques, and financial models – and using them to create an “illegal facsimile” of Swan’s bitcoin mining operation called Proton Management. After two months of pilfering and planning, the lawsuit claims, the coup-de-grace came on Aug. 8, when they and several other employees resigned “near-simultaneously” to join Proton.

The defendants did all of this, according to Swan, with the go-ahead from Tether. Though Tether is not a named defendant in the suit, a spokesperson for the company has denied any and all implications of wrongdoing.

The stablecoin giant had previously funded Swan’s bitcoin mining operation in Tasmania, Australia in 2023 and, by February, had entered into talks with Swan for another funding round. According to the suit, an advisor for Tether – Zach Lyons of Marlin Capital Partners – told Swan that Tether would lead Swan’s series C fundraising round with a $25 million investment, valuing Swan’s business at a whopping $1 billion.

Things were looking good for Swan, which had aspirations of going public. By July, according to the lawsuit, it was mining one out of every 50 bitcoins worldwide. Tether’s CFO Giancarlo Devasini seemed to be pleased with Swan’s CEO, Cory Klippsten, allegedly telling him “on multiple occasions that in his opinion Klippsten was the best CEO in the space.”

But, while praising Klippsten and pledging funding, Swan says Tether was double-dealing. According to the suit, Lyons began taking secret meetings with Swan’s former head of mining Raphael Zagary in (who is not named as a defendant in the suit) and other employees in late June, telling them that Swan had “no value” to Tether and suggesting that Swan’s employees could potentially leave Swan and go to Tether or another operator and “keep doing what [they’re] doing.”

In a July 11 meeting, Lyons allegedly told Zagary and former Swan Investment Director Santhiran Naidoo that Klippsten “has to realize [Tether] can take away [Swan’s mining business] tomorrow.”

With the tacit blessing of Tether, as well as an alleged agreement to provide “legal cover” for the coup, Swan claims, in mid-July Zagary began to “sow dissent and chaos at Swan, undermine Klippsten, and influence Swan’s consultants and employees to leave Swan”. The $25 million funding commitment from Tether, it became apparent, would no longer be coming.

The chaos took its toll on Swan, which by July 22, announced that it was dropping its IPO plan, shut down its managed mining unit and laid off some 45% of its staff. Its valuation plummeted, according to the suit, and it was forced to go back to the market seeking investment at a significantly lower valuation.

On Aug. 8, the defendants quit their jobs at Swan en masse, which Swan’s lawyers claim “blindsided” Swan (despite the fact that defendants were allegedly using their Swan email addresses and corporate Zoom accounts to coordinate with each other and Tether).

The next day, Friday, Aug. 9, Tether’s counsel served Swan with the “legal cover” it had allegedly promised the defendants – according to the lawsuit (which was improperly redacted), this came in the form of a “Notice of Event of Default” claiming that Swan had breached their funding agreement, 2040 Energy, with Tether because it was unable to “maintain the personnel necessary” to conduct business properly.

The following Monday, Swan says, Klippsten was “forced to resign” as CEO of 2040 Energy. The same day, Tether’s counsel allegedly informed Swan it had engaged the services of Proton Management – an entity that claimed “it can supply the services of certain former employees of Swan.”

“With that, as Swan would later learn, Defendants’ and the Swan conspirators’ coup was complete,” Swan’s lawyers wrote. “Defendant Proton, created by Defendant [Alex] Holmes, led by CEO Zagury and CIO Defendant Naidoo had created an illegal facsimile of Swan’s Bitcoin mining business.”

Ashley Ebersole, general counsel for 0x and a former U.S. Securities and Exchange Commission (SEC) attorney, told CoinDesk that Swan’s complaint “seems to indicate that Tether is a potential bad actor here, but there are no legal claims made against it.”

“The Complaint is pretty thin on evidence of actual wrongdoing by Tether and it’s not named as a defendant,” Ebersole added. “Maybe that’s because there isn’t evidence to support any claims against Tether, but complaints can always be amended if anything is uncovered.

A spokesperson for Tether told CoinDesk the company is “aware of recent allegations made in a lawsuit that mentions a subsidiary of Tether dedicated to proprietary mining and other investments.”

“While Tether is not a named defendant in the case, we have taken note of the claims and deny any implications of wrongdoing. Tether remains committed to enabling financial freedom, educational empowerment, energy sustainability, and data sovereignty. We believe our operations and conduct align with these values. As this is an ongoing legal matter, we will refrain from providing further comment at this time. We will continue to monitor the lawsuit and provide updates as appropriate. In the meantime, Tether’s business operations continue as usual,” the spokesperson added.

Swan’s suit is seeking permanent injunctions against the named defendants, as well as restitution, disgorgement, and punitive damages against Proton.

Five U.S. States Reach Settlement With GS Partners, Investors to Get Full Refunds

The Texas State Securities Board spearheaded the investigation and subsequent settlement with GS Partners and its owner, Josip Heit.

Teksas Eyalet Menkul Değerler Konseyi’nin (TSSB) pazartesi günü yaptığı duyuruya nazaran, Dubai’deki bir gökdelende yapılan tokenleştirilmiş yatırımlar da dahil olmak üzere çeşitli kripto yatırım planlarının gerisindeki Avrupa operasyonu olan GS Partners ile beş ABD eyaleti, yatırımcılara paralarının %100’ünü geri verecek bir uzlaşma mutabakatına vardı.

Tez edilen planın tam boyutu bilinmiyor, lakin operasyonun kendisi, Teksas’ın öncülüğündeki bir küme eyalet menkul değer düzenleyicisinin GS Partners’ın sahibi Josip Heit ve şirketlerini soruşturmaya başlamasından bir ay evvel, geçen Eylül prestijiyle 1 milyar dolarlık satış yaptığını argüman etti. Kasım ortasından itibaren, 10 ABD eyaletindeki ve bir Kanada eyaletindeki düzenleyiciler, Heit ve şirketlerine karşı dolandırıcılık teziyle yaptırım hareketleri başlattı ve menkul değer satışını derhal durdurmalarını emretti.

GS Partners, eski profesyonel boksör Floyd Mayweather dahil olmak üzere bir tanıtımcı ve ünlü sözcüler ağı kullanarak potansiyel yatırımcılara çıkarlı getiriler vaat eden çeşitli kripto ile ilgili yatırımlar satan artık faaliyette olmayan çok düzeyli bir pazarlama planıdır. Bu yatırımlar ortasında sanal arazi modülleri ve eski “Lydian World” meta cihanında bir pay havuzu, teze nazaran altın takviyeli bir kripto token ve Dubai’deki bir gökdelenin tokenleştirilmiş paylarını temsil ettiği argüman edilen kuponlar yer alıyordu.

Yatırımcılara, her biri 36 katlı kulenin bir inç karesini temsil eden kuponların – “görkemli bir gökdelen… çölün rüzgarlarından ilham alan ve yakıcı güneşin altında parıldarken ihtişam saçan” olarak tanımlandı – ünitelerin kiralanmasından pasif gelir elde etmelerine imkan sağlayacağı söylendi. GS Partners 175 milyon dolarlık satış amaçlarına ulaşamayınca, kuponların kıymeti neredeyse sıfıra düştü.

Teksas, Alabama, Arizona, Arkansas ve Georgia eyaletlerinin Heit ve şirketleriyle vardığı uzlaşma muahedesinin bir kesimi olarak, GS Partners’a karşı açılan tüm tüzel davalar sonuçlandırıldı ve soruşturmalar düşürüldü. Bunun karşılığında GS Partners, müşterilerinin uzlaşmaya varılan eyaletlerde yaptıkları yatırımların tamamını iade edecek.

Texas Eyalet Menkul Değerler Heyeti’nde Uygulama Müdürü olan Joe Rotunda, CoinDesk’e yaptığı açıklamada, müşterilerin paralarını geri almanın kurumları için bir öncelik olduğunu söyledi.

“Sadece maddi mali yardım sağlamakla kalmayıp, %100 mali yardım sağlamak hayli sıra dışıdır,” dedi. “Bu, eyalet düzenleyicileri olarak her vakit konuştuğumuz bir şeydir – bu fırsatlar ortaya çıktığında, onları değerlendirmeliyiz.”

Yerleşen eyaletlerdeki düzenleyiciler, kurumlarına ödenecek mali cezaları takip etme yetkilerinden feragat ettiler. Sivil para cezaları birçok eyalet ve federal uygulama aksiyonunun ortak bir sonucudur, fakat Rotunda kurumunun önceliğinin Teksaslı yatırımcılar olduğunu söyledi.

“Bu yalnızca bir öncelik sorunu. Önceliğimiz müşteriler için kurtarma sağlamaktı,” dedi Rotunda. “Varlıklarını alıp para cezası olarak devlete gönderme fikri nitekim midemi bulandırıyor… Bu yüzden, müşteri mevduatlarının %100’ünü geri alma fırsatı manasına geliyorsa, dolandırıcılık tezlerini memnuniyetle reddettik.”

Uzlaşma muahedesi, katılmayan eyaletlerin yahut federal düzenleyicilerin Heit ve şirketleri hakkında hukuksal yahut cezai soruşturmalar başlatmasını engellemiyor.

Pazartesi günü beyaz ayakkabı hukuk firması Quinn Emanuel’deki avukatları tarafından yayınlanan bir basın açıklamasında Heit, muahedeyi memnuniyetle karşıladığını belirterek şunları ekledi: “Talep süreci boyunca tüm uygun müşterilere geri ödeme yapmaya kararlıyız. Müşterilerimiz her vakit evvel gelir. Markayı, prestijimizi ve müşterilerimizi korumak en büyük önceliğimizdir.”

Rotunda, AlixPartners LP tarafından yönetilen talep sürecinin Ekim ayında açılmasını ve 90 gün sürmesini beklediğini söyledi. Heit ve şirketleri, mutabakatlarının bir modülü olarak AlixPartners’ın fiyatlarının maliyetini karşılayacak.

Rotunda, “Teksas’ta, bu davanın hukuk sistemimizde hızlandırılması için hakikaten çabalasak bile, müvekkillerin varlıklarını iade etmelerine kadar mahkemede kanıt sunabileceğimiz noktaya bile gelemeyiz” dedi.

DeFi Protocol Conic Finance Hacked for 1,700 Ether

Security firm BlockSec said that the root cause of the attack was price manipulation caused by “read-only reentrancy.”

Merkezi olmayan finans (DeFi) protokolü Conic Finance Cuma günü yaptığı açıklamada, bir saldırganın Omnipool’larından birini etkileyen cari fiyatlarla 3,6 milyon doların üzerinde değere sahip 1.700’den fazla eteri (ETH) ele geçirmesine izin veren bir istismara maruz kaldığını söyledi.

Güvenlik firması BlockSec, saldırının temel nedeninin “salt okunur yeniden giriş” nedeniyle fiyat manipülasyonu olduğunu söyledi. Yeniden giriş, saldırganların varlıkları çalmak için bir protokole tekrar tekrar çağrılar yaparak akıllı bir sözleşmeyi kandırmasına olanak tanıyan yaygın bir hatadır. Arama, akıllı sözleşme adresinin bir kullanıcının cüzdan adresiyle etkileşime girmesi için yetkilendirmedir.

Conic Finance, which went live on March 1, allows users to deposit tokens into its Omnipools, a new product that diversifies exposure across the Curve ecosystem while increasing rewards. The protocol attracted millions of dollars in capital shortly after going live, suggesting huge demand for such a product.

Each Omnipool allocates liquidity of a single asset into different Curve pools. All Curve liquidity provider (LP) tokens get staked on Convex to boost Curve (CRV) rewards earnings. Convex (CNX), another Curve ecosystem token, is also rewarded, as is Conic (CNC), Conic’s native token.

Meanwhile, Conic Finance developers tweeted that they were continuing to investigate the root cause of the exploit and were consulting with relevant parties.

Geliştiriciler, görünüşe göre hack’in gerçekleşmesine izin veren hatalı havuzu kapattıklarını eklediler. “Conic ön ucunda ETH Omnipool mevduatlarını devre dışı bıraktık” diye yazdılar.

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BlackRock May Have Found Way to Get SEC Approval for Spot Bitcoin ETF

The hedge fund included a surveillance-sharing agreement in its proposal, which could eliminate the risk of market manipulation related to bitcoin.

Blackrock’s (BLK) iShares Bitcoin Trust application to the U.S. Securities and Exchange Commission (SEC) this week might stand a better chance than previous attempts by other fund managers thanks to the promise of a “surveillance-sharing agreement” between exchanges.

Buried on page 36 of Blackrock’s 19b-4 filing with the SEC, the company states that to mitigate against market manipulation, it will bring in Nasdaq (NDAQ) to enter into a surveillance-sharing agreement with an operator of a spot trading platform for Bitcoin (BTC).

Surveillance-sharing agreements allow for the sharing of information about market trading activity, clearing activity, and customer identification, allowing for little possibility of market manipulation.

BlackRock’s proposed surveillance-sharing agreement, dubbed the “Spot BTC SSA,” is what makes this application different, and not simply the company’s size as the largest asset manager in the world, said Graeme Moore, Head of Tokenization, Polymesh Association.

“The SEC is very concerned with market manipulation related to Bitcoin prices, and has cited this in almost, if not all, previous rejections,” Moore said in an emailed statement. “This is because the SEC’s view is that Coinbase and others are not regulated as exchanges and therefore cannot be trusted to ‘prevent fraudulent and manipulative acts and practices’.”

However, industry veteran Dave Weisberger, CEO & Co-Founder of CoinRoutes, countered that any such surveillance-sharing agreement is superfluous.

“Why should it be necessary?” Weisberger said in an interview with CoinDesk.” Because Kraken, Coinbase, ItBit, Lmax and Bitstamp — all of their data feeds are public,” he added. “The SEC could clearly get all this data or hire someone to feed it to them. You can know every trade in every order, and that will give the SEC the ability to say, ‘Hey, this looks like a manipulative trade. So who did it?'”

The SEC has previously highlighted the importance of a surveillance-sharing agreements. In a notice in January regarding Cboe Digital’s request to list and trade shares of the ARK 21Shares Bitcoin ETF, agency officials said that “an exchange that lists bitcoin-based ETPs can meet its obligations under Exchange Act Section by demonstrating that the exchange has a comprehensive surveillance-sharing agreement with a regulated market of significant size related to the underlying or reference bitcoin assets.”

Blackrock’s iShares filed paperwork with the SEC on Thursday afternoon for the formation of a spot bitcoin ETF. The move comes after several other ETF proposals, including those of Grayscale, VanEck, and WisdomTree have previously been rejected.

Curve Finance CEO Egorov Sued by Three DeFi-Focused Venture Capital Firms

A complaint filed in San Francisco alleges Egorov defrauded ParaFi Capital, Framework Ventures and 1kx.

Michael Egorov, the CEO of decentralized finance (DeFi) firm Curve Finance, is being sued for fraud by venture capital firms ParaFi Capital, Framework Ventures and 1kx in the U.S.

A complaint filed in the Superior Court of California, San Francisco, alleges Egorov misappropriated trade secrets of the three VC firms, and defrauded the firms out of close to $1 million in funds while dangling the false promise of a possible stake in Curve to gain the investors’ trust and support.

The lawsuit, filed in April, also alleges that Egorov moved to Switzerland to insulate himself from the inevitable legal fallout. The three firms have been pursuing a breach-of-contract case in Switzerland against Egorov and his company Swiss Stake since 2020.

Curve Finance, a decentralized exchange built on the Ethereum blockchain, ranks among the biggest DeFi trading platforms, with some $4.07 billion in total locked value, according to DeFi Llama. Curve operates in the form of a decentralized autonomous organization (DAO), controlled by the CRV token, which can be bought or earned by contributing to Curve’s liquidity pools.

Beginning in early 2020, Framework Ventures, ParaFi Capital and 1kx claim that Egorov “engaged in a brazen, multi-faceted scheme to defraud” them over a six-month period, according to the complaint. The VCs also allege Egorov “misappropriated” the firms’ “trade secrets,” including “information that proved to be critical to the development of Curve, such as key industry contacts, potential investors, and knowledge of how to manage an investment round – all while falsely promising that Plaintiffs would benefit from the fruits of their labor, not just Egorov.”

The VC’s also claim Egorov offered to sell shares of Swiss Stake to Plaintiffs for close to $1 million (alleging that a combined $925,233.54 worth of USDC was sent to a wallet specified by Egorov), but had no intention of transferring shares of Swiss Stake to the firms.

Egorov’s lawyers said in May 22 filing that the allegations of fraud derive from the termination of a contract between the VCs and Swiss Stake, and that the “trade secrets” in question were really the names of widely known investors. Egorov’s side also claims Swiss Stake promptly offered to return the roughly $1 million of invested funds.

“To justify their blatant forum shopping, Plaintiffs concocted a new and compelling story painting Egorov as an evil villain who duped three naïve VC firms into giving up ‘trade secrets,’” according to a May 22 filing by Egorov’s lawyers. The case against Egorov amounts to “nothing more than a clever narrative,” his attorneys said.

Law firm Latham & Watkins, representing the three VC firms provided CoinDesk with a statement via email: “It is regrettable this has reached the point of litigation, but we strongly believe the facts are on our side. In that respect, the complaint speaks for itself. Our clients are resolved to seek full accountability of Michael Egorov for his behavior.”

Egorov’s lawyers, DLA Piper, had not responded to an emailed request for comment by press time.

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MasterChef All Star kadrosu henüz belli olmadı. MasterChef’te son üç sezonda şampiyon olan isimler ise şu şekilde:

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