H2 2024 is here, and so is MiCA in Europe
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Welcome to the second half of 2024! In the first half, the S&P 500 rose by approximately 15%, fueled by strong performances in the tech and healthcare sectors. The Nasdaq Index outperformed with a gain of about 20%, driven largely by AI-driven stocks, especially the GAFAM companies (Google, Apple, Facebook, Amazon, Microsoft) and Nvidia, which saw a remarkable increase of over 170%. In Europe, the Stoxx 600 had a more modest gain of about 6%, as investor sentiment remained cautious due to economic uncertainties and weaker earnings momentum. Bitcoin and Ether have increased by around 50% year-to-date, buoyed by the approval of spot ETFs for both cryptocurrencies. ?
The cryptocurrency landscape in the European Union is set for significant changes as the Markets in Crypto-Assets (MiCA) Regulation takes effect this week. The implementation will be phased, with regulations for stablecoins starting on June 30 and those for crypto asset service providers coming in December. ?
Under MiCA, stablecoin issuers in Europe must obtain an electronic money license (e-money license) or a banking license. This process is typically costly and time-consuming. Alternatively, stablecoin companies can partner with a European bank with an e-money license, though this introduces other complexities, such as the requirement to keep assets in these banks.?As of July 1, Circle is the first global stablecoin issuer to become compliant with MiCA, effective for USDC and EURC. ?
VanEck has filed for the first U.S. Solana ETF, asserting that SOL is a commodity like BTC and ETH. This filing follows the SEC's approval of spot BTC and ETH ETFs and aims to track Solana's price through the VanEck Solana Trust on the Cboe BZX Exchange. Shortly after, Asset Manager 21Shares also filed an S-1 form with the SEC to launch a spot Solana ETF. ? Coinbase is suing the SEC and FDIC, using the Freedom of Information Act to demand the release of documents related to past crypto investigations and regulatory actions. Coinbase claims these agencies have systematically obstructed the crypto industry, as evidenced by ongoing disputes over regulation and access to banking services for crypto firms. ?
The crypto industry is exerting significant political influence in the 2024 US election through a $169 million campaign fund managed by the Fairshake PAC. Companies like Coinbase, Ripple, and a16z finance the fund but rarely discuss its decision-making process. In its effort to de-politicize crypto, the PAC has supported over 20 congressional primary wins and is preparing to influence races beyond the 2024 election cycle. ?
Kanav Kariya, who advanced from intern to president of Jump Trading's crypto division by age 25, is leaving the company. Kariya guided the company through major challenges like the $300 million Wormhole hack and the Terra/Luna collapse. Recently, Fortune reported that the US Commodity Futures Trading Commission is investigating Jump's crypto activities. ?
Tether announced it will discontinue USDT minting on EOS and Algorand but will continue supporting USDT redemptions on these blockchains for the next 12 months. This decision is part of Tether's broader strategy to focus resources on platforms that offer maximum security, efficiency, and user engagement. ?
Binance has obtained a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA) for its local exchange, Binance FZE. ?
On a weekly basis, Bitcoin is down by 0.7% and Ethereum is up by 0.5%.
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Token of The Week:?Toncoin (TON) ?
?TON is currently trading at $6.6, slightly below its all-time high of $7.2 set in April 2024. With a market capitalisation of $16 billion, it has been one of the 10 most capitalised tokens in the ecosystem since the beginning of April. Its performance in 2024 exceeds 160%, and daily volumes have risen sharply since the beginning of April, often exceeding the $100 million mark. ? However, TON is absent from Binance, which is surprising for a token with such liquidity. According to DefiLlama data, the total value locked up (TVL) on TON has risen from less than $15 million at the start of the year to $330 million, an increase of more than 30 times in 5 months. [...] ? Read the full analysis here:?https://en.thebigwhale.io/article-en/toncoin-ton-analysis-of-telegram-s-crypto
? ? ? ? ? ? ? ? ? ? ? ? ? ?We just finished mapping the entire crypto ecosystem ??
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? 500+ projects/companies/DAOs/funds.. listed!
A total of 4 high-level categories: Blockchain Infrastructure; Blockchain Applications; Digital Currencies & On-chain Assets; Institutional "TradFi-like" Services, divided into sub-categories (e.g., Blockchain Infrastructure > Blockchain Services) and further down into sub-sub-categories (e.g., Blockchain Applications > DeFi > Decentralized Exchanges) ? Download the full 28 pages mapping here:?https://sunzulab.com/publicationstype/the-complete-web3-ecosystem-mapping/
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The Week Ahead: ?
Monday July 01 2024
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