The Battle of ETH Futures ETFs Begins ⚔️

GM. This is Degen Scoop. It’s Thursday, here’s the scoop:

• The Battle of ETH Futures ETFs Begins ⚔️

• Google Becomes Validator of Celo Network ☁️

• Elizabeth Warren and Bernie Sanders Aim At Crypto Tax Evasion 🏃

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

The Applications to File for ETH Futures ETFs Has Begun

When BlackRock filed for their Bitcoin spot ETF, the herd quickly followed. In the past few days, we saw many big players all apply for an ETH futures ETF; those involved: Grayscale, Bitwise, VanEck, Volatility Shares, Roundhill, and ProShares. If the SEC does not stop the applications, the earliest we would see an ETF being approved is October 12th.

Since Bitcoin futures ETFs exist, we don’t consider this a farfetched possibility. To date, no ETH ETFs have been approved of the 10 or so applications that have been filed in the past. But given recent optimism with a Bitcoin spot ETF, the timing seems right. While we don’t know what the outcome will be, we imagine TradFi is more than happy to extract fees where they can do so..

Google Becomes A Validator on Celo Network

Just a couple weeks ago Google made it public they were becoming more crypto friendly. Google is fulfilling their promise with their recent move to become a validator of the Celo Network. We covered $CELO in mid-July when they announced their intentions of becoming a Layer 2 network on Ethereum. This would be the first instance of an alt-L1 doing so.

If the vote goes through, Google will effectively be a validator on Ethereum, albeit on an L2. Google is aware of this development and is fully committed to the chain’s desire to become an L2. We remain bullish on the largest smart contract chain. In time, more and more large names will aggregate to the EVM.

Elizabeth Warren and Bernie Sanders Look to Crackdown on Tax Evasion in Crypto

Crypto favorites Elizabeth Warren and Bernie Sanders are focusing on the tax evasion that occurs in crypto markets. The left-leaning lawmakers have sent a letter to the IRS urging them to establish the rules. While signed into law some two years ago, both the IRS and Treasury have not begun to enforce the new regulations despite approaching a six month implementation deadline.

The Democratic senators are arguing that billions of dollars are being lost to crypto tax evasion each year. While we’re certain there are tax evaders, the number could never be in the billions consider how terrible crypto traders are. As the implementation deadline becomes ever closer, we’ll likely hear more from the senators about the need for enforcement.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.