BlackRock Works With SEC 🏛️

GM. This is Degen Scoop. It’s Wednesday, let’s talk about what is brewing:

• BlackRock Works With SEC 🏛️

• Trump Announces New NFT Set 🆕

• Coinbase Releases Project Diamond 💎

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

BlackRock Laying Groundwork For Wall Street Participation

BlackRock is devising a plan to make it easier for Wall Street banks to participate in its Bitcoin ETF by shifting risk to crypto market makers. The plan involves a novel way for shares in the ETF to be redeemed, easing the process for large financial institutions to participate.

The SEC expressed concerns over BlackRock's initial redemption model, prompting the asset manager to revise it for better resistance to market manipulation.The move aims to facilitate institutional participation in the Bitcoin ETF, should it be approved, and address regulatory concerns.

We understand that news like this isn’t exciting per se, but it’s necessary work for the ETF to get its approval when the time comes. The SEC has not yet made a decision on BlackRock's Bitcoin ETF application but we will have a definitive answer around January 10th of next year.

Trump Announces New Set of NFTs Named The ‘Mugshot Edition’

Former President Donald Trump is releasing a new set of NFTs called the "Mugshot Edition" trading cards, priced at $99 each. Buyers of 47 cards in a single transaction will get dinner with Trump and a physical trading card containing a piece of the suit he wore during his mugshot.

The suit is referred to as "the most historically significant artifact in United States history." Crypto buyers of 100 cards will receive extra bonuses, including a chance to attend a pre-gala cocktail reception with the former president. Regardless of market conditions, Trump’s team sees a chance to make money.

The offering is run by NFT INT LLC under a paid license from CIC Digital LLC. Trading volume for Trump's first digital trading card collection increased by over 200% following the announcement of the "Mugshot Edition."

Coinbase Introduces Project Diamond

Coinbase Asset Management has introduced Project Diamond, a platform enabling the creation, buying, and selling of digitally native assets using the Coinbase technology stack and Base.

The platform aims to facilitate institutional participation in the crypto ecosystem by allowing the creation and management of various digitally-native assets directly onchain. Project Diamond issued its first digital debt instrument on November 10, demonstrating feasibility and operational efficiency.

This is a step toward unlocking institutional engagement in the crypto space which only helps to boost the coins. The project has received in-principle approval from the Financial Services Regulated Activity (FSRA) of Abu Dhabi Global Market (ADGM) to operate within the RegLab sandbox.

The BIGGEST NFT Sales in the Last 24 Hours:

Notable Threads You Might Have Missed:

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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.