JPMorgan UK BANS Crypto ❌

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

• JPMorgan UK BANS Crypto ❌

• Arbitrum Using $42M in Incentives 💰

• Lawmakers Press Gensler on Bitcoin ETFs 📢

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

JPMorgan UK Announces That It Will Ban All Crypto Transactions

JPMorgan Chase UK customers will no longer be able to make cryptocurrency transactions beginning October 16. JPMorgan Chase cited a study by Action Fraud which revealed a 40% increase in consumer losses related to fraud, exceeding £300 million. This is a problem to be clear, but is a rounding error relative to their $200B in annual revenue.

JPMorgan Chase is not the first bank to impose restrictions on crypto transactions in the UK. Before them came The Royal Bank of Scotland and Santander. Alternatives for UK customers include banks like Revolut and Monzo, which offer cryptocurrency services. Losing money in fraudulent schemes is a concern, but this feels more and more like suppression of an individual’s freedom to transact.

Arbitrum Will Be Using $42M in Incentives to Boost Chain Usage

Arbitrum DAO has decided to allocate $42 million to boost ecosystem growth. While chain usage is critical, the timing is surprising given the state of the market. Arbitrum currently enjoys a strong position in the battle for Ethereum's layer 2 dominance, but how it deploys the $42 million will be crucial in sustaining its momentum.

Meanwhile, discussions on DAO risk management continue while some argue that human expertise is essential for managing risks specific to various protocols. The main concern regarding incentives is that it will almost certainly result in additional selling pressure of the ARB token.

Lawmakers Urge Gary Gensler to Expedite Approval of Bitcoin Spot ETF

A bipartisan group of lawmakers has called on SEC Chair Gary Gensler to expedite the approval of a spot Bitcoin ETF following a recent court ruling. The lawmakers argue that a regulated spot bitcoin ETF would enhance investor protection by offering more transparent and secure access to bitcoin. The U.S. Court of Appeals for the D.C. Circuit recently ruled that the SEC must re-review Grayscale Investments' bid for a spot bitcoin ETF.

The lawmakers made a point to highlight the regulator's differential treatment of spot bitcoin ETFs and similar futures-based funds, which it has already approved. The lawmakers emphasize that the court's finding underscores that a spot bitcoin ETF is indistinguishable from a bitcoin futures ETF and urge Gensler to approve spot-bitcoin ETP listings immediately.

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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.