SEC Won’t Appeal Grayscale Ruling 🎉

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

• SEC Won’t Appeal Grayscale Ruling 🎉

• Tether Elects New CEO, Paolo Ardoino 👨‍💼

• Ferrari Accepting Crypto Payments 🫰

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

SEC Doesn’t Appeal Grayscale Ruling, Opens Possibility of First Spot ETF

On Saturday, it was made public that the SEC would not be filing a last-minute appeal against the Grayscale ruling from August. In short, it questioned the nonsensical SEC rejection of Grayscale's Bitcoin ETF application. The court suggested that since the SEC approved Bitcoin futures ETFs, it couldn't reasonably reject spot market products. As we have said many times, a spot ETF being approved near the next Bitcoin halving is massively bullish news for the market.

It must be noted that by not appealing, it doesn't automatically approve Grayscale's bid. Should the SEC to reconsider the application, it does give the organization the ability to reject it on different grounds. The price of Bitcoin saw a 1.3% increase following reports of the SEC's decision not to appeal. Our take is this: the matter of a Bitcoin spot ETF is when not if.

Paolo Ardoino, Former CTO, Promoted to CEO of Tether

Tether, best known for its stablecoin USDT, has named Paolo Ardoino as its new CEO, succeeding Jean-Louis van der Velde, who will remain the CEO of Bitfinex. Despite bear market woes, Tether as a company has performed exceptionally well; in Q2 they posted nearly $1B in profit. New CEO Ardoino will continue serving as CTO at both Bitfinex and Holepunch.

Since joining Bitfinex in 2014, Ardoino has witnessed Tether's market cap soar from under $100 million to $83.5 billion, driven by substantial growth starting in 2020. Ardoino envisions Tether evolving into a "tech powerhouse" that reshapes the future of finance, emphasizing a focus on emerging markets and transformative technology to extend the influence of the US dollar. It’s clear that Tether has been remarkably successful even in turbulent market conditions, Ardoino will establish his legacy in where he guides USDT.

Ferrari Begins to Accept Crypto Payments For Vehicle Purchases

Ferrari, the renowned Italian luxury automaker, is now enabling US customers to purchase their sports cars using Bitcoin, Ethereum, or USDC. In collaboration with crypto-payment processor BitPay, Ferrari aims to tap into a new generation of customers, including young investors who have amassed fortunes in cryptocurrencies. By accepting digital assets, Ferrari seeks to connect with individuals who may not be traditional clientele as well as offer a new form of off-ramping that was previously impossible.

This move follows a trend among automakers, including Lamborghini, Nissan, BMW, and, previously, Tesla, which allowed Bitcoin payments. Ferrari's Chief Marketing and Commercial Officer, Enrico Galliera, highlighted recent efforts to make cryptocurrencies more environmentally friendly as a contributing factor to their decision to accept Bitcoin. One institution at a time, crypto becomes welcomed making it more and more intertwined with the global economy.

Notable NFT Sales Over the Weekend:

table Threads You May Have Missed:

Meme of the Day

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.