Grayscale Gets Sued and Self-Custody Grows
Despite the US Dollar and US Treasury yields declining, US equity indices continue their slide this week, with the ^SPX -2.36% and QQQ down 0.12% and 0.47%, respectively. Crypto markets are also negative today as BTC (-1.56%) continues to trade in the upper 16,000s and ETH (-3.27%) in the mid 1,200s. Alt layer-1 tokens are taking a larger hit today, with ATOM, FTM, and SOL down -5.57%, -6.01%, and -4.69%, respectively. Investors may be spooked as crypto cynic Senator Elizabeth Warren is working on a sweeping crypto legislation bill that would allegedly grant the SEC most of the regulatory authority over the industry. Topics in the bill include taxation, national security, climate, audited financial statements, and bank-like capital requirements for exchanges. The bill is still in the early stages, but many fear that the FTX implosion will lead to stricter and more extensive crypto regulation.