💰 Costly… Crypto mega bank Silvergate said it would shut down after being forced to sell assets at a loss to cover a rush of withdrawals post-FTX. The closure of crypto’s go-to bank could make it harder for industry players to move $$.
📜 Policy… CFTC Chair Rostin Behnam said that ethereum and stablecoins are commodities — aka: should be regulated by his agency. Note: SEC Chair Gary Gensler likely disagrees. He's argued that all crypto (except bitcoin) may actually be a security.
🌶️ Spicy… Yuga Lab's bitcoin NFT (aka: ordinal) auction brought in $16.5M. But the creator of ordinals blasted the process — which required that bidders send their BTC to Yuga — suggesting it could be abused by scammers.