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Crypto stories are so wild that they’re often hard to believe. This week’s tea is ANOTHER connection between SBF and Diddy… check it out below

P.S. If you’re invested in the coins and trying to survive the market turmoil, I wish you you luck and we’re in this together 🤝🫡

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News Stories

Markets & Macro

• Bitcoin Liquidations Top $500 Million After Sharp Market Correction [Decrypt] Crypto markets experienced significant liquidations, totaling $526 million, following a sharp sell-off that saw Bitcoin drop by over 5% on Tuesday. Long positions accounted for $453 million of the liquidations, while short positions made up $73 million, according to CoinGlass. Bitcoin traded down 3.5% to $61,720, with Ethereum down over 6% to $2,480. Analysts view the setback as temporary, with potential recovery driven by factors such as China's stimulus and U.S. economic data. Geopolitical tensions, particularly following missile strikes on Israel from Iran, exacerbated the market decline.
  

  

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• BlackRock’s Fink says market is wrong on Fed rate-cut bets [Yahoo Finance] BlackRock CEO Larry Fink expressed skepticism that the market's expectations for aggressive Federal Reserve rate cuts will materialize, citing continued economic growth in the U.S. Fink told Bloomberg Television that while there may be some room for easing, the market is overly optimistic in pricing a total of 190 basis points of cuts by the end of 2025. Fink emphasized that most government policies are inflationary and that segments of the economy remain robust, despite challenges. He also downplayed systemic risks, noting that global capital markets are diffusing more risk than ever before.

Institutions, Regulation, & Politics

• Diddy Hires Sam Bankman-Fried’s (New) Lawyer [CoinDesk] Sean "Diddy" Combs has hired Alexandra Shapiro, the lawyer handling Sam Bankman-Fried's appeal, to challenge a judge's decision to keep him jailed while awaiting trial on racketeering and sex trafficking charges. Shapiro, who filed a 102-page appeal for Bankman-Fried after his conviction for the collapse of crypto exchange FTX, will now represent Diddy as well. Bankman-Fried, who is serving a 25-year sentence, and Diddy are reportedly sharing the same unit at the Metropolitan Detention Center in Brooklyn.

  

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• SEC Enforcement Director Gurbir Grewal Is Leaving the Agency [CoinDesk] Gurbir Grewal, the SEC’s director of enforcement, will step down on Oct. 11, with Deputy Director Sanjay Wadhwa stepping in as acting director. Under Grewal’s three-year tenure, the SEC initiated over 2,400 enforcement actions, leading to $20 billion in penalties and $1 billion in whistleblower awards. Grewal is noted for his robust enforcement in the crypto space, overseeing more than 100 actions targeting noncompliance, including against major crypto trading platforms. His departure comes as the SEC wraps up several crypto-related enforcement actions ahead of the fiscal year’s end.

• Asset Management Firm Bitwise Files for Spot XRP ETF [Bitcoin.com] Asset management firm Bitwise has filed for a spot XRP exchange-traded fund (ETF) with the Delaware Division of Corporations, signaling potential progress toward a regulated XRP ETF. While the filing does not confirm an immediate submission to the U.S. Securities and Exchange Commission (SEC), it aligns with Ripple CEO Brad Garlinghouse’s optimistic stance on the future approval of XRP ETFs. Bitwise's move comes as Ripple Labs continues its legal battle with the SEC over the classification of XRP, with an SEC appeal deadline set for Oct. 7

Crypto Products & Onchain Events

• Robinhood launches crypto transfers in Europe as it pushes overseas expansion [CNBC] Robinhood announced that it is expanding its crypto capabilities in Europe, allowing customers to deposit and withdraw over 20 digital currencies, including bitcoin and ethereum. This move enables European users to self-custody their assets. The expansion follows Robinhood's acquisition of Luxembourg-based crypto exchange Bitstamp, aimed at boosting its global reach and serving institutional investors. The European Union (EU) market is seen as attractive due to its crypto-friendly regulations under the upcoming Markets in Crypto-Assets (MiCA) framework, which will harmonize rules across all member states.

• Franklin Templeton's OnChain Money Market Fund Launches on Aptos [The Block] Global asset manager Franklin Templeton has launched its OnChain U.S. Government Money Fund (FOBXX) on the Aptos blockchain, its fifth network. The fund, available via Franklin Templeton’s Benji Investments platform, allows institutional investors to access the low-risk U.S. government-backed fund through digital wallets. This collaboration aims to enhance interoperability across non-EVM blockchain environments, bridging traditional finance (TradFi) and decentralized finance (DeFi). The launch on Aptos follows expansions to Stellar, Polygon, Arbitrum, and Avalanche, with $20 million in subscriptions already received.

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