gm 08/10

Summary
gm, The financial world saw a major traditional-crypto crossover as Intercontinental Exchange (ICE), owner of the NYSE, invested $2 billion in prediction market Polymarket at a $9 billion valuation, signaling growing Wall Street interest in blockchain applications. S&P Global also announced a new Digital Markets 50 Index combining 15 cryptocurrencies with 35 crypto-related equities, further bridging traditional and digital asset markets. Despite Bitcoin pulling back from its recent all-time high above $126,000, on-chain data and derivatives markets remain bullish, with substantial ETF inflows of $1.19 billion recorded in a single day, suggesting continued institutional demand amid the broader economic uncertainty.

News Headlines
💰 Meanwhile Raises $82M to Scale Bitcoin-Based Life Insurance

• Meanwhile, a Bitcoin-focused life insurance company, has secured $82 million in funding led by Bain Capital Crypto and Haun Ventures to expand its Bitcoin-denominated savings, annuities, and insurance products.
• The company, which has raised $122 million in total this year, operates under Bermuda's regulatory framework and has reported over 200% growth in Bitcoin assets under management as investors seek protection against inflation and currency devaluation.

⚖️ SEC Chair Aims to Formalize "Innovation Exemption" by Year End

• SEC Chair Paul Atkins announced plans to establish an "innovation exemption" by the end of 2025 or early 2026, allowing companies to develop digital assets and innovative technologies in the U.S. under specific regulatory parameters.
• This initiative aims to overcome years of regulatory repression that have pushed innovation abroad, signaling a significant shift toward a more pro-innovation stance at the SEC despite the current government shutdown.

📱 Infinex Launches Passkey Access to 100 Crypto DApps

• Infinex is testing a Chrome extension that allows users to access 100 crypto applications across 20 blockchains using smartphone biometrics, making crypto more accessible by eliminating complex seed phrases.
• While the passkey system offers stronger security than passwords, it doesn't match the security of hardware wallets, though Infinex notes their system is already securing half a billion dollars without incidents.

💳 BNY Mellon Tests Blockchain for $2.5T Payments Processing

• BNY Mellon, the world's largest custodial bank, is exploring tokenized deposits to enhance its global payment systems that currently process around $2.5 trillion daily.
• The technology aims to enable near-instant payment settlements and reduce transaction costs by utilizing blockchain to process these deposits, potentially overcoming traditional limitations in global money movement.

🏦 MetaMask Announces $30 Million Rewards Program Ahead of Token Launch

• Consensys has unveiled a $30 million rewards program for MetaMask users, which will distribute Linea tokens and offer various incentives including referral rewards, stablecoin bonuses, and early access tokens.
• The program is designed as a long-term community benefit rather than a short-term incentive scheme, with special benefits for long-time users and a connection to the upcoming MetaMask token, which aims to empower the community.

Market Metrics

Fundraising & VC
1. Polymarket (Strategic, $2B) - Decentralized information markets platform
2. Meanwhile (Undisclosed, $82M) - Bitcoin life insurance company
3. Grass (Undisclosed, $10M) - Data layer for AI

Regulatory
🔴 EU Considers Sanctions on Russian Ruble-Backed Stablecoin

• The European Union is weighing sanctions against A7A5, a Russian ruble-backed stablecoin that has seen its market cap surge 250% to over $491 million.
• The proposed measures would prohibit EU individuals and organizations from engaging with A7A5 directly or through third parties, targeting banks in Russia, Belarus, and Central Asia accused of facilitating sanctioned transactions.

🏦 Bank of England Reconsidering Stablecoin Holding Limits

• The Bank of England is softening its proposed stablecoin holding caps following industry criticism of the initial limits of £20,000 for individuals and £10 million for companies.
• The revised approach may include exemptions for firms needing larger reserves, indicating recognition of stablecoins as valuable financial innovations and responding to competitive pressure as the US moves toward clearer regulations.

⚖️ Kazakhstan Cracks Down on Unlicensed Crypto Exchanges

• Kazakh authorities have shut down 130 unlicensed crypto platforms and seized $16.7 million in digital assets during a money laundering crackdown.
• The government is implementing stricter control measures, including mandatory identity verification through biometric authentication, while proposing a State Fund of Digital Assets to strengthen the country's digital finance sector.

🏆 Dubai Regulator Fines 19 Unlicensed Crypto Operators

• Dubai's Virtual Assets Regulatory Authority (VARA) has imposed fines ranging from $27,000 to $163,000 on 19 companies operating without the necessary licenses.
• The enforcement action, which follows a previous crackdown on seven unlicensed firms, targets violations of marketing rules and unauthorized crypto services as part of VARA's efforts to enhance oversight and protect investors.

🚨 AFL-CIO Opposes Senate Crypto Bill Over Pension Risks

• The AFL-CIO has voiced opposition to the Senate's Responsible Financial Innovation Act (RFIA), arguing it increases risks for workers by allowing retirement funds to invest in volatile crypto assets.
• The union criticized the bill for enabling crypto industry expansion without adequate oversight or protections, potentially compromising retirement savings and broader financial stability.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term, which indicates further development in the same direction. The currency has support at points 117800 and resistance at points 123500. The short term momentum of the currency is strongly positive, with RSI above 70. This indicates increasing optimism among investors and further price increase for Bitcoin. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The RSI curve shows a rising trend, which is an early signal of a possible trend reversal upwards for the price as well. The currency is overall assessed as technically neutral for the short term.

Ethereum - Ethereum is within an approximate horizontal trend channel in the short term, which indicates further development in the same direction. The currency is between support at points 4300 and resistance at points 4750. A definitive break through of one of these levels predicts the new direction. The currency is assessed as technically neutral for the short term.