Intel Report 25/9

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Analyst Note
For the time being, our intelligence will be delivered through a report-based newsletter, combining LLM systems with human analysis to deliver value-packed web3 reports. Free users can enjoy a lite version, while paid subscribers get full access to daily and seasonal reports. Email us at adam@secret3.com for any feedback! - Adam, Lead Researcher.

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Summary
GM, SEC Chair Gary Gensler was criticized for unclear crypto regulations during a congressional hearing. Silvergate Bank's closure was attributed to regulatory pressures by former executives, not financial instability. In Ireland, the Central Bank advocates for EU's MiCA regulations to balance crypto innovation and regulation. Additionally, TrustToken and TrueCoin settled with the SEC, paying significant fines for alleged fraud related to TrueUSD stablecoin issuance.

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News Headlines
⚖️ Caroline Ellison Sentenced to 2 Years in Prison for FTX Fraud

• Caroline Ellison, former CEO of Alameda Research, received a two-year prison sentence for her role in the FTX $8 billion fraud case.

• Her sentence is significantly lighter than Sam Bankman-Fried's 25-year sentence, due to her substantial cooperation with authorities.

🔒 Circle Launches Onchain Compliance Platform for USDC

• Circle Internet Financial has unveiled the Compliance Engine, a suite of blockchain-based compliance tools for on-chain applications.

• The platform offers transaction screening and compliance services for KYC requirements, including the U.S. Travel Rule.

📱 Telegram to Share User Data for Legal Requests After CEO Arrest

• Telegram announced it will start sharing user data with authorities in response to legal requests following CEO Pavel Durov's arrest.

• The platform will provide IP addresses and other user details to authorities, focusing on eliminating problematic content.

💡 Solana Labs and Google Cloud Launch Gameshift Web3 API

• Solana Labs and Google Cloud have introduced Gameshift, a new Web3 API service for developers transitioning from Web2 to Web3.

• The service provides a suite of Web3 tools for cloud-hosted projects, available exclusively in the Google Cloud Marketplace.

💼 MicroStrategy Advised to Lend Bitcoin to Boost Yield

• Benchmark analyst Mark Palmer suggests MicroStrategy should leverage its Bitcoin holdings to generate yield through lending.

• The strategy could potentially increase MSTR's stock value from $153 to $215 per share.

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Market Metrics

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Fundraising & VC
1. Daylight (Seed, $6M) - “Onchain for you” API
2. Ambrus Studio (Series A Undisclosed) - Game development company