Intel Report 29/9

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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, MicroStrategy's Bitcoin holdings reached a valuation of over $10 billion, showcasing the potential for institutional investors. Meanwhile, the release of Binance founder Changpeng Zhao from prison after serving a four-month sentence has drawn attention to the ongoing regulatory challenges in the crypto space. In the altcoin market, Solana and Ethereum have shown strong performance, with analysts predicting further growth potential for both networks.

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News Headlines
🔄 Binance Prioritizes Compliance Following CZ's Arrest

• Binance is investing heavily in compliance, allocating nearly $200 million to compliance efforts and planning to increase the compliance workforce from 500 to 700 by year-end.

• Richard Teng, the new CEO, emphasizes Binance's commitment to adapting to a changing regulatory environment despite ongoing global challenges.

⚖️ Mango Markets Settles with SEC, Agrees to Destroy MNGO Tokens

• Mango Markets has settled with the SEC over charges related to unregistered offerings of MNGO tokens, agreeing to a $700,000 penalty and the destruction of remaining tokens.

• The SEC emphasized that the designation of a project as a DAO does not exempt it from compliance with securities regulations.

🏛️ UK Gambling Commission Charges Sorare for Unlicensed Facilities

• The UK Gambling Commission has charged Sorare, a blockchain-based fantasy sports operator, with providing unlicensed gambling facilities following an investigation that began in October 2021.

• Sorare denies the allegations, asserting that it does not operate a gambling product under UK law. The company is scheduled to appear in court on October 4.

🏦 Fed's Interest Rate Cuts to Impact Stablecoin Revenue

• The Federal Reserve's recent interest rate cuts are expected to significantly impact the revenue of leading centralized stablecoins, potentially reducing their annual revenue by up to $1.5 billion in 2024.

• Tether's USDt leads among stablecoins with $93.2 billion in T-bills, while Circle's USD Coin follows with $28.7 billion.

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Market Metrics

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Fundraising & VC
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