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BlockBeat: Grayscale proves Web3 isn't black nor white

Grayscale clashes with the SEC as Silvergate sends shivers

Photo by regularguy.eth / Unsplash

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It's a crazy world out there in the metaverse, but we've picked out the most interesting bits. If you're here from a friend, subscribe now.

In Web3, pain and chaos are awash in gray and silver. It's no secret that it's been a wild west, but Grayscale's SEC clash and Silvergate's collapse have proven to unnerve even the most bearish.

Aside from these, there's also the push-and-pull tension between the Federal Reserve and the threat of recession, NFT movements in Paris and Malaysia, and so much more.

ETF Approvals: Two Wrongs Don't Make a Right

We look at Grayscale's attempt to force the SEC, via the courts, to approve the conversion of GBTC into a normal ETF.

The Tug-of-War Continues: Hawkish Fed vs Recession

Global investors are now contemplating the fallout from US Fed rates reaching 6% after Powell's speech before the Senate Banking Committee on Tuesday.

From Cash Grabs to Builders: NFT Paris Showcases Maturing Industry

Maxime Berger, founder of, shares his reflections and key takeaways from one of the NFT industry's biggest events.

US SEC Investigating Money Managers on AI, Crypto

Washington is looking at ways to crack down on abuses in the business with a stronger hand than they were planning on taking before FTX's demise, and the industry is under the microscope as a result.

Blockcast 16: Crypto's Next Big Blow-Up, AI in Web3

Friday means we're back with a new episode of Blockcast, our weekly podcast brought to you in conjunction with The Financial Coconut. This week, we discuss Silvergate – arguably crypto's next big blow-up, how the SEC took on Binance but lost, and why AI in Web3 is a bit of a mismatch.

Photo by CK Yeo on Unsplash

Another slow week in KL as companies prepare for upcoming engagement events. Meanwhile, more outsiders have started to look in as capital allocators get restless for high growth Web3 models

  1. Masverse reported on their Twitter page about a presentation they made to an audience made up of the Prime Minister’s department. It covered blockchain initiatives and ideas in Malaysia’s digital education.
  2. The Ethereum KL community submitted an official proposal to host Devcon 2023 in KL. The TLDR on why KL; Tier 1 infrastructure, native level English, cheap global cost, high-quality developers. Find the full proposal here.
  3. Market Movement: Three medium-sized companies Blockhead spoke to reported doubling down efforts on education content to grow the market. They suggested that the builder market is making things ‘different’ compared to previous bear cycles, and that educating the Malaysian masses is the priority again.
  4. Whale Chatter: A late-stage VC we spoke to expressed they were facing “pressure” from their limited partners to enter the market. They acknowledged that Web3 is the place for high growth capital, and the projects that interest them the best are infrastructural products. However, the main barrier of entry is poised around a question: “How do we calculate the math to justify any valuation accurately?
  5. Events:  
    - Mitoworld’s upcoming launch will be officiated by MDEC on the 14th March. Find more information here.
    - Sign up for Chainalysis’ blockchain & crypto masterclass on 20th March here.

Join the Blockhead Malaysia telegram group for more Malaysia-focused commentary and intel.

Crypto Currents: DCG, FTX, Silvergate, Bicasso

Our roundup of other crypto stories breaking waves this week...

Ethereum is a security again as NYAG sues exchange KuCoin

A wild 24 hours for Ethereum.

Silvergate pain spreads across industry

The crypto market is tightening with news of Silvergate's collapse.

South Korea pumps $51m into metaverse projects amid Web3 push

The Asian superpower continues its web3 push with two major metaverse investment announcements.

Justin Sun explains Huobi’s flash crash – but we’re unconvinced

His Excellence has offered nary a convincing explanation.

Sorry SEC, stablecoins are commodities according to CFTC

The SEC is now facing criticism against its stablecoin scrutiny.

Crypto search is coming via ChatGPT-powered Kaito

"I'll Kaito that" is the new "I'll Google that", apparently.

Crypto trade under India's anti-corruption rules: what does it mean?

Money laundering provisions have been applied to digital assets in India–but to what extent?

"A truly difficult time": Algorand Foundation releases hack statement

You can either read it as a statement about the hack, or a hack statement that they wrote. Either way, people aren't happy.

Fed chair warns on crypto industry, current crisis

While also noting that the Fed doesn't wish to stifle innovation.

"AI can't live inside a blockchain": Fantom's Andre Cronje

"AIs are black box and mutable, blockchains are transparent and immutable," he claims.

Thailand lures crypto projects with ICO tax break

Companies will apparently have access to alternative means of raising capital through investment tokens.

Judge approves Binance's Voyager acquisition despite SEC objections

SEC believes the deal could be "discriminatory".

Alameda Research takes high ground, sues Grayscale

Alameda is playing crypto vigilante.

Singapore police finally probe Terra Luna founder Do Kwon

Even though the crypto fugitive is nowhere to be seen in Singapore.

What's truly at stake?

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Hey! We’re Blockhead, a digital assets-focused media platform that’s also Asia-led and global in scope. We cover the most important industry trends and developments happening right now. For questions and feedback, feel free to email us here. If you’ve read this far and are hungry for more, check out our website for even juicier crypto content.