CeFiWire Most Read for August 25: Fidelity's Bitcoin Mafia Graps WSJ's Attention
What was news for the week ending August 25, 2023.
The Wall Street Journal has a feature on the “Fidelity Mafia”, a group of alumni from the mutual fund giant. The article does not break news, but it does liken the ex-Fido crew that includes Galaxy Digital’s Alex “Bitcoin Viking” Thorn; Foundry’s Juri Bulovic; and Castle Island Ventures’ Matt Walsh, founding partner at crypto venture firm Castle Island Ventures. Those in the know should know everything in the article, but it does provide a rare quite from Fidelity Digital Assets head Tom Jessop who says that “We are now working with every business unit of Fidelity on what I would call long-term digital-asset strategy.” The WSJ reports that Fidelity Digital Assets now employs more than 600, a number that seems light to us (Wall Street Journal).
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In other news widely reported last week, the Treasury Department is formalizing how crypto providers will need to retain and report records to the IRS (WSJ). Patrick McHenry, the Republican who chairs the House Financial Services Committee wasted no time in weighing in on the issue, warning that the rules are part of a Biden effort to kill crypto and that any rules must be narrow (Decrypt).
In stablecoin news, Coinbase made a minority investment in Circle (Forbes). Multiple news outlets also reported on the slow uptake of PayPal’s new stablecoin. After three weeks there are 233 wallets holding 47 million PYUSD after three weeks. Lesson: Never launch during August in the midst of a crypto winter (Blockworks).
— Sean Hanna, Editor
The Most Read Five
1. Maple Raises Funds, Returns to Solana
2. It's Official. Anchorage Wins EDX's Custody Mandate
EDX Markets awards its custodian mandate. (August 22)
3. Dinari Goes Live with Tokenized Stocks
The startup is offering non-U.S. investors tokens fully backed by U.S. stocks and ETFs. (August 23)
4. AsiaNext Taps a Fidelity’s Colt for High-Speed Digital Asset Trading
The blockchain-based exchange is tying into technology from a Fidelity-owned company. (August 24)
5. McKinsey Has Four Tips for Tokenizers
The report gave us déjà vu ... but share it with your c-suite anyway. (August 25)
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The Rest of the Week’s News
6. Non-U.S. Investors Get Another Token Backed by a U.S. Treasuries Fund
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