Good morning, Coin Discoverers!

CRYPTO

• BTC: $58,154.40(+0.28%)YTD (+31.57%)

• ETH: $2,460.25(+0.38%)YTD (+4.82%)

• BNB: $511.16(+0.66%)YTD (+62.98%)

*Crypto numbers as of 5:00 am EST on September 5th

SEC delays decision on 7RCC's spot Bitcoin and carbon credit futures ETF

The SEC announced on Tuesday that it is postponing its decision on the 7RCC Spot Bitcoin and Carbon Credit Futures ETF until November 21. This delay extends the timeline for a ruling on the ETF, which had already been pushed back in May.

The agency is taking additional time to review the proposal before making a final decision. The extended deadline suggests the SEC is still carefully considering the implications of approving or disapproving this unique financial product.

Sui Blockchain Enables Crypto Transactions Without Internet Access

The Sui blockchain, developed by Mysten Labs, is introducing a groundbreaking innovation that allows cryptocurrency transactions to occur without internet connectivity. This advancement could significantly enhance the resilience and accessibility of blockchain networks.

Mysten Labs co-founder Adeniyi Abiodun emphasized that these "internet-less transactions" can be transmitted through various alternative communication channels, such as mobile networks, radio waves, and even underwater signals.

CFTC Takes Action Against Ethereum DeFi Platform Uniswap

The Commodity Futures Trading Commission (CFTC) has issued an order against Uniswap Labs, the company behind the Ethereum-based decentralized exchange Uniswap, for allegedly offering illegal leveraged or margined retail commodity transactions in digital assets.

As part of the settlement, Uniswap Labs has been fined $175,000 and is required to cease and desist from further violations of the Commodity Exchange Act (CEA).

Binance Adds Toncoin to Simple Earn Locked Products

Binance has expanded its Simple Earn offerings by adding Toncoin (TON) to its Locked Products. Users can now subscribe to TON for different durations and earn rewards with rates of up to 5.9% APR.

This promotion runs from September 3 to September 23, 2024, providing users with a limited-time opportunity to take advantage of these attractive returns.

STOCKS

• DOW: 40,974.53(+0.093%)

• S&P: 5,520.00 (-0.16%) 

• NASDAQ: 17,084.94 (-0.30%)

*Stock numbers as of market close on September 4th

Nippon Steel Reports No Update from CFIUS on U.S. Steel Acquisition

Nippon Steel Corp announced on Thursday that it has not yet received any update from the Committee on Foreign Investment in the United States (CFIUS) regarding its proposed $14.9 billion acquisition of U.S. Steel. The company is still awaiting further communication from the regulatory body.

In a statement, Nippon Steel reiterated its stance, stating, "Since the start of the regulatory review, we have made it clear to the administration that we believe this transaction poses no national security concerns."

Nordstrom Founders Propose $23 Per Share to Take Company Private

Nordstrom's founding family has made an offer to take the department store chain private at $23 per share, partnering with a Mexico-based retailer, according to a filing on Wednesday. This move is part of the family's ongoing efforts to gain full control of the company.

The offer values Nordstrom at around $3.76 billion. Since news of the family’s interest in going private first emerged in March, the company’s shares have risen by 35%.

REAL ESTATE

• 15-year: 5.97%

• 30-year: 6.44%

*Mortage rates via Mortgage News Daily

Steady Rally Following Data Release. More Key Data on the Horizon

Wednesday’s market action was dominated by the release of Job Openings data in the morning. Bonds remained relatively flat before the data but rallied sharply afterward. Once the initial reaction settled, the rest of the day saw a gradual drift in a rate-friendly direction. By the 3 p.m. close, yields had dropped several basis points below the 3.80% level for 10-year Treasuries, setting the stage for potential movement ahead of Friday’s jobs report.

Additionally, the yield curve briefly uninverted during the day, though this shift is not necessarily predictive of future market trends, despite some claims to the contrary.

TECH

OpenAI's Future: Project Strawberry, Orion, and GPT Next

OpenAI is preparing to launch two innovative models, Strawberry and Orion, set to revolutionize machine learning by advancing AI's reasoning, problem-solving, and language processing capabilities. These projects aim to bring us closer to the goal of achieving artificial general intelligence (AGI).

Strawberry, formerly known as Q* or Q-Star, is designed to go beyond typical chatbot functions, emphasizing a significant improvement in AI's reasoning skills.

QUICK RECAP

#1. A Blackstone-led consortium is close to acquiring Australian data center group AirTrunk for A$20 billion ($13.53 billion).

#2. Umar Kremlev, head of the International Boxing Association, became the new owner of Rolf, Russia's largest car dealership.

#3. Lufthansa’s CEO, Carsten Spohr, meets Portugal's government to discuss a 19.9% stake in TAP, avoiding EU approval.

#4. Germany extends trusteeship over Rosneft's German assets, including a 54.17% stake, until March 10, 2025.

#5. Lufthansa’s CEO, Carsten Spohr, meets Portugal's government to discuss a 19.9% stake in TAP, avoiding EU approval.