This is the Digest by HODL FM. Your watchtower for weekly Web3 exploration.

So much happened this week, and since we don’t have to stand behind you to watch your back – we went out and about looking for major market movers in the first week of June. Here is what we found: 

  • FTX Exchange will settle $200 million instead of $24 billion with the IRS if the court amends the claim: The IRS had initially filed for a $44 billion claim against the exchange before revising the figure to $24 billion. Now, the court could approve a small figure in the millions.
  • XRP warns that clarity in regulations should top the agenda for institutions considering altcoin ETFs: For Ripple CEO Brad Garlinghouse, Cardano, Solana, and XRP, ETFs are inevitable, but the focus should be on clear policies before getting there.
  • This Bitcoin memecoin, DOG (DOG GO TO THE MOON), has achieved the $1 billion market capitalization mark: Bitcoin’s Runes Token Trading Ecosystem has become the thriving hub for degens seeking satisfaction in the memecoin frenzy.
  • AI-powered Digital Twin is Zoom’s next big thing: Eric Yuan, the founder of Zoom, has big ambitions to let your virtual twin attend meetings on your behalf. 

Here is what went down in detail: 

FTX Exchange to settle $200 million instead of $24 billion with U.S Tax Service

If judges approve, the defunct and now being restructured FTX exchange could end up paying $200 million in settlement of an IRS claim that was initially $24 billion. 

The IRS had previously filed a claim amounting to $44 billion against FTX before adjusting the figure to $24 billion. The court is supposed to hear and approve these claims on 25 June 2024, as they are part of FTX’s restructuring plans.

Source: Giphy

The resolution will end up setting the stage for one of the exchange’s biggest disputes involving billions of dollars.

Ripple CEO Urges Bitcoin, Ethereum, Solana, and Cardano to Champion for regulatory clarity ahead of ETF onslaught

At the Consensus Crypto Conference, XRP executive Brad Garlinghouse said an XRP, Solana, and Cardano ETF would inevitably exist. According to him, it’s only a matter of time before the SEC approves more altcoin ETFs. 

However, he said the blockchain space must focus on seeking regulatory clarity in the United States and ensuring the Securities and Exchange Commission follows the law when regulating the industry.

Ripple, digital assets manager Grayscale, and cryptocurrency exchange Coinbase have long championed for better regulations in the cryptocurrency industry. Coinbase even filed a legal suit against the SEC for ignoring crucial compliance guidelines when enforcing the digital assets space.

DOG (DOG GO TO THE MOON) is heading for the moon

DOG•GO•TO•THE•MOON (DOG), a new memecoin launched on Bitcoin during the halving event, is living up to its name after nearing the $1 billion market capitalization mark on CoinMarketCap.

Source: CoinMarketCap

DOG became the third memecoin to launch on Bitcoin’s rune token system and one of the top 10 largest memecoins in the crypto space. The rise of DOG comes in the background of a memecoin frenzy across Solana and Bitcoin, all of which have brought billions of dollars to the ecosystem since the beginning of 2024.

AI-powered Digital twin attending your Zoom meeting is the next big thing in enterprise software

According to Zoom’s founder and CEO, Eric Yuan, a digital twin will attend meetings on your behalf in Zoom’s next iteration. Essentially, the digital twin will be an AI-powered deepfake avatar of yourself that will show up for meetings and make decisions for you. Yuan said Zoom has embarked on its 2.0 journey with cool workplace and artificial intelligence features. A move that he says will end up addition into their “Work Happy” slogan to make it “Work Happy with the Zoom AI Companion”

Crypto Meme of the Week


Closing Words 

Now that you have a milkshake of where everything stands in Web3, it’s time to step up into the weekend armed with insights and good intentions. 

Don’t be like the SEC and overstep your power. But please, you can always overdeliver like DOGWIFhat.

Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.