Happy Wednesday!

It’s November, so in just a couple short weeks, an old, powerful man is going to pardon a flightless bird for war crimes. 🦃

Get your ladle ready, cause we’ve got a hot gravy boat of news.

Espresso Shots

☕️ Crypto Job Losses Continue! 📉 ❌

Galaxy Digital has announced plans to lay off 20% of its workforce. Galaxy’s been having a tough time, with second quarter losses totalling more than $554.7 million.

But they’re not alone in their pain, crypto winter has stretched everybody thin. Coinbase, Gemini, and Crypto.com have all had major layoffs since April, with an estimated 11,700 crypto jobs lost. 

Thousands of ex-crypto employees have had to seek out new work, in fields that their parents still probably won’t understand.

☕️ Cofounder of MakerDAO Drowns in Puerto Rico

Nikolai Mushegian, cofounder of MakerDAO, was found dead in Puerto Rico at 29. His body was recovered at the Condado Beach in San Juan.

Mushegian’s death comes just days after MakerDAO approved custody of $1.6 billion in USD Coin with Coinbase. Mushegian was a prominent figure in the crypto community and his death has attracted the speculation of conspiracy theorists and armchair detectives.

Mushegian tweeted in September and again in the week before his death about being killed by the CIA. But at this stage of the investigation, Puerto Rican police are considering OpenSea as their top suspect.

And remember, if you’re ever caught in a riptide, swim parallel to shore.

☕️ GameStop Adds Interactive NFTs to its Marketplace 🕹 🎮

GameStop, a company whose survival still baffles economists, announced that it has added Immutable X NFTs to its NFT marketplace.

Launched last July, GameStop’s NFT marketplace has largely just sold artwork & collectibles. This partnership adds in-game NFTs from Immutable X’s library which includes Gods Unchained, Illuvium, and Guild of Guardians. GameStop & Immutable X’s partnership was first announced in February of this year.

GameStop is currently offering one interactive NFT and $12 of in-store credit when you trade in your used PS4.

Spilling the Beans

Coinbase joins in the SEC’s suit against Ripple.

There’s a new ripple in the SEC’s case. Coinbase has decided to get involved.

Here’s some background:

• In December of 2020, the SEC charged Ripple and two of its’ executives for conducting an unregistered securities offering for $1.3 Billion.

• The case was considered by many as an attack on the crypto industry.

• Ripple’s token XRP has consistently been one of the largest by market cap, it’s currently ranked #6 - valued at $23 Billion.

At the time, the case sent shockwaves through the crypto community with the SEC alleging:

Under US securities laws, a security is a tradable financial asset. The SEC alleged that Ripple had advertised the token as an investment and it is therefore a security and must be registered.

Now, two years after the suit was filed, the United States’ biggest crypto exchange has decided to get in on the action.

In a request to the Southern District of New York, Coinbase asked to file an amicus brief on behalf of Ripple. Amicus briefs are essentially the “phone-a-friend” of the United States court system.

Citing it’s unique position as a crypto expert, and the United States’ lack of regulation, Coinbase claims:

Legal experts have claimed that Ripple’s case may have more merit than the SEC’s which seems largely out of touch with the average retail investor.

If Ripple does win this case, XRP is very likely to go on a tear, celebrating its David vs Goliath moment.

Maybe after Coinbase and the SEC are done with Ripple, they will join me in my class action lawsuit against Ruffles, the ridged potato chip, for cutting the roof of my mouth.

Meme of the Day

Ok, it's not actually a lawsuit but "filing an amicus brief" didn't fit on the meme.

The Last Sip

NFT London starts tomorrow, November 3rd! These big conferences tend to lead to some fun headlines so we’ll keep an eye out for you!

And if you’re in London for the big event, have a crumpet for us. Skip the tea, we’re coffee people.

Stay Caffeinated,

Coffee & Crypto Team

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.