Kiffmeister’s FinTech Daily Digest (05/25/2020)

Telegram Quits Court Fight With SEC Over TON Blockchain Project
Telegram withdrew its appeal over a previous court decision that backed the SEC in prohibiting the issuance of Gram tokens to investors both in and out of the U.S. The new document filed with the U.S. Court of Appeals for the Second Circuit states: “The parties in the above-referenced case have filed a stipulation withdrawing this appeal pursuant to Local Rule 42.1.” The rule means that the parties have filed an agreement for dismissal of the case without prejudice. As such, the case is over for now, but not necessarily forever.

Nearly 10% of Bitcoin’s Current Supply is Dormant; Why This Matters
Data shows that nearly 10% of Bitcoin’s total circulating supply is dormant, meaning that it has not been touched for over 10 years. This data boosts the narrative regarding Bitcoin’s scarcity, as its actual supply may be far lower than previously thought. The heightened scarcity this provides Bitcoin also bolsters the cryptocurrency’s macro outlook, as economic models that rely on the crypto’s scarcity suggest that it will soon see some significant upside.

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