Mega Demise

A remarkable death of a platform - it’s not clear why but evidently… profits are not as apparent as a lot of the hypesters claim…

BitMEX To Close On September 23, Halts New Sign-Ups
Yahoo Finance
Crypto Exchange BitMEX Ends 11-Year Run With Planned Exchange Shutdown
Crypto News
BitMEX Notifies Users That It Is Shutting Down Operations After An 11-Year Run
CoinDesk

EI 3624: Crypto Exchange BitMEX Removes CEO, CFO And Head Of Growth
EI 3518: BitMEX Co-Founder Pledges $27m To London Maths Institute After Trump Pardon
EI 2860: Up In The Air?: Fuel leak has fatally compromised the private mission to the Moon
EI 2857: BitMEX Sends Bitcoin To The Moon

Thus the crypto exchange founded in 2014 by Arthur Hayes, Benjamin Delo, and Samuel Reed which first launched crypto Perps (the perpetual swap - May 2016 with up to 100x leverage. BitMEX pointed out in its sunset note that it had gone more than 11 years without losing user funds to a hack. That is, of course, a very pointed claim in a year defined by nine-figure exploits.

We had previously reported EI 3211: Crypto Trading Platform BitMEX Is Looking for a Buyer: Sources but it seemed more like a profit sale whereas it was quite feasibly a sign of acute pressure on the balance sheet. A remarkable shutdown but at least it is managed unlike many others.

Nonetheless there are implications, as, for example, BMEX Price Falls 90% As BitMEX Shutdown Hands Market To Binance, Hyperliquid And Rivals (Yahoo Finance) goes the additional headline as the underlying BitMEX token collapsed to a market cap of just $680,000.

The banks are optimistic according to Bloomberg, Bankers Are Spying Serious Money In Crypto Now albeit that moment might pass if more platforms die, or indeed if legislation doesn’t get through. On that point,

Democrats Pan Revised Crypto Bill As GOP Eyes Floor Vote
Politico
Senate Crypto Bill Would Ban Federal Officials — Including Presidents — From Issuing Digital Assets
CNBC
Clarity Act Mired In Debate Over Whether To Bar President From Selling Crypto
The New York Times
US Officials Barred Until 2029 From Issuing Or Sponsoring Tokens Under CLARITY’s Proposed Ethics Rules
Cointelegraph

The crypto industry, meanwhile, is trying to maintain influence after the midterms as Crypto PAC Pours $1M Into Michigan Democratic Primary Race (Cointelegraph). However, again the problem is, how does anyone, even a mainstream Democrat (not that there appear to be so many of them around nowadays), reconcile their Trump concerns with supporting a bill the left of the Democratic Party (and others) will regard as a prima facie example of enabling further Trump family profits.

Meanwhile, a bro reckons Crypto Regulation Is Being Held Back By Political Will, Not Knowledge, Symbiotic COO Says (Yahoo Finance)... the problem is the credibility of crypto amidst a wave of crime methinks, and huge concerns about a president exploiting office to profiteer… that makes political will hard to find.

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