NBA superstar Shaquille O’Neal has reached an agreement to pay class members who brought a class action lawsuit against him after he promoted now-defunct cryptocurrency exchange FTX. He has consented to pay $1.8 million. This announcement marks another sign of mainstream acceptance as the notoriously volatile cryptocurrency market continues to grow. Soaring geopolitical tensions between Israel and Iran in recent days have led to a broader market rout. Amidst this turmoil, there are notable shifts in the crypto landscape, including SharpLink Gaming's substantial Ethereum acquisition, Dogecoin's price decline, and Coinbase's entry into the credit card market. At the same time, the SEC named crypto-native Jamie Selway to head its trading and markets division.

O'Neal's FTX Settlement

The settlement involving Shaquille O'Neal marks a significant step in the legal aftermath of FTX's collapse. O’Neal’s endorsement of the now-defunct cryptocurrency exchange had warranted a closer look, ultimately landing him in the class action lawsuit. O’Neal settles his role in the litigation by consenting to pay $1.8 million. The larger implications for other celebrity endorsers remain unclear.

This settlement highlights the risks associated with celebrity endorsements in the crypto space and may set a precedent for future cases. It has served as a cautionary tale to remind us of the need for transparency and due diligence in the public promotion of complex financial products.

Market Instability and Key Movements

The global cryptocurrency market is experiencing extreme stormy weather, largely attributable to soaring geopolitical unease between Israel and Iran. With rising geopolitical uncertainty, investors are becoming increasingly risk-off. Unfortunately, investors have taken fright, and the price of leading cryptocurrencies, such as Bitcoin and Ethereum have fallen sharply.

The leading meme coin Dogecoin saw a bigger decline, down nearly 6% in the past 24 hours. Despite this bear market across the board, SharpLink Gaming has decided to take a big leap on their own. They went on to purchase $462 million worth of Ethereum, making them the largest public firm holder of the cryptocurrency.

Coinbase's Credit Card and SEC Leadership

Coinbase has released its first ever official branded credit card. In fact, today U.S. customers can earn 15% back in kind for a limited time—including up to 4% Bitcoin back on every purchase. This change is just the latest example of Coinbase’s continued move into more traditional financial products. They want to bridge the gap between cryptocurrency and real-world spending.

Jamie Selway, a known and well-connected figure in the crypto underbelly, has just gotten a juicy appointment. Up until now, he’s been known as the SEC’s new chief of the division of trading and markets. Selway’s crypto-native background indicates a more informed and nuanced approach to regulating the digital asset space.