Cryptocurrency

In this week’s newsletter, the United States Securities and Exchange Commission (SEC) registered its first unregistered securities sales claim against nonfungible token (NFT) offerings. An OpenSea manager accused of insider trading was sentenced to three months in prison and fined $50,000, and Trump NFT prices shot up after the former U.S. president’s mugshot went viral.Continue Reading on Coin Telegraph More

Similar to how Bitcoin (BTC) took old technological, economic and financial concepts to build something new, regulators must rework existing regulatory and financial security frameworks to create a successful environment for participants. There are many useful and valid elements in our existing financial and regulatory frameworks.Continue Reading on Coin Telegraph More

In an alleged Kroll Q&A summary published on Aug. 30, FTX users’ email addresses, mailing addresses, account numbers, unique bankruptcy identifiers, account balances, phone numbers and other claim details were all reportedly breached in a cybersecurity incident that FTX revealed on Aug. 24. Previously, FTX wrote that Kroll “experienced a cybersecurity incident that compromised non-sensitive customer data of certain claimants in the pending bankruptcy case.” Continue Reading on Coin Telegraph More

On Aug. 29, BlockFi filed an application to the United States Bankruptcy Court for the District of New Jersey to authorize the conversion of the so-called trade-only assets into stablecoins. The assets in question — Algorand’s native token, ALGO, Bitcoin Cash (BCH) and Dogecoin (DOGE) — cannot be withdrawn easily, and BlockFi suggests a one-time exchange for Gemini Dollar (GUSD) or another stablecoin. Continue Reading on Coin Telegraph More

Schiff wrote in an Aug. 29 tweet, “GBTC becoming a spot ETF is actually bearish for Bitcoin.” He explained that traders can buy GBTC now and sell or short BTC. He added that once GBTC becomes an ETF, the discount to net asset value goes away.The comment follows Grayscale Investments LLC securing judicial backing for initiating a Bitcoin spot ETF in the United States. Three federal judges annulled the SEC’s decision to prevent GBTC’s conversion to a spot Bitcoin ETF, allowing it to move forward instead.Grayscale, the manager of the world’s largest bitcoin fund, filed a lawsuit against the SEC after the agency rejected its request to transform the investment vehicle into an ETF.The SEC’s initial argument against approving the conversion was that the proposed ETF did not provide enough protection for average investors against fraudulent and manipulative acts and practices. The SEC has used this argument to deny several ETFs focused on Bitcoin in the past.In response to the SEC’s denial, Grayscale slammed the agency’s stance as “illogical” and “discriminatory.” Four affiliations, including The Blockchain Society, The Chamber of Digital Commerce, the Chamber of Progress, and Coin Center, filed an amicus curiae to support Grayscale, criticizing the SEC’s decision.Grayscale’s chief legal officer, Craig Salm, has been actively discussing the company’s legal fight with the SEC. Salm argued that the SEC’s rejection of the spot Bitcoin ETF creates a clear separation between futures trading and spot trading in Bitcoin ETFs, distinguishing between the two.The conflict between Grayscale and the SEC highlights the ongoing debate and regulatory challenges surrounding the approval of Bitcoin-focused ETFs in the United States. While Grayscale and other asset management companies continue to advocate for a spot Bitcoin ETF, the SEC remained skeptical and raised issues about investor protection against potential fraudulent activities.This article was originally published on Crypto.news More

The timing could not have been more precise, as individuals behind wallets containing between 10 and 10,000 BTC amassed a staggering $388.3 million, equivalent to 14,596 BTC, in Bitcoin on the day leading up to the announcement. As a result, this accumulation craze was rewarded handsomely, with Bitcoin’s price experiencing a 6% surge, reaching a two-week pinnacle of $28,142 per .Source: As reported by U.Today, Grayscale emerged victorious in a courtroom battle against the SEC, regarding the listing of futures products. The court’s decision underscored the regulator’s failure to provide a sufficient rationale for approving the futures products while rejecting Grayscale’s Spot BTC ETF offering.The win, however, does not guarantee an immediate green light for Grayscale’s conversion of its GBTC trust into a Spot Bitcoin ETF. Instead, it mandates the SEC to reassess its rejection of Grayscale’s application. It is worth mentioning that Grayscale’s GBTC trust is the largest Bitcoin holder among all funds at the moment with over 600,000 BTC on their balance sheet.This article was originally published on U.Today More

According to the released white paper, Patricia Token is not a stablecoin but a debt token issued to customers to manage users’ debt. Patricia said it would operate similarly to an IOU (I owe you) document, serving as a means for the exchange to acknowledge its debt to its users and promising to pay holders 1 Tether (USDT) for each Patricia Token in the future.Continue Reading on Coin Telegraph More

EELS has been in the works for over a year and aims to replace the Yellow (OTC:YELLQ) Paper as the go-to guide for Ethereum’s inner workings. But unlike its predecessor, EELS is not stuck in the past. It is fully up-to-date with all the latest forks and offers a user-friendly approach that is geared toward programmers.What is EELS? It provides a complete snapshot of the protocol at every fork, including the ones still on the drawing board. This is a big deal because, until now, Ethereum Improvement Proposals (EIPs) have only ever suggested changes.They have not given developers a full picture of how those changes fit into the existing framework. EELS solves this problem by offering a comprehensive, easy-to-follow guide that could become the new gold standard for Core EIPs.EELS is set to become the main resource for Ethereum developers. It offers a clearer, more efficient roadmap for innovation and stands to make Ethereum more robust and transparent than ever. So, whether you are a developer, an investor or just a crypto enthusiast, keep your eyes on EELS. It is going places, and it is taking Ethereum with it.This article was originally published on U.Today More