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💰 Bitcoin price could rise to $56,000 if BlackRock ETF approved: Matrixport
The price of bitcoin could rise to between $42,000 and $56,000 if BlackRock's spot bitcoin ETF is approved by the Securities and Exchange Commission, according to digital assets financial services platform Matrixport. Utilizing its analysis of 15,000 U.S. registered investment advisors, Matrixport projected some $12 billion to $24 billion worth of inflows could come into such an ETF. RIAs oversee around $5 trillion, according to Matrixport, arguing a modest 1% allocation recommendation. RIAs oversee around $5 trillion, according to Matrixport, arguing a modest 1% allocation recommendation from the group could produce the up to $50 billion of inflows. “Drawing a parallel with precious metals ETFs, estimated at approximately $120 billion in market cap, and assuming that between 10-20% of precious metal ETF investors look at a bitcoin ETF to diversify their monetary debasement and inflation hedges, we could witness a sizeable $12-24 billion worth of inflows into the bitcoin ETF,” it said. A wild trading day on Monday saw bitcoin's price spike 5% to almost $30,000 after a false report regarding approval of BlackRock's spot ETF circulated on social media before being debunked.Earlier this month, former BlackRock executive Martin Bednall said the SEC.
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🏦 Coinbase Advanced Customers Can Now Trade Derivatives
Crypto exchange Coinbase has extended its services to eligible non-U.S. retail customers, introducing perpetual contract trading through its Advanced platform. The platform now supports perpetual contracts for Bitcoin, Litecoin, Ether, and XRP, all settled in USDC stablecoin. These contracts, accessible exclusively to non-U.S. retail customers meeting specific criteria, offer up to 5X leverage for Bitcoin, Ether, and Litecoin, while XRP contracts provide up to 3X leverage. The move aims to tap into the derivatives market, providing traders with a seamless experience by integrating highly liquid spot markets with derivatives. Coinbase Advanced customers can employ advanced order types, TradingView charts, and APIs for automated trading, enhancing their trading strategies. Presently, perpetual futures trading is limited to the Coinbase Advanced webpage, but the company plans to expand its services to mobile platforms soon, according to a press release. This development follows regulatory approval from the Bermuda Monetary Authority, granting Coinbase International Exchange the green light to offer perpetual futures to Coinbase Advanced customers outside the U.S. To participate, non-U.S. retail customers must undergo standard assessment checks, ensuring eligibility and compliance.
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💰 Galaxy Digital CEO Novogratz Says SEC Will Approve Bitcoin ETF In 2023
Mike Novogratz, the CEO of Galaxy Digital, anticipates that the U.S. Securities and Exchange Commission (SEC) will grant approval for a Bitcoin exchange-traded fund (ETF) this year, as per his recent remarks. In an interview with CNBC, Galaxy Digital CEO Novogratz expressed his confidence in the approval of a Bitcoin spot ETF in 2023, stating, “It’s gonna get approved.” He emphasized the significance of the SEC’s decision not to appeal the ruling in favor of Grayscale Investments LLC in August. This move was considered a pivotal moment in the ETF approval process. He noted that the constructive dialogue between Bitcoin ETF issuers and the SEC signals a favorable outlook for a spot Bitcoin ETF. Galaxy Digital CEO Novogratz also mentioned that Galaxy Digital is collaborating with Invesco on an application for a Bitcoin ETF. The journey toward a Bitcoin ETF has seen promising developments, with BlackRock, the largest asset manager, and its CEO Larry Fink expressing their commitment to making it happen, following numerous inquiries from clients. Galaxy Digital CEO Novogratz believes that the American public’s demand for a Bitcoin ETF, coupled with the positive discussions between the SEC and ETF issuers, suggests that approval is a matter of “when, not if.”. The cryptocurrency community and investors eagerly await this landmark decision.
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💰 Spot Bitcoin ETF Approvals Could Add $1 Trillion to Crypto Market Cap, CryptoQuant Says
Bitcoin will become a $900 billion asset, and the total crypto market will grow by $1 trillion, should the bitcoin spot exchange-traded funds (ETFs) be approved, data analytics firm CryptoQuant wrote in a recent report. The first wave of institutional adoption in 2020-2021 came from institutions adding bitcoin to their balance sheets, while the next wave could be financial institutions providing bitcoin access to their clients through spot ETFs, CryptoQuant argued in the report. The potential inflow from spot ETFs would be significantly larger than the money that entered the Grayscale Bitcoin Trust (GBTC) in the last bull market cycle. GBTC is the largest cryptocurrency fund in the world, currently with $16.7 billion in assets under management. Digital Currency Group is the parent company of Grayscale and CoinDesk. CryptoQuant says that if the issuers that have applied to list bitcoin ETFs put 1% of their Assets Under Management (AUM) to these ETFs, approximately $155 billion could enter the bitcoin market. This represents almost a third of bitcoin's current market capitalization. Should this scenario take place, it would hypothetically push bitcoin's price to between $50,000 and $73,000.
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🟠 Binance.US Dollar Withdrawals Discontinued Because It Is No Longer FDIC Insured
According to Decrypt, Binance.US dollar withdrawals will no longer be available to US users because their crypto holdings are no longer FDIC-insured. In a now-deleted 2019 blog post, Binance.US initially assured users that their accounts were insured up to $250,000. The post stated that “All USD deposits are held in pooled custodial accounts at multiple banks that are insured by the FDIC,” with an assurance of pass-through FDIC insurance coverage. However, these guarantees have been rescinded with the recent changes. As per the updated terms of service, users are no longer eligible for FDIC insurance protections or the option to use Binance.US dollar withdrawals have been disabled. To access their funds, users must first convert their dollars into stablecoins or other cryptocurrencies. This development comes after the U.S. Securities and Exchange Commission (SEC) took emergency action to freeze Binance’s U.S. assets, leading Binance.US to encourage customers to withdraw their U.S. dollars from the platform or convert them to cryptocurrencies. The exchange also alerted users that its banking partners were planning to suspend dollar withdrawals as early as June 13. The move to discontinue FDIC insurance for crypto holdings on Binance.US underscores.
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🟠 New Binance UK Users Will Not Be Accessed To The Exchange From October 16
Binance, a major cryptocurrency exchange, has announced that it will cease accepting new Bianance UK users from the United Kingdom starting Monday, October 16, 2023, at 5 p.m. UK time. The decision is in response to recent changes in cryptocurrency marketing regulations imposed by the Financial Conduct Authority (FCA). These new rules allow overseas firms, like Binance, to promote their crypto businesses in the UK, provided they engage with an FCA-authorized entity for financial promotion approval. FCA imposed legally binding requirements on Binance’s approved entity, Rebuildingsociety.com Ltd (REBS). This meant that REBS could no longer approve financial promotions, and as of 5 p.m. on October 11, 2023, they were required to withdraw any existing approvals for cryptoasset businesses, including Binance. The exchange is actively seeking a new FCA-authorized entity to approve its financial promotions. During this transition period, existing Binance UK users who have completed the necessary investor declarations and suitability tests will continue to have access to their current services. However, no new products or services will be offered. Binance’s risk warnings and gain a better understanding of the specific cryptoassets they wish to invest in.
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🇸🇬 Upbit Singapore MPI License Helps Expand Digital Payment Token Services: Report
The Upbit Singapore MPI license allows Upbit Singapore to continue offering regulated Digital Payment Token services while waiting for the full license, as per PR Newswire. Upbit Singapore, a subsidiary of South Korea’s largest exchange Upbit, has received in-principle approval for a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). The approval allows Upbit Singapore to continue offering regulated Digital Payment Token services while waiting for the full license. The Upbit Singapore MPI license is part of its efforts to establish a strong digital asset business in Singapore, which is known for its innovation in the financial sector. This milestone deepens Upbit’s presence in Singapore and unlocks new opportunities for retail, institutional, and infrastructure-focused businesses. Singapore’s MAS is renowned for its high regulatory standards and commitment to consumer protection, making it an attractive location for digital asset businesses. Upbit Singapore’s Chief Compliance Officer, Azman Hamid, expressed pride in receiving the in-principle approval from MAS and emphasized the company’s commitment to building trusted digital asset businesses in Singapore. The thereof plan will align with Upbit APAC’s goal of expanding globally and empowering committed builders in the digital asset industry.
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🪙 Tether Freezes 32 Crypto Addresses Linked to Terrorism, Warfare in Israel and Ukraine
Stablecoin issuer Tether has frozen funds in 32 cryptocurrency addresses linked to terrorism and warfare in Israel and Ukraine, according to a Monday press release. Tether said that it has been working with Israel's National Bureau for Counter Terror Financing (NBCTF) to counter cryptocurrency-funded terrorism and warfare. By freezing a wallet, Tether restricts the "send USDT" function of that wallet, meaning that the owner cannot transfer funds until the freeze is lifted. Tether's announcement follows reports from last week that crypto exchange Binance helped Israeli police seize Hamas-linked crypto wallets after a surprise attack by the terrorist organization quickly spiraled into war, with Palestinian enclave Gaza still under siege. "Tether remains committed to promoting responsible blockchain technology use and standing as a robust defense against cybercrime,” said newly-appointed Tether CEO Paolo Ardoino. “We eagerly anticipate continued collaboration with global law enforcement agencies as part of our commitment to global security and financial integrity.”. Tether froze $46 million worth of its USDT stablecoin last November following a law enforcement request in relation to an FTX wallet during the exchange’s collapse.
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🪙 KYC hook for Uniswap v4 stirs community controversy
A new hook available on an open-source directory for Uniswap V4 hooks is sparking controversy within the crypto community. The hook enables users to be checked for Know Your Customer (KYC) before they can trade on a pool. Essentially, a hook is a tool that allows developers to customize a code without altering the main structure of the program. In Uniswap V4, this hook will permit developers to use KYC verification within the decentralized finance protocol. Financial institutions use KYC procedures to authenticate customer identities and assess associated risks. A primary goal of KYC is to detect money laundering and terrorist financing activities. The KYC hook was rolled out by a community developer on Uniswap V4's directory as an opt-in functionality. The KYC verification is carried out by a nonfungible token (NFT). According to another X user, the hook is specific for liquidity providers and may be useful for projects that must comply with regulatory requirements in certain jurisdictions. Governments around the world are taking a closer look at DeFi protocols and transactions. Recently, the group of twenty worlds' largest economies, G20, accepted a crypto regulatory roadmap proposed by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) tightening crypto regulations.
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🚨 Nikolai Muchgian MakerDAO Architect Drowned After Receiving Death Threats
Nikolai Muchgian MakerDAO technology partner, DAI architect and co-founder of Balancer, was found drowned on Condado Beach. Before the incident, said he had received death threats. According to Trustnodes, Nikolai Muchgian MakerDAO technology partner, DAI architect and co-founder of Balancer, was found on October 28 to have been washed away by seawater on the beach behind Ashford Hospital in Condo and drowned at the age of 29. According to reports, Nikolai returned to social media in April of this year and posted some information about US law enforcement on social networks on October 27 before his death, saying that he received received death threats. It is reported that Nikolai is the CEO of DappHub and a well-known security researcher. Participated in several blockchain projects, including dappsys practices such as dynamic atomization based on DSProxy authorized calls, DSNote general logging utility, and DSAuth flexible authorization mode. Nikolai Muchgian MakerDAO also participated in the architectural design of the original Maker/Dai contract system and created the Balancer AMM. The same attack as The DAO was prevented on MakerDAO.
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🚘 Ferrari to accept crypto for luxury car purchases: Reuters
Ferrari will accept cryptocurrency as a payment method for its luxury cars in the U.S., according to a Reuters report. The company intends to expand this payment option to Europe in the near future. The decision to embrace cryptocurrency was made in response to requests from the market and dealers. Many of Ferrari’s clients have invested in cryptocurrencies, the firm said. “This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” the company's chief marketing and commercial officer Enrico Galliera told Reuters. For its U.S. operations, the company has partnered with BitPay, a notable cryptocurrency payment processor. Payments in bitcoin, ether, and the stablecoin USDC will be accepted and promptly converted into fiat currencies to safeguard dealers from crypto price volatility. Countries with cryptocurrency restrictions, such as China, will not be included in Ferrari’s cryptocurrency payment expansion strategy. Galliera stated that Ferrari’s order portfolio is fully booked until 2025. However, the company is experimenting with this payment method to potentially attract new customers. In 2021, electric car manufacturer Tesla initiated the acceptance of payments in bitcoin. However, CEO Elon Musk subsequently suspended accepting crypto payments for car purchases due to environmental concerns.
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🪙 Ethereum's New Low-Fee Regime May Put Its 'Ultra Sound Money' Thesis to Test
Ethereum is likely entering a new regime dominated by low network revenue generated from fees, testing its native token ether's (ETH) deflationary supply narrative, crypto data analytics firm IntoTheBlock said in a report. Ethereum users over the past years' bull market complained about high transaction costs – also known as gas fees – while the network was prone to clogging due to increased activity from non-fungible token (NFT) trading and decentralized finance (DeFi) yield farming. The proliferation of layer 2s, which have been developed to help Ethereum scale and increase its capacity, has also contributed to bringing down fees, the report noted. While the development is positive for Ethereum users who can execute transactions cheaper than before, it impacts ETH's supply by keeping it inflationary by burning fewer tokens than new issuance. Over the past 30 days, ETH token supply has grown by 33,500 ETH – worth some $52 million – driven by the low activity on the blockchain, data shows. Outumuro said that network fee revenue will likely stay low as speculative activity dries up and users continue migrating to layer 2s. For example, NFT trading was responsible for the bulk of tokens burned in 2021 and early 2022, but last week, it only represented 8%, he said in the report.
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🪙 Ethereum Has Nearly Cleared Out Validator Queue, a Sign of Weak Staking Demand
Ethereum’s once-crowded queue for new validators on the blockchain has almost completely cleared out. It would be the first time that has happened since Ethereum’s major “Shapella” upgrade in April, which marked the completion of the blockchain’s transition to a fully-functioning proof-of-stake network. This is a remarkable decrease from when new validators were looking at a 45-day wait due to massive pent-up demand to stake ether (ETH), the network’s native token. Ethereum’s rules limit how many new validators can come on every blockchain “epoch,” or roughly 12 seconds. Validators participate in maintaining Ethereum’s proof-of-stake blockchain and verifying transactions by locking up (staking) ETH. In exchange for their efforts, they receive staking rewards. Ethereum’s Shapella upgrade allowed withdrawal of staked ETH for the first time, eliminating a significant source of risk for investors – that they might not be able to get their funds back out. ETH staking growth was “exceptionally strong” since the Merge – when Ethereum transitioned to proof-of-stake in September 2022 – and Shapella upgrades, but the initial fervor has started to cool, David Lawant, head of research at institutional crypto exchange FalconX, noted in a market report.
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🇺🇸 SEC Deadline on Grayscale's Bitcoin ETF Dispute Approaching at Midnight
The final hours are ticking down for an appeal from the U.S. Securities and Exchange Commission (SEC) in its dispute with Grayscale Investments over establishing a spot bitcoin (BTC) exchange-traded fund (ETF). If the agency does nothing further by midnight Eastern, Grayscale's application to convert its Bitcoin Trust (GBTC) to an ETF formally returns to life. Industry observers are widely expecting the SEC to let the deadline run out because the D.C. Circuit Court of Appeals decision 45 days ago was clear and even harsh in its assessment of how the agency declined the application. Grayscale first applied for its GBTC closed-end fund (currently with roughly $17 billion in assets under management) to be converted into a spot bitcoin ETF in October 2021. Grayscale – a unit of Digital Currency Group, which is also the parent of CoinDesk – isn't alone in its pursuit of this approval. High profile financial firms including BlackRock and Fidelity are also awaiting SEC word on their applications for spot bitcoin ETFs. ETF applicants, plenty of questions remain as to when the first product would go online, and whose it would be. The approvals required from the SEC are wide-ranging and involve multiple divisions at the agency, and it's unclear whether the agency would approve several applicants at once or proceed on a timeline based on when applications came in.
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🆘 Platypus Finance suffers more than $2 million exploit on Avalanche: PeckShield
Platypus Finance, a DeFi protocol operating on the Avalanche network, fell victim to a security hack earlier today. An estimated loss of over $2 million was reported by security firm PeckShield. The project has responded by temporarily halting all of its liquidity pools. “Due to suspicious activities in our protocol, we have taken the proactive measure of temporarily suspending all pools. Further updates will be communicated to the community in a timely manner,” Platypus noted. The incident appears to result from a flash loan attack, explicitly targeting the AVAX-sAVAX liquidity pool — although a formal comment on the attack vector has not yet been announced. A flash loan is a feature in decentralized finance that allows users to borrow assets without collateral, provided they return the loan within the same transaction block. However, attackers have discovered methods to exploit this feature, manipulating market prices or taking advantage of vulnerabilities in DeFi protocols. By borrowing vast amounts, an attacker can create artificial market conditions, profiting from the induced discrepancies before repaying the loan, all within a single transaction block.
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🇺🇸 SEC Still Weighing On Bitcoin ETF Proposals As Grayscale Lawsuit Continues
The U.S. Securities and Exchange Commission (SEC) remains in the process of evaluating spot Bitcoin ETF proposals, according to SEC Chairman Gary Gensler. He confirmed that discussions with companies seeking approval for a spot Bitcoin ETF are ongoing. This development comes after the SEC decided not to appeal its August court loss over Grayscale’s endeavor to convert its Bitcoin Trust (GBTC) into an ETF. Grayscale initially filed for this conversion in October 2021, with GBTC being the world’s largest cryptocurrency fund, currently managing $16.7 billion in assets. In response to the SEC’s decision not to appeal, investors narrowed GBTC’s discount to net asset value to approximately 14%, as reported by Bloomberg. This marks the narrowest margin since November 2021, contrasting the record 48.9% discount in December 2022. Furthermore, a recent report by CryptoQuant, a provider of blockchain data, suggests that Bitcoin’s market capitalization could experience substantial growth if spot Bitcoin ETF proposals gain approval next year. The report anticipates a surge of institutional investment that could elevate Bitcoin’s market cap to $900 billion. Additionally, the influx of funds into the digital asset space could potentially raise the entire cryptocurrency market cap by $1 trillion. Gensler addressed concerns about the Grayscale lawsuit during a recent inquiry.
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✖️ dYdX won't profit from v4 as it becomes public benefit corporation
dYdX Trading, the company behind one of the largest decentralized exchanges, will not earn trading fee revenue from its upcoming v4 platform as it has moved to become a public benefit corporation. "dYdX Trading Inc. has officially updated its charter to become a Public Benefit Corporation," Antonio Juliano, founder and CEO of dYdX, said on X. "As open-source software developers, we will not operate or generate trading fee revenue from dYdX v4. We are serious about being as aligned as possible with the community." dYdX's new legal structure comes just a day after rival Uniswap said it will start charging a fee of 0.15% to swap certain tokens on its web interface and wallet. Juliano told The Block in an interview that dYdX had already received its updated charter approval on Sept. 15, with the company having worked on the move for a while now. "It is just another step on our path towards full decentralization," he said. "And the biggest step on that path is going to be the full production release of dYdX Chain, and we're getting really close to that." dYdX's previous legal structure was as a C Corporation (C Corp) in Delaware, Juliano said. The new public benefit corporation structure still allows it to make a profit, but the firm is legally committed to not just maximizing shareholder value.
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🏦 Coinbase Trading Volume Slows Further as Crypto Winter Continues: Berenberg
Coinbase’s (COIN) cryptocurrency trading volumes in the U.S. appear to have weakened more than expected in the third quarter, investment bank Berenberg said in a research report on Tuesday. The crypto exchange’s trading volume fell around 17% sequentially and by about 52% year-on-year, the Berenberg report said, citing The Block. Coinbase will report its third-quarter results on Nov. 2. “We continue to view COIN’s consumer take rate as being at risk of compression due to competition for market share within a lower volume crypto space,” the bank said. Analyst led by Mark Palmer said that, “The primary driver of our cautious stance towards Coinbase Global is not our concern about the company’s operating performance during the next couple of quarters, but rather on the threats to its business from the various regulatory actions and litigations that it faces in the U.S., as well as others that it could face in the future as the regulatory crackdown on crypto continues.”. Coinbase, its shares are trading at a valuation close to that at which they traded in late 2021, which was the height of the last crypto boom, the report added, noting that the stock has risen more than 112% this year versus a 72% gain for bitcoin (BTC) and a 29% uplift for the Nasdaq stock index.
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🟠 BNB Greenfield Mainnet Is Now Fully Released After 6 Months Of Testing
In a monumental step forward for the Web3 ecosystem, BNB Greenfield Mainnet has been launched, redefining the landscape of decentralized data storage. During the rigorous Testnet phase, BNB Greenfield processed over 200,000 on-chain transactions, engaged with community developers, and boasted connectivity with a staggering 150,000 unique wallet addresses. The Mainnet launch marks a culmination of broad support from the ecosystem, including partnerships with storage providers like NuLink and 4EVERLAND. BNB Greenfield emerges as a revolutionary decentralized data storage network, fundamentally altering our interaction with data. It ensures lightning-fast uploads and downloads while prioritizing robust privacy controls. This novel system builds upon the advantages of existing networks and transforms how users engage with their data. The journey of BNB Greenfield Mainnet began on April 10, 2023, with the introduction of its Congo Testnet. In the five months that have followed, tremendous progress has been made, driven by the dedication of the BNB Chain community. Their relentless pursuit of technological advancements has paved the way for the highly anticipated BNB Greenfield Mainnet launch.
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🪙 Uniswap Interface Fee to implement 0.15% for Certain Swaps
Uniswap, a decentralized exchange, is set to implement a 0.15% swap fee on specific tokens within its web application and wallet starting from October 17th. Uniswap interface fee was communicated through a post authored by Uniswap’s founder, Hayden Adams. The tokens subject to this fee adjustment encompass Ether, USD Coin, Wrapped Ether (wETH), Tether, Dai, Wrapped Bitcoin (WBTC), Angle Protocol’s agEUR, Gemini Dollar (GUSD), Liquidity USD (LUSD), Euro Coin (EUROC), and StraitsX Singapore Dollar (XSGD). Adams emphasized that this interface fee is notably among the lowest in the industry. He underlined that the implementation of this fee is integral to support Uniswap’s ongoing research, development, enhancement, and expansion of the crypto and DeFi ecosystem. In his post, Adams also highlighted several significant forthcoming developments within the Uniswap ecosystem, including the launch of an iOS wallet, an Android wallet, UniswapX, substantial improvements to the web app, Permit2, Uniswap v4 draft codebase, and more. However, it’s worth mentioning that these fees will not be applicable to swaps involving Ether and Wrapped Ether trading pairs, nor to exchanges between stablecoins.
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🪙 Ethereum validator queues drop to record lows
The entry and exit queues for Ethereum blockchain validators have dropped to new lows, briefly hitting zero earlier today, according to data from Validator Queues. This marks a significant change in the staking landscape. In May 2023, over 90,000 validators waited more than 40 days to join the network. As it stands, merely a few validators are in the entry and exit queue — and their initiation process is almost immediate. Additionally, the exit queues for validators intending to withdraw their staked ETH and cease validation are minimal, standing at just under five. This implies that existing validators are largely content to maintain their stakes amid the changing dynamics of the staking environment. The time required to complete the exit process has also been reduced to roughly 15 minutes. The current settings for activation and exit limits for validators — called churn limit — were recently changed from 12 to 13 per epoch, which translates to a daily cap of 2,925 validators that can either join or exit the network. According to analyst Tom Wan from 21 Shares, this allows the network to accommodate up to 93,600 new ETH deposits every day without necessitating that new validators wait longer than a day.
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🇦🇺 Australian Crypto Exchange License Requirements to be Introduced to Reduce Investor Risk
According Bloomberg, Australian crypto exchange license regulation is undergoing a significant transformation, with imminent regulatory changes set to redefine the industry’s dynamics. To foster the growth of digital assets and ensure consumer protection, the Australian government is in the process of implementing new regulations. These regulations mandate that crypto exchanges operating within the country obtain a financial-services license from the Australian Securities and Investments Commission (ASIC). Australian crypto exchange license licensing requirement extends to digital-asset platforms that hold over A$5 million (equivalent to $3.2 million) in assets, or A$1,500 for individual users. The proposed regulatory framework builds upon existing laws, aiming to bring stability and accountability to the digital asset market in Australia. Moreover, these regulations will encompass stringent rules governing custody and transaction standards. Notably, these standards have drawn inspiration from regulatory models already in use in the United Kingdom, Canada, and Singapore, countries known for their robust cryptocurrency frameworks. Australian crypto exchange license regulatory push reflects a global trend of increased oversight within the cryptocurrency industry.
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🌍 G20 Calls for 'Swift and Coordinated Implementation' of IMF Crypto Roadmap
The G20 finance ministers and central bank governors have adopted the roadmap on crypto assets proposed by the International Monetary Fund (IMF) and the Financial Stability Board (FSB). “We call for swift and coordinated implementation of the G20 Roadmap,” the finance chiefs announced at their latest meeting. In September, the G20 leaders stated in their declaration that they endorsed the recommendations by the IMF and the FSB “for the regulation, supervision, and oversight of crypto-assets activities and markets and of global stablecoin arrangements.” The G20 finance ministers and central bank governors convened in Marrakech, Morocco, on Oct. 12-13 where they discussed a range of topics, including crypto regulations. In their communique released at the end of the two-day meeting, the G20 finance chiefs expressed their appreciation to the International Monetary Fund (IMF) and the Financial Stability Board (FSB) “for effectively putting together the IMF-FSB Synthesis Paper which the [G20] leaders welcomed in the G20 New Delhi Declaration.” The IMF and the FSB published their synthesis paper titled “Policies for Crypto Assets” in September. G20 Roadmap on Crypto Assets. This detailed and action-oriented Roadmap is essential to achieve our common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation.
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🇦🇪 UAE Government Unveils White Paper Focused on Metaverse Regulation
The United Arab Emirates government recently unveiled a white paper dubbed the “Responsible Metaverse Self-Governance Framework.” According to a statement issued by the country’s Minister of State for Artificial Intelligence and Digital Economy, Omar Sultan Al Olama, this document primarily highlights the importance of having globally accepted operating standards. The minister added that the white paper, which was produced in conjunction with the crypto exchange Okx, underscores not only the potential of the metaverse but also areas “where the global community must strengthen its preparedness. In the 35-page white paper, the document’s authors espouse the importance of self-regulation and double down on why international cooperation is needed. “Establishment of common minimum self-regulatory principles through international cooperation is one possible approach to counter this challenge. By working together to adopt self-regulatory measures that are effective, equitable and promote the safety and security of the metaverse users, the international community (namely, governments, industry and civil society) can help establish a global framework for responsible and sustainable growth of the metaverse,” authors of the whitepaper concluded. The authors added that when this is done, it helps the space deal with acceptance and legitimacy issues.
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🏦 Coinbase Asked SEC Quickly Responds On The Rulemaking Petition In 30 Days
Coinbase, the prominent cryptocurrency exchange, has taken a formal step to seek regulatory clarity from the U.S. Securities and Exchange Commission (SEC). In April 2023, the company submitted a petition for a Writ of Mandamus. Coinbase asked SEC to act on their rulemaking petition filed in July 2022. This move followed a 120-day period granted by the Court. Paul Grewal, Coinbase’s Chief Legal Officer, confirmed that the company had responded to the Third Circuit Court’s request for action on their petition. Coinbase asked SEC for clarity is one of a series of events the exchange has had with the regulator. The SEC sued Coinbase on June 6, claiming the exchange acted as an unregistered broker, exchange, and clearing agency for cryptocurrencies that were securities. On August 4, Coinbase responded by requesting that the SEC action be dismissed on the grounds that cryptocurrency is not subject to the regulator’s control. In this update, the SEC shared that its staff had made a recommendation to the commission regarding Coinbase’s rulemaking petition, but the details of this recommendation remained undisclosed. The commission’s counsel submitted a letter addressing the status of the petition, stating that they anticipate making a recommendation to the commission within 30 days under current circumstances.
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🪙 Tether Promotes Paolo Ardoino to CEO
Stablecoin issuer Tether has appointed Paolo Ardoino as its new CEO with former CEO Jean-Louis van der Velde transitioning into an advisory role. Ardoino became Tether's CTO in 2017 after joining Bitfinex three years prior. In that time Tether's (USDT) market cap has grown from less than $100 million to $83.5 billion as it experienced exponential growth starting in 2020. Van der Velde will remain as Bitfinex's CEO whilst Ardoino has retained his role as CTO at both Bitfinex and Holepunch, according to a press release. “Paolo is extremely well-suited to lead Tether into this exciting new era,” said Jean-Louis van der Velde. “I believe Tether is poised to continue its rapid growth, with a continued focus on emerging markets and transformative technology. I think I can speak for the entire company when I say that we eagerly anticipate Paolo’s leadership as he guides Tether toward a future where finance knows no bounds.” The press release states that Ardoino envisions Tether as a "tech powerhouse" that will "reshape the future of finance."Tether's (USDT) market cap has grown from less than $100 million. The new CEO also hopes that company will expand the influence of the USD in global trade and exchange, which will ensure its utility in emerging markets.
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🏦 Coinbase tells IRS it has 'serious concerns' about proposed tax rules
Coinbase used a 14-page letter to the Internal Revenue Service on Thursday to detail what it said are serious concerns about the "nature and scope" of proposed tax regulations related to gross proceeds and basis reporting for digital asset transactions. "We have long advocated for a tax system that treats digital assets the same way it treats assets in traditional finance," the crypto exchange told the U.S. tax authority. "The proposed regulations, as written, would impose an unprecedented, unchecked, and unlimited tracking on the daily lives of Americans. Coinbase, which was writing about rules proposed by the IRS in August, said the requirements would establish an "incomprehensible and unduly burdensome set of new reporting requirements." It also argued that they're "overly broad in ways that are not warranted or implementable." The crypto exchange listed what it said were six overarching observations connected to its objections: lack of parity with financial services, duplicative and burdensome reporting, invasion of privacy, violation of tech neutrality, unrealistic compliance timeline, and missed opportunity to leverage blockchain to ensure taxpayer compliance. "This overbreadth will counterproductively make it harder for the IRS to enforce the tax laws on cryptocurrency transactions involving U.S. persons," Coinbase wrote.
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🔥Flare Network Will Burn 2.1B FLR to Support Ecosystem Health
The developer of Flare blockchain told CoinDesk on Friday that they will burn 2.1 billion FLR tokens to support ecosystem development and overall health. The tranche of tokens that are scheduled to be burned had been allocated to Flare’s early backers. These tokens will no longer be distributed after Flare reaches an agreement with these entities on how the first Flare Improvement Proposal, FIP.01, should affect token allocations to equity shareholders. More than 2% of FLR’s total supply will be permanently removed from circulation, preventing dilution of community token holdings and increasing incentives for new users to join the network. Some 198 million FLR will be burned immediately with a further 66 million set to be burned monthly until January 2026. At the time of writing, FLR was trading at $0.0094. Based on current prices the total number of tokens burned will have a value of around $20 million. “We are very happy to have reached an agreement with our shareholders and thank them for their support,” Hugo Philion, CEO and co-founder of Flare, said in a statement. “Without this burn, the investors would be able to claim approximately 3x their original allocation through the FlareDrops, unfairly diluting community holdings.”
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🇺🇸 BarnBridge DAO votes over response to SEC probe
BarnBridge DAO, which runs a small DeFi protocol, opened a voting process over how it should respond to a Securities and Exchange Commission probe. Voting opened on Tuesday on whether BarnBridge co-founders Tyler Ward and Troy Murray should have the "authority to undertake all actions necessary to comply with the Order of the Securities and Exchange Commission against BarnBridge.”. The move came after BarnBridge attorney Douglas Park told DAO members in July through Discord that the SEC was investigating. BarnBridge is now asking whether it should pay disgorgement, as required by the SEC’s order, and whether it should “sell all tokens that it is permitted to sell and allow to Ward and Murray to distribute the tokens.” The U.S. regulator has taken legal actions before against decentralized autonomous organizations, or DAOs. The agency said earlier this year that American CryptoFed failed to provide required information about its business management and financial condition. It also had materially misleading statements and omissions, including inconsistencies on whether the tokens are securities, the SEC said. Park said that all work on BarnBridge-related products should be halted and that people shouldn’t be compensated for work they do for the DAO until further notice.
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📣 Trezor unveils new crypto hardware wallets and backup solution
Crypto hardware wallet manufacturer Trezor has rolled out a trio of new products designed to encourage self-custody of digital assets: the Trezor Safe 3 hardware wallet, a limited edition bitcoin-only version and the Trezor Keep Metal for recovery seed backup. The Trezor Safe 3 hardware wallet comes in four colors: “Solar Gold, Stellar Silver, Galactic Rose and Cosmic Black,” priced at $79, according to a statement. The bitcoin-only Trezor Safe 3 was built to commemorate the Trezor's 10th anniversary and comes in “Bitcoin Orange,”. “Bitcoin, and the wider cryptocurrency sector, has been with us now for 14 years. It is no longer a niche interest,” Trezor CEO Matěj Žák said in the statement. “There are 420 million crypto owners worldwide and, according to predictions, this number will more than double by 2027 to almost a billion — one in eight of the global population.” The Trezor Safe 3 integrates with the existing Trezor Suite desktop application, allowing users to buy, sell and exchange their assets securely. The wallet supports bitcoin, ether and more than 7,000 other coins and tokens. Unlike rival manufacturer Ledger, Trezor devices are open-source, meaning they are community-based and audited, so vulnerabilities may be seen and fixed faster. On the other hand, it may make devices easier to crack when they are stolen.
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