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👋 Grayscale's Game-Changer: Barry Silbert Steps Down, Mark Shifke Assumes the Throne! 🌐🚀
📆 Chairman Shuffle:
In a surprising twist, Barry Silbert gracefully bows out as Grayscale Investments' Chairman, handing the reins to Mark Shifke. The year's end brings a shift in leadership dynamics, sparking curiosity about the motives behind the change. 🤔🔄
🌟 Mark Shifke Takes Center Stage:
Mark Shifke, the current Chief Financial Officer of DCG, steps into the limelight, set to steer Grayscale's ship from January 1. Silbert's departure paves the way for Shifke to contribute his strategic vision to the iconic crypto investment platform. 🚢🎉
🔄 Reflecting on Silbert's Legacy:
As Silbert concludes his impactful tenure, the crypto community reminisces about the visionary leader's contributions to Grayscale's journey. Shifke's leadership transition signals a potential paradigm shift for the renowned crypto investment giant.
🔍 SEC Watchdog Amid Transformation:
Amid Grayscale's bid to transform GBTC into a U.S. spot ETF, the leadership transition adds an extra layer of intrigue. With SEC scrutiny looming, industry watchers await regulatory decisions that could shape the landscape in early January. 🕵️♂️⚖️
🚀 Navigating Regulatory Waves:
Grayscale's strategic move underscores its commitment to adapting to regulatory currents. The leadership handover reflects the crypto industry's resilience in navigating regulatory challenges and staying at the forefront of dynamic market shifts.
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💰 Bitcoin Miners' Revenue Skyrockets: A Whopping 400% Surge Shakes Up 2023! 💎📈
Hold onto your hats as Bitcoin miners send shockwaves through the crypto space with an astounding 400% year-over-year surge in transaction revenue for the electrifying year of 2023! 🌐💸
📊 Record-Breaking Harvest: Jameson Lopp, the Co-founder and CTO of Casa, took to X (formerly Twitter) to reveal the staggering news – Bitcoin miners have notched up over $10 billion in revenue this year, adding to a mind-boggling total of $57 billion accumulated over the past 15 years.
💡 Strategic Moves: Lopp suggests a strategic play as miners potentially resist the temptation to swiftly convert Bitcoin to fiat currency. "HODLing" emerges as the winning strategy, signaling miners' intent to hold onto their Bitcoin assets for potential long-term gains.
📈 December Dynamo: The grand finale of the year unfolds with December witnessing a spectacular surge. Daily revenue from mining, inclusive of block rewards and transaction fees, hits an annual high of $64 million – a nearly 400% surge from the year-to-date value.
💼 Q4 Profit Frenzy: The closing quarter of 2023 is transforming into a profit bonanza for miners, with daily revenue consistently soaring above $33.85 million since the start of December. Q4 is becoming a period of monumental gains for the Bitcoin mining community.
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🥇 El Salvador's Crypto Leap: Fast-Track Citizenship Unveiled for Bitcoin Benefactors! 💼💰
In a monumental move, El Salvador's legislature has given the nod to a groundbreaking immigration law, offering a streamlined path to citizenship for international benefactors contributing in Bitcoin (BTC) to the nation's social and economic development programs. 🇸🇻🌟 This pioneering legislation, officially approved on Dec. 20 and championed by President Nayib Bukele's New Ideas party, marks a visionary stride towards redefining the traditional pathways to citizenship.
📈🌐 Bitcoin's Economic Symphony: Riding high on the crest of Bitcoin's recent surge, surpassing the $44,000 mark, Bukele and his party proudly showcase El Salvador's prowess in embracing the transformative power of Bitcoin. 💸💡 Recent reports underscore the country's Bitcoin holdings surpassing the initial investment by a substantial $3 million, highlighting the strategic foresight in adopting digital currency.
🚀📅 Q1 2024 Landmark: Fueled by the success of Bitcoin initiatives, El Salvador is poised for a significant milestone, gearing up for a strategic launch in the first quarter of 2024. 🌍🌟 This visionary move cements El Salvador's position at the forefront of nations leveraging cryptocurrency for economic growth and cutting-edge innovation.
🤝🌍 The Crypto Citizen Initiative: With the introduction of fast-track citizenship linked to Bitcoin contributions, El Salvador pioneers a modern and progressive approach to attract global benefactors, fostering socio-economic development in the dynamic digital landscape.
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🏦 Coinbase VASP Crypto License Now Supports Exchange Expansion Plan
According to CNBC, Coinbase, the U.S.-based cryptocurrency exchange, has received approval from the French Financial Market Authority (AMF) to register as a virtual asset service provider (VASP). This move positions Coinbase to enhance its operations in the European market. The newly granted Coinbase VASP crypto license enables the platform to provide services such as custody of digital assets, facilitating the buying or selling of digital assets in legal tender. The Markets in Crypto Assets (MiCA) regulation, currently in development, aims to create a harmonized system for crypto companies to operate across the EU without the need for separate registrations in each market. Under MiCA, the Coinbase VASP crypto license can serve as a passport, allowing the company to extend its services seamlessly across EU countries. This strategic move comes at a crucial time for Coinbase, as the company faces an increasingly uncertain regulatory environment in its home country.Coinbase’s expansion into Europe with the granted VASP license reflects a proactive approach to navigating the evolving global regulatory landscape, positioning the exchange for continued growth in the dynamic cryptocurrency market.
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🇭🇰 Hong Kong says it's ready to accept spot crypto ETF applications
Hong Kong is getting ready to pave the way for spot crypto ETFs, with its financial regulator saying today that it is prepared to start accepting such applications. Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority, the city’s de facto central bank, said that both agencies have reviewed their existing policy for intermediaries that wish to engage in virtual asset-related activities. In addition to existing crypto futures ETFs, the SFC said it is “prepared to accept applications for the authorization of other funds with exposure to virtual assets, including virtual asset spot exchange-traded funds (VA spot ETFs).” In a separate circular released today, the SFC sets out the requirements for funds to “invest directly in the same spot VA tokens accessible to the Hong Kong public for trading on SFC-licensed virtual asset trading platforms (VATPs).” The SFC noted in the circular that transactions of crypto made by such ETFs should be carried out through SFC-licensed crypto platforms or authorized financial institutions.
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💰 U.S. appeals court finalizes mandate for forfeiture of Silk Road bitcoin
A U.S. appeals court finalized a mandate on Wednesday that formalizes the forfeiture of 69,370 of bitcoin and other crypto connected to the now-defunct Silk Road dark web market. The judgment was first made in August, but will now take effect according to a filing in the U.S. District Court of Appeals for the Ninth Circuit. The filing on Wednesday lists Silk Road founder Ross Ulbricht as a defendant, two claimants and the U.S. government as a plaintiff. The U.S. government had already been in control of the crypto after it was handed over by a so-called "Individual X" who hacked into Silk Road and gained control of its funds, according to the original complaint. In 2020, the U.S. Justice Department seized and began seeking the official forfeiture of the crypto, which at the time was valued at over $1 billion. A few days earlier, 69,369 bitcoins were moved out of a wallet address, marking the first such activity for the collected holdings since 2015, according to previous reporting by The Block. Movements of the funds are closely tracked, as market participants frequently speculate about the possible impact any large sale by the U.S. government could have on bitcoin's price.
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💰 Bitcoin's Hashrate Hits Historic 527 EH/s Lifetime Peak, Shattering Previous Records
On Wednesday, Dec. 20, 2023, Bitcoin’s total hashrate soared to a new record, as reported by Luxor’s hashrateindex.com seven-day SMA. The hashrate currently stands at 527 EH/s, surpassing half a zettahash per second (ZH/s), which translates to 527 quintillion hashes every second. Over the last 90 days, the average hashrate hovered around 462 EH/s, with the most recent 2,016 blocks showing an average of 496.8 EH/s. Luxor’s data also reveals that the three-day SMA saw the hashrate peak at 539 EH/s on Wednesday. At present, about 49 mining pools are contributing to the BTC chain, with Foundry USA leading over the past three days. Overtaking Antpool, Foundry USA now boasts 164.24 EH/s, accounting for 31.76% of the total hashrate. Meanwhile, Antpool, previously the leader in hashrate, now holds 126.51 EH/s, or 24.46% of the total. Combined, these two pools command over 56.22% of Bitcoin’s total hashrate as of Dec. 20, 2023. This December, bitcoin miners have already surpassed previous records in fee earnings for the year. In November, bitcoin (BTC) transaction fees brought in a record $142 million for miners, but December has already seen them collect a significant $202 million. Moreover, this month’s total earnings from block subsidies and transfer fees have reached $953 million.
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💰 Shiba Inu Could Soon Offer SHIB Holders a '.shib' Internet Domain
Shiba Inu developers are working with internet domain player D3 to introduce a “.shib” internet and top-level domain to the market as part of a push toward identity-focused projects. Representatives for the Shiba Inu network told CoinDesk in a Telegram chat that they are working with D3 on the application for the .shib top-level domain and plan to apply through ICANN, a global database for internet domains, during the next application window. Every internet domain application is passed and vetted by ICANN, giving its owners the right to sell all of the domains within a specific suffix, such as ".xyz" or ".app." While crypto domains attempt to take this a step further – tying a wallet’s owner to a domain name that can be used as proof of identity on blockchain applications. “Our partnership with D3 allows us to scale outside of the existing ShibArmy and give over 5 billion Internet users direct access to the SHIB ecosystem,” said Shytoshi Kusama, Lead Developer of Shiba Inu. “Bringing real domains to SHIB is a big deal, expanding our vision for digital identities within our decentralized ecosystem while driving long-term revenue generation within the ecosystem.”
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💰 BlackRock meets SEC, Nasdaq to discuss listing rules for spot Bitcoin ETF
BlackRock, Nasdaq and the United States Securities and Exchange Commission (SEC) met for the second time in December to discuss its application for a spot Bitcoin exchange-traded fund (ETF). According to an SEC memo, representatives from the three organizations discussed the necessary rule changes required to list the spot Bitcoin ETF. The Nasdaq Rule 5711(d) discussed during the meeting provides the requirements. The Nasdaq Rule 5711(d) discussed during the meeting provides the requirements for the initial and continued listing of commodity-based trust shares on the Nasdaq. The rule establishes regulatory guidelines and specific criteria for listing, including compliance measures and surveillance mechanisms designed to ensure market integrity and protect users against fraud. On Nov. 20, BlackRock and Nasdaq met with the SEC to discuss a proposed rule for allowing a spot Bitcoin ETF to be listed. BlackRock shared a presentation detailing how the company could use an in-kind or in-cash redemption model for the iShares Bitcoin Trust.
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🏦 Coinbase says crypto industry has raised $78 million to support political candidates in 2024
Coinbase said Monday that it was part of a group of crypto heavyweights also including Kraken, Ripple and Andreessen Horowitz that has raised and donated $78 million to support "pro-innovation" political candidates in 2024. The future of cryptocurrency in the U.S. hinges on the election of candidates and the enactment of policies that support responsible, fair rules for crypto. According to its website, Fairshake "supports candidates solely through its independent activities" and is registered with the Federal Election Commission. The super PAC has spent most of the previous money it's raised supporting House Financial Services Committee Chair Patrick McHenry, R-N.C., who just announced his retirement in 2025. The PAC has also dolled out money to Rep. Ritchie Torres, D-N.Y. and Rep. Tom Emmer, R-Minn., according to ProPublica. Crypto lobbying has ballooned over the past few years, and federal lobbying spending from the crypto industry was more than double in 2022 than the year before, according to Open Secrets.
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🇲🇪 Do Kwon extradition approval canceled by Montenegro court
The Appellate Court in Montenegro has canceled the approval of Do Kwon’s extradition, accepting the appeal of the Terraform Labs co-founder’s defense attorneys and annulling the Nov. 17 decision of the High Court. The Appeals Court cited issues in the legal process, particularly the lack of clear reasons and facts in the High Court’s decision, according to a statement. While the South Korean request seems to have been processed correctly, with Do Kwon agreeing to an expedited extradition process, the court said there were procedural issues in how the investigating judge dealt with the U.S. extradition request. The High Court in Podgorica, the capital city of Montenegro, previously agreed for Do Kwon to be extradited to one of the countries after serving a 4-month prison sentence in Montenegro for document forgery. The Minister of Justice of Montenegro was set to make a final decision on which country took precedence. The case has now been returned to the initial court for a retrial.
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🟠 opBNB Daily Volume Exceeds 23 Million Transactions
opBNB daily volume exceeded 23 million transactions, reaching a record high. Despite congestion, both opBNB and the BSC network demonstrated excellent scalability. On December 17th, opBNB achieved an all-time high for daily transactions, with 23 million transactions recorded. The BSC network also disclosed that more than 14 million transactions on the same day. Real-time transactions per second (TPS) on opBNB reached 610, surpassing the TPS standard for L2s. According to BNB Chain, these surges in transaction volume were largely attributed to increased inscriptions, particularly in the realm of SocialFi. Inscriptions are a form of metadata used to store data on a blockchain, enabling the creation of digital assets and the development of decentralized applications (dApps) in a secure and immutable manner. In September, CoinCu reported opBNB Mainnet officially launched ưith over 150 projects committed to integrating with or building on opBNB, the Mainnet launch heralds a new era of blockchain innovation, emphasizing accessibility and affordability. Later in November, BNB Chain has officially launched the BNB Chain opBNB roadmap for 2024.
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💰 Bitwise Drops New Bitcoin ETF Commercial, Igniting Investor Excitement!
Bitwise, the applicant for a Spot Bitcoin ETF, has unveiled a compelling new commercial focused on the potential launch of the eagerly awaited ETF. The dynamic commercial, crafted by Bitwise, showcases the advantages and potential benefits of a Spot Bitcoin ETF, emphasizing its ability to provide investors with exposure to Bitcoin in a regulated and accessible manner. The release aligns with Bitwise’s commitment to innovation in the crypto investment space. The Spot Bitcoin ETF, if approved, would represent a landmark development in the cryptocurrency industry, offering investors a new and efficient way to engage with Bitcoin through traditional financial channels. Bitwise’s commercial serves not only as a promotional tool but also as an educational resource, informing potential investors about the unique features and advantages of a Spot Bitcoin ETF. As the crypto community eagerly awaits regulatory decisions, Bitwise’s proactive approach in releasing a commercial signals confidence in the product’s potential success. The commercial not only captures the essence of the Spot Bitcoin ETF but also positions Bitwise as a leading player in the evolving landscape of crypto investments.
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🇺🇸 US DOJ Charges 4 Individuals for Laundering Over $80M From Crypto Investment Scams
The United States Justice Department (DOJ) has charged four people for their alleged roles in laundering millions of dollars from cryptocurrency investment scams. According to a press release from the DOJ, the four individuals, Lu Zhang of Alhambra, California, Justin Walker of Cypress, California, Hailong Zhu of Naperville, Illinois, and Joseph Wong of Rosemead, California, aged 36, 31, 40, and 32, respectively, laundered more than $80 million worth of digital assets from different types of fraudulent crypto schemes. The seven-count indictment accused Zhang, Walker, Wong, and Zhu of conspiring to launder proceeds from crypto investment scams and fraudulent schemes like pig butchering. They moved the funds to local and international financial institutions through shell companies and bank accounts. While they may seem legit, the purported investment platforms are linked to scammer-controlled accounts. After the victims send their funds, the platforms are tweaked to look like they are making significant gains on the purported investments, inducing the targets to invest more money. The victims may be able to make small withdrawals at first, but with time, they will be unable to recover their money, leading to massive losses.
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💰 Bitcoin Mining Concentration Reaches Decade-High Levels
Years back, the focus among bitcoin advocates was heavily on the centralization of bitcoin (BTC) mining pools, a topic that sparked considerable debate. Nowadays, though some voices still raise concerns over miner centralization, these issues have largely faded into background noise. For example, in the last three days, Antpool and Viabtc collectively generated 51.43% of Bitcoin’s entire hashrate, reigniting some discussions about this concentration. A notable incident in March 2013 involved an accidental fork, leading to a majority hashrate being used to revert the Bitcoin software to a previous version. Btc Guild, controlling 20-30% of the hashrate, collaborated with developers to roll back the software, sacrificing their proof-of-work since the blockchain split. This action sparked significant discussion in the community. Arvind Narayanan and Ethereum co-founder Vitalik Buterin wrote about the event, with Buterin highlighting that the “incident opens up serious questions about the nature of the Bitcoin protocol and puts into the spotlight some uncomfortable facts about Bitcoin’s notion of ‘decentralization.’”
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🌐💼 Institutional Investors Set to Ignite Crypto Frenzy in 2024! Get Ready for the Boom! 🚀💹
🔍 Anticipated Trends: Analysts from leading crypto exchanges and lending platforms foresee a surge in activity from institutional investors in the crypto sector throughout 2024. 📈🌟
🚀 Driving Forces:
- 🌟 *Spot Bitcoin ETF Nod:* All signs point to a potential approval, acting as a magnet for institutional players seeking entry into the crypto space.
- 📉 *Fed Rate Cuts on the Horizon:* Expected rate cuts by the U.S. Federal Reserve add fuel to the institutional crypto fire.
- 📚 *Regulatory Clarity Matters:* Clearer regulations pave the way for a more confident and robust institutional presence.
📊 Recent Insights: Data from Deribit's derivatives exchange indicates a noticeable uptick in institutional activity since October 2023. According to Luuk Strijers, Chief Commercial Officer at Deribit, this surge aligns with strategic moves ahead of anticipated ETF news in January 2024. 📅📊
🗣️ Industry Voices: Analysts believe that experienced participants from traditional markets are positioning themselves for deeper involvement in the crypto market come 2024.
🌟 Key Takeaways:
- 📈 Institutional interest poised to shape the crypto landscape in 2024.
- 📊 Deribit data highlights a surge in institutional activity since October 2023.
- 🔍 Spot Bitcoin ETF, Fed rate cuts, and regulatory clarity fueling institutional enthusiasm.
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⚪️ Curve Finance's Redemption: Full Recovery Post July Exploit! 💎🔄
In an inspiring twist of fate, Curve Finance emerges victorious after the July 30th exploit, where four pools faced vulnerabilities due to a re-entrancy bug linked to the Vyper programming language, resulting in a significant loss of $73.5 million.
🔐 Community Resilience: Swift and decisive, the community springs into action. Curve Finance takes the lead, offering an olive branch and proposing the incident be treated as a white hat operation, with a generous pledge to return 90% of the funds.
🌐 Chasing Shadows: Alongside Curve Finance, genuine white hat heroes join the pursuit, determined to reclaim the stolen assets. Their commendable efforts lead to the recovery of around $52 million, a substantial portion swiftly returned to the exchange.
💡 Community Consensus: With part of the funds recovered, the Curve community engages in thoughtful discussions. The critical question arises: Should users be reimbursed, and if so, what's the fairest approach? A democratic process unfolds to navigate the path forward.
🌈 Rebuilding Trust: The full reimbursement isn't just a financial recovery—it's a symbol of the resilience of the Curve Finance community. Transparency and user trust take the spotlight, marking a significant chapter in the platform's journey.
💪🏽 United Front: The community's collective strength in the face of adversity is a testament to their unity. As Curve Finance rises from the shadows of exploitation, it not only recovers but sets a compelling example of resilience and solidarity.
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🌐 Coinbase Refutes Senator Warren's Claims: Stands Firm on Crypto Advocacy 🚀🔒
In a bold counterstatement, Coinbase addresses allegations from Senator Elizabeth Warren regarding regulatory interference. 💼🔍 Warren suggested that Coinbase employed former government officials to impede digital asset regulations.
📄 Clear Rejection: Faryar Shirzad, Coinbase's Chief Policy Officer, swiftly responded in a letter dated December 22, categorically rejecting Sen. Warren's assertions. Coinbase maintains its steadfast commitment to responsibly and actively championing regulatory measures within the ever-evolving crypto industry.
💡 Comprehensive Protection: Shirzad clarified that Coinbase's recruitment of government personnel aligns with a broader initiative. The primary objective? Safeguarding the well-being of crypto users across the United States. 🇺🇸💰
🌐 National Security Focus: Emphasizing Coinbase's pride in its team of national security experts, the letter underscores their daily dedication to protecting Americans. 👥🛡️ "We take immense pride in our team of national security experts, who dedicate themselves daily to protecting Americans," the statement affirmed.
Coinbase's resolute response highlights its commitment to transparency and responsible practices in navigating the intricate landscape of cryptocurrency regulations. 🚀🔐 Stay tuned for further developments in this unfolding narrative! #CoinbaseVsWarren #CryptoAdvocacy 📰💼
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💰 Solana Saga phone orders canceled following 'inventory management' issue
Some customers' orders for Solana Saga phones have been canceled following an inventory mishap. Last week, the device saw a surge in demand after a 135% 24-hour jump in the price of the Solana-based memecoin bonk presented traders with an arbitrage opportunity. The Saga phone comes with 30 million bonk tokens, among other incentives — something that became worth more than the device at recent prices. The firm’s limited inventory of 20,000 phones promptly sold out in the U.S. and EU. Solana Mobile said that all affected customers have been informed and will receive a refund in the coming days, apologizing for the inconvenience. Customers who haven’t received a cancelation notice should receive a shipping notice by the end of the year, it added. Aside from the inventory issue, some orders were also canceled after being flagged for “suspicious activity due to excessive device orders or payment risk,” Solana Mobile said. Solana-based memecoin bonk went parabolic this month, surging over 800% from $0.0000038 to a peak of $0.000035 on Dec. 15 — the day the phones sold out. However, bonk has since fallen sharply, down 46% to a current price of $0.000019, according to The Block's bonk price page.
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💰 Paxos receives approval from NY regulator to expand to Solana
Stablecoin issuer Paxos received approval from a New York regulator to expand to the Solana blockchain after being previously limited to just Ethereum. Paxos said the approval by the New York Department of Financial Services "represents a significant milestone for innovation and evolution of Paxos's enterprise and consumer-facing business," according to a statement on Friday. Fortune first reported the news. Paxos said it plans to offer USDP, a USD-backed stablecoin, on Solana to the public on Jan. 17. The Solana blockchain has rapid transaction rates and lower transaction fees, according to Paxos's statement. "The expansion of our stablecoin platform to support Solana marks an important step towards making stablecoins ubiquitous for everyday consumers," Walter Hessert, Paxos's head of strategy, said in a statement. "Paxos has set the standard for oversight, reserve management and issuance in the stablecoin market. By integrating USDP with Solana, we’re making it easier for anyone to get and use the safest, most reliable stablecoins."
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⚪️ Worldcoin halts Orb verification in India, Brazil and France: TechCrunch
Worldcoin , the crypto project co-created by OpenAI CEO Sam Altman, has reportedly halted its Orb-verification service in India, Brazil and France — a matter of months since it launched the eyeball-scanning device in the countries. Worldcoin is an identity-focused crypto project that uses the Orb devices to scan people’s irises to help them prove their identity online. It uses WLD as an incentive to sign up to the protocol — rewarding users with tokens to receive a “World ID.” The company embarked on a multi-city tour earlier in 2023, showcasing the Orb in locations across North America, Europe, the Middle East and Asia. Pop-up kiosks around the world drove crowds of thousands to sign up and collect the tokens. Almost five million people now have a World ID, and more than 2.5 million have "verified their humanness" with an Orb. When WLD launched in July, its price shot to above $3 before falling to a low of just above $1 in September, drawing criticism from some commentators, who claimed a “low float” structure had created an artificially high price. However, it currently trades at $3.65, up 2.2% over the past 24 hours and 50% over the past month, according to The Block's price page.
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🚨 Crypto miner Core Scientific expects to emerge from bankruptcy in January
Cryptocurrency miner Core Scientific said on Thursday it was expecting to emerge from bankruptcy in mid-to-late January, a year after it became a casualty of high-profile collapses that led to a rout in crypto tokens. The Austin, Texas-based company said it has reached an in-principle agreement with all key stakeholders on the terms of a global settlement. "The global settlement removes key hurdles to our anticipated emergence from Chapter 11 in January," said CEO Adam Sullivan in a statement. Core Scientific had filed for bankruptcy protection in December last year, citing slumping bitcoin prices, rising energy costs for bitcoin mining and unpaid debt from U.S. crypto lender Celsius Network, one of its biggest customers. More than a trillion dollars in value were wiped out from the crypto sector last year with rising interest rates exacerbating worries of an economic downturn. The biggest blow came after major crypto exchange FTX filed for bankruptcy protection in November 2022. Its swift fall sparked tough regulatory scrutiny of how crypto firms hold funds and conduct business operations. Core Scientific said it has rescheduled the confirmation hearing to Jan. 10 and intends to file a motion to modify certain dates, including an extension of the deadlines to vote or file an objection.
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🇦🇪 Dubai regulator VARA sets a crypto precedent for the world to follow
The Virtual Asset Regulatory Authority (VARA), the regulator overseeing cryptocurrency laws within Dubai, has moved steadily toward its goal of establishing comprehensive rules for the crypto service providers in the region. Formed in March 2022 to oversee and develop the Web3 ecosystem in Dubai, VARA released comprehensive crypto regulatory guidelines less than a year later, in February 2023, for virtual asset service providers (VASPs). The virtual asset guidelines include four compulsory rulebooks, seven activity-specific rulebooks that lay down the rules for operating VASPs, and one virtual asset issuance rulebook. These regulations only govern market participants within Dubai, excluding those operating under the Dubai International Financial Centre, a designated free zone for trade. VASPs must obtain a license from VARA before offering their services and fulfill all criteria of the aforementioned rule books. The regulations require new and existing entities to obtain approval and a license from VARA before carrying out any of the activities related to virtual assets.
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💰 Ripple approved as Virtual Asset Service Provider by Central Bank of Ireland
Crypto-payments firm Ripple’s Irish subsidiary, Ripple Markets Ireland Limited, was granted approval by the Central Bank of Ireland on Dec. 19 to operate as a Virtual Asset Service Provider. The registration allows Ripple to provide certain digital asset services within Ireland, paving the way for the firm to provide such services to clients across the European Economic Area once the Markets in Crypto Assets Regulation comes into force at the end of 2024, according to a statement. Subject to acquiring further necessary approvals, Ripple general counsel Stuart Alderoty previously said it could “passport” its European license to the rest of the 27 states in the bloc. “Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry and consequently as a great place for businesses like Ripple’s to operate, reinforcing our decision to select Ireland as our primary base for EU regulation,” van Miltenburg added. “By providing regulatory clarity for the industry, Ireland — and the EU more broadly — are boosting confidence in the digital assets, payments and fintech ecosystem and demonstrating their commitment to the long-term development of these industries.”
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💰 Crypto asset manager 7RCC applies to offer bitcoin ETF
7RCC, a crypto asset manager, has applied to offer a spot bitcoin exchange-traded fund, joining a bevy of major asset managers applying with the U.S. Securities and Exchange Commission to offer such ETFs. In a proposed preliminary prospectus shown in a Monday S-1 filing, 7RCC said the fund’s investment strategy is to hold a combination of bitcoin and financial instruments to gain exposure to Carbon Credit Futures. The Fund’s investment objective is to reflect the daily changes of the price of bitcoin and the value of Carbon Credit Futures, as represented by the Vinter Bitcoin Carbon Credits Index,” the company said. “The Index is designed to track the performance of investing in a portfolio comprised of 80% bitcoin and 20% Carbon Credit Futures.”7RCC — which specializes in environmental, social and governance investing — added in the filing that it intends to appoint Gemini as the custodian of the fund’s bitcoin. Gemini said in a statement on Monday that the proposed ETF allows investors to diversify their portfolios, “balancing the innovative nature of Bitcoin with the progressive realm of Carbon Credit Futures.”
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💰 FTX debtors settle with Bahamian subsidiary, agree to synchronize bankruptcy proceedings across jurisdictions
Affiliated debtors of FTX, the crypto exchange that filed for bankruptcy protection in the U.S. last November, said Tuesday that they reached a global settlement with the Bahamian subsidiary FTX Digital Markets that was subject to a separate liquidation process. The agreement is a "a novel and mutually-beneficial solution to the complex cross-border legal issues raised by the circumstances of the collapse of the FTX group," the debtors said in a statement. FTX debtors and FTX Digital Markets will "pool assets and coordinate the establishment of reserves and the timing and amount of distributions" for the purposes of making distributions to FTX.com customers, who will have to pick which entity they file their claim against. The Bahamian subsidiary will also adopt the same know-your-customer procedures to "ensure compliance with applicable law in the United States. "The Global Settlement Agreement is another critical milestone for the FTX Debtors," said John. J. Ray III, CEO and chief restructuring officer of FTX. "The unique challenges raised by the conflicting filings of the FTX Debtors and FTX Digital Markets have been some of the toughest the team has faced."
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🔵 Circle Launches EURC on the Mighty Solana Blockchain!
Circle launches EURC on the Solana (SOL) blockchain, a move expected to revolutionize utility across peer-to-peer transfers and European remittance corridors. Known for its cost-effective and fast transactions, Solana provides an ideal platform for EURC, which is gaining support from various Solana-based decentralized finance (DeFi) applications and digital wallets, including Jupiter Exchange, Meteora, Orca, and Phoenix. Users on these platforms can now engage in around-the-clock foreign-exchange transactions, trading, borrowing, and lending with the EURC stablecoin. This expansion to Solana follows earlier implementations on Avalanche (AVAX), Ethereum (ETH), and Stellar (XLM) blockchains, further extending the reach and accessibility of EURC. Circle foresees EURC playing a pivotal role in enhancing utility, particularly in facilitating seamless peer-to-peer transfers and transactions in European remittance corridors. Stablecoins, currently valued at $130 billion, serve as a crucial bridge between traditional fiat money and cryptocurrencies, supporting efficient trading and transactions on blockchain networks.
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💰 FTX Files Reorganization Plan to End Bankruptcy
The estate of the collapsed crypto enterprise FTX submitted a proposal to end bankruptcy with a Delaware court, a filing from Saturday shows. The exchange founded by Sam Bankman-Fried imploded in November 2022 shortly after CoinDesk reported on the shaky balance sheet of the firm's trading unit, Alameda. The bankruptcy plan was expected by Dec. 16 following earlier informal proposals, which included plans to return up to 90% of creditors' funds. In the new proposal, creditor and customer claims are classed according to the priority the estate plans to give them, and the value of claims will be calculated based on asset prices as of the date the company filed for bankruptcy. In a separate statement, the estate said the plan was designed to "maximize and efficiently distribute value to all creditors." As in other high-profile crypto bankruptcy cases, the plan is likely to face opposition from various creditor groups until it's approved by the court. A hearing date will be set in 2024. The bankruptcy plan was expected by Dec. 16 following earlier informal proposals, which included plans to return up to 90% of creditors' funds.Asset values for creditor claims will be calculated at prices on the day FTX filed for bankruptcy in November 2022, the plan says.
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💰 Bitcoin Transaction Fees Soar to $40, Sparking Debate and Push for L2 Solutions Amid Mempool Backlog
Bitcoin transaction fees are climbing and at the time of writing, a high-priority transaction tapped $40 just before 2 p.m. on Saturday, Dec. 16. Miners have been raking in the fees and an example of this is the fact that block height 821,485 came with 7.314 BTC in fees, which is over the size of the 6.25 BTC block subsidy. Presently, the hash price per petahash per second (PH/s) is coasting along at $108 per PH/s per day. The recent spike in Bitcoin’s transaction fees to $40 each significantly surpasses the previous 2023 record of $31 per transfer set on May 8. Data from mempool space reveals that for high-priority transactions, individuals are spending 674 satoshis per virtual byte (sat/vB), while for lower-priority ones, the cost is around 602 sat/vB or $35.78, as observed on Saturday afternoon. Notably, some transactions on Saturday have even exceeded $50 per transfer. Presently, there are eight unmined blocks, each brimming with high-priority transactions. Furthermore, 311 blocks are waiting to be processed to address the backlog of 383,607 unconfirmed bitcoin (BTC) transactions in the mempool.
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