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🚨 Big day in crypto! 🚨 1️⃣ In a stunning turn of events, the SEC has reportedly reached out to major U.S. exchanges, urging them to update their spot Ether ETF applications. This unexpected development has crypto enthusiasts on the edge of their seats, wondering if the long-awaited approval of these products is finally on the horizon. 2️⃣ Fidelity, a key player in the crypto ETF space, has filed an amended S-1 application for its spot Ether ETF, revealing that the underlying ETH tokens will not be staked. This strategic move comes just days before the SEC's crucial May 23 deadline for VanEck's Ether ETF proposal. 3️⃣ As news of the SEC's potential change of heart spreads like wildfire, crypto bulls are rallying behind the possibility of a spot Ether ETF approval. The market has responded with a resounding 19.4% pump in Ether's price over the last 24 hours, propelling it to heights not seen since April 9. 4️⃣ In a surprising twist, former U.S. President Donald Trump has embraced the crypto revolution, now accepting cryptocurrency donations through his official website, powered by Coinbase. This remarkable shift in Trump's stance on crypto has left many wondering what the future holds for digital assets in the political arena. 5️⃣ Meanwhile, Uniswap Labs is locked in a fierce battle with the SEC, urging the regulatory body to drop its pending enforcement action. Uniswap's lawyers argue that the protocol does not fit the SEC's own definition of an exchange, setting the stage for a potentially groundbreaking legal showdown. 6️⃣ The SEC's Wells notice to Uniswap Labs has sent shockwaves through the DeFi community, accusing the protocol of operating as an unregistered securities exchange and its interface and wallet as unregistered securities brokers. Uniswap Labs stands firm in its rejection of these claims, ready to take the fight to court if necessary. 7️⃣ At the heart of the SEC's enforcement action against Uniswap Labs lies the protocol's native UNI token and liquidity provider (LP) tokens. The outcome of this battle could have far-reaching consequences for the future of DeFi and how it operates in the ever-evolving crypto landscape. This rollercoaster ride of regulatory clashes, ETF approvals, and shifting political tides promises to keep us on the edge of our seats! 🎢 Stay tuned for more updates on these game-changing developments in the crypto world! #Crypto #Bitcoin #DeFi

Grayscale's Legal Victory Ignites Bitcoin and Ethereum Surge! The Bears lost $57.84 Million in liquidations in the last 4 hours.📈👇 The crypto world is buzzing with excitement as Grayscale, the digital asset management pioneer, emerges victorious in its legal battle against the SEC. This triumph marks a pivotal moment in the ongoing saga between the cryptocurrency realm and the regulatory authority. But what does this mean for the future of crypto? 🤔 Let's dive into the details in this thread. 🧵 1/6: Demystifying the Bitcoin ETF Ever wondered what a Bitcoin Exchange-Traded Fund (ETF) is? In simple terms, it's like a gateway that allows traders to access Bitcoin through traditional stock markets, bypassing the need to directly interact with cryptocurrency exchanges. This victory could potentially impact retail access to Bitcoin. 📊 2/6: The Timeline Unveiled The journey began in October 2021 when Grayscale sought approval to launch a Bitcoin ETF. The SEC initially rejected the proposal, citing concerns about market manipulation prevention. However, Grayscale didn't back down and filed an appeal for reconsideration. 3/6: Championing Victory Cheers echoed through the crypto world as the U.S. Court of Appeals sided with Grayscale, overturning the SEC's rejection. The court highlighted the SEC's failure to counter Grayscale's evidence of a staggering 99.9% correlation between the Bitcoin spot market and CME futures prices. 4/6: A Glimpse of the Future This victory doesn't guarantee an instant ETF approval, but it mandates the SEC to reevaluate Grayscale's proposal within a specific timeframe. This decision could lead to various outcomes: 1.) Approval of Grayscale's Bitcoin ETF 🤝 2.) A revised denial with a fresh rationale 🛑 3.) The SEC appealing the ruling for further consideration 🔄 5/6: The Countdown Begins Within the next 45 to 60 days, the crypto community will eagerly await the SEC's decision. The outcome holds the potential to reshape the landscape for Bitcoin's accessibility and adoption. Let's keep our fingers crossed for a positive outcome that paves the way for broader crypto participation. 6/6: The Road Ahead As the next chapter unfolds, the crypto space is brimming with anticipation. The industry is watching closely, hopeful that Grayscale's victory could be a catalyst for wider acceptance and integration of cryptocurrencies into traditional financial systems. Stay tuned for updates as we navigate this exciting juncture together!

Episode 642: Ripple Defends Against SEC - The battle between Ripple Labs and the SEC over XRP intensifies, as Judge Torres’ ruling differentiates between retail and institutional sales. Ripple's stand against the SEC's actions represents a broader fight for innovation and the future of cryptocurrencies in the face of potential overreach. Salame’s Silent Stand - Ryan Salame, former co-CEO of FTX's Bahamian unit, refrains from testifying about his alleged role in an illegal campaign donation scheme. The backdrop reveals a complex interplay between cryptocurrency platforms, politics, and the delicate balance of power and influence. Binance Connect’s Farewell - Binance surprises by shutting down its fiat-to-crypto platform, Binance Connect. Despite its potential to merge traditional finance with the crypto realm, a combination of regulatory concerns and strategic shifts leads to its closure, underscoring the unpredictable nature of the crypto industry. Coinbase's Futures Triumph - Coinbase secures a pivotal approval to offer crypto futures trading to US clients. Amidst this victory, they actively advocate for pro-crypto candidates, emphasizing the intricate relationship between the crypto industry, politics, and regulations. Prometheum's SEC Spotlight - The SEC's decision to license Prometheum as a crypto broker-dealer raises concerns. With allegations of ties to questionable conglomerates and the unique timing of its approval, the situation calls for transparency and oversight in the rapidly evolving crypto regulatory framework. Crypto Miners' Energy Voice - The Digital Energy Council emerges to represent crypto miners in Washington, aiming to rectify misconceptions about mining's sustainability. Amidst regulatory challenges, the council signifies the crypto community's commitment to positive societal contributions, especially concerning energy sustainability. Crypto Overnighter Podcast (8/16/2023): Welcome back to the Crypto Overnighter with your host, Nikodemus. We provide nightly updates on cryptocurrency, NFTs, the metaverse, and the surrounding industry. Remember, this show does not offer financial advice. Email: nick@cryptoovernighter.com Salem Friends of Felines: https://sfof.org/ Twitter: https://lnkd.in/gkgEZ9Tg

The Evolving Nature of Crypto Assets: Security, Commodity, or Utility?The debate surrounding the classification of crypto assets as securities, commodities, or utilities continues to be a hot topic. Rooted in laws from the industrial age, these definitions can sometimes seem out of place when applied to the dynamic world of digital currencies and blockchain technology. Securities are traditionally defined as financial instruments that represent an ownership position in a corporation, a creditor relationship, or rights to ownership. When considering whether a crypto asset falls under this category, regulators often apply the Howey Test, originating from a 1946 U.S. Supreme Court case. If an investment involves a common enterprise with an expectation of profits derived from the efforts of others, it may be deemed a security. Commodities are basic goods used in commerce that are interchangeable with other goods of the same type. They include items like gold, oil, and agricultural products. Some argue that cryptocurrencies like Bitcoin function as digital commodities, given their use as a store of value and medium of exchange without relying on any single entity. Utility tokens are intended to provide access to a specific product or service, rather than to serve as investments. These tokens are often used within a particular blockchain ecosystem to access functionalities or services offered by that platform. Applying these industrial-age concepts to crypto assets can be perplexing. The decentralised and innovative nature of blockchain technology challenges traditional regulatory frameworks. Similarly, the rapid advancement of AI technologies raises new questions about classification and regulation. As both landscapes evolve, so too must our legal and regulatory approaches to ensure they are fit for purpose in the digital age. https://lnkd.in/eBfwdyRB

CryptoHeap CEO Salvage Warwick is closely monitoring Bitcoin's recent decline and the upcoming U.S. presidential debate on Thursday, underscoring the platform's proactive approach to navigating market volatility. 'Bitcoin's recent decline is a significant development, and we are closely observing its performance to understand the broader market implications. Additionally, the U.S. presidential debate is a critical event that could sway market sentiment,' Warwick stated. As investors seek stability amidst volatility, CryptoHeap offers diverse staking options, positioning itself as one of the best crypto staking platforms. 'Our platform is designed to provide stability and profitability, even in volatile market conditions. By offering diverse staking plans, we enable our users to earn rewards and mitigate risks effectively,' Warwick explained. CryptoHeap's comprehensive staking packages cater to various cryptocurrencies, including the best crypto staking coins. The platform prioritizes security and user education, employing advanced encryption protocols, multi-factor authentication, and extensive educational resources. 'Security and education are integral to our platform. We aim to empower our users with knowledge and provide a secure environment for their investments,' Warwick noted. As the U.S. presidential debate approaches, CryptoHeap remains vigilant, ready to adapt to potential market impacts. @cryptoheap #cryptostaking #bitcointrends #presidentialdebate #investorconfidence

Big win for Ethereum and the crypto community. The SEC is closing its investigation into "Ethereum 2.0," according to Consensys. The "2.0" refers to the transition from proof-of-work to proof-of-stake, fundamentally changing the reward mechanism for creating new blocks. Latest reports indicate that ETH ETFs are set to launch in the US in early July. Since staking won't be included, it will be interesting to see investor demand for these ETFs, since yield generation is one of the most compelling value propositions of Ethereum. European investors already have access to staking ETPs and other related products. Still native staking via a crypto custodian remains more attractive as most ETPs only stake a limited portion of the assets due to liquidity constraints, lowering the yield to 1-2%. Total ETH staking yield has dropped to +- 3.53% on average according to Rated, mainly due to lower execution rewards and more ETH being staked. Article from The Block below. You can check average staking rates yourself here: https://lnkd.in/eEdbNnfx #crypto #ETF #SEC #ETH #staking Crypto Finance Group

After the apparent pro-crypto shift in US politics in May, there have been further positive developments on the US political and regulatory front. Support for the crypto industry is now included in the official Republican Party platform. Very importantly, the SEC dropped its investigation into Ethereum 2.0, deciding not to pursue charges that the proof-of-stake version of Ether is a security, and a federal judge ruled that the BNB token of the Binance Chain is not a security when traded in the secondary market. “At this point, proof-of-stake crypto assets appear to be out of the woods. Proof-of-work was already de facto not considered a security, but proof-of-stake cryptocurrencies have been challenged by the SEC. Now this risk has largely been removed,” Katalin Tischhauser, Sygnum Bank’s Head of Investment Research, says. Meanwhile VanEck and 21Shares filed to launch Solana ETFs. However, the market is divided on whether further ETFs can happen soon, considering they face significant hurdles. “It is not that likely to happen in the near future. If we look ahead to 2026 and beyond, they will probably be approved, but by the March 2025 final approval deadline of the filings, this is not likely,” Katalin Tischhauser says. The filings are a significant step but the hurdles are substantial because there needs to be a surveillable market that fits the SEC’s definition. For BTC and ETH, they referenced the CME futures market, however, there are no Solana futures and the CME stated last month that they had no plans to launch this product. Alternatively, the SEC’s stance on what they consider an acceptable “surveillable market” needs to shift. “An even bigger question is the potential demand for Solana ETFs. Ethereum has half the name recognition of Bitcoin, and Solana has much less than that among new types of investors, while those already familiar with crypto will be trading spot. I’m not suggesting that there would be no demand but it doesn’t look like a substantial amount that would create political pressure. However, if the world’s largest asset manager and leading ETF provider BlackRock filed, as some unsourced rumours suggest, that would change the picture,” Katalin Tischhauser says. 🎬 Watch this week's Sygnum research livestream “Is crypto decoupling from the global markets?” with Katalin Tischhauser here: https://lnkd.in/dWHzV7MM Dom Castley MBA MCIM, Fabian Dori, Lionel Vaucher, Markus Hämmerli, Stefan Edelmann, Olga Voldiner, Rico Müller, Juan Carlos Largo Castellà, Federico Pepe, Luca Burlando #SolanaETFs #solana #bitcoin Disclaimer: https://bit.ly/4edJA1v

🚀 Top Crypto News Highlights This Week! 🌐 1. FTX Drops Lawsuit Against Grayscale: After filing a lawsuit in March 2023, FTX trading arm decided to drop its legal action against Grayscale. The lawsuit accused Grayscale of misusing control over digital assets, affecting shareholders. 2. Grayscale's $2.8 Billion Outflows Post-ETF Approval: Following the approval of GBTC as a spot Bitcoin ETF by the SEC, Grayscale experienced significant outflows, totalling $2.8 billion since January 11. Investors are shifting to other ETFs with lower fees. 3. Challenges for Ethereum in 2024: Ethereum faces challenges with high gas fees, slow network speed, and delayed upgrades. Solana emerges as a strong competitor with faster transaction speeds and consistent upgrades. Ethereum's future depends on addressing these issues and implementing reforms. 4. Donald Trump's Crypto Gains: Former President Donald Trump's portfolio reportedly gained over 15,000% on the meme coin MAGA (TRUMP). Trump's holdings of TRUMP tokens, received in August 2023, surged to over $1 million. 5. BitMEX Co-founder's Bitcoin Prediction: Arthur Hayes, BitMEX co-founder, predicts a 30% correction for Bitcoin's spot ETF high of $48,000, anticipating a range between $30,000 and $35,000. He emphasizes potential Federal Reserve interventions and considers cryptocurrencies as a hedge against inflation. 6. Trezor Warns Against Crypto Phishing Scam: Trezor issues a warning about a phishing email scam targeting users. The email urges recipients to submit BTC and XRP wallet addresses for a fake upgrade. Trezor advises users not to click any links and emphasizes the importance of protecting recovery seeds. 7. Chainalysis Insights on Crypto Crime in 2023: Overall crypto crime decreased by 40% in 2023, indicating improved security. Stablecoins surpassed Bitcoin in illicit transaction volume, accounting for 65%. Bitcoin remained dominant in ransomware and darknet markets. Sanctioned entities, like Garantex, transacted over $14 billion. 8. Ethereum ETF Approval Delayed: SEC postpones decisions on spot Ethereum ETF applications from BlackRock and Fidelity to March 10, 2024. Delays expected to continue until the SEC gains clarity on how to handle cryptocurrencies like Ethereum. 9. FDUSD's Remarkable Growth: FDUSD stablecoin's market cap surged from $100 million to over $2.6 billion in 6 months, becoming the fourth-largest stablecoin. Compliance with regulations, early Binance listing, and the winding up of BUSD contributed to its rapid growth. 🔍 Your thoughts? Let's discuss this in the comments! #CryptoNews #Bitcoin #Ethereum #Stablecoins

Good insights from Cosmo Jiang and Erik Lowe at Pantera Capital. ⚡Positive Regulatory Developments: The U.S. Appeals Court ruling in favor of Grayscale marks a positive turn in crypto regulation, potentially easing the path for future approvals of related products and services. This ruling can positively impact the likelihood of approval for spot Bitcoin ETF applications. ⚡Market Maturity: The focus on finding protocols with product-market fit and strong fundamentals reflects a maturing digital asset market. The rise of fundamental value investing in crypto shows parallels to trends in emerging market investing in the 2000s, signaling a shift in investment strategies. ⚡Innovation and Scalability: Developments in scalable solutions like Arbitrum, offering faster, cheaper transactions, underline the ongoing innovations in the crypto space to address existing limitations and improve user experience. Arbitrum's strong growth and market share in the Ethereum ecosystem denote a significant advancement in blockchain scalability. ⚡Digital Scarcity and Property Rights: Blockchains are creating real, internet-native scarcity and digital property rights through enforcement and mutual perception, presenting new possibilities in digital ownership and value creation. The emphasis on blockchain's ability to enforce scarcity and establish digital property rights highlights the foundational shift in how value is perceived and protected in the digital space. ⚡Changing Business Models: The possibility of tokens replacing equity underscores a fundamental shift in business models, highlighting the adaptability and diverse application of blockchain technology. The inversion of Web2 business models with the ability for users to fork away from undesired protocols illustrates the user-centric evolution in the blockchain space. ⚡Impact of Regulatory Clarity: Clear and favorable regulations are crucial for market growth, innovation, and the broader acceptance of crypto as a legitimate asset class. Recent rulings favoring Grayscale and Ripple are setting precedents, aiding in the formulation of more nuanced and supportive regulatory frameworks for digital assets. ⚡Economic Viability: Arbitrum's profitable unit economics and defensible valuation point to the economic viability and sustainability of innovative blockchain solutions in the long term. ⚡Investment Processes and Strategy: The growing emphasis on diligence, fundamental analysis, and strategic asset selection and portfolio construction in crypto investing reveals the adaptation and incorporation of traditional investment methodologies in the digital asset domain. https://lnkd.in/euThqV7n #crypto #blockchain

🔵 Crypto Window News 🔵 Welcome to Chain Reaction, where we bring you the biggest crypto stories. Grayscale triumphed in its lawsuit against the SEC regarding a bitcoin spot ETF application, celebrated as a positive step by the crypto community. However, there's still a 45-day review period ahead. In a separate case, the SEC fined an NFT project $6 million, marking a significant development. Meanwhile, the decentralized social media platform, Friend.tech, which I recently covered and highlighted community skepticism about, experienced a drop in daily transactions, causing a decline in its hype. In other web3 news, an appeals court ruling favored Grayscale, hinting at the possibility of a bitcoin spot ETF in the future. Grayscale's legal head expressed confidence that approval for a bitcoin spot ETF is a matter of "when, not if." MoonPay has launched a venture arm to invest in web3 infrastructure, gaming, and fintech. Bitcoin startups continue to face undercapitalization challenges due to a funding drought. In the latest podcast episode, Jacquelyn interviewed Craig Salm, the Chief Legal Officer at Grayscale Investments. Grayscale is a major digital asset investment firm, known for its Grayscale Bitcoin Trust (GBTC), and holds a substantial portion of outstanding bitcoin. The recent court ruling in favor of Grayscale's lawsuit against the SEC regarding a bitcoin ETF was discussed, shedding light on its significance for Grayscale, the crypto ecosystem, and other firms like BlackRock and Fidelity that have applied for bitcoin spot ETFs. The discussion also touched on the SEC's distinction between bitcoin futures ETFs, which have gained approval, and bitcoin spot ETFs, which haven't.