Weekly Update #35
Mark Collins & Demetrius TSEAS
regulation:
CFTC Digital Assets and blockchainBlockchain is a shared digital ledger or… Read more Technology Subcommittee Announces DeFi Report: On January 8, the CFTC Technical Advisory Committee’s Digital Asset and Blockchain Technology Subcommittee Decentralized Finance Report (DeFi). The report highlights that (DeFi) presents promising opportunities and complex and significant risks to the U.S. financial system, consumers, and national security. Without effective regulation, enforcement, and compliance, many of these DeFi projects, companies, and ecosystems are vulnerable to fraud, mismanagement, and serious regulatory violations, as well as damaging risks to investors, customers, and other stakeholders during periods of extremely high market volatility. It may cause serious damage. A major concern with DeFi systems is the lack of clear lines of responsibility, which some industries are designed to avoid. The key message of the report is that both governments and industry must take timely action to collaborate across regulatory and other strategic initiatives to better understand DeFi and advance responsible and compliant development.
The US SEC approved the first 11 items. BitcoinThe term “Bitcoin” refers to the Bitcoin network,…See more ETF: January 10, U.S. Securities and Exchange Commission (SEC) Approved These are the first 11 Bitcoin exchange-traded funds (ETFs) introduced by the world’s largest asset manager. From a regulatory perspective, this approval also highlights its evolving nature. cryptocurrencyCryptocurrency (or cryptocurrency) is a digital asset. regulation. The list includes: ARK21 Shares Bitcoin ETF, Bitwise Bitcoin ETF, Blackrock’s iShares Bitcoin Trust, Franklin Bitcoin ETF, Fidelity Wise Origin Bitcoin Trust, Grayscale Bitcoin Trust, Hashdex Bitcoin ETF, Invesco Galaxy Bitcoin ETF, VanEck Bitcoin Trust, and Valkyrie Bitcoin. Fund, Wisdom Tree Bitcoin Fund. There are two types of ETFs: A spot Bitcoin ETF that owns Bitcoin actually held by a third-party custodian, and a Bitcoin futures ETF collateralized by Bitcoin derivatives that derive value from (guess) the future price of Bitcoin. no see. In both cases, investors invest in Bitcoin without having to buy, hold, or manage the underlying asset. A day later, on January 11, U.S. Senator Elizabeth Warren criticize The S.E.C. There is a mistake in the law and a mistake in the policy. ” While approving the ETF “ “If the SEC allows cryptocurrencies to penetrate deeper into our financial system, it is more urgent than ever for cryptocurrencies to follow basic anti-money laundering rules.”.
Genesis Global Trading will pay $8 million in settlement with NYDFS.: January 12, New York Department of Finance serviceGeneral services including non-profits, forums, news sheets…See more (NYDFS) presentation An $8 million fine has been levied against Genesis Global Trading Inc. for violating DFS’ virtual currency and cybersecurity regulations and for compliance failures that left the company vulnerable to illegal activity and cybersecurity threats. In connection with this settlement, Genesis Global Trading is transferring its New York BitLicense.
Coinbase partners with: stablecoinStablecoins can also be privately issued cryptocurrencies or algorithms. Redeem your Yellow Card to expand in Africa. January 11, Coinbase presentation They say they are expanding access to their products in Africa, starting with 20 countries across the continent. Coinbase’s new partnership with Africa’s leading stablecoin exchange warning card It will help millions of users access USDC on Coinbase’s layer 2 blockchain, called “Base.” Yellow Card declares itself to be the largest and first licensed stablecoin on/off ramp on the African continent. Operating in 20 countries, Yellow Card provides access to USDT, USDC, and PYUSD in local currencies and via API. coinbase walletA wallet is a device (a hardware device, program, or service). Users can easily send USDC without fees on any platform where they can share links, including WhatsApp, iMessage, Telegram, and popular social media apps.
Cryptocurrency News:
Blackrock’s CEO Supports Ether ETF: Following the launch of the much-anticipated Bitcoin BTC ETF, BlackRock CEO Larry Fink expressed support for the creation of an ETF. Fink sees these ETFs as an important step toward tokenization and that this trend is addressIn the context of cryptocurrency, an address is encrypted information. On issues such as money laundering and corruption, he sees cryptocurrencies, particularly Bitcoin, as an asset class that offers protection against geopolitical risks, comparing it to the historical role of gold. Yahoo
Vanguard restricts customers from purchasing BTC ETF products. Vanguard has banned its clients from purchasing newly approved Bitcoin ETFs such as BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Trust (GBTC), citing regulatory restrictions and a focus on asset classes tied to long-term investment portfolios. This move contrasts with the approach of competitors such as VanEck, Fidelity, and Invesco, which have adopted Bitcoin ETFs. Market Watch
Circle has reportedly filed for an IPO. Circle, USDC issuer and second-largest stablecoin, has reportedly filed for an IPO in the United States. The filing did not disclose the number of shares to be sold or the offering price range, but Circle expects the IPO to proceed after a review by the U.S. Securities and Exchange Commission (SEC), depending on market conditions. Reuters
ETH developers are divided over Vitalik’s proposal to increase gas fee limits. The Ethereum community remains divided over Vitalik Buterin’s proposal to increase gas limits by 33% with the goal of improving network throughput. Although Buterin suggests that the boost could accommodate more transactions. block itA block holds a batch of hashed and valid transactions.Concerns raised by developers such as Marius van der Wijden include potential downsides such as accelerated growth in blockchain state size, impacting storage access speeds and synchronization times. MariusVanDerWijen Github
Hacks and Exploits:
orbital chain: A cross-chain bridging project lost over $80 million in assets due to a hack, with attackers gaining access to 7 out of 10. Multi-signature“MultiSig” smart contract or multi-signature wallet…See more signatory. The majority of the stolen funds were in stablecoins, including $30 million USDT, $10 million USDC, $10 million DAI, 231 WBTC ($10 million), and 9,500 ETH ($21.5 million). Concerns have been raised about the security of multi-signature structures and the potential compromise of private keys in the cryptocurrency space. Blockworks