Weekly Update #37
Mark Collins & Demetrius TSEAS
regulation:
BIS Innovation Hub announces first six projects for 2024 work program: On January 23, the BIS Innovation Hub announced the first batch of six new projects in its 2024 Innovation Hub work program. Three of these projects are: Next-generation quantum resistive communication channel experiment; CBDC privacy considerations and tokenization. Specifically, after successfully establishing a quantum-secure communication channel between the central banks of France and Germany in Phase 1, Project Leap is launching Phase 2, which aims to create a ‘quantum proof’ payment system. Project Aurum has entered a new phase of research into privacy in retail CBDC payments. The goal is to leverage expertise from academia and privacy regulators to improve central banks’ understanding of privacy when designing CBDC systems. The recently launched Project Promissa tests the feasibility of tokenizing promissory notes, a financial instrument that helps fund multilateral development banks and other international financial institutions.
Bitwise will be the first bitcoinThe term “Bitcoin” refers to the Bitcoin network,…See more We plan to issue an ETF. wallet addressWallet addresses are a way to group Bitcoin addresses into different groups. So that anyone can check their fund balance: On January 24th, Bitwise Asset Management bitcoin addressA Bitcoin address is a unique encryption key that you “own”. 1CKVszDdUp4ymGceAZpGzYEFr4RPNHYqaM of spot Bitcoin ETF (BITB) holdings. This makes us the first Bitcoin ETF provider in the United States by allowing anyone to check their fund balances using a publicly available Bitcoin Explorer.
Ether Spot ETF application decision delayed by SEC: After the Securities and Exchange Commission (SEC) approved 11 spot Bitcoin exchange-traded funds (ETFs) in early January, companies are moving to launch spot Ethereum (ETH) ETFs on the market. BlackRock, Grayscale, Fidelity, Invesco, and VanEck are among the companies that have applied for a spot ETH ETF. On January 25, the SEC announced that it was extending the 45-day period required by law to decide a decision on BlackRock’s proposal. Ether (ETH)Ether (ETH) is the native cryptocurrency of the Ethereum blockchain. EFT, a cash exchange-traded fund, argued it needed more time to review the decision.
Regulators in Alaska and Florida have asked Binance US to suspend operations.: On January 25, the Wall Street Journal reported that following former CEO Changpeng Zhao’s guilty plea, regulators in Florida and Alaska asked Binance.US to cease operations and no longer provide services to indigenous people. . The Alaska Department of Banking and Securities has reportedly refused to renew Binance’s US license. BAM Trading if confirmed from list of MSB license holders in Alaska (January 29, 2024) serviceGeneral services including non-profits, forums, news sheets…See more Inc. (doing business as Binance US) License nr. 012960 appears as “Accepted Conditionally.” Additionally, the Florida Department of Financial Regulation issued an emergency suspension order against Binance US. Upon verification, the Binance US website shows that it is licensed in Florida nr. FT230000290 expires April 30, 2024.
Hong Kong SFC accepts first application for Bitcoin ETF: On January 26, the Hong Kong Securities and Futures Commission (SFC) reportedly received the first spot Bitcoin ETF application from Harvest Hong Kong, one of China’s largest fund managers.
CFTC issues warning about AI cryptocurrency investment plans. CFTC warns about AI scams that promise unrealistic returns on investments, such as bots and cryptocurrency schemes. Scammers leverage the hype around AI to lure victims with guaranteed profits, often through social media. To avoid falling victim, research platforms and personnel, seek trusted advice, understand the risks, and be careful with online promotions. Reminding everyone that AI cannot predict the future and promises high returns is likely a red flag. CFTC
Canadian judge rules freezing truck drivers’ bank accounts unconstitutional: A federal judge in Canada has ruled that emergency laws invoked by Prime Minister Justin Trudeau’s government to freeze funds, including cryptocurrency, donated to protest truck drivers were unreasonable and unconstitutional. A court has ruled there is no national emergency justifying the use of emergency laws in response to ‘Freedom Convoy’ protests against COVID-19 restrictions that led truck drivers to block the streets of Ottawa. Attorney General of Canada
Cryptocurrency News:
The Avalanche Foundation sets the rules for meme coin issuance: Avalanche’s $100 million meme coin fund seeks to boost community-driven projects, but with strict criteria. Tokens must be independent, with the creator giving up control and no team allocation. Security audits, diverse ownership (top 100 holding less than 60%), and healthy liquidity of at least $200,000 across 50+ providers are essential. Meeting these minimum requirements (2,000+ holders, $1 million market capitalization, $100,000 daily trading volume) does not guarantee funding, but red flags such as whale dominance and non-whitelisted launches doom meme coins’ hopes. It can sink. Think of it as a popularity contest with strict entry requirements where community involvement and financial stability are paramount. CoinDesk
Ethical hackers expose BTM vulnerabilities. bitcoin ATMBitcoin ATM (automated teller machine)…See more Provider Lamassu Industries has addressed a security vulnerability discovered by ethical hackers who gained complete control over the ATM in 2023. Security researchers identified and exploited the vulnerability, which allowed potential attackers to manipulate ATM interactions, steal bitcoins from users and trick them into entering sensitive information. Emphasizes the importance of rapid updates. addressIn the context of cryptocurrency, an address is encrypted information. These problems. IO Active Lab
Nasdaq releases its annual Global Crime Report. Nasdaq’s ‘Global Financial Crime Report’ last year made no mention of Bitcoin or cryptocurrencies, reinforcing the perception that fiat currencies are more often associated with promoting crime. The report found that financial crime remains a trillion-dollar problem, estimating that approximately $3.1 trillion in illicit funds would flow through the global financial system in 2023, of which $782.9 billion was due to drug trafficking. , $346.7 billion was related to human trafficking, and $11.5 billion was related to human trafficking. Report on terrorist financing