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Grayscale To Sue, The US SEC Following Rejection Of its Plan, To Launch Bitcoin Spot ETF

By
Adam Barry
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0

One of the largest virtual asset managers in the world, Grayscale, has brought a case against the United States because the Securities and Exchange Commission (SEC) rejected its application for a Bitcoin Spot ETF.

SEC rejects Grayscale’s  Bitcoin Spot ETF

The application to establish a Bitcoin Spot ETF was denied by the SEC on Wednesday, June 29, 2022, on the grounds that Grayscale had not complied with requirements to prevent dishonest and deceptive market practices. As possible sources of deception and manipulations in the spot Bitcoin Market, the Commission mentioned whale manipulation, wash trading, exchange and network hacks, stablecoin exploitation, and the spread of false information.

According to the SEC, the decision to deny the application was not made after “considering the utility or worth of Bitcoin or blockchain tech generally, as an invention or an investment.”

Grayscale to contest the decision 

 In response to the denial, Grayscale filed a complaint against the securities watchdog. Michael Sonnenshein, the CEO of Grayscale, claims that the SEC broke both the Administrative Procedure Act and the Securities Exchange Act.

The US Court of Appeals for the District of Columbia has received a “petition for review” from the crypto asset manager. Grayscale is already contesting the SEC’s move to deny Grayscale Bitcoin Trust’s (GBTC) request to become a spot ETF. Grayscale has stated that it will keep using all of its resources to support its investors and work for the introduction of the first Bitcoin Spot ETF in the United States.

On the other hand, Jacob Asset Management disclosed on June 30 that it would unveil the first bitcoin ETF in Erope on the Euronext Amsterdam Exchange. The Guernsey Financial Services Commission (GFSC) granted regulatory permission for the Jacobi Bitcoin ETF in October 2021, and it will start trading on the Euronext in July under the ticker BCOIN. Fidelity Digital Assets will offer custody services, with Flow Traders and DRW acting as market makers to facilitate trade. Investors will access the fundamental activity of this fascinating asset class through the Jacobi Bitcoin ETF.

OP Crypto Unveils $100 Million Fund Backing Crypto  Startup Venture Capital firms 

By
Adam Barry
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0

Former Huobi CEO David Gan launched the crypto venture capital company OP Crypto, which is establishing a new vehicle to aid nascent fund managers that concentrate on early-stage cryptocurrency investments.

OP FoF I receives pledges of $50 million 

The fund, known as “OP Funds of Funds I,” has received $50 million in pledges from significant businesses like FJ Labs and LedgerPrime, the investment arm of FTX.

According to OP Crypto’s COO Lucas He, the fund’s founders intend to complete the OP FoF I by the end of the third quarter, with a hard limit of $100 million as their goal.

The fund’s task will be to find and assist cryptocurrency fund managers that have specialized knowledge in fields including infrastructure, decentralized finance (DeFi), nonfungible tokens (NFTs), gaming, metaverse, and others.

Even though the fund has a “specialized concentration” on the Asia-Pacific area, He emphasized that it will continue investing globally and attempt to connect with fund managers in places like Latin America, Africa, India, Southeast Asia, and other places.

OP Crypto invests in OP FoF I

The second fund that OP Crypto has invested in rising crypto fund managers is called OP FoF I. The company unveiled its $50 million OP Ventures Fund I in June 2021, which focuses on pre-seed and seed enterprises in the Web 3.0 industry. Major organizations and investment firms in the sector supported the fund, including Galaxy Digital, run by Mike Novogratz, Digital Currency Group, Bill Ackman, and Alan Howard.

He stated, “OP stands for open, operational and opportunistic,” adding that those were the “traits that the fund ascribes by.”

The executive continued by saying that many investors are looking for exposure to cryptocurrencies despite the recent market dip, saying, “To our surprise, there is actually quite a lot of picked up demand due to people not knowing where exactly is best to park capital amidst the current bear market.”

He, who is the acting head of research of OP Crypto, will also fill in as a general partner of OP FoF I. 

Facebook Plans To Support Nonfungible Tokens Allowing artists to Display “Digital Collectible”

By
Adam Barry
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0

Facebook has said it plans to support nonfungible tokens (NFTs) and display artists’ activity on a “digital collectibles” page on their feeds. On Thursday, the company’s technical program manager Navdeep Singh tweeted images of NFTs and a creator’s page.

Meta introduces NFTs on Facebook 

The same day, a representative for Meta, the company which owns Facebook, informed TechCrunch that the introduction of NFTs on the platform would be slow and start with a small group of American producers. The ability to cross-post across Instagram and Facebook, another Meta trait, will eventually be available to NFT producers. NFTs are being tested by Instagram’s Spark AR immersive virtual reality platform.

Instagram last week opened up its NFT testing to users outside of the United States. The program enables the display of NFTs created on Ethereum and Polygon, with plans to also support Flow and Solana NFTs.

As per CEO Mark Zuckerberg, Meta said in May that it had started testing NFTs on Instagram and that Facebook would “soon” do the same. He added that the NFT display capabilities would soon be applied to other Meta-owned applications, including Facebook Messenger and WhatsApp.

In October 2021, Facebook changed its name to Meta. It has been attempting to grow in Web3, but not entirely successfully. After facing stiff resistance from regulators all around the globe in February, Meta renounced its attempt to introduce the Diem stablecoin. But Meta submitted trademark requests for a Meta Pay payment system in May, and Zuckerberg declared on June 22, 2022, that Meta Pay could take the place of Facebook Pay.

Facebook won’t sell NFTs on the platform 

According to Zuckerberg, Meta Pay will be accessible on Facebook, WhatsApp, Instagram, and Facebook Messenger. It seems that Meta shall not begin selling NFT on Facebook, as a company representative told TechCrunch the company “indicated that it won’t offer the opportunity to convert digital collectible postings into advertisements for now.”

On the company’s Meta Quest app store, which offers software and games for metaverse, the selling of NFTs is anticipated to begin.

EU Is Introducing A New Regulation Similar To DDPR That Will Crackdown Crypto Stablecoins

By
Adam Barry
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0

European Union (EU) officials have agreed on an important law that seeks to make it tougher for service providers and cryptocurrency issuers under s single regulatory framework. Chief Strategy Officer Dante Disparte said that the single policy framework for cryptocurrencies would be what GDPR is to privacy. 

MiCA offers a framework governing cryptos. 

MiCA regulation rapporteur and European Parliament member Stefan Berger broke the news about the new regulation on Twitter, stating that a balanced agreement had been reached, making the EU the first continent to have a crypto-asset regulation. Berger is the person chosen to report on matters related to the regulation.

The framework is known as the Markets in Crypto-Assets (MiCA), and it is a provisional agreement with rules covering issuers of stablecoins, unbacked crypto-assets, wallets, and trading platforms as per the European council. 

The historical rule, according to Bruno Le Maire, France’s Minister of the Economy, Finance, and Industrial and Digital Sovereignty, “will put an end to the crypto wild west.”

The MiCA law seeks to protect customers in the aftermath of Terra’s abrupt implosion by “requiring” stablecoin issuers to accumulate an adequate liquid reserve.   European Parliament member Ernest Urtasun said on Twitter that reserves should be “completely protected in event of insolvency” and be “legally and operationally segregated and insulated.”

Stablecoins to be capped at €200 million per day under the regulation 

Stablecoin transfers will be capped at €200 million per day. Enforcing these regulations on decentralized stablecoins like Dai would likewise be challenging (DAI). The partnership was announced on the same day that Circle launched Euro Coin, the stablecoin backed by the euro (EUROC).

Providers of crypto-asset services (CASPs) will be subject to stringent regulations aimed at safeguarding consumers, and they risk liability if they misplace investors’ crypto-assets. Trading platforms will be held accountable for any inaccurate information and will be obliged to submit a white paper for tokens, including Bitcoin (BTC), that will not have a certified issuer.

Additionally, there will be information for customers regarding the potential losses linked with digital currencies, as well as guidelines for ethical marketing communications.

Hoskinson Pushes for a Software-Enabled Crypto Self-Regulation

By
Adam Barry
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0

Cardano co-founder Charles Hoskinson has shared his thoughts on crypto regulation with congress. He disputes the idea of the regulatory authorities taking up the compliance roles. Instead, he believes the crypto industry is the right candidate to oversee compliance.   

Self-regulation could work

Hoskinson draws a close comparison between the operations of crypto regulation to that of banking. He thinks that banking self-regulation and crypto regulation have a lot in common. The leader told legislators to recognize that it isn’t CFTC and SEC undertaking KYC-AML. He says the crypto segment should do the same banks do in their field when it comes to compliance.

The Commodity Futures Trading Commission (CFTC) and the United States Securities and Exchange Commission (SEC) seem determined to take over the jurisdiction of the crypto segment. These two financial regulators have been battling to take over that top position, yet no one talks about the capacity of the crypto segment.

Representative Austin Scott from Georgia seems skeptical about the SEC and CFTC. He casts a shadow of doubt on their capacity outlining that they lack the personnel required to check out compliance in the many cryptocurrencies on the market. He firmly believes that regulating cryptocurrencies the best way is an impossible task.

Promoting the crypto segment

Hoskinson points out the various tasks cryptocurrencies accomplish, ranging from data storage to transfer. He considers the experience matters and thus considers cryptocurrencies capable of the regulatory tasks. Hoskinson believes in the crypto industry’s growth and pushes the agenda to empower them to set up self-regulating organizations (SRO).

He exudes confidence in the self-regulating organizations outlining that they can do what is required. He believes that regulatory compliance must follow an almost similar pathway to the one the banking industry conforms to in its regulatory works.

Hoskinson believes it could help if the sector developed a “self-certification system .”He says such a system would play an essential role in monitoring compliance. He considers the possibility of an anomaly and how to address such a challenge. Hoskinson says that it is at such a point that a financial authority would come into the matter. Such a monetary authority would undertake a close review.

NHL Says Collaboration with Sweet will Facilitate  the Development of Digital Collectibles

By
admin
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0

The National Hockey League (NHL) is pleased to unveil a digital collectibles marketplace. It did it alongside its Alumni Association and Players’ Association. Thursday’s announcement marks the start of a crucial multi-year collaboration with NFT platform Sweet.

In a recent interview, the league’s executive vice president of business development and innovation, David Lehanski, shared his views on the latest developments. He describes the NHL’s marketplace elaborately. The official expects it to be a marketplace that offers limited-time NFT drops. He also foresees a full-blown NFT trading platform that will benefit many.

The development of an NFT marketplace

Fans lack the experience of developing an NFT marketplace with exclusive drops, but they might get the opportunity. October will see the NHL Sweet marketplace go live, a great moment for the fans looking forward to experiencing the 2022-2023 season and tasting the experience.

Lehanski supports the gamification of NFTs and already has a blueprint for going about the matter. To achieve his goals, he wishes to turn to “questing and collecting” features. He outlines player performance as one factor that impacts NFTs’ operations. He describes the dynamic and asserts that they change over time.

Lehanski speaks out on their plans in the future, where they hope to add more NFTs. They hope to mint surprise packs of NFTs and the past cinematic game highlights. He was speaking about displayable items in the 3D interactive trophy rooms.

Lehanski’s perspectives

The leader says that NHL is still reluctant to disclose information about the development of the new project. Most of the fans would like to know the type of blockchain that will support the establishment of the project. Word moves around that they might settle for either Tezos or Polygon. Sweet’s offerings dictate a lot about how they build the project.

Lehanski is optimistic about the future. He expects matters to change for the better. For instance, he hopes that the gas fees will go down. Environmental sustainability matters a lot to him, and he hopes it is one of the things they achieve in the long run.

NHL’s announcement almost coincides with the other changes cutting across the divide. Reports show that some of the leading sports associations welcome NFTs and some of the big names include the NBA, MLB, and NFL.

Gensler Supports Conformity to a ‘One Rule Book’ in Talks over Crypto Regulation

By
Adam Barry
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0

The chair of the United States Securities and Exchange Commission (SEC), Gary Gensler, hopes that talks between them and the Commodity Futures Trading Commission (CFTC) officials will bear desirable outcomes. Gary hopes they arrive at a “memorandum of understanding” to guide how they approach the regulation matter. They target digital assets and their regulation.

The one rule book

Gensler says that it is time to push for market integrity. He outlines that collaboration between them will make the whole thing possible. He refers to the strategy as a one-rule book on the exchange and asserts that it will offer excellent protection to all trading. Gensler believes it won’t matter what the pair in question will be,  provided one rule book guides matters.

Some of the most common forms include security token versus commodity token, security token versus security token, and commodity token versus commodity token. Gensler’s push for collaboration is a timely move considering the cross-cutting changes sweeping through the markets.

The push for establishing a comprehensive regulatory framework to guide digital assets glares as experts brainstorm ways to handle the matter. However, reports show the two crucial acts which impart significant authority to CFTC, which is why it rules the market.

The first is the Digital Commodity Exchange Act, and the other is the Responsible Financial Innovation Act. The former was introduced in April in its latest form and the other in June. The chairman of the Senate Agriculture Committee, Debbie Stabenow, pushes toward developing a crypto regulation bill. The Senate Agriculture Committee serves as oversight of the CFTC.

John Boozman and Debbie Stabenow’s push

The committee’s ranking members, John Boozman and Debbie Stabenow share a common goal: to push for the drafting of a crypto regulation bill. Success in this regard implies that CFTC will gain more power.

Gensler is a long-serving official who has been at the helm of CFTC from 2009 to 2013. He seems to dispute the thought that changing the status quo could keep matters on the right track. The SEC has done its part in crypto regulation, but its activities don’t seem satisfactory to lawmakers and the industry. The two sides criticize its methods because they think it inappropriate to use enforcement.

Shopify Supports Online Sellers through the Integration of an NFT-gated Option

By
Adam Barry
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0

The online shopping giant Shopify has plans underway to unveil NFT-gated storefronts. It hopes introducing the latest feature will open the way for all brands seeking to make their stores more exclusive.

The establishment of custom e-commerce shops

One of the things Shopify has done is to facilitate the creation of custom e-commerce shops. It has served many small businesses in this regard but wants to move a step further. It considers NFTs the future of e-commerce and wishes to tap on all the opportunities it presents in modern times.

Shopify attributes its unveiling of the NFT-gated storefronts as part of the moves targeted at tapping into the new opportunity that NFTs present. For example, a recent video from the firm involves a narrator who speaks to the users about the essence of inviting their communities to a new world that understands the value of loyalty and rewards it.

The video shows a skateboarding woman moving through a pastel portal. She eventually transforms into a Doodles NFT. It is a video that serves token holders with a lot of interesting facts, such as the possibility to connect a crypto wallet to enjoy outstanding shopping experiences. One is free to think about the limited collections, access to drops, and best experiences.

Gaining access

It is easy to describe Shopify’s “gm” shop in various ways, but the most important is to realize how it persists in the beta phase. Only persons with existing NFT collections enjoy the freedom to make early applications to enjoy early access. There are also instances where the unapproved ones get the leeway to add an NFT token-gating app to the Shopify storefronts.

Most people wish to understand whether or not a strategy exists for adding more value to an NFT. One of the working ways is to turn to token-gating, which makes it easy for the holder to access the physical products, content, community, and digital token.

Shopify struck a partnership before unveiling its token-gated storefronts. Its partners included the Adam Bomb Squad, Invisible Friends, Doodles, World of Women, Stapleverse, Superplastic, and Cool Cats NFT collections.

It also wishes to boost the online token-gating and hopes to achieve that by adding “IRL” token-gating at brick-and-mortar store points. The move will help ensure that only eligible NFT holders gain access and purchase the products.

University of Cincinnati Integrates Crypto in its Curriculum

By
Adam Barry
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0

Surprisingly, the crypto craze continues drawing the attention of the leading academic institutions. One may find it interesting how far they have come considering they currently serve as an alternative to conventional assets. Moreover, matters are looking up considering that the University of Cincinnati (UC) in Ohio has integrated cryptocurrency in some of its courses.

Integrating crypto into the curriculum

The university’s intergartion of crypto into its curriculum tells a lot about the gains the coin continues to make with time. This university wants to educate its students on the most critical aspects of emerging financial technologies and Bitcoin. So it has developed a blueprint to achieve its set goals. One of the ways is to create new programs and integrate them into the system.

Dan Kautz and Woody (Woody) Uible are the big names behind the latest projects, and they settled for UC’s Carl H. Lindner College of Business as the center of operations. The funds will also play a crucial role in establishing a public-private lab space in the new Digital Future headquarters.

One of the leaders who support the unveiling of the latest initiative is Dean Marianne Lewis, Ph.D. He looks into a future where students learn practical skills in the field of financial technology. One of the skills he hopes they will remember is the management of cryptocurrencies.

Students learn a lot about crypto

Students will also learn about the way digital assets impact the economy. The latest development pushes UC a notch higher as the regional leader. It has also become one of a few universities nationally that have succeeded in implementing such a program.

Recent times have witnessed cryptocurrencies gain a lot in popularity. Reports indicate that the popularity has grown more significantly among the marginalized communities as analysts continue looking into why that is the case. Most of them believe that the new financial frontier is flexible and caters to creativity and innovation.

People on a global scale are turning to it for creation, innovation, money generation, and prosperity. Twitter co-founder Jack Dorsey and Jay-Z wish to help anyone interested in taking advantage of the possibilities. Their collaboration has funded the Bitcoin Academy, which seeks to serve residents of Mary Houses in Brooklyn, New York.

Yvel Looking To Make Its Make Its Mark in the Independent Non-fungible Security (INFS) Game

By
Adam Barry
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0

From making world-class and often one-of-a-kind jewelry pieces to designing retail luxury goods worthy of INFS digital assets, Yvel keeps stacking accolades onto its already impressive resume. 

To reinvent its stunning line of jewelry products and attract more investments, Yvel joins other luxury legacy brands in the blockchain technology space, such as Gucci, Lacoste, Balmain, and Balenciaga. 

To catch you up, here is what you need to know about Yvel’s INFS project and why there’s a lot of buzz around it:

What exactly is the Yvel INFS project?

You probably already know about blockchain technology or have heard of it. Yes, that independent, hacker-proof, decentralized data storage network where all the holders of different cryptocurrencies like to hang out and trade. 

And we’re assuming that you’ve also come across the words “non-fungible tokens” (NFTs) over the past two years. NFTs have been all the craze since early 2021. 

Well, it’s safe to say that INFS is an off-shoot of NFTs. The only difference is that INFS is a trading platform that specifically merges the blockchain world with tangible physical assets or designer pieces of jewelry, in Yvel’s case, that are one of one. 

So, Yvel has created 5000 tokens in the form of customizable precious stone decorated 24-karat gold jewelry pieces. Each token has a value of $10,000. Yvel successfully launched its INFS tokens with investors having already bought the first batch of 2500 tokens in the pre-sale phase. 

What’s in it for investors?

Both companies and independent investors can hold Yvel’s tokens. If you’re a shareholder of a company that holds Yvel’s INFS assets, you can benefit by getting a piece of the profits from the sale or value appreciation of the tokens. 

Investors can also trade the tokens by selling them to other buyers or converting their tokens or coins for $10,000 worth of jewelry from the Yvel jewelry shop. 

And that’s about it. If blockchain financial products and digital assets are your thing, you might want to jump on the Yvel INFS project and be an early investor.

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