This week saw some major developments in the world of Bitcoin and Ethereum. Hong Kong’s securities regulatory body, SFC, approved the launch of regulated Bitcoin and Ethereum ETFs on April 30th. Tesla held onto its Bitcoin reserves for the seventh quarter in a row, as mentioned in their latest earnings report. Grayscale introduced its Bitcoin Mini Trust, a lower-fee spinoff Bitcoin ETF to attract investors back.
As a crypto investor, I’m excited about the recent launch of Grayscale’s new Bitcoin offering with the lowest fees yet. This move comes after substantial outflows from their Bitcoin Trust, totaling billions of dollars. Let’s delve deeper into this development.
BitcoinÂ
As a crypto investor, I’m thrilled to hear that the Securities and Futures Commission (SFC) in Hong Kong has given its approval for the launch of Bitcoin and Ethereum Exchange-Traded Funds (ETFs). Starting from April 30th, these regulated investment vehicles will provide a secure and trusted option for investors looking to gain exposure to digital currencies.
For the seventh consecutive quarter, Tesla, led by Elon Musk, has kept its Bitcoin reserves according to the data from its Q1 2024 earnings statement.
I’m sharing the news that Grayscale, the investment firm, has introduced a new product called the Bitcoin Mini Trust. This is a variant of a Bitcoin Exchange-Traded Fund (ETF) that Grayscale offers, with lower fees as part of their strategy to attract investors in a competitive market.
Ethereum
Consensys, the company behind Ethereum, has initiated a legal battle against the Securities and Exchange Commission (SEC). The crux of the dispute lies in Consensys’ objection to the SEC’s regulatory authority over Ethereum’s native digital asset, Ether. This move comes amidst growing concerns about potential innovation stifling and economic consequences. The complaint, filed in the United States District Court for the Northern District of Texas, aims to challenge the SEC’s claim that Ether functions as a security under federal securities laws.
Technology
In a noteworthy development, Franklin Templeton has unveiled plans to issue the “BENJI” token representation of its US Government Fund on both the Polygon and Stellar blockchains. This innovative step empowers investors in Franklin OnChain FOBXX with the ability to transfer fund assets directly between one another, eliminating the need for intermediaries.
Security
As a crypto investor in the Cosmos ecosystem, I’m relieved to hear that developers have addressed a critical security issue in the Inter-Blockchain Communication (IBC) protocol. This bug, if left unchecked, could have put at least $126 million at risk. Fortunately, Asymmetric Research privately disclosed the vulnerability details before any malicious actors could take advantage of it. The quick response from the Cosmos team is commendable and underscores their commitment to maintaining a secure platform for all investors.
Over the past month, numerous meme coin initiatives on the Solana platform have been exposed as frauds, resulting in a significant loss of approximately $26.7 million for investors. Despite warnings from Solana’s founders urging caution, some established influencers have also gotten involved in these scams, aiming to deceive unsuspecting users.
Regulation
The Securities and Exchange Commission (SEC) aims to impose a historic penalty of approximately $5.3 billion against Terraform Labs and Do Kwon for their involvement in the failure of the Terra/LUNA stablecoin, marking a stern response from regulators towards misbehavior in the cryptocurrency sector.
The US Department of Justice (DOJ) has taken into custody and accused the creators of the Samourai wallet on charges of money laundering. They claim that these individuals were running a cryptocurrency tumbling service.
Venezuela’s state-owned oil company, PDVSA, is finding a way around US sanctions by using Tether, a stablecoin, to facilitate oil transactions. This move aims to secure deals amidst international doubt and apprehension towards relying on intermediaries.
Following the worldwide trend of increased regulation, Thailand is cracking down on the cryptocurrency market by denying access to unapproved crypto exchanges and platforms.
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2024-04-28 14:17