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SEC Faces Lawsuit Over Crypto Airdrops, Defendants Push For Non-Security Status

bitcoinist.com - 周三, 03/27/2024 - 03:00

The US Securities and Exchange Commission (SEC) is facing a new lawsuit that aims to challenge the regulator’s failure to provide a clear regulatory framework for the crypto industry, specifically regarding classifying crypto airdrops as securities. 

The lawsuit, filed by the DeFi Education Fund (DEF) and Beba Collection, an apparel company based in Texas, seeks to prompt the court to rule that the BEBA token does not fall under the category of a securities investment contract.

Lawsuit Targets SEC’s Treatment Of BEBA Token

In their announcement, the DeFi Education Fund expressed concerns over the SEC’s “aggressive enforcement actions,” which they believe pose an existential threat to the crypto industry. The lawsuit focuses on two claims. 

First, Beba Collection requests a declaratory judgment stating that BEBA tokens are not investment contracts and that the free airdrop of BEBA tokens for marketing purposes does not constitute a securities transaction. 

Second, the DeFi Education Fund and Beba argue that the SEC violated the Administrative Procedure Act by adopting a policy that treats nearly all crypto assets as investment contracts and digital asset transactions as securities transactions.

Regarding crypto airdrops, Beba Collection asserts that the free distribution of BEBA tokens does not involve an “investment of money,” a key requirement under the Howey test for determining investment contracts. According to Beba, no investment contract exists since the tokens were given away without monetary investment from recipients.

Crypto Industry Strikes Back

The second claim focuses on the SEC’s compliance with the Administrative Procedure Act (APA), which requires agencies to adopt new rules openly and with public input. 

DEF and Beba argue that the SEC implemented a radical new policy under Chairman Gensler’s leadership without providing the required opportunity for public comment. The DeFi Education Fund further alleged:

Instead, the SEC ramped up its enforcement actions, hired more people to make them happen, and created a “who’s next?” fear in the industry. The natural outcome of the SEC’s actions is: “cross your fingers and hope the SEC does not come knocking on your door.” We can’t allow this state of play to continue.

Ultimately, DEF suggested that the outcome of this case could have significant implications. A ruling in favor of DEF and Beba that the SEC’s approach to crypto violates the APA would be a major obstacle to the SEC’s ongoing “regulatory overreach.” 

Additionally, if the court determines that BEBA tokens are not investment contracts and that free airdrops are not securities transactions, it would provide much-needed clarity to the industry.

As the lawsuit unfolds, the crypto community and industry stakeholders eagerly await the court’s decision, hoping for a favorable outcome that promotes innovation, fosters regulatory clarity, and curtails excessive enforcement actions by the SEC.

Featured image from Shutterstock, chart from TradingView.com

Pro-XRP Lawyer Sees 40% Settlement Odds For Ripple-SEC After Ruling

bitcoinist.com - 周三, 03/27/2024 - 02:00

In an escalation of the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC), the regulatory agency has advanced its position by filing a Motion for Remedies and Entry of Final Judgment, which notably includes a request for a $2 billion penalty against Ripple.

Fred Rispoli, a pro-XRP lawyer and founder of HODL Law, has provided a detailed analysis of the SEC’s motion through a series of comments on X (formerly Twitter). Rispoli’s breakdown offers an insider perspective on the potential outcomes and strategies at play.

He noted, “#XRPcommunity The SEC’s motion for judgment has been publicly filed. TLDR: SEC is following the playbook I outlined two months ago,” reflecting on the predictability of the SEC’s actions but also underscoring the gravity of the situation for Ripple.

SEC Puts Ripple In Trouble

Rispoli’s analysis highlights several key points from the SEC’s filing, with particular emphasis on the claim that Ripple offered significant discounts on XRP sales to certain institutional buyers. The SEC argues that there were two groups of institutional sales investors while Ripple offered one group significant discounts in XRP price over the other group that did not receive them.

This practice, according to the SEC, not only skewed some institutional sales investors but also potentially disadvantaged retail investors. The lawyer credited the agency for this tactical move.

“It realized that it needs to show how investors were actually harmed. Ripple has already said the SEC’s motion is full of mischaracterizations. Let’s hope that is correct because the picture painted is not a good look for Ripple and lends credence to the XRP haters on why the price is so low. Namely, the deep discounts by Ripple on XRP sales,” Rispoli stated.

At the same time, he expressed concerns over these revelation, stating, “If discounts are wide enough, then Institutional Buyers (like GSR) scored unbelievable discounts and have bags-upon-bags of XRP that they could continually sell at astronomical profit,” pointing to a potential imbalance in the investment landscape fostered by Ripple’s actions.

Furthermore, Rispoli shed light on the SEC’s portrayal of Ripple’s business practices, notably the company’s continuation of XRP sales as its primary revenue source, even after legal scrutiny intensified. He elaborates, “SEC claims the financial discovery it received by court order demonstrates this is by far and away Ripple’s primary source of revenue,” suggesting a critical view of Ripple’s dependency on these sales amidst ongoing litigation.

Meanwhile, the document also reveals that Ripple is still signing contracts with institutional buyers. Since the start of the XRP lawsuit in December 2020, the company has signed 80 contracts.

Pro-XRP Lawyer Predicts Two Possible Outcomes

The classification of Ripple’s On-Demand Liquidity (ODL) transactions represents another crucial aspect of Rispoli’s analysis. The legal determination of whether these transactions constitute unlawful sales or are permissible under law is a significant factor that could influence Ripple’s operational latitude.

“Stakes are very high here,” Rispoli asserts, adding, “we have to hope Ripple has sufficiently changed its business practices to account for Torres’ ruling.”

The potential consequences of the SEC’s motion are profound, with Rispoli speculating on the likelihood of a settlement. He assessed, “This motion is of enormous consequence,” with two options on how this ends:

One, the amount ordered by the court is low enough and rulings on newly-structured sales favorable enough (to Ripple) that there is a final settlement after the ruling. I’m now putting this at 40% odds. More likely is this will come out favorable to Ripple on the amount of money owed but that Ripple takes hits on what is allowed going forward, meaning this is going to an appeal to the 2nd.

At press time, XRP traded at $0.63.

Shiba Inu On The Rise: Here Are The Latest Developments Driving Bullish Sentiment

bitcoinist.com - 周三, 03/27/2024 - 01:00

Several developments and happenings in the Shiba Inu (SHIB) ecosystem continue to highlight the crypto token’s growth. These fundamentals also hint at SHIB’s price being primed for further moves to the upside

The SHIB Army Is Resilient

Shiba Inu team member Ragnar drew the community’s attention to the rise in the number of SHIB’s long-term holders in less than a year despite the meme coin’s tepid price movement at some point. Data from the market intelligence platform IntoTheBlock showed that the number of addresses holding $10 million worth of SHIB has grown from 57 to 209 since June 2023. 

Meanwhile, there has also been an uptick in the number of addresses holding $1 million worth of SHIB, with 1319 addresses falling under this category. This information underscores the SHIB community’s faith in the meme coin and how they have continued to remain bullish even when there wasn’t enough reason to do so. 

In another X (formerly Twitter) post, Ragnar highlighted how Shiba Inu’s burning program and innovations to Shibarium are setting SHIB up for further growth. So far, SHIB Burns, a community initiative, has continued to positively impact the meme coin’s price whenever it is carried out. 

These token burns have also increased with the help of the layer-2 network Shibarium, with the team committing to converting some of the network fees to SHIB and burning them. Meanwhile, with the advancements in Shibarium, network activity is expected to pick up again, which would ultimately lead to more SHIB tokens being burnt. 

Shiba Inu Marketing Has Also Helped

The Shiba Inu team has also chosen not to rest on its laurels. They have continued to actively develop strategies to onboard new users into the ecosystem and maintain the bullish sentiment in the community. Shiba Inu’s Marketing Lead, Lucie, has led the way in this regard, actively promoting meme coin trading on Shibarium for some time now. 

The reason for this isn’t farfetched, as the meme coin frenzy on networks like Solana and Base has attracted more users and caused network activity to skyrocket. As such, the team is no doubt looking to lure some meme coin investors to the Shibarium network in hopes that this will help the ecosystem gain more traction. 

Their efforts already seem to be paying off, as their promotion of the ‘DAMN’ meme coin has led to a rise in the number of daily active users on WoofSwap, a decentralized exchange (DEX) on Shibarium. 

At the time of writing, SHIB is trading at around $0.00002914, up over 5% in the last 24 hours according to data from CoinMarketCap. 

Litecoin Milestone: LTC Holders Cross 8 Million Mark

bitcoinist.com - 周三, 03/27/2024 - 00:00

On-chain data shows the Litecoin network has achieved another major milestone recently as total LTC holders now exceed 8 million.

Litecoin Has Observed Significant Adoption Over The Past Year

As pointed out by Litecoin Foundation Director of Marketing Jay Milla in a post on X, the total number of LTC addresses with a balance has grown recently.

Below is a chart using data from the market intelligence platform IntoTheBlock that shows how the total number of LTC addresses carrying a non-zero balance has changed since the start of the year:

From the graph, it’s visible that the total number of LTC holders has been going up this year, with the metric recently managing to surpass the 8 million mark, a new milestone for the blockchain.

Uptrends in the indicator can arise from a few different things. The first and most obvious one is fresh adoption; brand new users coming into the network would naturally open up new addresses and add coins to them, thus raising the total holder count.

Another factor that may contribute to a rise in the metric is existing users opening up new addresses for themselves to divide their holdings, perhaps for a purpose like privacy.

Investors who had left the cryptocurrency earlier, making a return to the network, would also register as a rise in the indicator. In general, all of these factors may be in play at the same time, but the important fact is that a net amount of adoption is usually occurring when the metric goes up.

For any cryptocurrency network, adoption is a constructive sign, as it means that the coin is able to attract fresh attention to it. It, however, usually doesn’t impact the asset in the short-term.

According to Jay, the total number of Litecoin addresses with a balance has increased by more than 1 million within the past year alone, which would imply that the asset’s adoption has accelerated in this period.

Historically, the main attraction of the LTC blockchain has been the fact that it offers fast transactions at a cheap rate. It would appear that this quality is still driving interest behind the asset, but unfortunately for its investors, the growth hasn’t quite reflected in its price, as LTC has lagged behind its peers.

One upcoming development that may be positive for Litecoin, though, is the fact that on the first date of the coming month, the cryptocurrency exchange Coinbase plans to launch a futures product for LTC.

LTC Price

Litecoin has been putting together some upward momentum recently, as its price has now crossed back above the $91 mark. The below chart shows how the asset has performed during the past few days.

While the LTC price is up 13% over the past week, these profits have still been weaker than its competitors, which is why the coin is currently only the 22nd largest in the sector based on market cap.

Dogecoin Developer Lauds New Use Case That Will Bring Added Utility For DOGE Users

bitcoinist.com - 周二, 03/26/2024 - 22:00

Dogecoin has once again grabbed the attention of the broader crypto community, as a developer announces a groundbreaking new use case, aiming to boost utility and offer enhanced functionality for DOGE users globally.  

Dogecoin To Empower The Unbanked

In a recent X (formerly Twitter) post, Timothy Stebbing, a developer for Dogecoin Foundation, unveiled an innovative new use case for Dogecoin, highlighting the impact DOGE transactions could have in regions struggling to access traditional banking systems. 

According to Stebbing, Dogecoin’s new use case is seen in its evolving role as an instrument for self-empowerment, emphasizing its ability to equip individuals with the necessary resources to improve their circumstances. He revealed that through this approach, “real utility is built for Dogecoin.”

Delving deeper into DOGE’s newly discovered use case, Stebbing highlighted a previous discussion he had in 2023 regarding RadioDoge, a decentralized communication and data transmission network. In his post, the developer described RadioDoge as a “means of bringing financial freedom to the unbanked.”

Recapping the discussion from last year, Stebbing unveiled multiple use cases for Dogecoin, stressing the cryptocurrency’s potential to address the banking challenges faced by the underserved population. He revealed that by utilizing RadioDoge, individuals in small towns and villages lacking access to traditional banking systems can use DOGE as a means of payment. 

Additionally, given Dogecoin’s ability to provide more affordable and swifter transactions, it could serve as a viable alternative for individuals who rely on banking systems like Western Union to transfer funds to family members abroad.  

In light of these advantages, Stebbing shared that he would be meeting with a member of an organization specializing in building self-managing saving plans for villages. The focal point of the meeting will revolve around exploring the potential impact of RadioDoge in regions where conventional banking infrastructure remains elusive. 

Enhancing Utility To Create Widespread Adoption

It’s well known that the utility of a cryptocurrency plays a vital role in its long-term value and adoption. And, according to Stebbing, Dogecoin’s utility focuses on providing support and solutions to populations without access to specific financial resources. 

By facilitating cross-border transactions and improving the financial security of individuals globally, Dogecoin stands as a cryptocurrency committed to enhancing the utility of its users through real-world applications. Stebbing has revealed that through added utility, Dogecoin stands to potentially gain widespread adoption

This is because cryptocurrencies that offer tangible benefits and address real-world needs often gain traction quickly among users. This rapid adoption subsequently boosts the value of the cryptocurrency. 

Scoring A Win: Mastercard Endorses Ripple For Global Remittances – A Boost For XRP?

bitcoinist.com - 周二, 03/26/2024 - 20:30

Financial services giant Mastercard has given a significant nod to Ripple, a crypto-focused company, in a recent report exploring the future of remittances in Latin America. The report highlights the challenges of traditional remittance services and recognizes Ripple’s blockchain technology as a potential solution.

Ripple Gets Stamp Of Approval From Mastercard

The Mastercard report highlighted the critical role remittances play in Latin America. Citing UN data, it details how these cross-border payments are a lifeline for families and communities, especially in low and middle-income countries. Mexico, for instance, received a staggering $55 billion in remittances in 2022, making it the world’s largest recipient.

Remittance Services Struggle With High Fees And Security Risks

However, the article identifies several pain points plaguing remittance services. High fees, heavy reliance on cash transactions, security concerns, and a lack of user-friendly digital experiences are major hurdles for users. These inefficiencies not only make sending and receiving money cumbersome but also eat into the already strained finances of many.

This is where Ripple steps in. The Mastercard report acknowledges Ripple, alongside Stellar and Circle, as pioneers in leveraging blockchain technology to revolutionize international money transfers. Blockchain’s core attributes, such as transparency and immutability, offer the potential for faster, more secure, and cost-effective remittance services.

#Ripple cited a few times in the new MasterCard report, “The future of remittances in Latin America: Digitalization, multiple rails, & the strategic role of partnerships” as an example of blockchain in remittances & CBDCs. #XRP not directly mentioned. 1/3https://t.co/6Wj2xOh73b

— WrathofKahneman (@WKahneman) March 25, 2024

The report further shines a light on Ripple’s partner, SBI Remit. This Japanese money transfer service provider began using Ripple’s XRP cryptocurrency for cross-border transactions in three Asian countries last year. This development underscores the real-world application of Ripple’s technology in facilitating smoother and potentially cheaper remittances.

Beyond remittances, Mastercard acknowledges Ripple’s work with island nation Palau in exploring central bank digital currencies (CBDCs). CBDCs are digital versions of a country’s fiat currency, potentially offering faster and more secure domestic and international payments.

A $500 Billion Market By 2026

Mastercard predicts the digital remittance market share to reach over $500 billion by 2026, reflecting an annual growth rate of nearly 10%. Interestingly, Ripple has a much bolder prediction, estimating the entire cross-border payment market to reach a staggering $250 trillion by 2027.

Mastercard’s recognition of Ripple is a significant development for the crypto company. It validates Ripple’s technology and its potential to address the long-standing issues plaguing remittance services, particularly in Latin America. While the two entities have different outlooks on market size, both agree on the significant growth potential in the cross-border payments sector.

Following the news of Ripple’s recognition by Mastercard for XRP-based remittances, XRP experienced a notable 3% rise in its price. This positive movement in XRP’s value reflects the market’s optimism and confidence in the potential collaboration between Ripple and Mastercard, signaling a favorable response to the integration of XRP into Mastercard’s payment network. Featured image from Lukas/Pexels, chart from TradingView

KuCoin Charged By DOJ As ‘Money Laundering Hub’ In Alleged $9B Scheme

bitcoinist.com - 周二, 03/26/2024 - 19:19

In a significant development, federal prosecutors in the United States have charged cryptocurrency exchange KuCoin and two of its founders with violating anti-money laundering (AML) laws.

Founders Face DOJ Charges 

The US Department of Justice (DOJ) unsealed an indictment against KuCoin and its founders, Chun Gan (also known as “Michael”) and Ke Tang (also known as “Eric”), for their alleged involvement in conspiring to operate an unlicensed money transmitting business and conspiring to violate the Bank Secrecy Act. 

The indictment accuses them of “willfully” failing to maintain an effective AML program designed to prevent money laundering and terrorist financing.

According to Damian Williams, the United States Attorney for the Southern District of New York, KuCoin deliberately concealed the fact that a significant number of its users were trading on its platform, and allegedly taking advantage of its US customer base to become one of the world’s largest cryptocurrency exchanges. 

However, the defendants allegedly failed to comply with US laws, including basic AML policies, allowing KuCoin to operate as a “hub for illicit money laundering.” The indictment claims that KuCoin received over $5 billion and sent over $4 billion of suspicious and criminal funds.

The investigation further claims that KuCoin, founded in September 2017 by Chun Gan and Ke Tang, actively solicited business from US customers through its spot and futures trading platforms.

Despite its growth, with over 30 million customers and significant daily trading volume, the DOJ alleges that KuCoin evaded AML obligations required for money transmitting businesses, including registration with the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and the US Commodity and Futures Trading Commission (CFTC).

KuCoin Accused Of Evading AML And KYC Requirements

The indictment further alleges that KuCoin, Gan, and Tang were aware of their AML obligations but deliberately chose to disregard them. According to the DOJ’s investigations, until July 2023, KuCoin had no customer identification requirements in place, implementing a belated KYC (know-your-customer) program only after being notified of the federal investigation. 

However, the prosecution contends that this program applied solely to new customers, leaving millions of existing customers, including a significant number in the United States, unchecked. 

The indictment also accuses Gan, Tang, and KuCoin of “actively” concealing the existence of US customers in an attempt to evade AML and KYC requirements. In its announcement, the DOJ claimed that KuCoin prevented its US customers from identifying themselves as such during the account registration process. 

If convicted, Gan and Tang, both Chinese citizens, could face a maximum sentence of five years in prison for each count of conspiring to violate the Bank Secrecy Act and conspiring to operate an unlicensed money transmitting business.

As of the current update, the native token of the exchange, KCS, has experienced a substantial impact following the disclosure of the news and the charges brought by the DOJ. At present, the KCS token is trading at $12.76, reflecting a significant decrease of 10% within a mere one-hour timeframe.

Featured image from Shutterstock, chart from TradingView.com 

Shiba Inu Held On Exchanges Falls To 2-Year Low, What This Means

bitcoinist.com - 周二, 03/26/2024 - 19:00

The Shiba Inu (SHIB) ecosystem is gaining traction, as different metrics suggest that investors are more bullish on the meme coin than ever. One of these metrics is the latest development, which shows that the number of SHIB tokens held on exchanges has drastically reduced. 

Shiba Inu On Exchanges Drops To 2-Year Low

Data from crypto analytics firm Glassnode shows that the amount of SHIB held on exchanges has dropped to its lowest level since March 2022. This underscores the bullish sentiment among SHIB investors, as the decline in the meme coin’s supply invariably means that these investors are choosing to hold for the long term rather than offloading their holdings anytime soon. 

Data from the on-chain analytics platform Santiment also shows the steady decline in the SHIB supply on exchanges, which currently stands at just over 75 trillion (7% of the token’s circulating supply). At the same time, the supply outside of exchanges has continued to climb, currently standing at over 925 trillion SHIB. 

Another metric that signals bullish sentiment for the meme coin is the daily exchange inflow recorded. Data from Santiment shows that this figure has also significantly reduced. For context, over 3 trillion SHIB was moved to exchange wallets on March 1, and on March 22, only about 376 million SHIB was transferred to exchanges. 

These figures suggest a drop in the short-term sell pressure as investors might be easing off on taking profits from the meme coin. This creates room for SHIB to enjoy another parabolic price surge since there is the likelihood that the short-term holders have already exited their positions. 

Shiba Inu To Make A Statement In This Bull Run

This bullish stance on SHIB isn’t surprising, as the meme coin is projected to be one of the crypto tokens that will stand out in this bull run. Shiba Inu’s lead developer, Shytoshi Kusama, also boldly claimed that SHIB is well-positioned as the leading meme coin in this market cycle. 

Investors’ faith in SHIB is further strengthened by the fact that meme coins look to be one of the leading narratives of this cycle. As such, some of the spotlight will shine on SHIB as the second-largest meme coin by market cap, which could positively reflect its price. 

Crypto analysts have also weighed in on SHIB’s future trajectory and predicted that the crypto token will likely surpass its all-time high (ATH) of $0.00008845 in this bull market. Although ambitious, crypto analyst Ali Martinez predicted that SHIB could rise to as high as $0.011 at some point. 

Компания Tether запускает стейблкоин USDT на блокчейне Celo

bits.media/ - 周二, 03/26/2024 - 18:57
Компания Tether, эмитент крупнейшего по капитализации стейблкоина USDT, развернула свою стабильную монету на блокчейне Celo, – в мобильной сети, ориентированной на реальные сценарии использования активов.

Криптовалютная биржа Binance приняла стандарты FATF

bits.media/ - 周二, 03/26/2024 - 18:19
Крупнейшая криптовалютная биржа мира Binance присоединилась к альянсу Global Travel Rule. Торговая площадка согласилась помогать бороться с финансовыми преступлениями, такими как трансграничное отмывание денег и финансирование терроризма.

Bitcoin Whale Profits Soar To $16.3 Billion Despite Mixed Spot BTC ETF Flows

bitcoinist.com - 周二, 03/26/2024 - 18:00

Ki Young Ju, the founder of CryptoQuant, a crypto analytics platform, now says historic inflow into Bitcoin is the key driver of profitability among short-term whales, including spot Bitcoin exchange-traded fund (ETF) buyers.

Referencing on-chain data, the founder notes that these investors have amassed roughly $16.3 billion in unrealized profit, translating to a gain of about 16%. 

BTC Snaps Back Bullish After Correcting Lower

The revelation comes roughly a day after the world’s most valuable coin broke back above $70,000, extending gains over the weekend. After a series of lower lows threatened to wipe out gains, the coin rose sharply over the weekend, breaking above the $69,000 resistance level.

When writing on March 16, BTC is trading above the middle BB, a dynamic price level chartists use to mark out resistance or support, depending on the trend. The extension on March 25 might also spur more demand, lifting the coin above $73,800 and to new territory.

Spot Bitcoin ETFs continue to shape the coin’s price action. Even before approval in mid-January 2024, rumors of its green lighting by the strict United States Securities and Exchange Commission (SEC) lifted prices.

The coin rallied above $40,000, reaching highs of around $47,200 on January 8. After the approval, prices briefly contracted before rocketing higher, registering new all-time highs in early March 2024.

Interest in spot Bitcoin ETFs has seen its total assets under management (AUM) surge to $60 billion in around ten weeks. It took Gold ETFs approximately 15 years to reach the same milestone. This uptick points to the upswing in demand, possibly from other players and institutions seeking exposure to the asset.

Eyes On Inflows Into Spot Bitcoin ETFs

Still, while spot Bitcoin ETFs shape price action, cracks are beginning to emerge. The past week marked the second time in the coin’s history to record five consecutive days of outflows. Increased outflow coincided with Bitcoin prices edging lower, dropping to as low as $63,500. However, this trend ended on March 25, with Fidelity’s FBTC leading the rebound. 

For now, it remains to be seen whether inflow will pick up pace in the sessions ahead. If more capital flows to spot Bitcoin ETF issuers, reversing last week’s impact, it is highly likely that prices will also recover. Even so, whether the coin will break above $74,000 ahead of Bitcoin halving is unclear.

Минюст США предъявил уголовное обвинение сооснователям криптобиржи KuCoin

bits.media/ - 周二, 03/26/2024 - 17:49
Министерство юстиции США обвинило двух основателей криптовалютной биржи KuCoin в «сговоре с целью ведения нелицензионного бизнеса по переводу денег» и нарушении Закона о банковской тайне (BSA).

В Южной Корее два криптомошенника выманили у пенсионера $4 млн

bits.media/ - 周二, 03/26/2024 - 17:32
Полиция южнокорейского города Пусан задержала двух мужчин, укравших у местного пенсионера 5,5 млрд вон ($4,1 млн) обещаниями огромной прибыли от инвестиций в цифровые активы.

UK Embraces Crypto: Bitcoin And Ethereum ETNs Coming To London Stock Exchange

bitcoinist.com - 周二, 03/26/2024 - 17:00

The London Stock Exchange (LSE), facing declining listings and trading activity, is making a strategic move to embrace the booming crypto market. In a notice released today, the LSE announced the launch of a brand new market dedicated to Bitcoin and Ethereum exchange-traded notes (ETNs), set to debut on May 28th, 2024.

This initiative marks a significant shift for the LSE, traditionally known for housing established blue-chip stocks. It signifies a recognition of the growing institutional investor interest in cryptocurrencies, and the LSE’s intent to become a key player in the regulated trading of digital assets.

Opening The Doors For Crypto Exposure

The new market will allow companies to list ETNs that track the performance of Bitcoin and Ethereum, two of the leading cryptocurrencies. This provides investors with a regulated and secure way to gain exposure to these digital assets without directly buying and holding them.

Applications for listing these ETNs will open on April 8th, giving issuers enough time to meet the LSE’s requirements and obtain approval from the Financial Conduct Authority (FCA) for their prospectuses.

However, it’s important to note that participation in this initial launch will be restricted to “professional investors” only. This category encompasses authorized credit institutions and investment firms, essentially excluding retail investors from accessing these ETNs at the outset.

This may raise questions about inclusivity, but the LSE’s focus on establishing a robust regulatory framework for crypto trading could pave the way for broader participation in the future.

A Calculated Move Amidst Challenges

The LSE’s foray into crypto comes at a time when the exchange is grappling with several challenges. According to a recent Bloomberg report, the number of companies listing on the LSE has witnessed a dramatic decline, with 2023 recording the lowest number of IPOs since 2009.

Trading activity has also shrunk significantly compared to pre-crisis levels. This decline can be attributed to factors like shifting investor preferences, competition from other exchanges, and an evolving regulatory landscape.

The digital asset market, with its burgeoning institutional investor base, presents a unique opportunity for the LSE to revitalize its position. By creating a secure and well-regulated environment for crypto trading, the LSE can attract investments and potentially help the UK maintain its edge in the global digital asset economy.

Unveiling The Nuances: ETNs Vs ETFs

While both ETNs and exchange-traded funds (ETFs) offer exposure to underlying assets, there are key differences in their structures. ETFs function like baskets of stocks or other holdings that investors partially own.

In contrast, ETNs are more akin to unsecured debt notes issued by a bank. The bank uses the proceeds from these notes to invest in assets that track a specific index, like Bitcoin or Ethereum in this case. The value of the ETN reflects the performance of those underlying assets.

Essentially, when you buy an ETF share, you’re acquiring a portion of the actual assets it holds. With an ETN, you’re essentially loaning money to the bank in exchange for a note that promises a return based on the performance of the underlying index it tracks.

The Road Ahead: A Cautious Optimism

The LSE’s crypto ETN launch is a positive development for the UK’s digital asset ambitions. It demonstrates the LSE’s willingness to adapt to evolving market trends and cater to growing investor interest.

However, the initial exclusion of retail investors and the success of the new market in attracting issuers and investors will be crucial factors to watch. With a well-defined regulatory framework and a focus on inclusivity, the LSE’s crypto initiative could be a game-changer, propelling it back to the forefront of global financial hubs.

Featured image from Pexels, chart from TradingView

Дмитрий Кириллов: «Количество криптовалютных судебных дел выросло почти в пять раз»

bits.media/ - 周二, 03/26/2024 - 16:55
Советник Lidings и преподаватель образовательной платформы Moscow Digital School рассказал Bits.media, что количество судебных дел, где фигурируют криптоактивы, выросло в 2023 году в пять раз.

Проект Curio потерял криптоактивы на $16 млн из-за уязвимости в смарт-контракте

bits.media/ - 周二, 03/26/2024 - 16:50
Криптопроект Curio пострадал от эксплойта смарт-контракта на основе MakerDAO из-за критической уязвимости, связанной с правом голоса. Злоумышленник смог украсть цифровые активы на $16 млн.

Турецкий Misyon Bank стал партнером Taurus по хранению криптоактивов и токенизации

bits.media/ - 周二, 03/26/2024 - 16:07
MisyonTech, дочерняя компания турецкого необанка Misyon, заключила соглашение о хранении и токенизации цифровых активов со швейцарской криптовалютной платформой Taurus.

Here’s How A Crypto Trader Made $1.6 Million In One Hour Trading Meme Coins

bitcoinist.com - 周二, 03/26/2024 - 16:00

Meme coin trading has been heating up across a number of networks and a lot of crypto traders have become richer for it. Mainly, Solana meme coins continue to dominate, but other networks such as the BSC network is beginning to see an uptick in interest. One crypto trader in particular made $1.6 million in one hour trading a meme coin on the BSC network. Here’s how they did it.

Crypto Trader Makes $1.6 Million With BSC-Based Meme Coin

Large meme coin launches have been happening over the last month, with multiple memes running to tens of millions of dollars in a matter of days. This was no different in the case of the Big Pump (PUMP) token which launched on the BSC blockchain on March 25.

Taking advantage of the hype surrounding the token launch, a BNB whale used 6,000 BNB to buy into PUMP. At the time of the buy, the 6,000 BNB was worth $3.48 million, and the crypto trader received 375.4 billion PUMP tokens in return.

As the price of the PUMP coin grew over the next hour, so did the whale’s holdings, eventually crossing $5 million. According to data from Lookonchain, the crypto trader proceeded to sell 360.4 billion PUMP tokens across a number of transactions for a total of $5.08 million. Taking out their initial capital, the trader realized a $1.6 million profit from this single sale.

After $PUMP opened trading, a whale made 2,759 $BNB($1.6M) on $PUMP in less than 1 hour!

He spent a gas fee of 0.24 $BNB($138) and successfully bought 375.4B $PUMP with a cost of 6K $BNB($3.48M).

Then sold 360.4B $PUMP for 8,759 $BNB($5.08M), realizing a profit of 2,759… pic.twitter.com/8Ah6vGoqWx

— Lookonchain (@lookonchain) March 25, 2024

The crypto trader had initially left a balance of 15 billion PUMP tokens, as Lookonchain data shows. However, they proceeded to offload another 5 billion tokens, leaving their current balance at the time of this writing at 10 billion. This balance is worth $122,624 at PUMP’s current trading price of $0.00001224.

Meme Coins Lead Market Gains

Meme coins have been the leaders of this bull cycle so far with impressive run from a number of crypto coins that fall in this category. The PEPE coin had revived the meme coin movement, and then it was propelled further by the likes of Solana-based BONK and WIF which have all crossed the billion-dollar mark in the space of a year.

As the market heads further into the bull cycle, there have been other meme coins that have turned heads during this time. One of these meme coins is Book of Meme (BOME), a meme coin which got a Binance listing and crossed the $1 billion market cap mark all within a day.

Others have followed this trajectory as the likes of SLERF also ran to over $200 million in one day. The BSC-based PUMP token also crossed a $50 million market cap on its first day, signaling a growing interest in meme coins no matter the blockchain.

Arkham: Анонимный кит с балансом в 94 500 биткоинов активизировался накануне халвинга

bits.media/ - 周二, 03/26/2024 - 15:51
Аналитическая платформа Arkham Intelligence сообщила, что спавший с 2019 года крупный держатель биткоинов, занимающий пятую строчку по объемам накопленных монет (94 498,6 BTC), разделил свои активы между тремя свежесозданными криптокошельками.

Ник Кериган: SWIFT объединит банковскую систему и платформы цифровых валют центробанков

bits.media/ - 周二, 03/26/2024 - 14:09
Глобальная сеть обмена банковскими сообщениями SWIFT объявила о планах запуска новой платформы, на которой центральные банки разных стран смогут использовать свои цифровые валюты (CBDC) для переводов в существующей международной финансовой системе.

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