• SEC Won’t Appeal Loss in Grayscale Case, Boosting the Odds GBTC Can Become a Bitcoin ETF
The Securities and Exchange Commission won’t appeal a court’s scathing reversal of its decision not to let Grayscale convert its bitcoin trust into a more investor-friendly exchange-traded fund, according to a person familiar with the matter, possibly clearing the way for the first bitcoin ETF in the U.S.
The markets regulator had until midnight Friday to decide on challenging the court’s decision, but the SEC will let that deadline come and go without appealing, the person said. Reuters reported the news earlier.
• Bitcoin eyes $30K, XRP price jumps 6% after Ripple’s legal victory
Bitcoin passed $29,500 on Oct. 20 after an eventful 24 hours boosted BTC price trajectory, while XRP’s price jumped above $0.50 in response to Ripple’s big legal win.
The largest cryptocurrency appeared to feed off events surrounding a speech from Jerome Powell, chair of the United States Federal Reserve, the day prior.
Amid a U.S. bond rout, Powell was under pressure to deliver appropriate wording, and analysis even predited a “very dovish” tone would dominate. In the event, the speech, which was briefly interrupted by protesters, saw Powell as highly conservative on the outlook.
“The stance of policy is restrictive, meaning that tight policy is putting downward pressure on economic activity and inflation,” he said about interest rate hikes.
• Crypto exchange Binance restores euro services after finding new fiat partners
Crypto exchange Binance has announced it has onboarded new partners to handle euro deposits and withdrawals, one month after losing its previous fiat partner, PaySafe, in September.
In an Oct. 19 statement, Binance announced it had signed agreements with new fiat partners for euro payments, deposits and withdrawals.
The move follows regulatory and debanking woes in the European Union, where the firm was forced to look for new banking partners after losing support from PaySafe in September.
Binance said users have already started migrating to the new services provided by “a number of new regulated and authorized fiat partners.” It did not specify which firms it had partnered with, however.
• FTX customers could get $9B shortfall claim payout by mid-2024
The customers of bankrupt crypto exchanges FTX and FTX.US could see over 90% of assets returned to them by the end of the second quarter of 2024 after a proposed settlement was reached between FTX creditors and debtors.
On Oct. 17, FTX debtors said they reached a “major milestone” in their Chapter 11 case after “extensive discussions” with the unsecured creditors’ committee, a committee of non-United States customers, and class action plaintiffs regarding customer property disputes.
FTX debtors filed a notice of the proposed settlement with a Delaware-based U.S. bankruptcy court on Oct. 16 (for information purposes). However, they need to submit an official filing by Dec. 16 seeking the court’s approval.
• Atomic Wallet freezes $2M in ‘suspicious deposits’ on exchanges
Hacked cryptocurrency wallet Atomic Wallet has frozen $2 million in “suspicious deposits” in a joint effort with major crypto exchanges.
Announcing the news to Cointelegraph on Oct. 19, Atomic Wallet said that blockchain intelligence firms Chainalysis and Crystal have assisted the wallet firm in identifying and containing the threat.
Citing reports from Chainalysis and Crystal, Atomic Wallet reported that the “threat actor” used sophisticated methods to bridge the funds to the Bitcoin blockchain, including bridges and mixers. “Most funds have ultimately ended up on the Tron blockchain and Bitcoin network,” the report reads.
The report specifically mentioned that the funds were bridged through the Avalanche bridge and then to the Tron blockchain.
• Cardano’s first-ever social media app goes live
On October 18, 2023, Cardano Spot launched Cardano’s first-ever social media application. The emerging social network platform built to empower and connect Cardano enthusiasts is now all set to help native projects.
Cardano Spot has built an advanced platform for onboarding Cardano native projects and their communities. Via the social media app, Web3 users can learn and connect with the Cardano ecosystem, subjects ranging from “Emerging Cardano-based DeFi projects” to topics such as “How To Create Non-Fungible Tokens on Cardano (CNFTs)?” The platform has been developed based on community feedback and direction and now available on iOS and Android devices.
Concluding Notes:
- SEC Won’t Appeal Loss in Grayscale Case
- Bitcoin eyes $30K, XRP price jumps 6%
- Crypto exchange Binance restores euro services
- FTX customers could get $9B shortfall claim payout by mid-2024
- Atomic Wallet freezes $2M in ‘suspicious deposits’
- Cardano’s first-ever social media app goes live
