Day: September 13, 2023

Nasdaq has filed a request with the Securities and Exchange Commission (SEC) to list an Ethereum ETF in partnership with Brazilian asset manager Hashdex. The proposed Hashdex Nasdaq Ethereum ETF will be managed by Toroso Investments and will hold both spot ether and futures contracts. This move is in response to the SEC’s approval of futures contracts while rejecting spot products. The fund aims to mitigate potential manipulation concerns by diversifying its holdings across spot ether, ether futures contracts, and cash. Additionally, Ark Invest and 21Shares have applied for an Ethereum ETF, which would be the first US ETF backed by Ethereum.

AI Sentiment: Positive

Ripple is reportedly planning to hire the majority of its workforce from outside the United States due to regulatory changes enacted by the SEC. The decision is seen as a strategic move to counteract the effects of the lawsuit filed by the SEC against Ripple. The United States currently lacks a clear regulatory framework for cryptocurrency assets, and this uncertain environment has prompted Ripple to look for talent in countries that encourage crypto adoption and innovation. Despite the lawsuit, some exchanges have started relisting Ripple’s XRP token.

AI Sentiment: Negative

The article discusses the limitations and potential solutions for scaling Ethereum’s virtual machine (EVM) at the execution layer. While layer-2 rollups have been a focus for scaling solutions, there is also a need to improve the performance of the EVM itself. Developers are exploring ways to introduce parallelism and new constructs to enhance the EVM’s capabilities. However, concerns are raised about the possibility of an excess of layer-2 protocols and the limitations imposed by bandwidth. The article concludes that scaling at the execution layer still has a long way to go but is seen as a solvable problem.

AI Sentiment: Positive

The content discusses the views of John Deaton, a prominent advocate for XRP, on the SEC vs. Coinbase case. Deaton believes that this case is significant for the entire cryptocurrency community and could have implications for the regulation of cryptocurrencies. He suggests that the judge might allow the case to proceed regarding certain activities while limiting the SEC’s authority over the sale of digital assets. Alternatively, the judge might dismiss the entire case, leading to a transformative shift in how regulators treat cryptocurrencies. Deaton acknowledges the uncertainty surrounding the timeline for the judge’s decision but estimates that a decision could be expected by the end of the year. He emphasizes the role of judicial examination in holding the SEC accountable for its actions.

AI Sentiment: Positive

Ethereum co-founder Vitalik Buterin spoke at the Permissionless conference in Austin, urging attendees to continue pushing the boundaries of what is possible with cryptocurrency technology. Buterin emphasized the importance of innovation and the need to keep moving forward with new ideas and approaches. He envisions a future where Ethereum can integrate with other technologies and become a fully independent stack. The article also mentions upcoming events, recent research, and provides links to a newsletter and research platform.

AI Sentiment: Positive

Ripple, a US-based cryptocurrency company, has expressed its commitment to fight the lawsuit brought by the US Securities and Exchange Commission (SEC). The lawsuit accuses Ripple and its co-founders of violating securities laws by selling $1.3 billion worth of their cryptocurrency, XRP, without proper registration. Ripple argues that XRP should be considered a commodity and not a security. In a recent ruling, a judge stated that XRP cannot definitively be classified as a security, which opens up opportunities for Ripple to expand its business globally. Other cryptocurrency companies, such as Binance and Coinbase, are also facing similar lawsuits from the SEC. Ripple’s determination to defend itself sets an important precedent for the crypto industry’s relationship with regulators. The outcome of the lawsuit will likely have an impact on the crypto landscape in the US and beyond.

AI Sentiment: Positive

A whale in the crypto community made a surprising purchase of 1514 MKR using 1085 ETH. The transaction was done at an average price of $1143 per MKR. The whale had previously accumulated 2.91 million MAGIC tokens but sold them at a loss despite their considerable increase in value. This high-stakes move has sparked debates about risk management and market speculation. Source: https://coincu.com/217466-crypto-whales-dropping-1085-eth-of-1514-mkr/?utm_source=snapi

AI Sentiment: Neutral

This article discusses the process of Bitcoin mining and what happens when all 21 million Bitcoins are mined. It explains that mining involves solving complex mathematical problems using powerful computers to add new blocks to the blockchain and receive newly minted Bitcoins as a reward. The article also mentions that mining serves two purposes: introducing new Bitcoins into circulation and maintaining the blockchain ledger.

The article highlights that the reward for mining consists of the block subsidy and transaction fees, with the block subsidy halving approximately every four years. It explains that halvings have historically led to significant price surges due to reduced supply and increasing demand. However, other macroeconomic factors can also influence Bitcoin’s price.

The article further discusses the increasing debt burden faced by miners, especially with reducing block rewards and rising operational costs. It mentions that many miners have accumulated significant debt, and repaying this debt could become challenging if Bitcoin’s price doesn’t rise proportionally.

Additionally, the article explores several implications when all Bitcoins are mined, such as the hash rate, miner revenue, mempool size, and mining difficulty. It discusses how these factors could be affected by reduced block rewards and increased reliance on transaction fees.

The article concludes by stating that while the road ahead is uncertain, the resilience and adaptability of the Bitcoin ecosystem provide reasons for optimism. It suggests that the Bitcoin community, miners, and stakeholders will navigate these complexities and ensure Bitcoin’s legacy as a revolutionary financial instrument endures.

AI Sentiment: Positive

Ripple’s CEO, Brad Garlinghouse, criticized the lack of clarity in U.S. regulations compared to other regions like Singapore, the U.K., and Dubai. He stated that Ripple is more concerned with the absence of clear guidelines rather than strict regulations. Ripple recently faced a compromise due to an end-user issue, and they have compensated affected customers. Garlinghouse reiterated Ripple’s commitment to regulatory compliance and their proactive approach to seeking licenses in regions with clear regulatory frameworks. Due to regulatory challenges, Ripple has shifted 80% of their hiring to overseas talent.

AI Sentiment: Negative

The content discusses Cardano founder Charles Hoskinson announcing the release of the multi-delegation feature for the Lace wallet. Users can now stake their ADA in up to five stake pools simultaneously. This feature was launched in response to community demand. The article also mentions Cardano’s development rate, comparing it to Polkadot and Kusama. The importance of GitHub activity for a project’s success is highlighted, indicating confidence, additional features, and the absence of an exit scam. The content includes a disclaimer about the opinions expressed and advises conducting personal research before making investment decisions.

AI Sentiment: Positive