LianGuai Morning News | Ark Invest Applies to Launch the First US Spot Ethereum ETF

Ark Invest Applies for First US Spot Ethereum ETF

Headlines

▌Ark Invest applies to launch the first Ethereum ETF in the United States

Eric Balchunas, Senior ETF Analyst at Bloomberg, tweeted that Ark Invest and 21shares have filed an application for the first Ethereum ETF in the United States, named ARK 21SHARES ETHEREUM ETF. The analyst said, “More may be coming soon.”

The filing states that if approved, the proposed fund will trade on the Cboe BZX Exchange.

Earlier, LianGuai reported that Canada became the first country to approve a spot Ethereum ETF in April 2021. A few months ago, the country allowed spot Bitcoin ETFs to begin trading.

• A review of the TG BOT dark horse Banana Gun token economy and the sniping opening gameplay.
• MetaMask will launch the Snap feature, enabling interoperability with non-EVM chains.
• Yugalabs launches a new decryption game. The winner will receive a reward of 0.12 BTC.

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Market

As of the time of writing, according to coinmarketcap data:

BTC recently traded at $25,761.9, with a daily change of +0.67%;

ETH recently traded at $1,632.93, with a daily change of +0.59%;

BNB recently traded at $215.14, with a daily change of +0.76%;

XRP recently traded at $0.5029, with a daily change of +1.08%;

DOGE recently traded at $0.0632, with a daily change of +0.55%;

ADA recently traded at $0.2577, with a daily change of +1.05%;

SOL recently traded at $19.616, with a daily change of -0.95%.

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Policies

▌US accounting regulator to allow companies to report cryptocurrency holdings at fair market value

Bloomberg Law reported that the Financial Accounting Standards Board (FASB), the US regulatory body that sets Generally Accepted Accounting Principles, has approved new rules allowing companies to report their cryptocurrency holdings at fair market value. Fair market value describes the most recent valuation of assets, which may include rebounds after price declines. These rules will be released by the end of 2023 and will take effect in 2025, but companies can apply them earlier. Wrapped tokens are not subject to the new rules.

Cody Carbone, Vice President of Policy at the Blockchain Association, called this decision “significant news” and believes it will encourage institutions to hold cryptocurrencies.

▌Appeals court rejects SBF’s request for immediate release

In a filing submitted to the US Second Circuit Court of Appeals on September 6, Court Clerk Catherine O’Hagan Wolfe stated that the circuit judges rejected the motion by SBF’s legal team to immediately release him from the Brooklyn Metropolitan Detention Center. The lawyer for the former CEO of FTX has requested temporary release from the court, claiming that the measures currently in place to allow SBF to prepare his defense in the trial are insufficient, in part due to limited internet access.

Sam Bankman-Fried’s motion will now be submitted to a panel of three judges, and his criminal trial is set to begin in less than four weeks.

▌SBF’s motion for pre-trial release will be submitted to a panel of three judges for consideration

The Second Circuit Court of Appeals ruled on Wednesday that Sam Bankman-Fried must remain in the Brooklyn jail until a federal appellate judge rules on his motion for pre-trial release. The court clerk stated that the appeal will be heard by a panel of three judges, and also denied his request for immediate release. The timeline for the next steps is unclear.

SBF’s lawyers and the government have been fighting for weeks over the harsh conditions at the Metropolitan Detention Center, arguing that SBF cannot adequately prepare for his trial in October while in jail and therefore should be released. This motion is separate from their appeal of Judge Lewis Kaplan’s revocation of SBF’s bail.

▌MicroStrategy founder: FASB’s new rules eliminate the main obstacles for companies adopting BTC as a financial asset

The Financial Accounting Standards Board (FASB) has approved new rules that will allow companies to report their cryptocurrency holdings at fair value. MicroStrategy (MSTR) founder and former CEO Michael Saylor tweeted that this development “eliminates the main obstacles for companies adopting BTC as a financial asset.”

According to TradingView data, MicroStrategy’s stock price rose 1.2% to $353.52 as a result of this news.

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Blockchain Applications

▌Visa blockchain executive: Visa payments will expand to multiple blockchains and stablecoins

Cuy Sheffield, Visa’s head of blockchain, wrote in a blog post on Wednesday that he expects Visa’s payment network to involve not only “multiple currencies and banking settlement rails, but also multiple blockchain networks, stablecoins, and CBDCs or tokenized deposits” in the future.

Sheffield highlighted Visa’s recent work in providing more “modern options” for customers to send or receive funds using stablecoin USDC and Solana, and emphasized the potential of blockchain in improving settlement efficiency and facilitating cross-border transactions.

The Visa executive wrote, “Critics scoffed at this emerging network as just another technology project without a real future, a sentiment not uncommon. But that view has matured.”

▌Arcade V3 Protocol launches on the Ethereum mainnet

NFT lending protocol Arcade announced on X platform (formerly Twitter) that the Arcade V3 protocol is now live on the Ethereum mainnet. V3 is a set of immutable, non-upgradable smart contracts that address pain points from V2, add new features, and enhance security.

New features and upgrades include: full collateral loan incentives for non-custodial assets; an un-upgradable, immutable protocol; decentralized, capital-efficient, and composable optimizations audited by Trail of Bits and Omniscia; on-chain whitelists for collections and payable tokens; on-chain custody of Arcade Loan and Vault NFT images; customizable fee structures.

▌Reddit Releases NFT Avatar Series to Commemorate the Start of the NFL Season

As the Detroit Lions and the Kansas City Chiefs prepare to kick off the NFL season this week, North American social forum Reddit has launched a series of NFT-supported avatars to commemorate the league’s 32 teams. The company says this wave of digital assets represents one of the largest “collectible avatar” collections released by Reddit to date. Each “Snoo” NFT is priced at $25 (reflecting the company’s iconic alien mascot), with a limit of 500 NFT avatars per NFL team.

▌Layer 1 Blockchain Protocol Namada Launches Mainnet

Non-profit blockchain infrastructure company Anoma Foundation has launched the mainnet for its Layer 1 blockchain protocol, Namada.

Awa Sun Yin, co-founder of Anoma Foundation, says Namada is designed as an asset-agnostic and composable privacy layer that utilizes zero-knowledge encryption technology. It introduces the concept of “shield pools” where users can interact with various assets on different chains. Once Osmosis (a Cosmos-centered automated market maker network) launches, users will be able to trade instantly through the company’s so-called shielded exchange without revealing their identity, transaction amount, or asset type.

▌Google Updates Advertising Policy to Allow NFT Game Ads

Google has updated its advertising policy to allow NFT game ads as long as the ads do not involve gambling or gambling promotion. This policy will take effect on September 15th. It is worth noting that Google banned cryptocurrency exchanges and wallet ads in 2018 and allowed eligible advertisers to run cryptocurrency ads in 2021.

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Cryptocurrency

▌Arkham: GBTC is the Second Largest BTC Entity Globally, Holding Over 16.1 Billion BTC

Cryptocurrency data tracking platform Arkham Intelligence has identified over 1,750 wallet addresses associated with assets held by Grayscale Bitcoin Trust (GBTC). Each wallet holds less than 1,000 BTC ($25.7 million), but the total amount held is approximately 16.1 billion BTC. Arkham Intelligence states that this makes GBTC the second-largest Bitcoin entity globally.

Earlier this month, Arkham also stated that Grayscale Ethereum Trust is the second-largest ETH entity globally, holding nearly 3 billion ETH.

▌Genesis Global Capital Sues DCG and DCGI, Demanding Repayment of Over $600 Million in Loans

Genesis Global Capital has filed a lawsuit against Digital Currency Group (DCG) and Digital Currency Group International (DCGI), seeking repayment of multiple loans totaling over $600 million.

Genesis and DCGI are both subsidiaries of DCG. In the filed documents, Genesis claims that DCG and DCGI “wrongfully appropriated property belonging to Genesis Global Capital’s bankruptcy estate.” The documents state that as of Wednesday, DCG owes Genesis $500 million, while DCGI owes 4,550.5 BTC (worth approximately $117 million at the time of writing). Genesis is also seeking late fees and accrued interest, claiming that these funds are “property that the debtors can use in their ongoing bankruptcy cases.”

The documents state that DCG borrowed up to $500 million from four different loans from Genesis in 2022, and DCGI borrowed 18,697.7 BTC in 2019. The loans were all due and payable in May of this year, but DCG seems to want to convert these loans into “public loans” and notified Genesis on May 9th. However, Genesis disagrees with this conversion and wishes to retain the right to recover.

▌Anthony Pompliano: All Bitcoin ETF applications should be approved simultaneously

Anthony Pompliano, co-founder of Morgan Creek Digital, stated on the Fox Business program that all Bitcoin ETF applications should be approved simultaneously, as it would launch a trillion-dollar bull market where the free market can determine winners and losers.

▌Binance to delist privacy coins such as XMR in Belgium later this month

Binance will delist privacy coins in Belgium later this month. Binance stated in a post, “Customers residing in Belgium will no longer be able to purchase or trade certain privacy coins on our platform.” The privacy coins mentioned by the company include Monero (XMR), MobileCoin (MOB), Firo (FIRO), and Horizen (ZEN). Starting from September 21st, Binance users residing in Belgium will no longer be able to purchase or trade these four privacy coins on their platform.

Previously in June, Binance delisted privacy coins in France, Italy, Poland, and Spain. A Binance spokesperson stated that they are actively delisting privacy coins in “every market necessary,” continuously monitoring their regulatory obligations, and will further update their products and token offerings as needed.

▌Bitcoin’s 30-day realized volatility nears historical lows

Data tracked by Blockworks Research shows that Bitcoin’s 30-day realized volatility is nearing historical lows.

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Important Economic Developments

▌Guo Minghao: Qualcomm most affected by Huawei’s Kirin chip impact, may resort to price cuts

Guo Minghao, an analyst at TF Securities, shared his analysis report on Huawei’s self-developed Kirin processors again today, stating that Qualcomm is the most affected. It is expected that Qualcomm’s SoC shipments to Chinese smartphone brands in 2024 will decrease by at least 50-60 million compared to 2023 due to Huawei adopting the new Kirin processors, and it is expected to decrease year by year. Guo Minghao stated that his latest survey shows that Qualcomm may start a price war as early as the fourth quarter of 2023 in order to maintain its market share in China, which would bring unfavorable profits. The other two potential risks for Qualcomm are the expected share of Exynos 2400 in Samsung phones and Apple’s expected adoption of its own data chips starting from 2025. (Jinshi Data App)

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LianGuai Encyclopedia

▌Side-channel attack

The target of side-channel attacks is the physical implementability of the system, not its algorithm. They exploit information leaked during device operation, such as power consumption, electromagnetic radiation, or timing variations, to carry out attacks. These subtle leaks can allow attackers to gain deep understanding of sensitive data, such as encryption keys, potentially compromising the security of cryptocurrency hardware wallets.

Disclaimer: As a blockchain news platform, LianGuai’s published article content is for informational reference only and should not be taken as actual investment advice. Please establish the correct investment concept and be sure to increase risk awareness.

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