LianGuai Morning News | Bitwise updates its Bitcoin ETF filing with the SEC SEC Chairman Will not relax its enforcement strategy

Bitwise Updates Bitcoin ETF Filing with SEC, SEC Chairman Confirms No Relaxation of Enforcement Strategy - LianGuai Morning News

Headlines

▌Bitwise Updates Bitcoin ETF Filing with SEC

Bloomberg analyst James Seyffart stated on X platform that Bitwise has updated its Bitcoin ETF filing with the SEC, in response to comments and concerns raised by the SEC, which is in line with market expectations. If Bitwise’s product receives SEC approval, it will trade under the ticker symbol BITB.

James Seyffart mentioned that there were no significant differences from other filings in this version, but it represents further progress and ongoing dialogue between the SEC and these applicants.

▌SEC Chair: No Relaxation of Enforcement Strategy

SEC Chair Gary Gensler, in his speech at the Washington Securities Enforcement Forum on Wednesday, stated that the SEC continues to take enforcement actions against fraudsters, financial firms, and cryptocurrency companies. Enforcement statistics as of September 30th showed that the SEC handled judgments, orders, and actions worth $5 billion. Last year, the SEC filed 760 cases and imposed record fines of $6.4 billion.

However, Gensler emphasized in his speech that these numbers “only tell part of the story.” He stated that even in the face of scrutiny over “enforcement by regulation” and calls for the SEC to file more cases, the agency will not relax its enforcement strategy and is willing to litigate to bring actions to completion.

Market

As of writing, according to coinmarketcap data:

BTC recent price: $34,487.1, intraday change: -1.06%;

ETH recent price: $1,786.18, intraday change: -1.11%;

BNB recent price: $221.97, intraday change: -2.38%;

XRP recent price: $0.5540, intraday change: -0.83%;

DOGE recent price: $0.0681, intraday change: +0.53%;

ADA recent price: $0.2803, intraday change: -2.81%;

SOL recent price: $32.351, intraday change: -2.89%.

Policy

▌US Senator Warren’s Bill to Combat Cryptocurrency Funding Terrorism Gains Support from Congress

US Congressman Sean Casten (Democratic Party, Illinois) stated that there are reports that Hamas raised millions of dollars through cryptocurrency before the recent attacks on Israel. Therefore, he plans to introduce a bill to strengthen banking secrecy requirements for cryptocurrency.

Casten stated that they will discuss a bill already introduced by Senator Warren in the Senate to achieve this goal. Casten did not specify which bill, but Warren reintroduced a bill in July that aims to combat money laundering and evasion of sanctions using cryptocurrency, and expands the requirements of the Bank Secrecy Act to digital asset wallet providers, miners, and other participants.

▌SEC Chairman: Cryptocurrency is a field filled with fraud, scams, bankruptcy, and money laundering

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), expressed his firm stance on cryptocurrency at the 2023 Securities Enforcement Forum. He stated that cryptocurrency is a field filled with fraud, scams, bankruptcy, and money laundering. While many entities in this field claim to operate outside the regulatory scope established by Satoshi Nakamoto’s whitepaper, they quickly seek legal protection in bankruptcy courts and file lawsuits for their private disputes.

Gensler said, “There is no evidence in the cryptocurrency asset securities market that investors and issuers do not deserve the protection of securities laws. In 1933 or 1934, Congress could have stated that securities laws only apply to stocks and bonds. However, Congress listed a long series of items in the definition of securities, including ‘investment contracts’.”

Blockchain Applications

▌Celestia becomes the first modular data availability network integrated with Arbitrum Orbit

According to an official announcement, Celestia has announced that it has become the first modular data availability network integrated with Arbitrum Orbit.

This integration provides developers with the option to publish data to Abritrum One, Abritrum Nova, and Celestia. Arbitrum Orbit allows developers to create their own dedicated Orbit chains that work with Arbitrum L2 chains: Arbitrum One, Arbitrum Nova, Arbitrum Goerli, or Arbitrum Sepolia, thereby helping to create the most advanced scalable blockchain solutions in the market.

It is reported that Celestia is in the final stage of its mainnet Beta launch sequence. In the coming weeks, Orbit developers will be able to integrate with Celestia through comprehensive Nitro integration.

▌Cross-chain bridge Synapse Chain goes live on the thirdweb platform

The cross-chain bridge Synapse has announced that it has gone live on the thirdweb platform, allowing developers to create applications and deploy pre-built contracts for any use case in minutes using the thirdWeb SDK.

▌Banana Gun announces the launch of a credit system

The Telegram Bot project Banana Gun has announced the launch of the BANANA CREDIT SYSTEM. In the bot, users will be able to destroy BANANA tokens to obtain in-bot credits and use these credits to unlock additional benefits, with 1 destroyed BANANA equal to 1 credit.

The first feature added to this system is a wallet, as some users wanted to use more than 5 wallets. Starting today, they can achieve this for only 120 credits per month. More similar features will be added to the system in the future, which will have a deflationary effect on the token.

▌Hyperlane integrates with Ethereum L2 Mode testnet

Hyperlane has announced that it has integrated with the Ethereum L2 Mode testnet, enabling seamless interoperability between blockchains. Hyperlane is a gateway for permissionless blockchain connections. It allows users to initiate built-in interoperability, simplifying the complex process of connecting blockchains.

▌MoonLianGuaiy Partners with Mastercard to Drive Web3 Innovation and Enhance Consumer Engagement

MoonLianGuaiy announced a partnership with Mastercard aimed at driving Web3 innovation and enhancing consumer engagement. MoonLianGuaiy and Mastercard will explore how Web3 tools can enhance experiential marketing, including Mastercard’s renowned sponsorship portfolio, to connect with consumers in new ways. MoonLianGuaiy will also integrate Mastercard’s compliance-friendly crypto credential system and incorporate Mastercard payment technologies such as send and click-to-pay. Additionally, Otherlife, a subsidiary of MoonLianGuaiy that provides Web3 creative agency services, development, strategy, and experiential services, will play a key role in this collaboration.

According to reports, Mastercard started collaborating with MoonLianGuaiy in 2022 as part of a program that allows cardholders to purchase NFTs.

▌wstETH integrates LayerZero OFT standard, enabling Ethereum, BNB, Avalanche, and Scroll cross-chain bridging

LayerZero, a full-chain interoperability protocol, announced the introduction of functionality for transferring wrapped stETH tokens (wstETH) across Ethereum, Avalanche, BNB Chain, and Scroll through the Lido Finance liquid staking protocol.

wstETH has been integrated into LayerZero’s OmniFungible Token (OFT) standard, which aims to mitigate the risk of bundled assets in cross-chain native token transfers. OFT moves tokens through its decentralized communication protocol instead of minting and burning wrapped tokens. The cross-chain interoperability of wstETH aims to enhance DeFi opportunities beyond Ethereum and enter Avalanche, BNB, and Scroll.

Cryptocurrencies

▌CoinFLEX Creditors File Lawsuit Against CEO and Investor Roger Ver

CoinFLEX creditors have filed a lawsuit against CoinFLEX CEO Mark Lamb and company investor Roger Ver. The lawsuit alleges that Mark Lamb violated CoinFLEX’s fiduciary obligations by launching a claims platform that later rebranded as OPNX without authorization from the CoinFLEX board or creditors. They accuse Mark Lamb of misconduct and misappropriation of the company’s intellectual property, technology, customer base, and employees to establish a claims exchange center.

The lawsuit also seeks to recover any “benefits and/or traceable proceeds” obtained from the settlement agreement between Ver and Lamb.

▌Former Federal Prosecutor: Best Outcome SBF Can Expect Is a “Hung Jury”

Former federal prosecutor Josh Naftalis states that SBF’s defense seems to revolve around his lack of intention to commit fraud or deceive anyone. Naftalis believes the best outcome SBF can expect is a hung jury, which means the jury is deadlocked and unable to reach a unanimous verdict or the required number of votes for a decision. This would temporarily result in a lack of sufficient jurors to make a guilty verdict.

▌Elliptic: Correcting Misconceptions about Hamas Cryptocurrency Fundraising Amount with Collaboration from Senator Warren’s Office and WSJ

Blockchain data company Elliptic has issued a statement correcting an article published by the Wall Street Journal claiming that PIJ (a Hamas affiliate) had raised $93 million in cryptocurrency (and citing BitOK data claiming that Hamas had raised $41 million). In a letter to the White House and the US Treasury Department, Senator Elizabeth Warren and over a hundred other lawmakers referenced the article and stated that Hamas had raised over $130 million in cryptocurrency.

Elliptic asserts that the real data does not support this claim, and that compared to other funding sources, there has not been a significant amount of public cryptocurrency fundraising from terrorist organizations. Elliptic has had discussions with Senator Warren’s office and the Wall Street Journal to correct misconceptions about the amount of Hamas’ cryptocurrency fundraising.

▌Capriole Investments: Bitcoin Could Rise to $40,000 to $45,000 in the Next Few Weeks

Charles Edwards, founder of hedge fund Capriole Investments, which focuses on Bitcoin, stated that the $35,000 region represents a monthly resistance level for BTC’s price, but the price quickly reversed as this level seemed to trigger a significant amount of sell orders, possibly from miners. Despite short-term consolidation, Edwards says that with selling pressure easing, the target for Bitcoin in the next few weeks could be $40,000 to $45,000.

He said, “While the price may pause temporarily at the monthly resistance level, the next significant area is between $40,000 and $45,000. Based on current data, we expect Bitcoin to reach that region in the short term.”

▌Bitcoin Dominance Reaches 30-Month High

According to data from TradingView, the Bitcoin dominance rate, which measures Bitcoin’s market value relative to the total market cap of the whole cryptocurrency market, has surged to 54.4%, the highest level since April 2021. A ratio above 50% means that Bitcoin’s market value exceeds the sum of all other cryptocurrencies.

Data shows that this index has fluctuated between 39% and 49% for the past two years until breaking out of that range in mid-June. This breakout coincided with news of BlackRock applying for a spot Bitcoin ETF in the US, at which time the price of Bitcoin rose above $30,000.

Market data shows that Bitcoin’s price has risen by 32% in the past month.

▌Arcade, an NFT Lending Protocol, Launches ArcadeDAO and Governance Token ARCD

NFT lending protocol Arcade has announced the launch of a decentralized autonomous organization (DAO) called ArcadeDAO and the ARCD token. ARCD is a new governance token that allows community involvement in ArcadeDAO’s decision-making process, ensuring that the protocol eliminates any central points of failure and remains adaptable. Arcade has stated that the first batch of ARCD airdrops is now available, targeting over 6,000 early adopters and community members. With the implementation of on-chain governance by ArcadeDAO, control of the Arcade protocol has been transferred to token holders, aiming to become the first P2P NFT lending protocol fully managed by an on-chain DAO.

Important Economic Developments

▌Economic Daily Jin Guanping: Issuing 10 trillion yuan national bonds benefits both the present and the future

Adjusting the budget, issuing more national bonds, and raising more funds to support economic and social development are important measures for implementing proactive fiscal policies. Previously, China has issued national bonds or special national bonds several times, and achieved positive results. This issuance of national bonds demonstrates a series of important characteristics in terms of both scale and allocation. Issuing 10 trillion yuan national bonds benefits both the present and the future. By increasing investment, addressing shortcomings, and bolstering weak areas, the disaster-stricken areas can enjoy more stability, better homes, and improved living conditions. (Jinshi Data APP)

LianGuai Encyclopedia

▌Differences Between Bitcoin Spot ETF and Trust Products

There are some key differences between trust products like Grayscale Bitcoin Trust and spot ETF products. Firstly, trust products usually cannot be redeemed in the form of underlying assets, which helps explain why there is a significant difference between the price of the underlying asset (bitcoin) and the trust product itself. In contrast, spot ETF is an open-ended fund system with greater flexibility to issue new derivatives, allowing it to better track the spot price of bitcoin. In addition, spot ETFs can provide better liquidity and tax treatment for investors, further highlighting the appeal of these tools to a wide range of investors.

Disclaimer: LianGuai, as a blockchain information platform, provides articles for information purposes only and does not constitute actual investment advice. Please establish a correct investment concept and be sure to raise risk awareness.

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