Monday October 16, 2023
◾ The SEC chose not to challenge the federal court's decision favoring Grayscale Investments, thereby allowing the asset manager to proceed with the conversion of the bitcoin trust (GBTC) into an ETF. (Bloomberg)
◾ California Governor Gavin Newsom announced plans to create a regulatory framework with licensure and enforcement authority, for crypto activities by July 2025. (Gov.ca)
◾ Australia’s Treasury Department released a consultation paper on digital assets suggesting the government may require crypto exchanges to receive possess a financial services license. (Treasury.gov.au)
Government & NGO Actions
◾ US authorities are concerned about potential national security threats by Chinese owned and/or operated bitcoin mining operations in at least 12 states. (NYTimes)
◾ SEC Chairman Gary Gensler is calling for regulatory oversight to manage the potential risks posed by AI platforms to prevent a financial crisis. (FT)
◾ Bahamian Prime Minister Philip Davis reiterated the island nation’s commitment to digital currencies saying the Bahamas remains “committed to developing an effective and stable regulatory framework.” (Forkast)
◾ The UAE’s Ministry for Artificial Intelligence, Digital Economy and Remote Work Applications published a framework for Responsible Metaverse Self-Governance. (GlobeNewsWire)
◾ The Government of Nigeria plans to award Five million Naira ($6.5 million) to 45 AI start-ups and researchers. (X)
◾ The IMF characterized its recent trip to El Salvador as "highly productive," despite the agency's lack of support for the Central American nation's decision to designate bitcoin as legal tender. (Reuters)
Public Company Releases
◾ Galaxy Digital Holdings (GLXY) ended September with 3.9 billion in preliminary assets under management driven by net inflows from new actively managed client mandates. (Galaxy)
◾ Stronghold Digital (SDIG) mined 196 bitcoin (3.5 EH/s) in September supported by $0.2 million in energy revenue. (Stronghold)
◾ ProShares introduced the Short Ether Strategy ETF (SETH) to benefit (-1x) by the decrease in the price of ether. (SecFiling)
Restructuring, Losses and Legal News
◾ Blockchain code auditor, CertiK is cutting 15% of its workforce. (CoinDesk)
Protocols, Applications & Business News
◾ Italian automobile manufacturer Ferrari has started to accept payment in crypto for its luxury sports cars in the US and will extend the payment method to Europe. (Reuters)
◾ Tether (USDT) announced that CTO Paolo Ardoino will become the stablecoin issuer’s CEO. (Reuters)
◾ Ethereum browser wallet MetaMask was temporarily removed from the Apple App Store. (Axios)
Market Data
◾ Bitcoin’s difficulty is expected to increase 6.2% this morning to reach a new high around 60.9 trillion. (BTC.com)
◾ In a survey of over 200,000 North American mobile gamers, Gen X and Boomers -– players over 43 – outnumber Millennials and GenZ players; additionally, women represented 51% of mobile gamers surveyed. (Venturebeat)
Exchange, Custody and Product Updates
◾ South Korean cryptocurrency exchange Upbit received an in-principle approval for a Major Payment Institution license from the Monetary Authority of Singapore. (PRNewswire)