Author: Rea K.

The US Supreme The Court recently ruled against the cryptocurrency exchange Coinbase in a significant decision concerning a 2021 Dogecoin sweepstakes dispute. The unanimous decision, led by Justice Ketanji Brown Jackson, highlighted the importance of adhering to contractual agreements and the judicial system’s role in conflict resolution. Coinbase’s Legal Challenges The court reviewed whether the dispute should undergo arbitration or proceed in court, addressing the concerns surrounding arbitration agreements. Despite Coinbase’s claims that a negative ruling would lead to legal chaos by prompting challenges to arbitration agreements, the court dismissed these fears. Instead, it insisted on reviewing the parties’ intent…

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South Korean financial authorities are facing increasing calls to authorize cryptocurrency exchange-traded funds (ETFs). This push comes after the U.S. Securities and Exchange Commission granted approval for Ethereum-based spot ETFs, sparking a broader debate on the role of cryptocurrencies in finance. The situation highlights a growing divide between the rapid advancements in the U.S. and Hong Kong’s crypto markets and the more cautious approach in South Korea. The Impact of Regulatory Decisions on Investment Industry experts and market analysts are voicing concerns over South Korea’s hesitance to embrace these financial products. A spokesperson from Xangle, a prominent Seoul-based cryptocurrency data…

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The global cryptocurrency exchange OKX has decided to halt its application for a Virtual Asset Service Provider (VASP) license in Hong Kong. This decision comes as part of a broader move by crypto firms to retract their VASP applications following regulatory changes in the region. As a result, OKX will stop offering centralized trading services to residents of Hong Kong by the end of May 2024. OKX reassures its customers that their funds remain secure, highlighting that there will be no disruption to withdrawal services until the cut-off date of May 31, 2024. Customers will still have the capability to…

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The crypto market is abuzz with anticipation as analysts predict the launch of spot Solana and Ripple ETFs by 2025. This follows the recent green light for spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC). With these developments, the trajectory for other cryptocurrencies appears promising. Geoffrey Kendrick of Standard Chartered has spotlighted potential ETFs for Solana and Ripple (XRP) in the near future. According to Kendrick, these are likely to materialize in 2025 rather than 2024. The momentum gained from the Ethereum ETF approval seems to be paving the way for more cryptocurrencies to enter the ETF…

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The U.S. Securities and Exchange Commission (SEC) has recently approved spot Ethereum (ETH) Exchange-Traded Funds (ETFs). This decision follows extensive consideration and multiple delays. Currently, the approval only covers 19b-4 filings. The actual initiation of trading might take additional months. Issuers must still wait for the review of their S-1 applications, as noted by Bloomberg analyst James Seyffart. The crypto industry has welcomed this decision as a progressive step, particularly following the approval of spot Bitcoin ETFs. Nevertheless, three experts in discussions with crypto.news have raised concerns about potential unintended consequences of spot Ether ETFs. Centralization and Ether Dormancy Issues…

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Nvidia, the leader in GPU-accelerated computing based in Santa Clara, California, recently announced a stock split and an impressive quarterly revenue forecast that exceeded analysts’ expectations. The company’s shares have soared to new heights, reaching over $1,000 in extended trading. This surge added approximately $140 billion to its market value. As part of the announcement, Nvidia will execute a ten-for-one stock split effective June 7 and increase its quarterly dividend by 150% to 1 cent per share, post-split. Stock splits are common among companies whose share prices have significantly increased, as they help improve liquidity and make shares more accessible…

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Analysts at Resonance Security have identified a serious vulnerability within the Runes protocol. This flaw could potentially allow bad actors in the cryptocurrency sphere to exploit the system. The protocol, designed to facilitate the creation of fungible tokens on the Bitcoin network, may be at risk due to its functionality differences compared to the Ordinals protocol. Unlike Ordinals, which inscribes data onto individual satoshis, Runes utilizes the Unspent Transaction Output (UTXO) model to generate interchangeable tokens. The core of the issue lies in the protocol’s capability to embed URLs in the metadata of tokens. This feature, intended to enhance the…

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A bipartisan group of U.S. House lawmakers, led by Majority Whip Tom Emmer and Democrat Josh Gottheimer from New Jersey, recently reached out to SEC Chair Gary Gensler. They are advocating for the approval of spot Ethereum ETFs. Their argument hinges on providing investors with a transparent, safe, and regulated way to access cryptocurrencies. They emphasize the need for a fair and consistent approach to the review of upcoming digital asset-backed ETPs applications. Legislative Developments and Potential for a Solana ETF The passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) might speed up the process…

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Grayscale Investments continues to innovate in the digital asset space, despite SEC Chair Gary Gensler’s stance that most cryptocurrencies classify as securities. The firm recently launched two standalone crypto trusts. These new products offer investors exposure to the Bitcoin layer-2 network Stacks (STX) and the alternative blockchain Near Protocol (NEAR). Rayhaneh Sharif-Askary, Grayscale’s head of product and research, attributes these launches to the increasing demand for diverse crypto investment options. She notes that the unique solutions provided by Stacks and Near address blockchain scalability issues, which could boost wider adoption. In addition to these trusts, Grayscale is pushing to convert…

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On May 22, the DFINITY Foundation introduced significant advancements in blockchain technology with the launch of the EVM RPC and the ckUSDC stablecoin. These developments aim to enhance the functionality of the Internet Computer blockchain and improve decentralized finance (DeFi) across various platforms. DFINITY’s EVM RPC is set to revolutionize the way smart contracts operate on the Internet Computer by facilitating seamless communication across different blockchain networks that support the Ethereum JSON-RPC protocol. This protocol uses JavaScript Object Notation (JSON) to encode messages, ensuring standardized communication across diverse operating systems. The addition of EVM RPC to DFINITY’s toolkit simplifies the…

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