Franklin Templeton, a multinational investment firm, has submitted an amended S-1 application for its proposed Ether (ETH) exchange-traded fund (ETF) product, becoming the first applicant to reveal fees to investors. The sponsor fees, accruing at a rate of 0.19% of the fund's net asset value daily, were disclosed in a filing with the SEC on May 31. Bloomberg ETF analyst Eric Balchunas noted Franklin's move as the start of an ETH ETF fee competition. While other firms like VanEck and Invesco also filed amended S-1 applications on the same day, they did not disclose sponsor fees. Balchunas mentioned a previous 'fee war' during the launch of spot Bitcoin ETFs in January, where issuers waived fees to attract investors. With BlackRock and Grayscale also making amendments, the possibility of Ether ETFs launching by June seems promising. Read more AI-generated news on: https://app.chaingpt.org/news

In Salto del Guairá, Paraguay, authorities seized 2,738 crypto mining units due to an illegal power connection. The National Electricity Administration (ANDE) used AI to uncover the theft, valued at $146,000 monthly. The country's senate is considering a ban on crypto mining until proper regulations are in place. Paraguay, known for its hydropower, lacked crypto laws until 2021. President Benítez vetoed a bill that favored mining, citing potential harm to national industries. Despite threats of a mining ban, major players like Bitfarms and Marathon Digital operate in Paraguay. Tether also plans to establish mining facilities. While a temporary ban proposal is on hold, the debate on regulating crypto mining continues in the country. The crackdown on illegal mining activities underscores the need for comprehensive legislation in the crypto sector. Read more AI-generated news on: https://app.chaingpt.org/news

Stakeholders in Nigeria's crypto industry are uncertain about President Bola Tinubu's government's actions and policies, which have lacked clarity in the past year. Despite Tinubu's pledge to legalize crypto and blockchain technology in the banking sector to boost the economy, recent crackdowns on P2P trading and arrests have left the industry in a negative light. Analysts like Olumide Adesina stress the need for clarity and support to unlock the sector's potential. Nathaniel Luz of Flincap believes Tinubu has the opportunity to shape the emerging crypto sector, but more action is needed. The Nigerian SEC's regulations for digital assets and the lifting of the ban on banks operating accounts for crypto service providers show a middle ground approach. However, restrictions on banks trading or holding virtual assets remain, with stringent AML and KYC measures in place. The government is also preparing to ban P2P crypto exchanges using the national currency, the Nigerian naira. Read more AI-generated news on: https://app.chaingpt.org/news

CARV, a blockchain protocol focusing on gaming and AI, is introducing verifier nodes to enhance data decentralization. In the realm of Web3, data centralization poses challenges, particularly in personal data ownership and profit-sharing. CARV aims to shift this control back to users, allowing them to own, monetize, and share data within a decentralized environment. Verifier nodes, set for sale, play a crucial role in overseeing data processing and ensuring transaction validity. By involving the community in data validation, CARV enhances security and trust within its ecosystem. Additionally, the project's advancements include data monetization opportunities and the development of an Ethereum-based token standard for decentralized identity verification. With a recent Series A funding round and a growing ecosystem, CARV strives to break identity silos and promote a user-owned internet, fostering a more equitable and transparent data landscape in the crypto world. Read more AI-generated news on: https://app.chaingpt.org/news

Gresini Racing has teamed up with MotoGP Guru and SPORTPASS, a subsidiary of Animoca Brands, to introduce a fan-driven motorsport sponsorship program. This initiative allows MotoGP enthusiasts to buy personal team sponsorship packages starting at 125 euros. Graeme Warring, Founder of WePlay Media, highlighted the main challenge of launching these fan-accessible MotoGP sponsorship packages - selling them. WePlay Media, the gaming studio behind MotoGP Guru, has established the necessary infrastructure to bring real-life experiences to fans. By offering sponsorships at a reduced cost, the program aims to decentralize ownership of MotoGP teams, making it more inclusive and less centralized. Warring emphasized the potential of the fan sponsorship program to empower fans and decentralize the sponsorship space, shifting ownership from big corporate sponsors to the fans themselves. The sponsorship packages include VIP experiences, name placement on bikes and websites, exclusive events, Zoom calls with team members, custom merchandise, and a chance to win a Ducati Panigale V4S ridden by Marc Marquez. Read more AI-generated news on: https://app.chaingpt.org/news

Zaros is revolutionizing decentralized trading by addressing challenges faced by DEX platforms such as limited liquidity, high fees, and complex interfaces. With a focus on convenience and variety, Zaros aims to offer a trading experience comparable to centralized exchanges. The platform enables trading perpetual futures with up to 100x leverage and rewards liquidity providers with LSTs and LRTs. By leveraging Arbitrum and Monad for fast transactions and low fees, Zaros differentiates itself in the market. The platform also offers social login integration, a sub-account system, and specific limits to enhance user experience. Additionally, Zaros introduces innovative features like single-sided liquidity pools and an over-collateralized stablecoin, USDz. With plans for governance and partnerships in the DeFi space, Zaros is set to expand its presence and attract more users in the coming years. Read more AI-generated news on: https://app.chaingpt.org/news

Financial innovators are strategically engaging with the United States Securities and Exchange Commission (SEC) for the long haul, as per Roger Bayston, head of digital assets at Franklin Templeton. Bayston emphasized the importance of legal precedents in regulatory decisions and commended the SEC's role in safeguarding the economy. Despite initial skepticism, he acknowledged a positive shift in the SEC's approach this year. Franklin Templeton's journey to launch the Franklin OnChain U.S. Government Money Fund involved educating the SEC on blockchain technology. Bayston highlighted the value of crypto in investment portfolios, likening it to the significance of technology stocks decades ago. The approval of their Ether exchange-traded fund application by the SEC demonstrated fairness in the evolving crypto landscape. Bayston's insights reflect a proactive and collaborative stance towards regulatory compliance in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news

Republican Senator Cynthia Lummis has written to President Joe Biden, urging him not to veto the recent Congressional repeal of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin-121 (SAB-121). Lummis criticized the SEC's issuance of the guidance as improper and highlighted the lack of stakeholder input due to the bypassing of notice and comment rulemaking. The Senator emphasized the bipartisan support for repealing SAB-121 and pointed out SEC Chair Gary Gensler's reluctance to rescind the rule. Despite Biden's warning of a potential veto, a shift in the White House's stance on cryptocurrencies following former President Trump's pro-crypto remarks may sway the decision. The crypto community eagerly awaits Biden's verdict as the June 3 deadline approaches, amidst a growing battle between regulators and the crypto industry. Read more AI-generated news on: https://app.chaingpt.org/news

Vitalik Buterin, one of the founders of Ethereum, is highly regarded within the cryptocurrency community, with fellow co-founder Joseph Lubin describing him as 'giantly important'. Lubin emphasized Buterin's role in providing a roadmap for others to build upon, highlighting his expertise as a crypto economist. Buterin's validation of platforms like Safe Wallet further showcases his influence, with reports indicating he uses the wallet for securing his funds. His contributions extend to technological advancements such as the Ethereum Improvement Proposal (EIP) 7702, which introduces new transaction types for smart contracts. Beyond Ethereum, Buterin is involved in global initiatives, including efforts in Montenegro. Collaborations between the Ethereum Foundation and Consensys also demonstrate Buterin's impact on the industry. Overall, Buterin's vision and contributions continue to shape the crypto landscape. Read more AI-generated news on: https://app.chaingpt.org/news

On May 31, a significant number of Bitcoin and Ether options contracts expired, totaling billions of dollars. The expiration of crypto options has historically influenced price volatility in the market. The put/call ratio for expired Bitcoin options was 0.61, indicating more long contracts than shorts. Ether options had a put/call ratio of 0.46. A put/call ratio below 0.7 signals bullish sentiment, while above 1 indicates bearish sentiment. The 'max pain' point for Bitcoin was $66,000 and for Ether was $3,300. Despite trading above these levels, open interest in long positions remains high, with some traders targeting $100,000. The recent SEC approval of an ETH ETF initially boosted prices but led to a bearish market trend. Both BTC and ETH are currently facing resistance levels. The crypto market is now undergoing a correction phase after a period of bullish momentum. Read more AI-generated news on: https://app.chaingpt.org/news

Hidden Road, a brokerage firm backed by Citadel, has officially stopped providing access to the ByBit exchange for its clients. The decision, which was communicated to Hidden Road clients weeks in advance, was made due to disagreements between Hidden Road and ByBit regarding Know Your Customer (KYC) verification and Anti-Money Laundering (AML) procedures. ByBit has stated that it will conduct an audit of its brokerage operations to ensure compliance with regulatory policies. KYC verification and AML regulations have become contentious issues in the crypto community. Research has shown that AML regulations have minimal impact on illicit financial activities. Projects like Tornado Cash, Samurai Wallet, and Monero have tried to bypass these regulations by offering mixer and tumbler services. Recent arrests of developers from Samurai Wallet and Tornado Cash highlight the legal challenges faced by such projects in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news

Hidden Road, a brokerage firm backed by Citadel, has officially stopped providing access to the ByBit exchange for its clients. The decision, which was communicated to Hidden Road clients weeks in advance, was made due to disagreements between Hidden Road and ByBit regarding Know Your Customer (KYC) verification and Anti-Money Laundering (AML) procedures. ByBit has stated that it will conduct an audit of its brokerage operations to ensure compliance with regulatory policies. KYC verification and AML regulations have become contentious issues in the crypto community. Research has shown that AML regulations have minimal impact on illicit financial activities. Projects like Tornado Cash, Samurai Wallet, and Monero have tried to bypass these regulations by offering mixer and tumbler services. Recent arrests of developers from Samurai Wallet and Tornado Cash highlight the legal challenges faced by such projects in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news

ZKasino, a blockchain-based gambling project, has started a 72-hour '2-step bridge back process' to refund investors following accusations of a $33 million scam. The project announced on May 28 that investors can bridge back their ETH at a 1:1 ratio. Despite concerns about the legitimacy of the process, ZKasino reassured investors of their commitment to the project's success. Investors who opt for a refund will forfeit allocated ZKAS tokens and future releases. The refund process requires sending back ZKAS tokens to the original address, with a claim portal opening after data verification. While some doubt the process, ZKasino aims to regain trust after the controversy. The project faced backlash for diverting funds to staking instead of returning ETH, leading to accusations of an 'exit scam.' Dutch authorities arrested a suspect linked to the incident, with funds partially returned to ZKasino. The project denied allegations of wrongdoing and emphasized its dedication to delivering on promises. Read more AI-generated news on: https://app.chaingpt.org/news

Today’s gamers often spend significant amounts on virtual in-game purchases, yet these items lack lasting value. A study reveals that gamers are projected to spend over $6,000 on virtual items in their lifetime without receiving anything tangible. The inability to resell or transfer these assets leaves many feeling frustrated. Blockchain technology offers a solution by allowing ownership and interoperability of in-game assets across different games. Despite the potential benefits, a large percentage of gamers remain unaware of blockchain games. However, advancements in blockchain capacity and game quality are changing the landscape. Eli Ben-Sasson, CEO of StarkWare, emphasizes the evolution of blockchain games and their potential to rival traditional gaming. As blockchain games continue to improve, they offer a new world of possibilities for gamers and creators alike, revolutionizing the gaming industry. Read more AI-generated news on: https://app.chaingpt.org/news

The European Union's Securities and Markets Authority (ESMA) has released its third consultation package on crypto regulations under the Markets in Crypto Asset (MiCA) framework. ESMA suggests treating miner-extractable value (MEV) as market abuse under MiCA rules. Patrick Hansen from Circle criticized ESMA's policy, stating compliance would be burdensome. He urged stakeholders to provide feedback by the June 25 deadline. MEV remains a concern in decentralized finance, with Vitalik Buterin proposing strategies like MEV quarantine and minimization. Buterin emphasized the need to address MEV without banning it entirely. This highlights ongoing efforts to combat MEV issues in the crypto industry. Stay informed on crypto regulations to make informed decisions for your ventures by subscribing to the Law Decoded newsletter. Read more AI-generated news on: https://app.chaingpt.org/news

zkGUN is a self-custodial multichain crypto wallet that aims to simplify and secure transactions with cross-chain swap capabilities. The crypto wallet market is projected to reach $48.27 billion by 2030, highlighting the potential for growth in this sector. Self-custody wallets offer users full control over their assets and private keys, eliminating the need for intermediaries and enhancing privacy. Despite criticisms such as user interface challenges and data sharing concerns, zkGUN addresses these issues by providing a user-friendly app with comprehensive features. The platform enables users to access decentralized applications, manage NFTs, and engage in DeFi activities across multiple blockchains. With a focus on privacy and user autonomy, zkGUN ensures untraceable transactions and compliance with legal requirements. By incorporating innovative features like limit orders and secure browser extensions, zkGUN aims to revolutionize the crypto wallet experience and attract a wider user base. Read more AI-generated news on: https://app.chaingpt.org/news

Kaiko Research stated that the recent approval of spot Ethereum ETFs will have a positive impact on the long-term growth of the digital asset, despite potential short-term challenges. The approval has provided clarity on Ethereum's classification as a commodity rather than a security, reducing regulatory uncertainty. While the SEC approved the ETFs' 19b-4 filings, the launch of Spot Ethereum ETFs is imminent. However, Kaiko predicts that Grayscale's ETHE fund may face outflows, potentially affecting ETH's market. Additionally, Hong Kong's ETH ETFs have seen net outflows since their launch. The market depth of ETH has decreased, and it is less concentrated on US exchanges. Ethereum's core developers are planning a major update, with analysts predicting significant demand. It is essential to conduct thorough research before engaging in cryptocurrency trading, as it is a high-risk activity. Read more AI-generated news on: https://app.chaingpt.org/news

More than a year after the Dencun upgrade on Ethereum, the focus has shifted to Pectra, set to launch by early 2025. Ethereum developers have decided to take a cautious approach, prioritizing user features over rushing a release before Devcon in November 2024. Pectra, following the success of Dencun in March 2023, will introduce the Ethereum Virtual Machine Object Format (EOF) with 11 improvement proposals for EVM code enhancements. Notably, EIP-7251 will raise the maximum validator stake to 2,048 ETH, aiming to simplify management for operators. The community had mixed reactions to EIP-3074, leading to its replacement with EIP-7702 proposed by Vitalik Buterin. EIP-7702 focuses on account abstraction, introducing a new transaction type called 'user operation' authenticated by smart contract wallets, streamlining transactions without signature authentication. Read more AI-generated news on: https://app.chaingpt.org/news

Nomura Holdings, a major Japanese banking and investment firm, has joined forces with GMO Internet Group to investigate the creation of fiat-backed stablecoins in Japan. The partnership aims to facilitate the issuance, redemption, and circulation of Japanese yen (JPY) and US dollar (USD) stablecoins. In addition to these stablecoins, Nomura and GMO intend to provide a 'Stablecoin-as-a-Service' solution, catering to companies interested in issuing stablecoins in the Japanese market. This initiative will offer benefits such as regulatory compliance management, blockchain integration, and backend transaction support. Nomura's expertise in crypto trading, asset management, and venture investment, combined with GMO's technological capabilities, are expected to drive the success of the project. The collaboration is seen as a significant step towards enhancing digital asset accessibility and innovation in Japan's financial sector. Read more AI-generated news on: https://app.chaingpt.org/news

A recent incident in the world of cryptocurrency saw an investor losing millions to a sophisticated phishing scam. The investor was deceived into signing a malicious Permit phishing signature, resulting in the theft of 1,807 Ether.fi-Liquid1 tokens worth $6.9 million. This is not the first time the investor has fallen victim to such an attack, having lost $638,000 in a previous phishing scam. The theft involved the use of off-chain authorization signatures to transfer tokens without on-chain transactions, enabling the theft to take place. The stolen funds are currently held in two wallets, one belonging to the scammer and the other to a drainer. The incident has been linked to notorious draining-as-a-service providers, Pink and Inferno Drainers, who offer tools for phishing exploits in exchange for a share of the stolen funds. This serves as a reminder of the prevalence of phishing attacks in the crypto space, with scammers using various tactics to deceive users and steal digital assets. Read more AI-generated news on: https://app.chaingpt.org/news