Gary Gensler Hints at Possible Shift in SEC Position on Bitcoin ETFs After Grayscale Wins in Court
In an interview with Bloomberg on December 14, Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), avoided answering questions about the number of deposits of Bitcoin spot products. Instead, he emphasized the importance of recent changes in the U.S. Treasury market to his agency.
In response to this interview, US Congressman Bryan Steil commented that Gensler was confused on the crypto issue with the press, just like during the committee hearings. James Seyffart, an ETF analyst at Bloomberg, also said Gensler rarely gave clear answers and kept his comments secret.
Gensler hinted that the SEC might soften its stance on Bitcoin ETFs following Grayscale's court victory, but he did not clearly admit this. Interviewed on CNBC on December 14, he discussed the long list of spot Bitcoin ETFs awaiting approval. He said the SEC was currently processing between eight and a dozen cases, noting that some had been denied in the past but the courts had issued rulings on them.
When asked if this referred to Grayscale, Gensler evaded the question by stating that all SEC actions were consistent with laws passed by Congress and court interpretation.
In August, a federal judge overturned the SEC's decision to deny Grayscale Investments' ETF offering through its Bitcoin Trust fund.
Several large asset managers, including BlackRock, Fidelity, Grayscale, Invesco, VanEck and Valkyrie, are in the running to launch a spot Bitcoin ETF. Although the applications have been delayed, analysts believe a number of them will be approved by early January.
Ripple, a specialist in blockchain-based digital payments, has published a white paper affirming its support for central bank digital currencies (CBDCs). In this 23-page document released on December 14, Ripple explains the basics of CBDCs, their appeal, the risks and the obstacles to their widespread adoption. According to Ripple, CBDCs promote financial inclusion, simplify cross-border payments and strengthen control over monetary policy.
The white paper highlights that CBDCs are necessary to support the benefits of asset tokenization, which involves transforming tangible assets into digital tokens on the blockchain. However, Ripple recognizes several barriers to the adoption of CBDCs, such as the lack of a uniform and global regulatory framework, lack of end-user adoption, lack of consumer education, concerns about life privacy and security, digital identity verification, interoperability between CBDCs and offline access to transactions. However, these issues can be fixed according to Ripple.
Ripple plays an active role in the development of CBDCs through collaborations with more than 20 central banks, including in Bhutan, Palau, Montenegro, Colombia and Hong Kong. The white paper predicts $5 trillion in CBDC circulation across major economies over the next decade.
James Wallis, vice president of Ripple, expressed similar optimism about central banks' commitment to CBDCs. According to him, CBDCs offer a cost-effective solution for providing financial services at a lower cost than traditional methods. They also offer simplified payment options and the ability to establish credit without prior ties to financial institutions.
Binance adds memecoin BONK to its platform, a major milestone for this potentially revolutionary crypto.
BONK, the new sensation in the world of cryptocurrencies, is making a sensational entrance onto the financial scene by being listed on Binance. This explosive listing propels memecoin to new heights, adding over $1 billion to its market capitalization.
Based on the Solana blockchain and issued by an anonymous team, BONK is experiencing remarkable growth. It now ranks third among memecoins in terms of market capitalization and is now available on the Binance platform.
Binance officially integrates BONK, enabling trading of BONK/USDT, BONK/FDUSD and BONK/TRY pairs, providing investors with a new opportunity.
This listing on Binance marks a significant turning point for Bonk, with an impressive growth of 134% in less than 24 hours. This remarkable performance propels memecoin to 44th place in the ranking of cryptocurrencies in terms of market capitalization, now exceeding $2 billion.
The Seed label, a symbol of innovation and risk, is applied to BONK trading pairs on Binance, signaling to investors the potentially risky nature of memecoin.
It is important to note that the BONK craze has already had positive repercussions for Solana. Sales of the company's Saga phone have exploded recently thanks to a 30 million BONK airdrop. With the meteoric rise in the price of cryptocurrency, this marketing strategy offers an attractive arbitrage opportunity for traders.
The addition of BONK to Binance opens up new opportunities for savvy traders. However, it is essential to remain aware of the risks associated with these new types of cryptocurrencies. Good knowledge and appropriate risk management are essential to profit from trading BONK on Binance.
JPMorgan Predicts Ether To Surpass Bitcoin With Groundbreaking Update In 2024
JPMorgan predicts Ether will surpass Bitcoin in 2024 thanks to a revolutionary update. The bank believes that Ethereum's EIP-4844, scheduled for the first half of 2024, will be a major catalyst for Ether's growth. This update, called Protodanksharding, will improve sharding efficiency and increase network capacity without fragmenting the blockchain.
JPMorgan analysts express some caution, but they anticipate that Ether will overtake not only Bitcoin, but also other cryptocurrencies in 2024. They believe that despite the favorable events planned for Bitcoin, such as the approval of ETFs spot and halving, these factors are already integrated into its current price.
Regarding decentralized finance (DeFi) and tokenization, JPMorgan highlights that although significant progress has been made, DeFi has struggled to fully integrate into the traditional financial system. The most important applications of blockchain in traditional finance are developing outside of public blockchains, limiting the transition of cryptocurrencies into real-world applications. Additionally, tokenization is hampered by obstacles such as fragmentation, lack of cooperation and delays in the introduction of CBDCs.
However, JPMorgan is seeing a tentative improvement in venture capital funding in the crypto space in the fourth quarter, which could signal the end of the cryptocurrency bear market if this trend continues into the first quarter of 2024.
Goldman Sachs predicts an explosion in blockchain transactions by 2025, ushering in a new financial era
Goldman Sachs predicts a surge in blockchain transactions by 2025, driven by growing adoption of the technology. Mathew McDermott, global head of digital assets at Goldman Sachs, says the market for blockchain-based asset transactions will see significant growth in the coming years.
McDermott highlights the growing appetite for digital assets, indicating an upward trend since the start of 2023. This speaks to market participants' growing confidence in blockchain and paves the way for wider adoption.
However, McDermott acknowledges that the blockchain market is still small compared to traditional assets such as bonds or gold. Although on an upward trajectory, the blockchain industry still has a long way to go.
The approval of spot Bitcoin ETFs is seen as a potential growth catalyst for the blockchain market. McDermott believes that interest in a Bitcoin ETF could attract new institutional investors to the asset class. However, the approval of ETFs depends on the decision of the United States Securities and Exchange Commission (SEC).
McDermott's optimism towards blockchain points to a period of major transformation for the financial sector, with digital asset trading significantly expanding. This speaks to the immense potential of blockchain technology and its growing role in redefining global financial markets. #Blockchain #Crypto #Goldmansachs #Market
Ledger strengthens security measures following isolated hacking incident
Pascal Gauthier, CEO of Ledger, responded to the December 14 hack of the wallet provider in a post on the company's blog. He calls the hack of Ledger's Javascript connector library an "isolated incident" and promises to strengthen security controls. Ledger is committed to helping those affected recover their assets.
The hack lasted less than two hours and was quickly disabled. It was limited to third-party decentralized applications (DApps). It was made possible after a phishing scam targeting a former employee. Ledger hardware and the Ledger Live platform have not been affected.
Ledger has strict security measures in place, with multiple reviews and signatures for most elements of the development. Any employee who leaves the company has their access revoked for each Ledger system. To enhance security, Ledger will connect its build pipeline to the NPM software supply chain.
Pascal Gauthier considers this hack to be an isolated incident. He thanks WalletConnect, Tether, Chainalysis and ZachXBT for their help. The size of the hack is estimated at $504,000 as of 8 p.m. UTC. It could affect Ethereum Virtual Machine users who interacted with the affected DApps.
China is preparing to use blockchain technology to verify the identity of its citizens, with the upcoming introduction of RealDID.
This revolutionary platform, announced by the Blockchain-based Service Network (BSN), aims to guarantee the security of the personal data of 1.4 billion Chinese citizens.
RealDID leverages blockchain to create a decentralized system for storing identity information, eliminating data centralization. Users will be able to register and log in to websites using DID addresses and private keys, which will ensure data and transaction confidentiality.
The platform will require the use of real names, which will strengthen the credibility of identity information. Although the official deployment date has not been announced, RealDID is considered a major step forward in ensuring privacy protection.
In addition to strengthening existing measures, such as requiring content creators on social media platforms to display their real names, RealDID will provide a secure and anonymous method of compliance. This initiative aims to strengthen credibility and enable more effective public oversight.
RealDID will have several applications, ranging from confirmation of personal identity to certification of encrypted data. It will secure private and professional identifiers, personal identification certificate services, and personal identity information.
In summary, China is positioning itself as a leader in data security and digital identity verification using blockchain with RealDID. This platform could serve as a model for other countries wishing to strengthen the security of digital identities. $BTC #Blockchain #Chine #Identité #Crypto #Régularisation