House Passes Landmark Crypto Bill Marking 'Historic Day' for Americans

The U.S. House of Representatives has approved the Financial Innovation and Technology for the 21st Century (FIT21) Act for the regulation of crypto assets despite opposition from President Joe Biden and SEC Chair Gary Gensler. This landmark legislation secured a bipartisan approval with a vote of 279 to 136. “FIT21 is the first legislation of its kind in United States history to pass a chamber of Congress,” said Congressman French Hill.
‘Today Is a Historic Day for American Consumers, Investors, and Innovators’
The House of Representatives has passed H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), a significant piece of legislation aimed at establishing a regulatory framework for digital assets.
Despite facing resistance from President Joe Biden and SEC Chair Gary Gensler, the bill, introduced by Representatives French Hill, Glenn “GT” Thompson, Dusty Johnson, Tom Emmer, and Warren Davidson in July last year secured a bipartisan victory with a vote of 279 to 136. Congressman Patrick McHenry co-sponsored of the legislation.

Following the House vote, Rep. Hill remarked on “his landmark legislation to establish a regulatory framework for digital assets,” declaring:
Today is a historic day for American consumers, investors, and innovators. I applaud the House’s bipartisan passage of FIT21, which crafts a ‘fit for purpose’ regulatory framework for digital assets that protects consumers and investors while securing the United States as a leader in blockchain innovation.
“This legislation passed in a bipartisan manner, signaling that consumer protection and American innovation are priorities for lawmakers on both sides of the aisle … FIT21 is the first legislation of its kind in United States history to pass a chamber of Congress, and I remain committed to pushing this legislation forward until it becomes law,” Hill added.
Earlier today, Gensler publicly opposed the FIT21 Act. Concurrently, the White House expressed opposition to the bill ahead of the House vote but indicated a willingness to collaborate with Congress to establish a balanced regulatory framework for cryptocurrencies.
What do you think about the House of Representatives passing the FIT21 crypto bill despite opposition by the Biden administration and SEC Chair Gary Gensler? Let us know in the comments section below. #Write2Earn

8 AI Chatbots Predict Precious Metals Year-End Prices: Gold at $2,800, Silver at $42

In recent months, our newsdesk has been testing the use of artificial intelligence (AI) chatbots to forecast bitcoin prices by the end of 2024 at specific intervals throughout the year. This time, we’ve changed our approach by employing the same generative AI chatbots to project the year-end prices for an ounce of .999 fine gold and a troy ounce of fine silver.
Gold and Silver Set for Continued Growth According to Several AI Forecasts
This year, bitcoin (BTC), the leading crypto asset, achieved a historic peak well above the $73,000 range, while precious metals such as gold and silver also experienced significant gains. Although silver hasn’t yet reached a record high, gold soared to an unprecedented $2,449 per ounce. Currently, gold is coasting along at $2,424 per ounce. Silver, meanwhile, has seen substantial value increases, reaching levels not seen since February 2013. As of May 21, an ounce of silver is trading at $32.02 per unit.
This week, our newsdesk at Bitcoin.com News utilized several generative AI chatbots to revisit a question previously asked about BTC’s year-end price prediction. This time the question centered on the future prices of gold and silver. The chatbots included Openai’s Chatgpt 4, 4o, and 3.5, Anthropic’s Claude 3 Sonnet, Google’s Gemini, Inflection AI’s Pi, Mistral AI’s Le Chat and Microsoft’s Copilot creative mode. Each AI chatbot was fed the same prompt to forecast the year-end values of both gold and silver per troy ounce.
Notably, unlike the earlier tests with bitcoin predictions, the AI models’ forecasts for gold and silver were quite conservative. The prompt used for this particular experiment was:
This experiment aims to predict the prices of gold and silver by the end of 2024. As an authority in precious metals, you are to assess the probable prices of gold and silver at the end of 2024 and provide a rationale for your forecast. The global macroeconomic environment remains uncertain. Today’s date is May 21, 2024, with gold currently trading at $2,424 per troy ounce and silver at $32.02 per ounce. Gold has increased by 21% over the past six months, while silver has risen by over 35% in the same period. Based on your expertise, what will be the price of gold and silver per troy ounce on Dec. 31, 2024?
Chatgpt 4 answer:
Given the current upward trends and global economic uncertainties, I predict that gold may reach approximately $2,500 per troy ounce by the end of 2024, reflecting a continued but moderate increase. Silver, benefiting from both industrial demand and its role as a monetary asset, might climb to about $34 per ounce. These estimations consider ongoing inflationary pressures and geopolitical tensions.
Chatgpt 4o answer:

Chatgpt 3.5 answer:
Amidst current economic uncertainties and a notable uptrend, I foresee gold reaching approximately $2,800 per troy ounce by Dec. 31, 2024, indicating a deliberate and measured climb. Silver, supported by its strong showing, is expected to settle near $35 per ounce, demonstrating resilience amidst market shifts. These estimates hinge on diverse macroeconomic influences and geopolitical events.
Claude Sonnet answer:
Given the current precious metals rally, heightened economic uncertainty, and potential safe-haven demand, I estimate gold could trade around $2,600-$2,800 per ounce by December 31, 2024. For silver, factoring in its industrial applications and historically higher volatility, a range of $36-$42 per ounce seems plausible by year-end 2024.
Gemini answer:

Pi’s answer:
Considering the ongoing macroeconomic uncertainties and the recent price momentum of gold and silver, I predict gold may continue its upward trajectory, reaching $2,800 per troy ounce by the end of 2024. This projection is based on the potential for increased safe-haven demand, alongside the ongoing weakness of the US dollar. Conversely, silver might experience more modest growth, potentially stabilizing around $38.50 per Troy ounce, driven by the continued demand for its industrial applications and its appeal as an affordable precious metal investment option.
Le Chat’s answer:
Given the current upward trend and the uncertain global macroeconomic landscape, it’s likely that gold and silver will continue to be seen as safe havens. Gold could potentially reach $2,800 per troy ounce by the end of 2024, driven by its recent 21% increase and continued investor interest. Silver, with its more volatile nature and a significant 35% rise, might reach $40 per ounce, reflecting its role as both an industrial metal.
Copilot’s answer:
Considering the current upward trends and macroeconomic factors, gold may reach $2,500/Troy ounce, and silver could hit $35/Troy ounce by the end of 2024. The bullish sentiment in precious metals is driven by a weaker dollar, rate cut expectations, and sustained demand, particularly in industrial sectors for silver. These factors, alongside geopolitical uncertainties, support the likelihood of continued appreciation.
The AI chatbots’ predictions for gold and silver’s year-end prices, while conservative, suggest a continued upward trend. This is likely due to the ongoing global economic uncertainties and the metals’ traditional role as safe-haven assets. The forecasts also highlight the potential impact of inflationary pressures and geopolitical tensions on precious metal prices. Unlike previous bitcoin forecasts, these chatbots did not caution that their predictions might be inaccurate. After all, ultimately these projections are generated by automated systems producing predictive text.
What are your thoughts on the predictions made by the eight AI chatbots for gold and silver prices by the end of 2024? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Prosecutors Recommend 5-7 Year Sentence for Former FTX Executive Ryan Salame

Prosecutors have proposed a prison term of five to seven years for Ryan Salame, a former executive at FTX, ahead of his sentencing scheduled for May 28, 2024. This recommendation contrasts sharply with Salame’s legal team’s plea for a more lenient punishment of no more than 18 months.
Clash Over Sentencing: Prosecutors Demand 5-7 Years for FTX’s Ryan Salame, Defense Seeks Leniency
In a recent court filing, the U.S. Attorney’s Office outlined a substantial sentencing range for Ryan Salame, who held high-ranking position at FTX’s Bahamian subsidiary. Salame’s legal troubles stem from his involvement in serious financial and political misconduct, including operating a large-scale unlicensed money-transmitting business and making over $100 million in illegal campaign contributions, one of the largest such offenses in U.S. history.
Prosecutors argue that Salame’s actions severely undermined the integrity of the U.S. financial and electoral systems. They highlighted the need for a stringent sentence to deter similar future violations within the cryptocurrency industry and beyond. This case has attracted significant attention, given the high-profile collapse of FTX and the subsequent legal fallout affecting several of its top executives.
Meanwhile, Salame’s defense has urged for leniency, citing his cooperation with authorities and personal circumstances. Lawyers further asserted that Salame was considered by many as an “outstanding member of the community.” However, the prosecution maintains that the gravity of his offenses, combined with the potential for future violations, warrants a significant prison term. They emphasize that only a strict sentence can properly reflect the seriousness of his actions, promote legal respect, and ensure justice.
What do you think about the prosecutor’s opinion and Salame’s defense? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Coinbase, Ripple, Meta Join Forces to Fight Crypto Scams, Including Pig Butchering

Leading crypto and tech companies, including Coinbase, Ripple, Meta, Kraken, and Gemini, have formed a coalition to combat online fraud, including crypto scams like the pig butchering scheme. “We are dedicated to disrupting emerging online scams through collaboration, information sharing, and enhanced consumer education,” said Coinbase’s chief security officer.
‘Tech Against Scams’ Coalition Established
Several leading technology and cryptocurrency companies have united to form a coalition, Tech Against Scams, dedicated to combating online fraud and scams, including the pig butchering crypto scam. Announced by Match Group, this coalition also includes prominent firms such as Coinbase, Meta, Kraken, Ripple, Gemini, and the Global Anti-Scam Organization.
“Tech Against Scams will serve as a primary convening body where participating tech companies will collaborate on ways to take action against the tools used by scammers, educate and protect consumers and disrupt rapidly evolving financial scams,” the announcement details, adding:
This work will include sharing best practices, threat intelligence, and other tips and information to help keep users safe and protected before they become victim to an online fraud scheme such as romance scams or crypto scams such as ‘pig butchering’.
Leveraging years of independent initiatives to protect their users, the coalition aims to create new operational frameworks that establish and apply industry-wide best practices for scam prevention. By fostering strong relationships with global law enforcement agencies, the coalition intends to improve the effectiveness of investigations into online fraud and crime, thereby strengthening the overall security ecosystem.
Philip Martin, Chief Security Officer at Coinbase, commented: “Fraud schemes are becoming increasingly sophisticated, underscoring a greater emphasis on the importance of industry leaders coming together to tackle fraud and secure a safer digital environment for users.” He emphasized:
We are dedicated to disrupting emerging online scams through collaboration, information sharing, and enhanced consumer education.
What do you think about this initiative by major tech and crypto companies to form a coalition against scams? Let us know in the comments section below. #Write2Earn

Binance Celebrates Bitcoin Pizza Day With Global Pizza Distribution Campaign

In 2010, programmer Laszlo Hanyecz made history by trading 10,000 bitcoins for two pizzas, marking the first documented commercial transaction using the cryptocurrency. Fourteen years later, Binance, the world’s largest cryptocurrency exchange, is commemorating this milestone with a global campaign to distribute over 5,000 pizzas to crypto traders and enthusiasts.
Crypto Exchange Binance Plans to Dish Out Pizzas Across the Globe for Bitcoin Pizza Day
The “Bitcoin Pizza Day” celebrations, spanning six days from May 17 to May 22, will take place across 20 countries and five continents, according to communications from Binance sent to Bitcoin.com News. Binance plans to host in-person pizza parties, deploy custom-branded pizza vans, and even enlist notable crypto community members to deliver pizzas via Binance-branded scooters.
The exchange aims to create engaging moments for consumers and community members to interact with the brand and toast to bitcoin’s first real-world purchase. On May 22, 2010, Laszlo Hanyecz traded 10,000 bitcoins for two Papa John’s pizzas marking the first BTC-based real-world transaction. Bitcoin’s Pizza Day is an occasion celebrated worldwide. Rachel Conlan, Binance’s Chief Marketing Officer, emphasized the significance of the occasion.
“Understanding the demands on our users and traders is paramount to us, so that’s why, knowing how busy they are, we aim to bring the celebration right to their doorstep,” Conlan explained. “Through initiatives like this, we’re not only celebrating the real-world utility of cryptocurrency but also catering to the needs of our busy trading community.”
Binance details that the global campaign aims to educate and engage with both crypto and non-crypto users, while celebrating the real-world utility of cryptocurrency. The activations will feature games and challenges, such as “Binance Topping Toss,” “Token Twister,” and “The BTD (Buy The Dip) limbo Bar,” where participants can win exclusive Binance merchandise. Festivities will commence in Thailand, Paris, Dubai, Australia, Mexico, Brazil, Argentina, and numerous other renowned locales, as stated by the exchange.
What do you think about Binance dishing out pizzas in celebration of the 14th Bitcoin Pizza Day? Let us know what you think about this subject in the comments section below. #Write2Earn

South African Prosecutors Set to Pursue Collapsed Pyramid Scheme Co-Conspirators

South African prosecutors are reportedly investigating co-conspirators of Mirror Trading International and may charge them with fraud or forgery. The declaration of the scheme as unlawful may have strengthened the National Prosecuting Authority’s case against the masterminds of Mirror Trading International.
MTI Directors May Face Charges Under the Prevention of Organized Crime Act
South Africa’s National Prosecuting Authority (NPA) is reportedly investigating the co-conspirators of Mirror Trading International (MTI), a collapsed bitcoin pyramid scheme masterminded by the late Johann Steynberg. Although no charges have been filed against the co-conspirators, Isaac Dludlu, the NPA’s director of media relations, said the prosecuting body is considering several charges, including fraud and forgery.
According to a local report, the co-conspirators, many of whom remain at large, also face charges related to violations of the Prevention of Organized Crime Act and the Financial Advisory and Intermediary Services Act. The NPA’s pursuit of MTI co-conspirators was revealed just a few weeks after Steynberg “died” while under house arrest in Brazil.
As reported by Bitcoin.com News, Steynberg, who had contested his planned extradition to either South Africa or the U.S., was waiting to learn his fate when he died. With Steynberg now out of the picture, South African regulators are reportedly eager to charge the late MTI mastermind’s fellow executives.
Pieter Walters, a senior associate at Barnard Incorporated Attorneys, had previously warned of the risks faced by MTI directors and promoters. Walters added that by declaring the scheme unlawful, the South African court had strengthened prosecutors’
“The finding that the scheme is unlawful does bolster the case of the National Prosecuting Authority, but the NPA will still be called upon to make its own findings,” Walters said.
Meanwhile, in addition to facing possible NPA criminal charges, MTI directors and promoters are being targeted by liquidators who seeking to recover investors funds.
What are your thoughts on this story? Let us know what you think in the comments section below. #Write2Earn

Binance CEO alleges SEC ignored several registration attempts
12th May 2024

The Chief Executive Officer of Binance, Richard Teng, said the Securities and Exchange Commission did not respond to several attempts by the cryptocurrency exchange on licensing processes and regulatory frameworks.
In a statement from the firm, obtained by Sunday PUNCH, Teng criticised the SEC for failing to respond to the company’s repeated attempts to seek guidance on licensing processes and regulatory frameworks.
According to Teng, Binance wrote to the SEC multiple times, seeking practical guidance on virtual asset service provider regulations, but never received a response.
He expressed frustration and disappointment, noting that the lack of communication from the SEC had created uncertainty and challenges for the cryptocurrency exchange.
He noted, “For example, in a letter dated June 22, 2022, Binance stated that it would welcome and be grateful for the opportunity to collaborate with the SEC and other industry players in the blockchain coalition over the coming days to provide further clarity on the application of the new rules, particularly around the interaction of these rules, vis-à-vis the position taken by the Central Bank of Nigeria, the fee structure for licensing, and the impact of the registration on the facilitation of bank accounts in the region.”
Furthermore, Binance revealed that in the letter it sent the SEC at that time, the exchange reiterated that it was “fully committed to cooperating with the commission and complying with the relevant regulations”.
According to Teng, Binance also requested a meeting with the SEC, but no response has been received.
“Again, the SEC did not respond. We’ve continued to engage constructively with the SEC by providing commentary on their amended regulations as recently as March 29, 2024,” he said.
The Nigerian government had blamed Binance for the depreciation of the naira, accusing it of fixing exchange rates on its platform.
As a result, the exchange was forced to stop naira services on its platform as Nigeria continues to crack down on cryptocurrency traders.
The Economic and Financial Crimes Commission has also accused Binance and its employees of concealing the source of revenue generated in Nigeria, knowing that the funds constituted proceeds of unlawful activity.
In a March notice, the SEC proposed a 400 per cent increase in registration fees for crypto firms, doubled the minimum paid-up capital requirement for interested crypto service providers, and disclosed that it was developing inclusive regulatory guidelines for the digital asset sector.
The most recent was on Monday, when it vowed to delist naira trading from peer-to-peer, in a move it believed would revive the dwindling naira.
The Director General of SEC, Emomotimi Agama, said, “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms is to avoid the level of manipulation that is currently happening.” #Write2Earn

Cryptocurrency exchange Binance has condemned the Federal High Court’s refusal to grant bail to its employee, Tigran Gambaryan.
In a statement, the crypto exchange labelled the decision unjustified and requested that the charges against Gambaryan be dropped.
Justice Emeka Nwite, delivering the ruling in Abuja on Friday, held that the bail application was refused as he had carefully reviewed the application and determined that Gambaryan would likely jump bail if granted.
The court ruled that Binance could be served with the Federal Inland Revenue Service tax evasion charge through Gambaryan.
How My Chinese Boyfriend Abandoned Me With His Child - Ogun Woman | Punch
Gambaryan’s lawyers objected, stating they needed to review the amended charge to advise him on taking his plea.
The court agreed to adjourn the matter to May 22.
Binance asserted that Gambaryan, who had no decision-making power in the company, was innocent and had dedicated his life to public service and fighting crime.
“We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained. Tigran has been dedicated to public service and fighting crime for most of his life.
“These charges against him are completely meritless. He should be freed while discussions continue between Binance and Nigerian government officials,” the exchange stated.
Gambaryan, who has been detained since February, faces charges of money laundering and terrorism financing alongside his company and fellow executive Nadeem Anjarwalla, who is currently on the run.
The charges were brought by the Economic and Financial Crimes Commission.
In another separate statement, Gambaryan’s wife, Yuki Gambaryan, lamented, “I truly cannot believe that my innocent husband is now, on his 40th birthday, having to face a trial for charges that he has nothing to do with.
“The whole world is watching what he is being put through, and I just pray that commonsense and justice will prevail and that Tigran will be allowed to come home to us.”
A few weeks ago, the Chief Executive Officer of Binance, Richard Teng, described the detention of Gambaryan by the Nigerian government as ‘unjust’ and that it was a “dangerous precedent” for international businesses.
Teng also said that despite Binance’s repeated efforts at constructive engagement and cooperation with Nigerian authorities, Gambaryan remained in detention for ‘spurious’ reasons.
The Binance CEO declared that inviting a company’s mid-level employees for collaborative policy meetings, only to detain them, had set a dangerous new precedent for all companies worldwide.
“The message from the Nigerian government is clear: we must detain an innocent, mid-level employee, a former U.S. federal agent, and place him in a dangerous prison to control Binance.
“This regrettable turn of events contradicts the spirit of cooperation and transparency that Binance has consistently demonstrated in its interactions with the regulatory authorities,” Teng added.
#Write2Earn

The Federal Reserve and Bank Of Japan will be key drivers of a Bitcoin price rally to $1 million, predicts BitMEX co-founder Arthur Hayes, when both the central banks hit “the easy button” to rescue the Asian nation’s flagging currency.
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Hayes argued in an essay published on Monday that the dollar-yen exchange rate is “the most important global economic variable” right now, due to its potential to influence central bankers into ballooning the global money supply.
He says the story, however, begins in China, which has the most to lose from the yen’s ongoing devaluation trend.
“If the CNYJPY exchange rate rises (weaker JPY vs. stronger CNY), China’s export competitiveness is hurt,” Hayes wrote. “If the yen keeps weakening, China will respond by devaluing the yuan.”

Since a country’s local goods are denominated in its local currency, a fast-inflating currency is good for countries that rely on exports to keep their economy moving.
Unfortunately for China, Japan is its biggest competitor in the automotive export market, and as the yen becomes increasingly cheap, Japan is difficult to compete with on prices.

Bitcoin Billionaire Arthur Hayes Predicts Market Bottom Is In, 'Slow Grind Higher'
When the Bitcoin price tanks, traders tend to take cover and look for signs that the market has reached bottom and will reverse its trajectory. To that end, Bitcoin billionaire and former BitMEX CEO Arthur Hayes has some cautious optimism to share. "While I don’t expect crypto to fully realize the recent U.S. monetary announcements’ inflationary nature immediately," he wrote in a blog post, "I expect prices to bottom, chop, and begin a slow grind higher." In other words, he thinks that the worst...

Hayes expects the Bank of China to pressure the United States into making Japan strengthen the yen. Even so, he writes that the Bank Of Japan (BOJ) will have trouble strengthening its currency through traditional methods like raising interest rates.
“The BOJ would meltdown faster than Sam Bankman-Fried on a witness stand if they were to raise rates,” Hayes wrote, explaining that doing so would crater the value of Japanese government bonds which are 50% owned by the central bank itself.
To keep bonds from collapsing, the BOJ would have to force local banks and pension funds to buy the government’s debt, Hayes said. Funding that purchase would require selling US Treasuries and US stocks, however—which would run against American interests.
Arthur Hayes @CryptoHayes Explains the YEN, YUAN, USD Currency Entanglement. pic.twitter.com/1p5HMjGA3u— BobbyGiggz (@BobbyGiggz) May 21, 2024

Hayes concludes that instead of raising rates, the BOJ must resort to “the easy button”: the unlimited US dollar “swap line” where the BOJ and Federal Reserve can swap yen for dollars at a specified rate.
Since the BOJ can freely print more yen, their cost of gaining more dollars is effectively zero. Those dollars may then be used to buy up the yen, strengthening Japan’s currency while simultaneously weakening the dollar.

Binance Expected to Launch Crypto Services in Japan by August
The market's largest crypto exchange Binance will begin offering full services for Japanese users in August, said its CEO Changpeng Zhao’s during a conference in Tokyo on Tuesday. The announcement follows Binance’s acquisition of Sakura Exchange BitCoin (SEBC) in an undisclosed deal last November. SEBC is regulated by Japan's Financial Services Agency (FSA), meaning the acquisition enables the crypto exchange to officially re-enter Japan. A Binance spokesperson told Decrypt in November that Japa...
The final scenario would be a win for all parties: China maintains a weaker currency than Japan, the BOJ stays solvent, and the dollar weakens because of the BOJ’s open-market yen purchases.
It’s also good for crypto since environments with lots of money printing tend to drive up Bitcoin’s price alongside other assets, Hayes argued.
“When something is done about the weak yen, I will mathematically guestimate how flows into the Bitcoin complex will ratchet the price to $1 million and possibly beyond,” the investor wrote. #Write2Earn

Analysts: SEC Could Begin Approval Process for Spot Ethereum ETFs Tomorrow

Bloomberg’s ETF analysts have explained that the U.S. Securities and Exchange Commission (SEC) could start the approval process for spot ethereum exchange-traded funds (ETFs) tomorrow. They noted that the securities regulator has requested revised Form 19b-4s from issuers to be submitted by Tuesday morning, indicating “likely approval” as soon as Wednesday. This submission is a necessary step in the ETF approval process.
Analysts Discuss Possible Timeline for Spot Ether ETF Approval
Amid intense speculation regarding the potential approval of spot ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) on Monday, Bloomberg’s ETF analysts shared their expectations on social media platform X.
Eric Balchunas, a senior Bloomberg ETF analyst, wrote: “The Eethness Stakes is pretty good. Nice look at all the entrants dealing with this fire drill.” He added that the SEC wants revised Form 19b-4s submitted by 10 a.m. on Tuesday, based on several comments received on Monday, for likely approval as soon as Wednesday. Form 19b-4 is used to inform the SEC of a proposed rule change by a self-regulatory organization (SRO).

Balchunas’ statement was in response to a list of spot ethereum ETF applications shared on X by another Bloomberg ETF analyst, James Seyffart. The list includes Vaneck Ethereum ETF, ARK 21shares Ethereum ETF, Hashdex Nasdaq Ethereum ETF, Grayscale Ethereum Trust, Invesco Galaxy Ethereum ETF, Fidelity Ethereum Fund, Ishares Ethereum Trust, Franklin Ethereum ETH, and Bitwise Ethereum ETF. He described this lineup as the “ETHness Stakes.”
The SEC faces deadlines on May 23 and May 24 to decide on spot ethereum ETF applications by Vaneck and Ark Invest, respectively. Seyffart and Balchunas have increased their expectation of spot ethereum ETF approval to 75% following reports that the SEC has requested issuers to resubmit Form 19-bs on an accelerated basis. Seyffart clarified that he and Balchunas increased odds to 75% “for the 19b-4 May 23rd deadline (Vaneck’s deadline).” The analyst added that the SEC still needs to approve Form S-1s (registration statements) for spot ether ETFs. He opined:
We also need S-1 approvals. It could be weeks to months before we see S-1 approvals and thus a live ETH ETF.
Until Monday, most people anticipated that the SEC would reject spot ethereum ETF applications. SEC Chair Gary Gensler has avoided directly addressing whether ETH is a security. A recent court document also shows that the securities watchdog has initiated a formal investigation into ether as a potential security.
Lawyer Jake Chervinsky opined on X: “If the spot ETH ETF is approved, it will be a true shock to everyone I know in DC who’s close to this process. That doesn’t mean it won’t happen. It means approval could signal a major shift in U.S. crypto policy after the SAB 121 vote, perhaps more important than the ETF itself.” Chervinsky was referring to the SEC’s controversial Staff Accounting Bulletin No. 121 (SAB 121), which imposes regulatory burdens on digital asset custodians. Congress has voted to overturn SAB 121 but President Joe Biden has threatened to veto the decision.
Agreeing with Chervinsky, Seyffart wrote: “This is the correct take. I was literally in DC last week for [Perianne Boring’s] Blockchain Summit and almost every single person I spoke to said that it [spot ether ETF] was going to be denied. Only one person thought it would be approved out of like 30+.”
When do you think the SEC will approve spot ethereum ETF applications? Let us know in the comments section below. #Write2Earn

Fidelity Omits Staking From Spot Ethereum ETF Proposal 

Amid growing speculation about the potential approval of spot ethereum exchange-traded funds (ETFs), Fidelity Investments has revised its ether ETF filing, omitting all staking features previously included in the proposal. This update follows reports that ETF issuers were allegedly instructed to revise their 19b-4 filings with the U.S. Securities and Exchange Commission (SEC).
Fidelity Alters Ethereum ETF, Excludes Staking
In a filing updated on May 21, Fidelity amended its ethereum ETF proposal, removing all references to the potential use of the underlying ether for staking. Fidelity’s ETH-based ETF first proposed such an inclusion last March. However, it was not the first to eliminate the staking feature; Ark Invest made a similar amendment to its proposal last week. Vaneck’s strategy advisor, Gabor Gurbacs, noted on X after Fidelity’s amendment that other issuers are likely to follow suit.
“Fidelity amended its S-1 Ethereum ETF registration statement, removing “staking rewards” from the filing. Others will follow,” Gurbacs said. “Why? Locked up coins are a no go for liquid funds. It’s not ‘rewards,’ it’s yield. Voting makes the underlying a security.”
It is presumed that the SEC might classify staked ethereum as a crypto security. Some individuals welcomed this move, believing that ETFs could otherwise wield excessive voting power over the ETH network. “That’s actually the best news for the whole Ethereum network,” one individual replied to Gurbacs. “Way too much voting power would have been in the hands of the ETF owner. Nobody is talking about this,” the person added.
What do you think about Fidelity removing staking from its ether-based ETF proposal? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Central Bank of Brazil Aims to Finalize Crypto Regulations This Year

The Central Bank of Brazil outlined its crypto regulation calendar, defining a three-phase process for finalizing these tasks in 2024. The bank aims to consult market actors regarding VASPs, establish plans to regulate stablecoins and finalize the rules to welcome VASPs into the country later this year.
Central Bank of Brazil to Finalize VASPs and Stablecoin Crypto Regulation in 2024
The Central Bank of Brazil has recently released its cryptocurrency regulation plan for this year, reporting on the next steps it will take to give virtual assets service providers (VASPs) and stablecoins regulatory clarity in the country.
According to local reports, the institution disclosed a plan to advance the processes to finalize cryptocurrency-related proposals by year’s end. The plan includes three phases: The first consists of a public consultation on the general standards VASPs should follow to be authorized to conduct operations on Brazilian soil.
This would be a follow-up to the first public consultation process the bank launched in December, seeking the input of cryptocurrency actors regarding asset segregation, risk management, activities developed, and virtual assets traded by VASPs.
The second phase will include an internal planning of the processes leading to the regulation of stablecoins, focusing on the payments and foreign exchange areas. Stablecoins, cryptocurrencies whose value is pegged to the value of another asset, have dominated the market in Brazil, surpassing traditional crypto assets such as Bitcoin.
Finally, the third phase entails finalizing the rules for accepting VASPs into the Brazilian market. The central bank was given the faculties to approve VASPs’ operation in the country by the cryptocurrency law signed into law by former Brazilian President Jair Bolsonaro in December 2022.
For the bank, the operation of these assets must be regulated to avoid bringing any possible harm to the national financial system. This includes the application of anti-money laundering and combating the financing of terrorism (AML/CFT) measures, and also the monitoring of suspicious activity derived from these service providers.
What do you think about the Central Bank of Brazil’s plan for finalizing crypto rules? Tell us in the comments section below. #Write2Earn

Ethereum Jumps 18% Amid Speculation of SEC Approval for Spot ETFs

The value of ethereum (ETH), the second-largest cryptocurrency by market capitalization, has increased nearly 18% against the U.S. dollar due to speculation that the U.S. Securities and Exchange Commission (SEC) might approve some spot ether exchange-traded funds (ETFs).
Market Buzz Lifts Ethereum to $3,691
On Monday, ethereum (ETH) reached an intraday peak of $3,691 per coin amid swirling rumors on social media and forums about the potential SEC approval of several spot ETH ETFs. According to a report by Coindesk, three sources told the publication exchanges were allegedly instructed by the SEC to update their 19b-4 filings “on an accelerated basis.”
Additionally, Bloomberg analysts Eric Balchunas and James Seyffart raised their approval predictions from 25% to 75%. ETH experienced a substantial increase following the speculation, climbing from $3,140 at 3 p.m. Eastern Time (EDT) on May 20 to a high of $3,691 per coin by 6:30 p.m. EDT.

ETH has appreciated 17.96% against the U.S. dollar, gaining $551 in value over the past few hours. Ether’s dominance within the $2.58 trillion cryptocurrency market is 17%, with an overall market valuation of $436 billion.
It commands the third-highest trade volume of the day, with $26.99 billion traded in the last 24 hours. Today, ETH’s most traded pair is the stablecoin tether (USDT). Following USDT are FDUSD, USDC, BTC, and the Korean won.
The won accounts for 1.67% of all ETH swaps in the past day. With the market rising so rapidly, $302.52 million in derivatives positions were liquidated, with ETH shorts leading the way at $102.78 million liquidated in the past day.

According to coinglass.com metrics, 76,107 traders were liquidated in the past 24 hours. The largest single liquidation order occurred on HTX with an ETH/USDT trade valued at $3.11 million. At the time of writing, at 8:05 p.m. EDT on Monday, a single ETH is changing hands for $3,668 per unit.
What do you think about ether’s substantial rise on Monday? Let us know what you think about this subject in the comments section below. #Write2Earn

David Bailey, CEO of Bitcoin Inc., Reflects on His Company’s Transformational Pivot to Bitcoin and More

David Bailey, CEO of Bitcoin Inc., took time out of running the Bitcoin Asia Conference in Hong Kong to sit down with Bitcoin.com’s COO, Jason Sheman. The conversation delved into the lessons learned from past mistakes, the strategic pivot to Bitcoin, the Bitcoin Conference, Bitcoin Layer twos, and stablecoins on Bitcoin.
Bitcoin Asia Conference Highlights: David Bailey Discusses All Things Bitcoin
It’s not about how many bad decisions you make. It’s about making the good decision at the right moment when it needs to be made. And that’s the transformational decision.
Painful Lessons and Transformational Decisions
Jason Sheman: You’ve said that you’ve learned a lot of painful lessons in order for Bitcoin Inc. to be successful. Would you mind sharing one or two of those to illustrate how you got to where you are today?
David Bailey: Don’t make me have to live through my greatest failures! I started in Bitcoin when I was 22 years old. I had no real world professional experience. I had never had a real job beyond an internship. I went straight from college into creating a media company. I was 22 years old. You don’t know anything about anything. So I’ve just basically made every mistake that there is to make.
But because I’m too hard headed to give up, that’s how I got my education in how to run a business. By just having to fix all the bad decisions that I’ve made. I made way too many mistakes. I don’t want to go over all those specifics, but I could write a book about all the different bad decisions I’ve made. But it’s not about how many bad decisions you make. It’s about making the good decision at the right moment when it needs to be made. And that’s the transformational decision.
The transformational decision for us was in 2018 to walk away from all crypto. To divest all the business interests that we had that were, blockchain, crypto, whatever, and go 100% all in on Bitcoin. And so we made that decision in 2018. That was the decision that had to be made for our business to have a product market fit in the world.
Sheman: How did you know to make that decision at that time?
Bailey: First, honestly, it wasn’t that tough. I’ll tell the story, but the reason why I was in the spot to make the decision is it was almost made for me. We had built a big company. In 2017 we made tons of money. And in 2018, we lost all the money. At the time, I was 27 years old or something. I was like, “wow, I just burned around half a billion in crypto betting on stuff I didn’t even believe in.” What was I doing? There was a lot of regret that came from those bad decisions.
Then I thought, “you know, if I’m going to go bankrupt, I should go bankrupt on something that I actually believe in.” That way, when I’m thinking about regret, I can at least feel like it was worth it. The only thing in all of the crypto world that I actually truly had conviction in was Bitcoin.
Then we had an employee at the time, Aaron Van Wirdum, who is a fantastic Bitcoin journalist, who sat me down and was like, “hey, you know, we’re trying to do conferences, we’re trying to do everything. And when you’re trying to do everything, you’re not going to [unclear]. In reality, the only thing that matters is Bitcoin. All other crypto is downstream from Bitcoin. If something happens to Bitcoin, all the other cryptos have the same problem. If Bitcoin has a scaling problem, all other crypto has scaling problems. If Bitcoin has a privacy problem, all other crypto has a privacy problem. So rather than us trying to win in all these things, let’s just go to the source of the river and win at Bitcoin. And if we can be the most influential media company in Bitcoin, then we’re the most influential media company in all of crypto.”
When he said that it just clicked. That is the play. From that meeting it was like, okay, start liquidating everything that’s not Bitcoin. At the end of the year, we wrote a blog post called ‘Make Bitcoin fun again.’ We announced the Bitcoin Conference going Bitcoin only.
People thought it would never work. They were like, “dude, you are committing suicide doing this.”
The Essence of the Bitcoin Conference
Bailey: At this time [2018], it was a weird time in Bitcoin because the block size wars happened in 2017. But they had been going on for a year before that. There was so much animosity and anger and people pissed at each other and all this stuff. Bitcoin used to be a lot of fun, let’s bring back OG Bitcoin. That was the genesis of this event. That is what made this event really so successful. We planned the first one in San Francisco and it was like, “okay what was OG Bitcoin like?” Then we made the event like that. People thought it would never work. They were like, “dude, you are committing suicide doing this.” And then they came to the first Bitcoin Conference, and they were like, “Holy shit, this is a vibe.”
People realized there was a big market of people who wanted Bitcoin stuff. That was the birth of this whole business.
Sheman: Do you think we’re experiencing the essence of OG Bitcoin at this conference?
Bailey: Oh yeah. I would say, not to the same degree that what we did with the original Bitcoin Conference because we had the whole team focused on the original Bitcoin Conference. So we were able to get more granular details. It was the first conference in the world to accept lightning for everything. At the conference, we had pinball machines with lightning enabled coin operated machines. We had to find a developer who would build this in his free time. We hosted it in a garage, like a car garage or whatever. So it was very kind of grungy too, which is cool.
At this event, we don’t have a team here in Hong Kong. It was a little bit more of a challenge. It came together in like four months. But what is OG Bitcoin about this event is the content decision that we made. We’ve invited and welcomed and celebrated Ordinals, Runes, Layer twos on Bitcoin, things that are highly experimental. Many of these things will not work out, but we want to bring as much energy and excitement and attention and interest to Bitcoin as possible.
That was what early Bitcoin was all about. Like how do we scale Bitcoin to every person on the planet, get 100% of all transactions in the world to happen on Bitcoin and get rid of fiat currency? That was the original goal we were striving for. All of these projects downstairs, all the things that people are building, I don’t know which will be successful, if any will be successful, but at least they’re aligned with that mission. And the developers that we have here are ones that are wanting to build more soft forks for Bitcoin, make Bitcoin more useful in every way possible. More private, more decentralized, more secure.
There’s a contingent of people that want Bitcoin to ossify. They’re okay with a couple hundred million people owning it. They’re okay if you only can own it in the ETF. And to me that’s ridiculous. So yeah, the content here is OG Bitcoin. We have a lot of OG bitcoin miners. We have a lot of the OG Bitcoin scene from China. But a lot of the activations that we had and a lot of the fun stuff we didn’t bring because we didn’t have time. But we will have it for next year.
People are afraid of conflict. Okay, but at the end of the day we have a system for determining consensus in Bitcoin. We need to rely on that system.
Challenges and Future Prospects
Sheman: Just quickly on that. Why do you think they want to ossify it?
Bailey: Because they’re afraid. For the early people in Bitcoin, the idea of ossification was absurd because Bitcoin was so fragile and immature that if you ossified bitcoin in 2012, Bitcoin would’ve 100% failed, guaranteed. It was always known from the very beginning that we’re building this ship as we go, and it’s really a never ending journey. The people who want to ossify, the vast majority of them, got into Bitcoin in 2020 when the price was already much higher. All they care about is that their bags are going up. They’re afraid that if you change Bitcoin you could break it, you could destroy their bags. They don’t have the confidence that Bitcoin’s an antifragile system. I think in time they’ll learn not to be afraid that Bitcoin doesn’t need kid gloves. Bitcoin is a beast. The more it’s tested and stressed the stronger it becomes.
Sheman: What do you see as the immediate challenges for Bitcoin over the next few years?
Bailey: Oh my gosh, that’s a huge question! I think the first biggest challenge is we need to activate a soft fork. It doesn’t even really matter what it is: OP-Cat, CTV, something that gives the community and users confidence that a good enough idea can be brought to Bitcoin and that it’s worth working on really good ideas because they can eventually happen.
It’s very demotivating when developers work on a really interesting idea for years and years and years, and many people want it and nothing happens. So I think the big thing that’s coming in the short term is activating the next soft fork since taproot. And I think that it’s going to be very controversial, but that once it happens, it’s going to create a path for how soft forks will be handled in the future. And I think it’s going to dramatically improve the environment for Bitcoin. So that’s one challenge.
Sheman: Things are proposed [for Bitcoin], but it just kind of slows down and doesn’t happen.
Bailey: Correct. People are afraid of conflict. Okay, but at the end of the day we have a system for determining consensus in Bitcoin. We need to rely on that system. The miners are going to have to really take on what their role is in the system. The developers working on this stuff are going to need to not back down and relent. It’s gonna happen, but there are competing visions of Bitcoin. Is Bitcoin just digital gold or is Bitcoin the future of all money. That’s the split, but there’s crossover between those ideas
We need to align the community on what direction we are going. I know which direction we’re going because capitalism needs Bitcoin to be money for the world, not money for a few.
Our layer two policy wasn’t about excluding things or whatever. It was about how do we have a specific conversation about what’s happening.
Layer Twos and Editorial Policies
Sheman: Recently, Bitcoin Magazine’s editorial policy on what constitutes a layer two was updated. Were you the driving force behind this? The reason I ask is because within the Bitcoin community, maybe not such a huge group of people, but Layer twos are a little bit controversial.
Bailey: People got so mad at us! The people who got the maddest were a lot of the Layer two projects that said, “oh that’s too restrictive.” Terminology is losing meaning in Bitcoin because everything’s calling themselves a Layer two, or a sidechain, or a roll up, or blah, blah, blah. There’s no common meaning for these terms. A lot of these terms come from Ethereum, or maybe there is a meaning in Ethereum, but we’ve never talked about roll ups in Bitcoin. So we need to provide clear definitions. That way when we have a conversation about these things, we’re talking about the same thing. And it can be nuanced.
Our layer two policy wasn’t about excluding things or whatever. It was about how do we have a specific conversation about what’s happening. When you also provide that framework, what it means is, as people are building things they strive for meeting those kinds of expectations. That way they can actually call themselves a proper Layer two.
[Our definition] is a high bar, but it should be a high bar. And there’s nothing wrong with sidechains. There’s nothing wrong with federated sidechains or multi-sig or whatever, but let’s just call them the right thing, not call them a true Layer two. Those things can change in the future as we get new outcomes.
So anyway, I did not set the policy. I’m really not involved in Bitcoin Magazine editorial in any way. But Pete Rizzo, who runs content for us, our technical editor Shinobi, and our Editor in Chief Mark Goodwin, spent a lot of time being intentional about what should be the definition. Then they put it out there and maybe in the future it changes or whatever, but I think it’s a good one. We’re going to try to keep getting more precise with our language for how we describe these things.
Bitcoin is at a very important point in time where it’s reached a certain size that the next level up we go is where Bitcoin starts to meaningfully transform the world.
Stablecoins on Bitcoin
Sheman: What are your thoughts on stablecoins on Bitcoin?
Bailey: I hate stablecoins. The whole mission of Bitcoin is to implode fiat. But it’s a permissionless system. If it creates value for people, then they should be able to build whatever they want on Bitcoin and use it however they want and let the market decide.
I think stablecoins and Bitcoin are set for a massive collision. You asked earlier, what are the big risks in the future? Bitcoin is at a very important point in time where it’s reached a certain size that the next level up we go is where Bitcoin starts to meaningfully transform the world. A bull market in Bitcoin will be a bull market in the real world. A bear market in Bitcoin will be a recession in the real world, and it’s starting to affect monetary policy.
There is a geopolitical conflict brewing between US dollar stablecoins that are infiltrating places like China. What that means for their currency and Bitcoin as an alternative to combat the weaponization of digital dollars. There’s a big picture thing that’s about to play out. It’s going to be crazy.
What do you think about David Bailey’s views on Bitcoin Layer twos, stablecoins on Bitcoin, or anything else he talked about? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Bitcoin to Reach $420K by Decade's End, Says Ric Edelman

Ric Edelman, founder of Edelman Financial Engines, forecasts bitcoin will reach $420,000 by the decade’s end. He explained that if 1% of the world’s $738 trillion in financial assets were allocated to bitcoin, it would result in $7.4 trillion in inflows, raising bitcoin’s price to $420,000.
Ric Edelman’s $420K Bitcoin Prediction
Ric Edelman, a financial advisor and founder of Edelman Financial Engines, predicts bitcoin will reach $420,000 by the end of the decade. In an opinion piece published by Think Advisor, Edelman discussed how significant planned allocations from financial advisors could drive the price of BTC. He described:
My analysis reveals that bitcoin will reach $420,000 by the end of the decade. I reach this figure based on simple arithmetic.
Edelman referenced surveys, including those by Franklin Templeton, revealing that over 75% of independent registered investment advisors (RIAs) plan to allocate 2.5% of their assets to bitcoin. With RIAs managing $8 trillion, this equates to $150 billion flowing into the cryptocurrency. He also speculated that additional allocations could come from family offices, pension funds, endowments, and other institutional investors.
The financial advisor noted that global financial assets total $738 trillion, a figure he calculated by adding the values of the global equity market, debt market, real estate market, gold market, cash market, bitcoin, and other assets as of Dec.31. This unique supply constraint underpins his analysis of bitcoin’s potential price rise.
Emphasizing bitcoin’s fixed supply of 21 million coins, he stressed: “If all the advisors, investors, and institutions that manage these assets were to allocate just 1% of their client portfolios to bitcoin, the total flows would be $7.4 trillion. Of the 21 million bitcoins that will ever exist, 19.4 million exist today — meaning the flows would increase each bitcoin by about $378,000.” Edelman continued, “Add in bitcoin’s current price,” which was about $42K as of Dec. 31, he concluded: “You get bitcoin’s future price: roughly $420,000.”
Do you agree with Ric Edelman’s prediction that bitcoin will reach $420,000 by the end of the decade? Let us know in the comments section below. #Write2Earn

Indian Finance Minister: Crypto Regulation Needs Global Consensus

Indian Finance Minister Nirmala Sitharaman advocates for global consensus on cryptocurrency regulation, highlighting the need for international cooperation, particularly within the G20. She noted that while Indian regulators have differing opinions regarding how to treat crypto, there is currently no significant confusion.
Indian Finance Minister on Crypto Regulation
Indian Finance Minister Nirmala Sitharaman stressed the need for global consensus on cryptocurrency regulation in an interview with Businessline, published Monday. She highlighted the importance of international cooperation, especially within the G20, to address crypto regulatory challenges.
“Even before G20 and since 2020, we had discussions about it in the Finance Ministry,” Sitharaman explained, adding that India’s central bank, the Reserve Bank of India (RBI) “is also having its own view on it.” The finance minister emphasized:
We are very clear that there should be global understanding on how to regulate crypto.
Discussions within India’s Finance Ministry and collaboration with the International Monetary Fund (IMF) and the Financial Stability Board (FSB) regarding crypto regulation have been ongoing. Sitharaman believes unilateral regulation is ineffective due to the borderless nature of cryptocurrency.
“During G20 under India’s Presidency, we spoke about it. We brought IMF and FSB. Well-written papers were submitted. A lot of discussion took place. I would like to go through the route of global understanding when everybody is on the same page,” she stressed. “Bringing a regulation just within one country without a global understanding on a technology that does not brook any borders is not going to help. On cryptocurrency, no single country would succeed even if intends to.”
When asked if there is any confusion among Indian regulators, with some opposing crypto and others discussing regulation, she replied that there is no such confusion. Sitharaman clarified:
These are opinions, no harm in that. We have not yet reached a stage where we are saying: ‘yes, this is what we want to do.’ At that stage, if there are differences among regulators then that would be a matter of concern. We are nowhere near that situation.
Last week, the Securities and Exchange Board of India (SEBI) provided a government panel with its recommendations on crypto asset regulation, advocating for different regulators to oversee various facets of cryptocurrency trading. Concurrently, the Reserve Bank of India also submitted its view on crypto. The central bank expressed its concerns, highlighting the macroeconomic risks associated with cryptocurrencies and emphasizing issues related to tax evasion and fiscal stability.
India currently does not have a dedicated regulatory framework for cryptocurrencies. In 2021, a government panel created a draft bill to regulate digital assets, but it has yet to be introduced. The Financial Intelligence Unit – India (FIU-IND) monitors 47 cryptocurrency-related entities and has recently authorized crypto exchanges Binance and Kucoin as virtual asset service providers. In March, the Indian finance minister revealed her expectation that a regulatory framework for cryptocurrencies would be developed through G20 discussions.
What do you think about Indian Finance Minister Nirmala Sitharaman’s call for global consensus on cryptocurrency regulation and her emphasis on international cooperation through platforms like the G20? Let us know in the comments section below. #Write2Earn

Kraken Insists It Will Keep USDT Listed in European Markets

Kraken, a U.S.-based cryptocurrency exchange, insists it will keep USDT listed in European markets as long as regulations regarding stablecoins are not finalized. Mark Greenberg, Global Head of Kraken’s Asset Growth and Management Business, clarified they will “continue to look at all options to offer USDT under the upcoming regime.”
Kraken Will Keep Tether’s USDT Available in European Markets
Cryptocurrency exchanges are debating which measures to take regarding stablecoins due to the upcoming implementation of the Markets in Crypto Assets (MiCA) regulation. Kraken, a San Francisco-based cryptocurrency exchange, has recently clarified that it will keep USDT, the largest stablecoin in the cryptocurrency market, listed for its European customers.
Mark Greenberg, Global Head of Kraken’s Asset Growth and Management Business, explained that the exchange “continues to list USDT in Europe” and had “no plans to delist” the stablecoin for the time being.
Greenberg acknowledged USDT’s value for European customers and explained that the company examined several ways for the asset to remain listed under upcoming regulations. MiCA establishes requirements that would be very difficult for Tether to comply with, including maintaining its daily transaction amount lower than 200 million euros ($217.6 million).
Nonetheless, Greenberg explained that Kraken will follow all regulations when established, but stressed that “the rules are not finalized yet” and that the exchange will “continue to do everything we can to continue to offer all relevant stablecoins to our European customers.”
Greenberg’s statements come after Marcus Hughes, Kraken’s global head of regulatory strategy, declared that the company was “actively reviewing” its Tether movements regarding the upcoming MiCA measures. “We’re absolutely planning for all eventualities, including situations where it’s just not tenable to list specific tokens such as USDT,” he specified.
Other exchanges are in the process of delisting USDT in preparation for MiCA. Such is the case of Okx, which would be phasing out USDT-based pairs to enhance its compliance with European regulators.
What do you think about Kraken’s stance on maintaining Tether’s stablecoin listed for European customers? Tell us in the comments section below. #Write2Earn

Nigeria’s SEC-Crypto License

In May 2022, Nigeria’s Securities and Exchange Commission introduced a robust regulatory framework for virtual asset service providers, including digital asset exchanges. The framework required compliance with various laws and regulations to foster market integrity, safeguard investors, and deter financial crimes. The rules mandated digital asset exchanges to register, adhere to anti-money laundering (AML) practices, report on their finances, and comply with other regulatory requirements. A 54-page document on the rules of this regulation was released to this effect. This regulatory environment, though challenging, presents a unique opportunity for the Nigerian cryptocurrency market to mature and thrive.
This is an opinion editorial written by Nathaniel Luz, the co-founder & CEO of Flincap, a platform for OTC crypto exchanges in Africa.
In March 2024, there was a proposed major amendment to the Commission’s rules on issuance, offering platforms and custody of digital assets. This proposed amendment required virtual asset service providers (VASPs) to raise two times the minimum paid-up capital required in the previous rules. This paid-up capital comprises funds in banks, fixed assets, or investments in quoted securities. The proposed amendment also included an increase in the filing, processing, registration, and sponsored individual fees. The increase was generally 300% for the filing, processing, and sponsored individual fees and 500% for the registration fees. VASPs were also required to submit more documents for the crypto license.
The proposed amendment was met with resistance in the Nigerian crypto community. Many reasoned that the requirement might be relatively easy for foreign players to acquire since they might have grown their capital. However, many rising local players will have difficulty meeting it. This amendment could be perceived as a ban on Nigerian crypto exchanges, and it’s crucial to understand and empathize with these difficulties.
The SEC’s use of force to ensure compliance with the license requirements could be more effective as a dialogue. Many people are already losing confidence in the crypto industry due to the high cost and stringent rules. While the high cost of the license is not an insurmountable hurdle, there remains a lack of trust between the Nigerian government and the cryptocurrency community. Many stakeholders in the community have held back on several investments because of the constant instability in the government’s disposition towards innovation. A more collaborative approach could help restore this trust and encourage compliance.
Until the history of distrust has been dealt with and confidence restored, getting people to trust the SEC and pay the fees necessary for the license might be challenging. Once these fees are paid, there would be no hope for recovery. Yet, there is no assurance that there won’t be further issues down the line, even when they meet all the requirements.
However, it is good that we have regulations, and exchanges should try to comply. Though many investors feel these regulations are a pointer to a hostile environment for crypto investments, it is not. Cryptocurrency has not been banned in the country, and people can continue to invest in the industry if they get the necessary licenses. There might be many issues stakeholders in the industry are dissatisfied with, a proper dialogue with the government might be impossible if we do not get the proper licenses to back up our readiness.
What is the way forward then? There is an urgent need for the Nigerian government, SEC, key stakeholders in the crypto market, and other affected parties to engage in a dialogue on these issues and reach a mutual agreement. We hope to restore confidence in the Nigerian government through dialogue and a definite agreement. Once there is a restoration of confidence, more people will obtain their licenses, and there will be a smooth flow of crypto operations in Nigeria. In the meantime, exchanges that can afford to get the license should do so as regulation demands. More local exchanges should be compliant and get the license, as this is the only way to get the government to listen to us. Dialogue will be easier when there are more exchanges with the license, emphasizing the urgency and importance of this collaborative approach.
What do you think about the CEO of Flincap’s perspective? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

DTCC Smart NAV Pilot Utilizes Chainlink for Blockchain-Based Mutual Fund Data

The Depository Trust & Clearing Corporation (DTCC) has announced the successful completion of its Smart NAV pilot, leveraging Chainlink’s technology to enhance its Mutual Fund Profile Service I (MFPS I). The initiative aims to bring trusted data to blockchain ecosystems, facilitating more efficient data dissemination and consumption.
Chainlink Boosts DTCC’s Smart NAV Pilot
DTCC’s Smart NAV pilot claims to mark a significant step in the integration of blockchain technology within financial services. By utilizing Chainlink‘s Cross-Chain Interoperability Protocol (CCIP), DTCC was able to transform and transmit price and rate data across multiple blockchain networks. This chain-agnostic approach allows for the seamless integration of mutual fund data into blockchain-based applications.
The report highlights how it enables tokenized funds and smart contracts to access real-time and historical data without manual recordkeeping. The pilot engaged several industry participants, including American Century Investments, BNY Mellon, and JPMorgan, highlighting broad industry interest and collaboration among financial giants.

The pilot demonstrated several key capabilities. It validated a model for using onchain data in user interfaces and applications, automated data routing through smart contracts, and promoted a standardized approach to prevent future fragmentation. Chainlink’s CCIP played a crucial role in these advancements, offering a solution for cross-chain data transmission.
“Major market infrastructures and institutional banks such as Swift, ANZ, and many others have successfully used Chainlink to demonstrate that financial institutions can use existing infrastructure and messaging standards to interact with tokenized assets across blockchains through CCIP’s blockchain abstraction layer,” the DTCC study discloses.
DTCC researchers noted that Smart NAV pilot participants reported benefits such as reduced manual processes and the potential for new, blockchain-enabled financial products. Following the publishing of the pilot report, the value of chainlink (LINK), the ecosystem’s native token, surged. Over the past week, LINK has risen 21% against the U.S. dollar, spiking significantly after the report was published on May 16.
What do you think about the Depository Trust & Clearing Corporation’s report on leveraging Chainlink’s services? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn