In the midst of the cryptocurrency market’s recent whirlwind, Cardano has emerged as a strategic focal point for traders seeking short-profit opportunities. Santiment, a prominent analytics firm, has identified this altcoin as a potential candidate to decouple from broader market trends, creating profitable windows for astute traders, particularly during Bitcoin’s surge above $28,000.

Cardano’s native token ADA, the eighth largest cryptocurrency by market capitalization, has garnered particular attention in this scenario. Santiment’s analysis indicates that ADA, amidst its technical challenges and market hurdles, offers a brief yet lucrative window of opportunity. Despite a modest 2% dip in the daily index, ADA reached a month-high value of $0.26 on October 2nd, riding the wave of the “Uptober” price pump. Notably, the token boasts a commendable 6% increase in the weekly index, showcasing its resilience amidst market volatility.

This surge in ADA’s value comes at a critical juncture. Despite regulatory concerns and fierce competition from layer-2 networks like Base, Arbitrum, and Optimism, Cardano’s developers and key contributors have intensified their efforts. This strategic push, characterized by heightened BUIDLing activity across the ecosystem, aims to reclaim lost market share and fortify ADA’s position in the ever-evolving crypto landscape.

Cardano’s Ecosystem Soars: 1,287 Projects Showcase Developer Fervor

Displaying resilience, Cardano’s developers and key contributors have embarked on a robust building spree, aiming to reclaim market share and strengthen the platform’s position in the blockchain industry. Input Output Hong Kong [IOHK], the independent foundation spearheading Cardano’s growth, has recently unveiled its latest development report, showcasing remarkable progress and a burgeoning ecosystem.

A key takeaway from the report is the surge in projects on the network. As of the latest update, there are an impressive 1,287 projects actively building on the decentralized proof of stake [PoS] blockchain. This surge signifies the addition of ten new projects in September alone. A comparative analysis with previous months underscores this growth; August reported 1,277 projects, with July slightly lower at 1,265.

One notable achievement is the exhaustive analysis conducted by the foundation’s performance and tracing team. This analysis meticulously benchmarked various ADA clusters, leading to the enhancement of several backend features. These improvements translate into a smoother, more efficient experience for both developers and users navigating the Cardano network.

The world of exchange-traded funds [ETFs] based on Ethereum futures received a significant boost with the launch of VanEck’s EFUT fund. VanEck, a global investment manager, activated its EFUT fund for trading, offering investors exposure to Ether-linked investments through an exchange-traded instrument. It’s essential to note that EFUT does not directly invest in ETH or other digital assets; instead, it seeks capital appreciation by investing in Ethereum futures contracts.

EFUT is set to be listed on the Chicago Board Options Exchange [CBOE] and will be managed by Greg Krenzer, VanEck’s Head of Active Trading. Krenzer, with over two decades of experience in trading various asset categories, including futures, brings valuable expertise to the management of EFUT.

Joining VanEck in this venture, other prominent players in the financial market, including ProShares, Bitwise, and others, are launching their respective Ethereum Futures ETFs on October 2. These launches were made possible through filings with the U.S. Securities and Exchange Commission and official announcements.

VanEck’s commitment to the ETH community is evident through its pledge to donate 10% of EFUT’s profits to the Protocol Guild. This guild serves as a compensation plan for core contributors to the Ethereum network, providing crucial support to approximately 150 individuals responsible for maintaining the core Ethereum protocol, as reported by TronWeekly.

Grayscale, a major player in the cryptocurrency investment space, has also made significant moves. Following the introduction of Ethereum Futures ETFs in the U.S. market, Grayscale aims to convert its Grayscale ETH Trust [ETHE] into a spot ETH ETF. This transition is reflected in the filing of a 19b-4 with the SEC. Notably, regulatory permissions for new crypto ETFs are obtained from the exchange listing the fund’s shares rather than from the sponsor itself.

Ethereum Futures- A Closer Look at the Market Dynamics

As of October 2, a total of nine new ETF products have entered the market, all designed to track futures contracts linked to the value of Ethereum’s native currency. Despite witnessing trading volumes of less than $2 million on the first day, these ETFs have garnered attention.

While this trading volume pales in comparison to that of the ProShares Bitcoin Strategy ETF [BITO], which surpassed $1 billion in trading volume on its debut, experts like Bloomberg ETF analyst Eric Balchunas view this activity as substantial. He noted that although investors typically favor spot ETF products over futures, the volume observed was comparatively significant for this type of financial product launch.

Amidst a lull in the crypto landscape, there’s one altcoin that has defied the prevailing slumber. Solana once hailed as the “Ethereum killer,” has emerged as the darling of institutional interest, outshining its peers in a time marked by stagnation. In a recent report, James Butterfill, head of research for CoinShares, dubbed Solana the “most-loved altcoin of the year,” and the numbers back up the claim.

SOL’s journey in 2023 has been nothing short of spectacular. With a staggering 27 weeks of inflows and a mere four weeks of outflows, this digital asset has consistently proven its worth In a span of a mere seven days, institutions poured in $5 million, propelling the token’s reputation as the choice of investors. What sets Solana apart? Butterfill cites its resurgence to strategic partnerships, notably with financial giant Visa, coupled with its ability to offer lightning-fast and cost-effective payments.

TronWeekly expressed a similar viewpoint, highlighting that the altcoin recently managed to surpass Cardano [ADA], claiming the esteemed position of the 8th largest cryptocurrency by market capitalization. Additionally, the prominent e-commerce entity Shopify integrated the SOL blockchain into its system for processing cryptocurrency payments, garnering significant interest from both the traditional financial sector and the cryptocurrency community.

The Solana network isn’t just attracting attention; it’s commanding it. Recently, it hit its highest Total Value Locked [TVL] of the year, soaring to an impressive $335.73 million, according to DefiLlama. The surge in TVL reflects growing user deposits, indicating heightened interest.

Solana’s Price Taps 6-Week High

As if that weren’t enough, Solana’s native token, SOL, witnessed a remarkable surge, trading at a remarkable 6-week high of $24.2, marking a 23% surge over the past month. On the weekly indices, SOL experienced a notable increase of 25%.

While other crypto assets might be in a state of dormancy, Solana’s strategic alliances, coupled with its unparalleled efficiency in transactions, have endeared it to investors worldwide. In a crypto world where excitement can sometimes wane, the SOL blockchain remains a testament to the enduring power of technological ingenuity and strategic partnerships. As institutional interest continues to grow, Solana’s journey is far from over—it’s merely just begun.

In the latest turn of events in the SBF saga, the lawyers representing the former FTX are making efforts to prevent a Ukrainian client from testifying remotely at the upcoming trial. Bankman-Fried’s legal team argued that allowing the testimony of the Ukrainian witness when his country back home suffered significant losses due to the 2022 Russian invasion would merely evoke sympathy and outrage from the jury.

In a letter submitted on October 2, the lawyers of the embattled entrepreneur invoked the Sixth Amendment’s Confrontation Clause, which grants the defendant the right to face the witnesses against him. Additionally, they insisted on having a face-to-face court testimony instead of remote testimony in this case.

Earlier, the Department of Justice [DOJ] had sought court permission to remotely testify about the Ukrainian witness, citing the unique challenges posed by international travel due to the ongoing crisis in Ukraine. The identity of the witness is kept hidden, except that he is in his 20s and has reportedly lost a substantial portion of his life savings entrusted to FTX during the Russian invasion. He is deemed as a crucial witness by the prosecutors.

By bringing testimonies from FTX customers worldwide, representing diverse backgrounds and motivations for using the platform, the DOJ intends to highlight the widespread impact of FTX and, consequently, Bankman-Fried’s influence within the crypto community.

On the other side, SBF’s attorneys sought clarity on several aspects related to the trial. These include the court’s decision to exclude arguments concerning FTX’s regulation within the United States and FTX.US’s compliance. Additionally, they sought confirmation of their ability to present Bankman-Fried’s charitable contributions and philanthropic activities as “prior good acts.”

The Riveting Drama of SBF’s Trial

Just the other day, Judge Kaplan, presiding over the case, made a crucial ruling by declaring that SBF and his legal team cannot initially hold FTX company lawyers accountable for decisions made during his tenure. This ruling effectively blocks the use of the “advice of counsel” defense in the defense’s opening statements, granting a request made by the prosecution.

The upcoming trial of SBF, set to commence with jury selection on October 3rd, is anticipated to be nothing short of riveting. The prevailing sentiment suggests that the odds appear heavily stacked against him at this point, making this trial a focal point of intense scrutiny and anticipation within the legal and cryptocurrency communities alike.

Self-proclaimed Satoshi Nakamoto, Craig Wright, is in the spotlight after an explosive email conversation between Clavin Ayre, founder of Ayre Group, and Wright sent shockwaves through the cryptocurrency community. The leaked email, disclosed by former nChain CEO and Bitcoin SV [BSV] enthusiast Christen Ager-Hanssen, highlights a fierce confrontation between the two parties regarding the ownership of Bitcoin keys, a pivotal element in determining Wright’s claim as the creator of Bitcoin.

Ayre’s email, dated September 23, paints a grim picture of Wright’s legal situation, citing the ongoing legal battle between the two. The crux of the matter revolves around Ayre’s skepticism regarding Wright’s identity as Satoshi Nakamoto. Ayre emphasized the critical nature of the upcoming COPA trial, which could potentially debunk Wright’s claims if he fails, significantly impacting his financial future.

In the email, Ayre expressed his concerns about Wright’s legal expertise and financial soundness, raising doubts about his ability to handle the complex and costly legal landscape. He hinted at withdrawing financial support for Wright’s legal endeavors, further complicating their relationship.

A couple of years ago, the Cryptocurrency Open Patent Alliance [COPA], spearheaded by Square, took legal action against Craig Wright in the U.K. concerning his copyright assertions related to the Bitcoin white paper. In response to a cease-and-desist notice from Wright’s lawyers, dated January 21, 2021, demanding Square remove the white paper from its site, COPA, challenged Wright: prove your identity as Satoshi Nakamoto, the paper’s creator, first.

Despite the repeated requests from the Bitcoin community for Wright to validate his claims by signing a transaction of Satoshi BTC, he has consistently refused, even in courtrooms. Recently, Calvin Ayre, a significant supporter of Wright, appears to have reached his breaking point. If the COPA trial rules against Wright, it could cast doubt on his credibility as Satoshi Nakamoto, potentially impacting the value of intellectual property linked to him.

Craig Wright’s Satoshi Claims Face Litmus Test

The ongoing saga has captured the attention of various cryptocurrency personalities, including XRP lawyer John Deaton, who expressed skepticism, especially regarding Craig Wright’s claim to possess Satoshi’s keys. Deaton cited Wright’s erratic behavior, suggesting that if he truly held the keys, he might have sold the Bitcoins, causing significant market upheaval.

The cryptocurrency community is closely following this unfolding financial drama with great concern. The outcome of the COPA trial carries immense weight, influencing not just Craig Wright’s reputation but also the broader cryptocurrency market. This revelation has triggered intense speculation and discussions, highlighting the unpredictability of the cryptocurrency world.

In the vibrant landscape of decentralized applications, Friend.tech has emerged as a groundbreaking force, achieving a dual triumph that reverberates through the crypto community. Operating on BASE, Friend.tech protocol has achieved an extraordinary feat: its revenue has surged past the 10,000 ETH mark, reaching an impressive 10,644.8 ETH. Simultaneously, Friend Tech’s Total Value Locked [TVL] has surpassed 30,000 ETH, hitting a remarkable milestone of 30,165 ETH.

What makes this accomplishment even more significant is the pivotal role played by over 450 Friend.tech sniper bots, which have collectively earned over $5.9 million, constituting a substantial 34% of creators’ revenue. It stands out by offering a revolutionary concept.

Built on the OP Stack in collaboration with Optimism and Base, the platform allows users to invest in shares of their friends and influencers. By doing so, users gain ownership stakes and exclusive access to private conversations with these individuals. To facilitate this interaction, users link their X profile to the app and create a wallet address provided by Friend.tech.

This disruptive approach redefines the membership dynamics of creator platforms like TikTok, Twitch, and Patreon, enabling direct engagements between users and creators that were previously uncommon. For instance, a basketball enthusiast can purchase Grayson Allen’s Key for a conversation with an NBA player. Additionally, Friend.tech allows the resale of membership, enabling users to speculate on the growth of profiles or creators by acquiring their keys.

The platform’s success has been evident in its rapid adoption, with a daily fee exceeding $1 million, outperforming established platforms like Tron and Uniswap. High-profile personalities like Grayson Allen and Garry Tan, Partner at Y-Combinator, have embraced Friend.tech, underlining the platform’s potential in the SocialFi sector.

However, like many innovative platforms, Friend.tech has not been immune to the challenges of the crypto world. Phishing attacks, a common menace in the industry, have targeted notable figures such as businessman Mark Cuban and Ethereum co-founder Vitalik Buterin.

Friend.tech Fortify Security With CoolWallet Partnership

In response to these threats, the team of the popular dApp has taken a proactive approach by partnering with CoolWallet, a reputable hardware wallet maker. This partnership equips users with a robust security solution, safeguarding their digital assets by protecting private keys and validating transactions. By storing assets offline, Friend.tech users gain enhanced security, making their assets less susceptible to online hackers.

Friend.tech’s triumphs, continue to redefine social interactions and financial engagement, the platform’s evolution remains a testament to the immense potential of decentralized applications in shaping the future of digital interactions.

In the countdown to the much-anticipated trial of former FTX CEO Sam Bankman-Fried, a.k.a. SBF, a surprising twist has emerged. Judge Lewis Kaplan, presiding over the case, has made a crucial ruling that could significantly impact the proceedings. Kaplan declared that SBF and his legal team cannot initially hold FTX company lawyers accountable for decisions made during his tenure. This ruling effectively blocks the use of the “advice of counsel” defense in the defense’s opening statements, granting a request made by the prosecution.

The judge’s decision stemmed from concerns that introducing the “advice of counsel” defense right at the beginning of the trial could create confusion and unfair bias against the government’s case. Kaplan expressed worries that focusing on the involvement of lawyers at FTX and Alameda, Bankman-Fried’s affiliated companies, might lead to misconceptions and prejudice the jury against the prosecution.

To understand this scenario better, imagine SBF as a player in a game, with his lawyers acting as the ones explaining the rules. In this context, if Bankman-Fried claims he didn’t break any rules because his lawyers assured him he was playing the game correctly, it’s akin to saying, “I followed the rules because my advisors said I could.”

However, in a court case, using this strategy has specific rules and timings. If Bankman-Fried immediately asserts, “I didn’t do anything wrong because my lawyers said it was okay,” it might make the jury believe he’s attempting to trick or confuse them. Judge Kaplan’s ruling ensures that the trial remains fair and unbiased, allowing both sides to present their arguments without prejudicing the jury.

SBF Faces Uphill Task

It’s important to note that Bankman-Fried’s potential defense strategy involved placing blame on the Fenwick & West law firm, which advised FTX during his leadership, for any legal missteps. The “advice of counsel” defense hinges on the argument that Bankman-Fried didn’t intend to break any laws because his lawyers had assured him he was operating within legal boundaries during FTX’s growth.

This ruling sets a significant tone for Bankman-Fried’s trial, indicating that he and his legal team face challenges in shifting blame onto the company’s legal advisors. As the legal proceedings unfold, the cryptocurrency community closely watches, understanding the potential implications this case could have on the industry and its prominent figures.

The crypto market witnessed a significant shakeup as Solana [SOL] outpaced Cardano [ADA], securing the coveted spot as the 8th largest crypto asset by market capitalization. This development, revealed in the latest market data, marks a pivotal moment in the ongoing competition between these two prominent blockchain platforms. Solana’s ascent to prominence can be attributed to its widespread adoption in recent months.

Its integration with global payment giant Visa propelled it into the limelight, marking a significant leap toward the future of global finance. Notably, e-commerce giant Shopify also incorporated the SOL blockchain into its platform for cryptocurrency payments, drawing attention from both traditional finance and the crypto community.

Currently, SOL’s price stands at a remarkable 6-week high of $24.2, marking a 23% surge over the past month. On the daily and weekly indices, SOL experienced a notable increase of 13.6% and 23.6%, respectively. This surge in price has been accompanied by a sharp rise in Total Value Locked [TVL] on the Solana blockchain, reaching an impressive $338 million as of October 2. The surge in TVL indicates growing user deposits, reflecting heightened interest. More users signify increased buying pressure, potentially bolstering SOL’s price further.

Cardano, a stalwart among the top cryptocurrencies, faced formidable competition from SOL’s rapid rise. Favorable market dynamics fueled Solana’s surge, culminating in its takeover of the 8th position in terms of market capitalization.

Crypto Titans Clash: Solana vs. Cardano

Industry experts and market observers closely monitored this fierce competition, showcasing the ever-changing landscape of the cryptocurrency market. Solana’s ability to handle a vast number of transactions per second distinguished it, attracting institutional and retail investors seeking efficient and scalable blockchain solutions.

This monumental development has sparked fervent discussions within the crypto community, with enthusiasts and investors speculating on the implications. While Cardano has been favored for its sustainability, security, and interoperability, SOL’s performance-driven approach has granted it a competitive edge.

Market observers are eagerly awaiting responses from both Solana and Cardano following these market developments. The crypto community anticipates further advancements and strategic moves from these projects, shaping the future of decentralized technologies and the crypto market as a whole.

After a prolonged period of silence, Shytoshi Kusama, the lead developer of Shiba Inu, took to X, reiterating his steadfast commitment to the Shibarium community. In an announcement, the anonymous developer stated, “We FULLY intend to support the community. Hence the paper. Takes time, that’s all. But I think it’s time for my silence to end SOON.” This update was shared by Lucie, a team member, who expressed anticipation for what lies ahead, stating, “Exciting times ahead!”

A week prior to this statement, Kusama, alongside another developer Kaal Dhairya, issued warnings against trading the Calcium token, dismissing claims of substantial losses as mere FUD [Fear, Uncertainty, Doubt]. Kusama emphasized the team’s dedication to developing new products and advancing the technology of Shibarium.

After nearly a week of silence, a video clip recently shared by marketing strategist Lucie showcased an avatar of Kusama from the Shiba Inu Blockchain Futurist Conference Keynote. In the video, the lead developer of Shiba Inu hinted at an upcoming innovation—a “super app” named Shiba Hub. This app promises to invigorate the crypto community, seamlessly integrating with the distinctive Shibarium ecosystem. These super apps, according to Kusama, empower users to tailor their preferred features, protocols, projects, and connections.

Shiba Inu Project Lead Spoke On Shibarium’s Trajectory

Kusama also shed light on the token-burning process in Shibarium, emphasizing its dependence on usage. This highlighted the pivotal role of adoption within the Shibarium ecosystem. However, concerns surfaced regarding the delay of the native decentralized exchange [DEX] project, Shibaswap. The Shiba Inu developer clarified that this delay was intentional, providing room for other projects and tokens built on the Shibarium platform to thrive.

Amidst these developments, Shibarium’s market position faced scrutiny, with a slim margin separating it from Chainlink [LINK] in CoinMarketCap’s rankings. Additionally, the L-2’s DeFi TVL currently valued at $643,956 was a marked decline from its peak of over $1.42 million on August 30, causing unease among investors and enthusiasts.

As the Shibarium community eagerly anticipates further updates, Kusama’s commitment to transparent communication and continuous development remains paramount. His forthcoming message, as promised through Lucie’s tweet, holds the potential to provide crucial insights into Shibarium’s future trajectory, offering much-needed clarity amidst the uncertainties prevailing in the meme coin market.

USDC issuer Circle has embarked on a bold move by stepping into the legal battle between the U.S. Securities and Exchange Commission [SEC] and Binance, the global cryptocurrency exchange led by CEO Changpeng Zhao. The US securities watchdog filed a lawsuit against the CZ-led platform in June, alleging violations of local securities laws, particularly focusing on unregistered securities sold by Binance’s affiliate, BAM Trading, including BNB and stablecoin BUSD.

Circle’s defense, presented in a filing in the late hours of 28 September, contended that stablecoins designed for payments lack the attributes of an investment contract, thereby falling outside the SEC’s jurisdiction. They argued that users of these asset classes don’t anticipate profits from holding them. This development comes just over a month after Dante Disparte, Chief Strategy Officer of the firm, highlighted how U.S. bank failures had pushed investors towards “unsafe, opaque” cryptocurrencies overseas.

In a strategic move, Circle is set to roll out its dollar-pegged stablecoin USDC on the Polygon Proof-of-Stake [PoS] chain on October 10. This native implementation of USDC on Polygon is set to offer direct institutional on and off-ramp services, eliminating the need for bridging stablecoins with other networks like Ethereum.

Circle Unveil USDC Expansion On Polygon’s PoS Chain

According to the official announcement, USDC bridged from Ethereum will be rebranded as USDC.e within the Polygon ecosystem post-launch. To facilitate this transition, Circle will suspend its account and API support for bridged USDC on Polygon, cautioning users against sending bridged USDC.e to Circle Accounts after November 10, as it could lead to loss of funds. Moreover, the firm has urged its customers to adjust their API integration to seamlessly work with native USDC.

This expansion initiative aligns with Circle’s previous announcement in August, where they revealed the Cross-Chain Transfer Protocol [CCTP], designed to enhance USDC’s interoperability across various chains. This protocol will be deployed on the Polygon PoS, enabling USDC to move natively from Ethereum and other supported chains within minutes, enhancing efficiency and accessibility for users.

Circle’s move not only showcases their confidence in USDC’s utility but also challenges the regulatory boundaries around stablecoins, positioning them as a crucial component of the evolving financial landscape. As they bridge the gap between cryptocurrencies and mainstream finance, Circle’s strategic decisions continue to shape the industry’s trajectory, offering both innovation and regulatory insight.

In a pivotal move, Ethereum’s Holesky has become the largest Ethereum testnet by validator count, shortly after its tumultuous launch. With a whopping 1.4 million validators, the newest test network is aimed at addressing the scalability challenges faced by the mainnet. Holesky marks a vital step in the evolution of ETH’s testing infrastructure and joins the ranks of existing testnets Goerli and Sepolia, which serve as replicas of the main blockchain, specifically designed for testing new applications and smart contracts.

However, the eagerly anticipated testnet release met a technical snag caused by a configuration error that prevented the network from going live on the one-year anniversary of Ethereum’s transition to proof-of-stake consensus [PoS]. Despite a minor bug reported during the launch, ETH’s core developers remain undeterred. Validator participation has been steadily increasing, with expectations of reaching 90% by 29 Sept.

The primary goal of Holesky is to enhance testing capabilities for Ethereum’s ecosystem by offering a more expansive and realistic environment, which currently boasts around 700,000 validators. By significantly increasing the size of the testnet, ETH developers aim to replicate real-world conditions more accurately.

Decentralized applications tested on Holesky are expected to encounter fewer unexpected challenges when deployed on the Ethereum mainnet. With 1.6 billion ETH in supply and over 10x the size of mainnet’s 120 million supply, Holesky has proactively tackled access issues that plagued its predecessor, Goerli, due to limited testnet ether [gETH] supply, causing prices to temporarily spike above $1.60.

Ethereum’s Roadmap

Looking ahead, Holesky is poised to replace the Goerli testnet, which is set to retire in early 2024. This transition is crucial for Ethereum’s ongoing development, ensuring that the platform’s testing capabilities remain robust and adaptable.

While Goerli is still earmarked for the Dencun upgrade featuring EIP-4844, Ethereum’s journey to the mainnet has encountered some delays. The network has been navigating a series of developer networks, including the imminent launch of Devnet-9, slightly postponed from the initial plan, which is now projected to debut “29 Sept. or early next week.”

The ETH community’s next agenda on the list is to launch the first testnet before the Devconnect conference in Istanbul, set to take place in mid-November. If all progresses smoothly, the mainnet upgrade could become a reality as early as January 2024, marking an epoch-making moment in Ethereum’s evolving landscape.

Prominent AUM Valkyrie won the race to offer the first exchange-traded fund [ETF] featuring Ethereum futures. As confirmed by insider sources at FOX Business, the approval granted by the SEC allows investors the opportunity to speculate on the future price movements of ETH through an ETF, revolutionizing the way investors engage with cryptocurrencies. This is a groundbreaking move that signifies a significant step towards the mainstream acceptance of digital assets in the United States.

Valkyrie, a fintech powerhouse has taken a giant leap in the race for ETF dominance. Earlier, the asset manager submitted a Form 497 outlining its ambitious plan to convert its existing fund, BTF, into a formidable dual Bitcoin and Ether Exchange-Traded Fund ahead of its scheduled launch date.

However, Valkyrie is not alone in this endeavor. Eight other issuers, including VanEck, Grayscale Investments, and Bitwise, have filed applications to launch their own Ethereum ETF products. As reported by TronWeekly, Bitwise Invest has positioned itself for a strategic transition, drawing inspiration from Valkyrie Funds’ recent moves.

The company has also submitted a revised prospectus detailing its intentions to convert its well-known Bitcoin futures ETF [BITC)] into the innovative “Bitwise Bitcoin and Ethereum Equal Weight Strategy ETF,” heralding a new phase in its strategy. 

Despite these advancements, the path to full integration of cryptocurrencies into mainstream financial systems faces challenges. SEC Chairman Gary Gensler has been cautious about embracing spot ETFs, a move that would bring cryptocurrencies further into the financial mainstream, a stance reflecting the ongoing debate within regulatory circles about the potential risks and benefits associated with digital assets.

Also read: SEC Greenlights Franklin Templeton’s Spot ETF Amidst Congressional Pressure

SEC Fast-Track Valkyrie ETF Owing To Impending Gov. Shutdown

While there’s still a cloud of uncertainty hanging over spot ETFs, the looming possibility of a government shutdown has prompted the SEC to expedite the launch of the Ethereum futures ETF with Valkyrie paving the way. The crypto market now stands on the brink of a new era, one where digital assets are not just a niche investment but a pivotal component of mainstream financial portfolios, reflecting the evolving landscape of global finance.

After the announcement, which undeniably enhanced visibility and propelled the price of ETH to $1,665 by the close of Thursday’s trading session. The next in line as per Eric Balchunas, a seasoned ETF analyst with Bloomberg, would likely be a series of Ethereum-dedicated ETFs. The goal? Clear the decks before the shutdown.

Binance’s sudden departure from the Russian crypto scene has left many perplexed, primarily due to the complete handover of operations to a relatively obscure exchange known as CommEx. Adding to the mystery was the undisclosed financial aspect of this landmark deal and the scant information Binance shared regarding its successor in the Russian market.

As the crypto community delves into uncovering the ownership details of CommEx, some eagle-eyed users have noted striking similarities between the designs of Binance’s and the latter’s websites. Some have even gone so far as to label CommEx as a “full copy” of Binance’s website, suggesting that the two platforms share more than just a passing resemblance.

In a now-deleted comment on CommEx’s Telegram group, one user remarked, “They just changed the logo and colors, but essentially it’s the same website. I wouldn’t be surprised if Russian executives who left Binance are now managing directors here.”

Amidst the growing chatter, Binance’s CEO, Changpeng Zhao, known as CZ, took to X to address the swirling concerns. CZ began by confirming that crypto transfers are actively underway to facilitate a smooth transition of user funds. Additionally, older transactions from the testing phase of the integration process have surfaced, a development characterized as a normal part of the transition process.

One intriguing revelation offered by CZ was the possibility that some former members of Binance’s Commonwealth of Independent States [CIS] team might have joined or are in the process of joining the CommEx team. This move has been met with optimism, as it could potentially bring a wealth of expertise and experience to the emerging exchange.

Binance CEO Clarifies He Has No Ownership Stake At CommEx

Addressing the striking similarities between CommEx’s design and APIs and those of Binance, CZ clarified that this similarity was a conscious decision, intended to ensure that users transitioning to the new platform would encounter a familiar and user-friendly interface.

Additionally, CZ emphasized that CommEx does not provide services to users from the United States and the European Union, a measure enforced through IP and Know Your Customer [KYC] blocks. As a matter of fact, these user restrictions were part of the negotiated terms between the two platforms. To quell further rumors, CZ made it clear that he is not the Ultimate Beneficial Owner [UBO] of CommEx and has no ownership stake in the platform.

Crypto.com has made a strategic move by forging an alliance with fintech behemoths PayPal and Paxos to position itself as the preferred PayPal USD [PYUSD] exchange. This partnership entails listing PYUSD on the Crypto.com platform, catering to both retail and institutional users. Currently, the Singapore-based digital exchange boasts the deepest liquidity for PYUSD trading pairs on a global scale.

For the initiated, deep liquidity refers to a market that has a high volume of trades and a large number of participants including banks, financial institutions, and retail traders.

Joe Anzures, Senior Vice President and General Manager for the Americas and Global Head of Payment Partnerships at the trading firm, expressed his enthusiasm for this collaboration, stating, “PayPal has been a true pioneer in the digital commerce evolution, and Paxos is a market-leading issuer of stablecoins. We are tremendously excited to team up with them to collectively advance the crypto frontier.”

The integration between the two entities doesn’t stop here; it extends to various aspects, including the ability to use PayPal to top up the Crypto.com Visa Card. In accordance with the blog post, this collaboration aims to explore more connected top-up and commerce capabilities in the future, providing a seamless experience for users.

PYUSD is backed by 100% U.S. dollar deposits, short-term U.S. Treasury bonds, and cash equivalents, maintaining a 1:1 redeemable value with U.S. dollars. Paxos Trust Company is responsible for issuing PYUSD. Retail users can already access PYUSD deposits through the Crypto.com app, with additional trading features soon to follow.

Crypto.com Making Waves In Spain

Despite the ongoing global regulatory scrutiny surrounding cryptocurrencies, the virtual asset industry continued to expand its horizons. Crypto.com exemplifies this growth-oriented mindset by targeting new markets. In a recent update, the exchange shared that it had successfully obtained a Virtual Asset Service Provider [VASP] registration from the Bank of Spain. This regulatory milestone paves the way for Crypto.com to operate within Spain, marking its entry into the Spanish cryptocurrency market.

The collaboration between Crypto.com, PayPal, and Paxos signifies a significant advancement in the cryptocurrency sector, while Crypto.com’s expansion into Europe’s leading market underlines its commitment to driving innovation and accessibility in the world of digital assets.

Shiba Inu’s mainstream adoption is set to increase manifold, thanks to the introduction of FCF Crypto Bills, an innovative service that empowers SHIB holders to effortlessly settle bills across an extensive network of more than 20,000 prominent US corporations. According to a recent announcement, FCF Pay has joined forces with automobile giant Honda to allow users to finance, lease, or purchase Honda vehicles using more than 100 cryptocurrencies.

While the service is currently exclusive to residents of the United States, FCF Pay has clarified that it intends to expand its offerings to other nations in the near future. This strategic partnership marks a significant step towards expanding the reach of Shiba Inu to a global audience further fueling their adoption. Recently the popular meme token secured another major utility after FCF Pay forged an alliance with HSBC, a prominent British universal bank, and Chariot Energy, a leading solar energy company.

Another major development set to enhance the overall Shiba Inu blockchain in terms of functionality and appeal is the launch of the ShibariumID touted as a game-changer for the meme coin. The ShibariumID project has rolled out ambitious plans to introduce the first-ever domain name service tailored specifically for the Shibarium ecosystem. Expected to go live as soon as next month, this initiative could mark a pivotal moment in the evolution of the SHIB blockchain.

Shiba Inu’s Digital ID Service Ready For October Debut

Equipped with a variety of features, the ShibariumID platform includes a centralized discovery hub that enables users to explore supported domains and trending collections. Users can take advantage of the auto-suggestions and do quick registration status checks for an easier domain acquisition process.

The platform also entails a customized marketplace for domain trading, consolidating liquidity from various sources. Additionally, it offers a unified portal for easy management tasks like domain renewal, record-keeping, and ownership oversight.

With FCF Pay’s FCF Crypto Bills service and the forthcoming ShibariumID domain name system, Shiba Inu’s path to mainstream adoption has been paved with innovation and strategic partnerships, poised to propel the cryptocurrency to new heights of recognition and utility in the global market.

Franklin Templeton’s application for a spot Bitcoin exchange-traded fund received acknowledgment from the Securities and Exchange Commission [SEC] in a historic and pivotal move. This development holds immense significance for the AUM, managing assets worth up to $1.5 trillion, as it solidifies its presence in the asset management sector. With the filing of a 19b-4 form for their spot Bitcoin ETF proposal and the subsequent approval, Franklin Templeton has set the regulatory wheels in motion.

The 19b-4 form serves as a formal notification to the Commission regarding a proposed rule change by a self-regulatory organization [SRO]. Essentially, it is a document that informs a non-governmental entity exercising regulatory authority over a particular industry or profession about changes being proposed.

This announcement arrives at a time when the SEC is also deliberating on applications for spot crypto ETFs from various entities, including Hashdex. Franklin Templeton’s application stands out due to the company’s substantial footprint in the asset management landscape.

Over the past few days, the SEC has come under intense scrutiny for its stance on spot ETF products. Notably, the regulator has announced delays in its decisions regarding Ethereum ETF applications from VanEck and ARK. It is essential to recognize that the SEC has a maximum of 240 days from the date of filing in the Federal Register to either approve or deny an ETF application.

This timeline places the decision date for these proposed funds in late May 2024. However, the regulator has the authority to solicit additional public input during several interim deadlines, potentially further extending the final verdict.

Bitcoin: SEC’s Gensler Doesn’t Hold Back

On September 26, U.S. Representatives Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres shot a letter to Gary Gensler, the chief of the U.S. securities watchdog, accusing him of displaying bias against spot Bitcoin exchange-traded products. They pointed to the legal precedent set by Grayscale Investments, which won a review of its own ETF offering.

The four lawmakers asserted that following the Grayscale court decision, there is “no reason to continue to deny” applications for spot crypto ETFs, emphasizing that the SEC’s rationale was deemed “arbitrary and capricious” in approving investment vehicles linked to Bitcoin futures. Despite the ongoing legal battles between his agency and crypto firms, Gensler has maintained a tight-lipped stance on the SEC’s approach to spot Bitcoin ETFs.

In fact, he upheld his confrontational stance against crypto “hucksters” during congressional testimony on September 27, choosing not to address the industry’s pressing questions. Gensler argued that digital asset companies had been recklessly handling customer assets, fueling further speculation about the SEC’s intentions in the evolving cryptocurrency landscape.

Ethereum’s compliance with the Office of Foreign Assets Control [OFAC] has undergone a significant transformation, reduced by more than half since the momentous Merge upgrade was implemented in September 2022. OFAC-compliant blocks on Ethereum are those that exclude transactions involving parties subject to sanctions by the U.S. Treasury Department’s Office of Foreign Assets Control. The decline in compliant blocks is seen as a victory by those advocating for reduced censorship within the Ethereum ecosystem.

Prior to the Merge event, Ethereum’s OFAC compliance had been on an exponential rise. In November 2022, a substantial 78% of all Ethereum blocks were in compliance with OFAC regulations. This uptick was largely attributed to entities like cryptocurrency exchanges choosing to operate by censoring MEV-Boost relays on their validators.

Among the list of top offenders in terms of censorship were well-known platforms such as Binance, Celsius Network, Bitfinex, Ledger Live, Huobi [HTX], and Coinbase, according to data from MEV Watch. However, as of September 27, the OFAC compliance rate for Ethereum has plummeted to 30%, marking an overall reduction of 57%.

As of today, five out of the six largest block builders within the Ethereum network are in compliance with OFAC sanctions, according to Toni Wahrstatter, a researcher in the Ethereum community. Notably, the sole remaining large builder, titanbuilderxyz, continues to include OFAC-sanctioned transactions, primarily those related to Tornado Cash, in their blocks.

While the relay situation had improved significantly, thanks to the introduction of Ultra Sound, Agnostic, and BloXroute relays, there has been a resurgence in censorship by many of the top builders. This resurgence means that these builders no longer incorporate Tornado Cash transactions into their blocks.

The concept of censorship resistance therefore holds paramount importance in maintaining political neutrality within blockchain networks. The principle is that no single entity should wield control over two-thirds of a blockchain’s content as this goes against the ethos of the core values of decentralization.

Critical Role Of Non-Censoring Relays In Ethereum

To counter OFAC compliance, operators must employ relays that do not engage in censorship based on OFAC requirements. Among the seven major MEV-boost relays most commonly used, only three do not censor in line with OFAC compliance requirements, as per MEV Watch.

It is imperative to note that while not all blocks constructed by OFAC-compliant relays engage in censorship, all blocks built by OFAC-compliant relays will indeed censor when non-compliant transactions are broadcasted on the network. This underscores the significance of validators outside the U.S. considering the deployment of non-censoring relays for the greater benefit of the Ethereum network.

Shiba Inu has buzzed the community with a pivotal milestone. Demonstrating its unwavering popularity in the face of recent price fluctuations, SHIB’s address count reached an unprecedented surge of over 3.6 million. The latest stats sourced from IntoTheBlock not only highlight the meme token’s ability to maintain its user base but also showcase a surge in the number of addresses holding a balance.

At present, a whopping 1.25 million addresses boast a Shiba Inu balance, underscoring the enduring allure of this cryptocurrency. The uptick in the number of Shiba Inu addresses goes beyond being merely a statistic; in fact, this is a crucial indicator of gauging the cryptocurrency’s performance. In the short term, the total number of addresses with a balance serves as a key metric of trader sentiment, often foreshadowing price movements.

Over the long haul, this indicator reflects the sustained interest in holding a specific cryptocurrency. A surge in addresses with a balance is universally regarded as a positive sign, indicative of a robust and expanding user base. Lately, crypto enthusiasts have received a glimpse of the forthcoming initiatives within the meme token sphere.

Lucie, the marketing expert for Shiba Inu, shared a video teaser featuring the enigmatic leader of the project, Shytoshi Kusama, alongside another undisclosed developer. This cryptic duo assumed the spotlight to unveil intriguing information about an upcoming application designed to elevate the project’s community involvement, foster connections, and stimulate creative cooperation.

Shiba Inu Team Teased “Super App” Shiba Hub

This inventive application, named Shiba Hub, has been hailed by the Shiba Inu team as an “entryway to something remarkable.” Dubbed a “super app” by the unidentified developer, Shiba Hub is poised to inject fresh vitality into the cryptocurrency community while seamlessly integrating with the unique Shibarium ecosystem. It extends an invitation to the community to embark on an innovation-driven journey and encourages them to play pivotal roles in a project poised to make a lasting impact.

This recent revelation coincides with the Shiba Inu layer-2 Shibarium blockchain’s recent integration with the token approval management service known as Revoke.cash. This integration aims to enhance the security of SHIB community members by enabling them to manage token approvals and safeguard their assets against potential fraudulent activities.

The former CEO of the now-bankrupt crypto exchange FTX, Sam Bankman-Fried, or SBF, finds himself entangled in a legal web, as the Department of Justice [DOJ] has successfully obtained a court order to unveil the intricacies of his political donations. This revelation is set to serve as crucial evidence in the upcoming fraud trial against SBF, marking a significant development in a complex legal saga.

The latest ruling, a part of a comprehensive 16-page pretrial order issued by Judge Kaplan on September 26, meticulously delineates which pieces of evidence will be admissible during the imminent trial, scheduled to commence on October 3. At the core of the DOJ’s case lies the allegation that Sam Bankman-Fried orchestrated an “illegal campaign finance” scheme, a charge that the prosecution intends to vigorously pursue in court next month.

This stance by the government follows a prior assertion made in August when it was disclosed that a campaign finance charge against the FTX founder had been precluded due to a treaty with the Bahamas. However, the DOJ has now pivoted, asserting that Bankman-Fried concealed the origins of his ill-gotten gains through a labyrinth of political straw donations. They contend that this campaign finance misconduct is not only admissible at trial but also constitutes direct evidence of the overarching charges levied against him.

SBF Legal Saga: More Revelations

Beyond the revelation of campaign donations, Judge Kaplan has also granted the prosecution’s motion to introduce evidence implicating Bankman-Fried in the creation of the FTX token. This move aims to shed light on SBF’s alleged involvement in directing Alameda Research, a crypto trading firm, to surreptitiously amass significant holdings of the FTX token as well as other digital assets like Serum.

Moreover, the evidence will explore claims that he orchestrated Caroline Ellison, the then-CEO of Alameda Research, to manipulate the valuation of these tokens and engaged in efforts to obfuscate Alameda’s ownership of Serum tokens.

This multifaceted legal battle not only puts SBF’s actions under a microscope but also underscores the evolving landscape of cryptocurrency regulation. As the trial approaches, the crypto community, legal scholars, and the general public eagerly anticipate the unveiling of evidence that could have far-reaching implications for the future of digital currencies and their intersection with political finance.

In a groundbreaking development, crypto giant Binance announced its exit from the Russian market through an agreement to sell its entire Russia-based operations to digital-asset exchange CommEX. The move signifies a strategic shift in Binance’s global compliance strategy. According to the official blog, the platform has set in motion an off-boarding process that will span up to one year to ensure a seamless transition for its existing Russian users. It emphasized that all assets belonging to current Russian users are entirely secure and protected throughout this transition period.

Binance’s Chief Compliance Officer, Noah Perlman, stated, “As we look toward the future, we recognize that operating in Russia is not compatible with the firm’s compliance strategy. We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate.”

The platform has teamed up with CommEX to establish a smooth migration for users. Notably, CommEX will handle a portion of new user registrations in Russia, subject to Know Your Customer [KYC] processes, with plans to gradually increase this redirection over time. “Over the next several months, Binance will sunset all exchange services and business lines in Russia. Every effort will be made to maintain a smooth user experience during this transition,” the blog read.

Binance’s Exit Is Complete And Unequivocal

While the precise financial intricacies of this landmark deal will remain undisclosed, the trading platform made a crucial revelation. Its departure from Russia is complete and unequivocal. In contrast to some international companies that maintain revenue-sharing agreements in Russia, Binance has decided to opt for a clean break. It will not retain any ongoing revenue-sharing arrangements from the sale, nor does it possess any options to repurchase shares in the divested business.

This strategic move by Binance not only underscores its commitment to compliance but also marks a significant moment in the ever-evolving landscape of global cryptocurrency exchanges. As Binance embarks on its next chapter, it remains steadfast in its dedication to fostering innovation and expansion in the world of Web3 technologies across the globe.

Lucie, Shiba Inu’s marketing guru shared a video teaser featuring the enigmatic project lead, Shytoshi Kusama, along with another anonymous developer. The mysterious duo took center stage, to unveil exciting details about an upcoming application that aims to enhance the project’s community engagement, foster connectivity, and encourage creative collaboration.

This innovative application, known as Shiba Hub, has been heralded by the Shiba Inu team as a “gateway to something extraordinary.” Described as a “super app” by the anonymous developer, Shiba Hub is poised to breathe new life into the crypto community while seamlessly integrating with the distinctive Shibarium ecosystem. It beckons the community to embark on a journey of innovation and invites them to be pivotal contributors to a project poised to leave a lasting imprint.

While Shiba Hub’s intricate details remain shrouded in secrecy, Lucie reiterated the unique opportunity it offers, positioning users at the forefront of cryptocurrency innovation. This multifaceted application is set to elevate the Shibarium experience, addressing users’ daily needs, and evolving into a dynamic mix for the crypto community.

Meanwhile, Shiba Inu’s Shibarium, a layer-2 scaling network, has been steadily gaining prominence within the decentralized finance [DeFi] landscape. Recent insights from DeFiLlama, the crypto analytics platform, disclosed that Shibarium currently boasts a total value locked [TVL] of approximately $588,000. Though this figure represents a decrease from its zenith of over $1.42 million on August 30, Shibarium’s resurgence has captivated the attention of dedicated Shib enthusiasts.

Shiba Inu’s Shibarium: Eyes $600k TVL Mark

Despite the fluctuations, the Shiba Inu protocol continues to showcase formidable growth potential, poised to surpass the $600,000 milestone and potentially surge to new all-time highs in the near future. The prominent decentralized exchange, MARSWAP, operating on the Shibarium Chain, plays a pivotal role, contributing an impressive 35% to the network’s cumulative TVL.

Remarkably, Shibarium’s ascent isn’t solely attributed to MARSWAP. Other influential protocols such as DogSwap, ChewySwap, Woof Finance, and PunkSwap collectively constitute the top five contributors. These protocols remain steadfast in their mission to fortify their growth trajectories, all with the shared objective of bolstering Shibarium’s TVL over the long term.

The legal counsel of embattled crypto mogul SBF has once again made a fervent plea for his temporary release from detention. They argue that his presence is paramount as the trial date looms closer, scheduled for the upcoming month. In a letter submitted to Judge Lewis Kaplan, SBF’s lawyers emphasized the intricate nature of the case and the challenges of adequately preparing for the trial.

The lawyers noted the court’s previous acknowledgment of the complexities involved in this case and asserted that the current restrictions on access have made trial preparations exceedingly difficult. They stressed that this assessment is not made lightly but is a reflection of the practical realities they face. In their view, temporary release is the only viable option to ensure that the defense counsel can have sufficient access to Mr. Bankman-Fried and represent him effectively at trial.

Furthermore, the defense counsel highlighted the limited window of access they have to SBF, primarily confined to the morning hours before trial proceedings commence. After the trial day concludes, he is returned to the Metropolitan Detention Center [MDC], arriving well past the visiting hours, thereby severely impeding communication and preparation.

SBF, the accused kingpin behind the collapse of the crypto exchange FTX, found himself in legal trouble when his bail application was recently revoked by a judge, citing allegations of witness tampering. Subsequently, his legal team has been vigorously fighting against his incarceration.

Despite their relentless efforts, the Department of Justice [DOJ] prosecutors have opposed SBF’s appeal for bail. They firmly defended their stance on denying bail and categorically dismissed the appeal as lacking merit. The prosecution team underscored the gravity of the witness tampering charges, expressing concerns about the safety of key witnesses.

Media Spotlight on SBF’s Legal Saga

Prosecutors contended that SBF’s wrongdoing extended beyond a single instance of witness tampering. They accused him of attempting and successfully engaging on two occasions, blatantly disregarding court orders. As a result, they argued that given his history of non-compliance during pre-trial proceedings, it was highly improbable that any conditions of release would ensure his adherence to legal requirements.

In an intriguing turn of events, the legal saga of the crypto entrepreneur has caught the attention of media outlets, with the British Broadcasting Corporation [BBC] set to release a documentary on the subject. This development has sparked mixed reactions within the crypto community, with some expressing concerns about the unwanted publicity it may bring to the case.

A groundbreaking project for anonymizing Ethereum transactions called Privacy Pools has generated quite a buzz, thanks to a cryptic teaser by ETH visionary and co-founder Vitalik Buterin who first espoused the idea back in 2022. At the time, the concept failed to garner any interest; it was only when Buterin authored an academic discourse on the subject a few weeks ago that it began gaining substantial traction across social media channels.

The project has now been championed by Ameen Soleimani, a highly regarded developer and former contributor to the acclaimed Tornado Cash. Soleimani has taken the initiative to reconfigure the widely used open-source solution for anonymizing Ethereum transactions while adhering to the principles of regulatory compliance. He contends that “Privacy Pools” addresses a critical flaw in Tornado Cash and hopes that this novel Ethereum-based mixer will prompt US regulators to reconsider their stance on privacy mixers. The project’s code was made available on GitHub on March 5th, marking a significant step forward.

The notion of amalgamating “blockchain privacy” with “regulatory compliance” may initially appear far-fetched. However, the Ethereum founder elucidated in a comprehensive paper how Privacy Pools empower users to prove the legality of their crypto withdrawals without divulging their complete transaction histories. Users can generate zero-knowledge proofs that establish their withdrawals are associated with approved “sets” of prior deposits.

In the paper, Buterin and his team shed light on two primary strategies for constructing association sets. The first approach, known as the “inclusion” method, involves considering only low-risk deposits based on specific criteria, such as transaction screening tools or membership in trusted communities.

Conversely, the “exclusion” method entails omitting known suspicious deposits while preserving all other transactions as potential sources. The paper provides illustrative examples of how both methodologies allow legitimate users to demonstrate their non-association with illicit funds.

Ethereum Experts Raise Centralization Issue

While they express support for the Privacy Pools concept, the Ethereum researchers raise concerns about the potential involvement of centralized entities in overseeing access. They argued that such an arrangement could give rise to governance issues and the concentration of data, potentially leading to data monopolies.

The Privacy Pools paper signifies Buterin’s ongoing efforts to foster productive collaboration between the cryptocurrency industry and regulatory bodies. With thoughtful design and implementation, he stated that blockchains can align with policy objectives without compromising the fundamental tenets of user privacy. This project stands as a testament to the dynamic evolution of privacy solutions within the crypto landscape.

In a strategic move to fortify its comeback, Binance, the world’s largest crypto exchange, is setting its sights on expanding its footprint into the Japanese market with the launch of stablecoins pegged to the dollar, euro, and yen. This endeavor is being spearheaded by its local subsidiary, Binance Japan Inc., in collaboration with Mitsubishi UFJ Financial Group’s trust banking arm.

The ambitious plan includes the introduction of these three stablecoin variants, with a roadmap that envisions the addition of more tokens in 2024. The collaborative journey between these two entities has already commenced, marked by joint exploration and in-depth studies, a development reaffirmed by Takeshi Chino, the general manager of the trust banking unit, in an official statement. The overarching objective of this partnership is nothing short of accelerating the adoption of cutting-edge Web3 technologies within the Japanese landscape.

To bring this vision to fruition, the dynamic duo intends to harness the capabilities of a platform known as “Progmat Coin.” This platform has been meticulously crafted to align with the stringent regulatory standards governing stablecoin issuance and management within Japan. It’s worth noting that the visionary Japanese bank, Mitsubishi UFJ Trust and Banking Corporation [MUTB], which boasts the distinction of being the world’s largest by assets, is spearheading the development of the “Progmat Coin” platform.

Binance Boosting Its Comeback

This platform, in essence, serves as the bedrock infrastructure for the issuance of stablecoins, meticulously tailored to adhere to the guidelines delineated in Japan’s recently revised and enforced Payments Services Act. While the “Progmat Coin” platform presently extends support for stablecoin issuance on the Ethereum network, it harbors the potential for expansion to encompass the BNB Chain, a prospect propelled by Binance’s strategic partnership. Binance has emphasized this promising dimension in its official statement, underlining its commitment to innovation and scalability.

In a noteworthy development that underscores Binance’s resurgence, the exchange recently revealed plans to feature 34 tokens, including leading cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], Cardano [ADA], and its native coin, BNB, in the Japanese market. This move marked a significant milestone as Binance made a triumphant return to Japan after a hiatus prompted by a warning from the Financial Services Agency [FSA] two years earlier, cautioning the exchange about its allegedly illegal operations. This reentry signals Binance’s determination to navigate the complex regulatory landscape while delivering innovative solutions to the Japanese crypto community.

The Shiba Inu team disclosed their latest strides towards renouncing the contract for Bone ShibaSwap [BONE], the gas token of Shibarium. As unveiled by an anonymous developer, the SHIB team is inching close to the completion of minting the remaining BONE supply. The feat, while seemingly technical, signifies a profound shift that involves surrendering control and ownership of the coveted token.

This groundbreaking development gave the birth of a placeholder token, called “Calcium.” This creation was carefully engineered for the sole purpose of disengaging the project from the BONE contract. Shiba Inu developer Kaal Dhairya sounded a clarion call of caution, resonating through the community: Calcium may exist, but it remains devoid of liquidity and is unsuitable for any trading activities.

Describing the minting of the final BONE token and the subsequent contract renunciation, Shiba Inu’s project lead recently emphasized its pivotal role in solidifying the forthcoming Layer 2 blockchain operations. As the meme token ecosystem hurtles toward a new era, he articulated,

This is a vital step in the initiation of our blockchain, as a substantial chunk of BONE is allocated to the first role in our impending system, the VALIDATORS. Furthermore, Bone will serve as a gateway to the future, functioning as the token DELEGATORS stake to partake in rewards, the GAS TOKEN for transaction fees, and an integral component of technology GOVERNANCE within our nascent system.

Shiba Inu’s BONE: Minting To Empowering Validators

The narrative unfolds further with an impressive 28.02 million BONE tokens already entrusted to the 12 validators currently presiding over Shibarium’s ecosystem. Leading the charge is Unification, with 5.53 million BONE tokens, closely followed by ShibArmy Africa, Chainmasters, and ShibArmy America, each commanding substantial holdings of 4.17 million, 4.02 million, and 4 million BONE tokens, respectively.

In essence, the ongoing journey of Shiba Inu towards contract renunciation and the empowerment of Shibarium validators stands as a testament to the resilience and dedication of the project’s community and developers.

Another noteworthy advancement occurred when the Shiba Inu hardware wallet, Tangem, joined forces with ChangeNOW, a well-known centralized cryptocurrency exchange, to introduce an innovative crypto-oriented offering named “Tangem Express.” This collaboration has ushered in a realm of opportunities within the cryptocurrency arena.

In a dramatic turn of events, TRON’s founder, Justin Sun, has been granted an extended lifeline in his legal battle against the U.S. Securities and Exchange Commission [SEC]. The court’s decision has given Sun until December 8, 2023, to explore potential resolutions to the SEC’s allegations, thus temporarily lifting the looming threat that has shadowed the cryptocurrency pioneer.

It all began several months ago when the US regulator served legal notices to three of Sun’s wholly-owned entities: Tron Foundation, BitTorrent Foundation, and Rainberry. The allegations were centered on the unauthorized sale of cryptocurrencies, TRX, and BitTorrent [BTT]. According to the SEC’s lawsuit, Sun was accused of orchestrating manipulative wash trading of TRX, a tactic designed to artificially inflate demand and maintain TRX’s market price.

In addition to these allegations, Sun faced charges of deceiving investors through misleading claims on social media, particularly in February 2021. The SEC contended that Sun enlisted the services of celebrities with substantial social media followings to promote unregistered offerings while concealing their compensation. Notable figures such as Lindsay Lohan, Akon, Ne-Yo, Soulja Boy, and others found themselves implicated in this complex legal web.

The SEC further asserted that Sun’s alleged scheme had generated illicit profits totaling $31 million at the expense of unsuspecting investors, all achieved through the controversial practice of wash trading. Gary Gensler, Chair of the SEC, emphasized the inherent risks faced by investors when crypto asset securities are traded without proper disclosure.

TRON’s Global Revival Plans

Unfazed by the SEC’s accusations, Sun took to Twitter to dismiss the civil complaint, asserting its lack of substance. He affirmed his commitment to building a more decentralized financial system through the Tron Foundation, maintaining that the SEC’s actions were unwarranted.

However, the recent court order has introduced a glimmer of hope into Sun’s legal battle. His legal counsel has argued convincingly for the extension, citing “good cause” for the postponement. This reprieve couldn’t have come at a more critical juncture for the Tron ecosystem, which is in the midst of an ambitious global expansion.

As part of its tenth-anniversary celebration, the cryptocurrency exchange Huobi has announced a rebranding effort, rechristening itself as HTX. This symbolic name change signifies the platform’s origins [“H” for Huobi], its unwavering commitment to the TRON network [“T” for TRON], and its core function as a cryptocurrency exchange [“X” for exchange].

With the extended timeline, Justin Sun now has room to strategize and potentially negotiate a resolution with the SEC. The Tron ecosystem’s future, as well as the broader cryptocurrency landscape, hangs in the balance, awaiting the outcome of this high-stakes legal showdown.

The cryptocurrency landscape in India has undergone a seismic transformation since the contentious introduction of the Tax Deducted at Source [TDS] in 2022. In the wake of dwindling digital asset transactions, prominent figures within the industry have raised concerns. Sumit Gupta, the CEO of CoinDCX, India’s first crypto unicorn, has emerged as a leading advocate in lobbying the government for a reduction in the TDS rate from 1% to a mere 0.01%.

The previous year witnessed the implementation of a flat 30% tax on all crypto income in the nation, coupled with the imposition of a 1% TDS on crypto trades exceeding 10,000 Indian rupees [approximately $122]. Shockwaves from these tax measures were felt across the cryptocurrency landscape, prompting an estimated $3.85 billion in capital to migrate from domestic centralized crypto exchanges to foreign counterparts between February and October 2022, all in an effort to evade the tax burden, as reported by the Indian think tank, Esya Centre.

In a previous interview, Sumit Gupta argued that reducing the TDS rate to 0.01% could yield a win-win scenario. Firstly, it might entice traders back to Indian exchanges, aligning with the government’s objective of tracking virtual digital asset [VDA] transactions to combat money laundering. Secondly, it would contribute to the country’s tax revenue. Gupta further advocated for tax treatment of crypto trading on par with other asset classes, such as equities.

Indian Crypto Exchanges Navigating the Future

CoinDCX, valued at over $2 billion, plays a pivotal role as a founding member of the Bharat Web3 Association, an industry lobbying group. This collective has been actively advocating for clarification of the legal status of digital assets and the allowance of crypto traders to offset losses against other investment gains for tax purposes.

Despite these efforts, Nischal Shetty, the CEO of the WazirX exchange, cautioned that a transition to a more lenient crypto tax regime in India might still be a couple of years away. Shetty explained, “I don’t think we’ll see any immediate reduction in TDS since there have been no formal discussions between the industry and lawmakers specifically around it.”

India’s stance on cryptocurrency appears to be poised for transformation, as articulated by the Finance Minister. Ajay Seth, Secretary of the Department of Economic Affairs, announced during the recently concluded G20 leaders’ summit that “India’s approach to crypto will be determined in the coming months.” He underscored that the G20 had established a framework for assessing risks, and India would base

Bybit, a prominent player in the world of cryptocurrency exchanges, has made a significant decision following extensive deliberations. In response to forthcoming marketing regulations set to be enforced by the UK Financial Conduct Authority [FCA] on October 8, the exchange has chosen to withdraw from the UK market. This strategic move reflects the evolving landscape of crypto regulation and its impact on market participants.

In a press release, Bybit officially announced that it will cease accepting new account opening applications from both United Kingdom residents and nationals as of October 1, 2023, at 8 a.m. UTC. This decision marks a proactive response to impending regulatory changes and sets the stage for a transition period for existing users.

For Bybit’s current user base in the UK, a crucial deadline looms on the horizon. By October 8, 2023, at 8 a.m. UTC, existing users must initiate the closure of their accounts and withdraw their funds. Beyond this point, UK customers will find themselves unable to make new deposits, establish fresh contracts, or augment their existing positions across all products and services.

The platform emphasizes the importance of timely action for affected UK customers. Until January 8, 2024, at 8 a.m. UTC, users are strongly encouraged to proactively manage and wind down their positions. After this specified deadline, any remaining open positions will face liquidation, with the resultant funds made available for withdrawal.

Bybit’s withdrawal from the UK market follows the concerns of its co-founder and CEO, Ben Zhou who foresaw the drastic move in light of these impending regulations. Zhou also highlighted that Bybit also bowed down from the French market due to regulatory pressures. As the top exec mentioned in a previous statement, he recognized the trend of increasing regulatory scrutiny, anticipating the need to retreat from multiple countries.

Bybit’s Exit Signal Shift In UK’s Crypto Regulation

The FCA, in its effort to introduce “tougher new rules,” has outlined a series of changes, including a mandatory 24-hour cooling-off period and the prohibition of incentives like ‘refer a friend’ bonuses. Bybit’s announcement explicitly warns against any continued promotion of crypto assets to UK customers beyond the October deadline without compliance with the new regulations could potentially result in criminal charges, including the possibility of an unlimited fine and/or imprisonment for up to 2 years.

While the duration of Bybit’s suspension from the UK market remains uncertain, the exchange has indicated that this move allows the company to redirect its efforts and resources toward aligning with the regulatory framework established by UK authorities.

In a groundbreaking collaboration, Tangem, a provider of hardware wallets with a Shiba Inu theme, has teamed up with ChangeNOW, a prominent centralized cryptocurrency exchange, to introduce an innovative crypto-focused product known as “Tangem Express.” This exciting development aims to offer users a comprehensive range of functionalities, including cross-chain swaps and seamless cryptocurrency conversions, through an exchange aggregator.

The integration of Tangem Express into the Tangem Wallet is currently in progress, with completion expected in the coming months. Once finalized, users of the Shiba Inu-themed wallet will have access to on-ramp and off-ramp services from multiple providers, all conveniently accessible on one unified platform.

In addition to that, it also promises users access to the most favorable market rates, ensuring a seamless and efficient cryptocurrency experience. To stay updated on these exciting developments, interested parties are encouraged to closely monitor Tangem’s latest announcements.

Speaking on the same, ChangeNOW, in a recent tweet, emphasized their shared goal of simplifying direct crypto exchanges and ensuring smooth transactions. Through the integration of ChangeNOW’s API services, the SHIB wallet opens up a world of possibilities within the cryptocurrency space. ChangeNOW’s API service boasts of enabling crypto businesses to offer their customers swift and efficient transaction processing for a diverse selection of over 850 cryptocurrencies.

Shiba Inu’s Shibarium Shines with Three Major Feats in 24 Hours

In a remarkable achievement, Shibarium, a blockchain network associated with Shiba Inu, has processed over three million transactions within just three weeks of its full-scale launch. Despite a recent dip in transaction activity on the SHIB blockchain, this milestone underscores the resilience and endurance of Shibarium. Notably, the layer-2 protocol has consistently recorded an average of 41,500 new transactions per day over the past week, demonstrating its continued popularity and practicality.

Another noteworthy accomplishment is the deployment of more than 10,000 smart contracts on Shibarium, with 438 of them already verified and this number steadily increasing. The Shiba Inu team extends an open invitation to crypto enthusiasts and developers, highlighting Shibarium’s promise of providing unrestricted creative freedom within the cryptocurrency ecosystem.

Ethereum’s ambitious endeavors, the Merge and the Shanghai upgrade, designed to revolutionize ETH Tokenomics, have fallen short of their lofty expectations. In September 2022, Ethereum, the world’s second-largest blockchain, underwent a momentous transformation, transitioning from proof-of-work [PoW] to proof-of-stake [PoS]. This epoch-making move significantly slashed the network’s energy consumption by an astonishing 99%.

The subsequent Shanghai upgrade, introduced on April 12, 2023, facilitated the withdrawal of staked ether [stETH]. Shortly after its release, the blockchain experienced a surge, with 80% of inflows attributed to various institutional-grade ether staking service providers, marking a threefold increase. However, despite the commendable strides in energy efficiency, the overall activity on the network has left much to be desired, as observed by JPMorgan analysts under the leadership of Nikolaos Panigirtzoglou.

Drawing attention to Ethereum’s daily transaction count, JPMorgan’s report reveals a 12% decline since the implementation of the upgrade. Furthermore, daily active addresses have dwindled by nearly 20%, and the total value locked [TVL] in decentralized finance [DeFi] on the Ethereum blockchain has suffered a nearly 8% slump.

While the report attributes ETH’s performance to last year’s “bearish forces,” including notable setbacks like Terra and FTX, regulatory actions within the United States, and a contraction within the stablecoin ecosystem, it appears that these challenges have overshadowed the positive impact of the Shanghai upgrade.

Despite the 50% increase in staking following the hard fork, contributing to bolstered network security, concerns linger regarding the continued dominance of liquid staking protocols such as Lido, which raises doubts about centralization.

Ethereum Dencun Upgrade, The Road Forward

The report holds out hope for a potential uptick in Ethereum network activity with the impending EIP-4844 upgrade, colloquially known as “proto-danksharding.” This groundbreaking feature aims to scale the blockchain by creating additional space for “blobs.” However, it cautiously acknowledges that the persisting bearish trends in the cryptocurrency market could continue to pose challenges.

In a noteworthy development for the Ethereum network, developers have recently reached a consensus regarding the comprehensive scope of an upcoming upgrade dubbed “Dencun.” Expected to be introduced later this year, this hard fork will integrate five Ethereum Improvement Proposals [EIPs] designed to enhance data storage capabilities and reduce transaction fees, potentially ushering in a new era for Ethereum’s functionality and performance.