Decentralized file-sharing network LBRY (LBC) filed a declaration of intent to challenge the accusations that the SEC had moved against it. In a Sept. 7 filing, LBRY&#8217;s legal counsel appealed to the United States Court of Appeals for the First&#8230;

LBRY to challenge SEC’s accusation of securities law violation

The United States Securities and Exchange Commission (SEC) has again postponed its decision concerning spot Bitcoin ETFs. This time, the deferred applications belong to investment management behemoth Blackrock. Moreover, Invesco, […]
The post SEC Delays Decision on Bitcoin ETFs Following Gensler’s Congressional Hearing appeared first on BitcoinWorld.

SEC Delays Decision on Bitcoin ETFs Following Gensler’s Congressional Hearing


                    
                    A new report indicated Bitcoin ETFs could release $600 billion in new demand — double Bitcoin's current market cap. Here's some math behind the estimates.
                    A United States appellate court directed the Securities and Exchange Commission (SEC) in August to reassess its denial of Grayscale's application for a Bitcoin exchange traded fund (ETF). A little-noted consequence of that decision is that it could open the floodgates for $600 billion in new cash to enter the cryptocurrency market.ETFs provide investors with a regulated way to gain exposure to different asset classes, including Bitcoin (BTC). The approval of a Bitcoin ETF could democratize investment in the cryptocurrency sector, drawing parallels to how the iShares MSCI Brazil ETF and the VanEck Brazil Small-Cap ETF have democratized investing in the Brazilian market.Despite some hurdles, market analysts anticipate potential Bitcoin ETF approval by early 2024. A Bitcoin ETF could unlock an estimated $600 billion in new demand, according to a September report by analysts at Bernstein, more than doubling the approximately $550 billion fully diluted market cap at which Bitcoin stands today.Related: 10 years later, still no Bitcoin ETF — but who cares?However, these predictions are speculative, with the actual outcome depending on various factors such as market dynamics, company strategies, and regulatory responses. Notably, the SEC has delayed the decision on Cathie Wood's Ark 21Shares Bitcoin ETF application several times already. In August, Wood expressed her expectation for these delays, stating that she believed the SEC would approve multiple Bitcoin ETFs simultaneously. But on Sept. 26, the SEC extended the decision period further, to Jan. 10.SEC Chair Gary Gensler's delays and rejections of Bitcoin ETF applications have drawn criticism and fueled investor frustration. A bipartisan group of lawmakers urged Gensler this mo to grant immediate approval for an ETF, arguing that post-Grayscale court decision, there's no reason to deny spot crypto ETFs, which they believe would enhance investor safeguards. This Congressional pressure further complicates the path to Bitcoin ETF approval, adding to the uncertainty as the ARK 21Shares Bitcoin ETF decision date approaches. In tandem with the SEC's deliberations over Bitcoin ETFs, major players in the crypto industry are actively lobbying for new rules. Coinbase, for instance, is spearheading one of the largest lobbying pushes in the crypto industry, aiming to garner support among lawmakers for the introduction of new regulations. As we continue to observe these unfolding developments, it becomes increasingly clear that the future of crypto regulations is being hotly contested.Recent developments suggest more potential delays in the approval of Bitcoin ETFs on the whole. James Seyffart, a Bloomberg ETF analyst, speculated that the SEC's recent decisions may have dampened prospects for ETF approval in 2023. Filings from major players such as BlackRock, Bitwise, and Wisdomtree are slated for review in the third week of October. However, the SEC's recent actions on ARK 21Shares have sparked speculation that other filings due for review in mid-October, including those from VanEck, Invesco, Fidelity, and Valkyrie — could also experience delays. So it remains to be seen whether there will be any significant updates on these applications soon.To better understand the implications of these ETFs, let's delve into the concept of Assets Under Management (AUM). AUM represents the total market value of the financial assets an entity or advisor manages on behalf of their clients. This crucial metric in the investment world serves as an indicator of performance. Consider the following table for more insight.Financial institutions with higher AUM, like BlackRock, could generate more revenue from management fees if they successfully launch a Bitcoin ETF. As competition in the Bitcoin ETF market intensifies, it may drive down management fees, impacting revenue.Investment firms charge these fees for managing funds, typically ranging from 0.20% to 2.00%. A trend of decreasing management fees has been observed recently, due to increased competition, cost-effective investment strategies, and investor demand for transparency.How does Grayscale generate revenue from ETFs?Grayscale generates its revenue from its Exchange-Traded Funds (ETFs), such as the proposed Bitcoin ETF, through management fees. These fees are calculated as a percentage of the total assets under management (AUM).For its existing product, the Grayscale Bitcoin Trust (GBTC), the company charges an annual fee of 2%.Let's break down how this works with some real numbers. If we take the reported $16.2 billion in assets in the Bitcoin Trust and apply the 2% management fee, it means that Grayscale would generate $324 million per year in management fees from the Bitcoin Trust alone.If Grayscale succeeds in converting GBTC to a Bitcoin ETF, the AUM could potentially increase due to the appeal of ETFs to institutional investors, boosting management fees. However, Grayscale plans to lower fees upon conversion to an ETF, although specific figures have not been provided.Related: BlackRock’s misguided effort to create ‘Crypto for Dummies’The conversion is subject to SEC approval. Grayscale recently won a legal case against the SEC, paving the way for spot Bitcoin ETF approval. Simultaneously, the SEC extended its decision-making period on ARK 21Shares Bitcoin ETF.Bitcoin ETF approval would be a significant step towards mainstream crypto acceptance. The court ruling questions the SEC's sole authority over digital assets, suggesting other entities like courts and Congress can influence crypto regulations. This could lead to wider crypto acceptance, making Bitcoin investing more accessible and regulated, attracting more capital to the crypto market.The potential approval could also have geopolitical implications, setting a precedent for other countries and accelerating global adoption of cryptocurrencies.Of course, numerous hurdles remain, notwithstanding the court's ruling. But it signified progress, and rewards await those ready to embrace change.Constantin Kogan is a co-founder of BullPerks and GamesPad, a partner at BitBull Capital, the founder of Adwivo, and a former managing director at Wave Financial. He holds a Ph.D. in sociology from National Pedagogical Dragomanov University in Kyiv, a master’s degree in education, and is fluent in five languages (English, Russian, Ukrainian, French, and Hebrew). He’s been a blockchain technology enthusiast and investor since 2012.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. 

Bitcoin ETFs: A $600 billion tipping point for crypto

With the leading cryptocurrency Bitcoin rebounding from the $26000 psychological support, the ETH price witnessed an increase in buying pressure. This second-largest crypto coin has been rising for five consecutive days and recorded a 5.5% gain. Amid this rally, the coin price breached a two-month-long resistance trendline as a signal of trend reversal. Also Read: 
The post ETH Price Breaks 75 Days Resistance; Is $1800 on the Horizon? appeared first on CoinGape.

ETH Price Breaks 75 Days Resistance; Is $1800 on the Horizon?

Concerns over manipulation by malicious players have sparked discussions around a potential shift from oracles to oracle-less protocols.

As oracle networks cause rising concerns, what’s next?


                    
                    According to Polygon, “the same infrastructure used to power YouTube and Gmail” will help secure its network.
                    Polygon Labs announced on Sep. 29 that Google Cloud has joined the Polygon PoS network as a validator. Google Cloud joins more than 100 other validators verifying transactions on its L2 Ethereum network. This month, @GoogleCloud became part of the decentralized validator set for Polygon PoS.The same infrastructure used to power @YouTube and @gmail is now helping to secure the fast, low-cost, Ethereum-for-all Polygon protocol.With 100+ validators securing the Polygon PoS…— Polygon (Labs) (@0xPolygonLabs) September 29, 2023

Per a post from Polygon Labs on the X platform announcing the partnership: “The same infrastructure used to power YouTube and Gmail is now helping to secure the fast, low-cost, Ethereum-for-all Polygon protocol.”Validators on the Polygon network help secure the network by operating nodes, staking MATIC, and participating in proof-of-stake consensus mechanics. Separately, learn more about our work in the blockchain space, in an ongoing strategic collaboration with @0xPolygonLabs https://t.co/r6yAtUSXEc— Google Cloud Singapore (@GoogleCloud_SG) September 29, 2023

The Google Cloud Singapore account confirmed on X that Google Cloud was “now serving as a validator on the Polygon PoS network,” adding that it would be “contributing to the network's collective security, governance, and decentralization alongside 100+ other validators.”Image source: Polygon StakingWhile many of the validators are anonymous, as Cointelegraph recently reported, Google Cloud joins Germany's Deutsche Telekom, one of Europe’s largest telecommunications firms, on the Polygon network. For its part, Google Cloud describes its relationship with Polygon Labs as “an ongoing strategic collaboration.” Alongside the announcement that it would be joining the network as a validator, Google Cloud APAC also released a YouTube video titled “Polygon Labs is solving for a Web3 future for all.”Polygon Labs recently launched its “Polygon 2.0” initiative to update the Polygon network. As Cointelegraph reported, “Phase 0,” the current phase, features three Polygon Improvement Proposals (PIPs), PIPs 17-19. PIP 17 involves the transition from MATIC to new token POL, whilst PIPs 18 and 19 address supporting endeavors such as the technical description of POL and updating gas tokens. According to Polygon, these changes are slated to begin taking place in Q4 2023. Related: Google Cloud adds 11 blockchains to data warehouse ‘BigQuery’

Google Cloud is now a validator on the Polygon network

Bitcoin’s price has seen limited action recently, consistently hovering around the $26,000 mark. Consequently, the cryptocurrency market space is rife with uncertainty. Significantly, amid this relative calm, Rekt Capital, a […]
The post Bitcoin’s Stagnancy Could Signal an Upcoming Surge: Insights from Rekt Capital appeared first on BitcoinWorld.

Bitcoin’s Stagnancy Could Signal an Upcoming Surge: Insights from Rekt Capital

The new Altcoin Buzz Crypto Quiz, Do You Even Crypto!? tests the wits of industry experts. See if you can  keep up with their trivia knowledge for all things cryptocurrency, NFTs, altcoins and blockchain!

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Did Boxmining Guess this Meme Coin Logo? Do You Even Crypto?! - Episode 5

Judge Lewis Kaplan's ruling on Thursday denied the third attempt from Sam Bankman-Fried's defense team to have the FTX founder released during the trial into custody. CoinDesk's global policy and regulation managing editor Nikhilesh De breaks down the latest legal developments.

Will FTX's Sam Bankman-Fried Stay in Jail During His Trial?

Unlock the secrets of crypto success with this insightful video! Discover how to find the next 100x crypto gem, explore a 3-point 100x strategy, and understand what makes a 100x project. Dive into real case studies with Solana and Matic (Polygon), plus, learn how to achieve 100x through mining and even in a bear market. Dive deep into crypto quality, tokenomics, and valuation. Plus, get an in-depth analysis of Injective Protocol vs. Sei Network. Don't miss the speaker's personal 100x pick!

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Introduction - 0:00-1:25
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Solana 1000x Case Study - 4:34-6:46
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How to Make 100x in Bear Market? - 11:59-16:16
About Crypto Quality - 16:17-17:52
About Crypto Tokenomics - 17:53-19:20
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Injective Protocol vs Sei Network Analysis - 24:16-34:24
My 100x Pick - 34:25-39:59
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