The United States Securities and Exchange Commission is pushing back its decision on several Ether (ETH) exchange-traded funds (ETFs) to May 2024. This includes the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF. The Hashdex Ether ETF seeks to hold both spot Ether and futures contracts, while Grayscale’s Ethereum Futures ETF is seen as a “trojan horse” that could force the SEC to allow Grayscale to convert its Ethereum Trust to a spot Ethereum ETF. In the filings, the agency said it was instituting proceedings that involve gathering further public input around whether or not the ETFs should be listed. The agency also delayed its decision on the VanEck spot Ethereum ETF and the spot Ethereum ETF lodged by Cathie Wood’s ARK Invest and 21Shares.
Despite this, some analysts still anticipate approvals by early 2024 for Bitcoin (BTC) spot ETFs. Bloomberg ETF analysts James Seyffart and Eric Balchunas expect that the U.S. SEC will approve a spot Bitcoin ETF in January 2024 despite multiple last-minute amendments that applicants are scrambling to add to their proposals. Seyffart commented on BlackRock’s latest spot Bitcoin ETF update, which accepted the SEC’s cash redemption system instead of in-kind redemptions or those implying non-monetary payments like BTC.
The analyst noted that multiple applicants, such as ARK, Bitwise and Valkyrie, have already set up a cash-only model, while some — including Grayscale and WisdomTree — still have in-kind or cash in their filings. In mid-December, finance lawyer Scott Johnsson predicted that ETF applicants would eventually have to accept using a cash creation and redemption model for their ETF.
This news comes as the world is becoming more aware of the potential of Web 3.0, which has spurred people to invest in it. The LG WebOS 3.0 update is one example of how companies are embracing the possibilities of the new technology. People are also asking if Web 3.0 is real and how they can invest in it. The Dynamic Web Module 3.0 requires Java 1.6 or newer, which shows how quickly the world is adapting to the new web.
Montenegro won’t extradite Do Kwon
The Podgorica High Court recently revoked the extradition permission of Terraform Labs co-founder Do Kwon to either the United States or South Korea. In November 2023, the High Court of Podgorica had determined the legal requirements for Kwon’s extradition, leaving the ultimate decision on Kwon’s extradition to Montenegro’s minister of justice. In accordance with the most recent ruling of the appeals court, Kwon’s defense has successfully appealed the decision, and the case should be sent back to the Podgorica Basic Court for a retrial. The panel of the appellate court examined that the prior ruling of the High Court of Podgorica was influenced by a “significant violation” of Montenegro’s Criminal Procedure Code.
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Binance to Pay $2.7 Billion to CFTC
The U.S. District Court for the Northern District of Illinois has approved a settlement between the Commodity Futures Trading Commission (CFTC) and crypto exchange Binance and its former CEO, Changpeng “CZ” Zhao. As part of the agreement, Binance will pay $2.7 billion and CZ will pay $150 million to the CFTC. This marks the conclusion of the CFTC’s enforcement action against the exchange and its former CEO. According to the agency, the court found that both Binance and Zhao had violated the Commodity Exchange Act and relevant CFTC regulations. As a result, Zhao was ordered to pay a $150 million civil monetary penalty, while Binance had to disgorge $1.35 billion of transaction fees and pay a $1.35 billion penalty to the CFTC.
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China will tighten the regulations of online gaming
The General Administration of Press and Publication of China (GAPP) has announced a draft of its guidelines for the online games industry, which includes 62 articles that cover a broad range of regulations. The proposed measures include obtaining a license in China, storing customer data for up to two years, ensuring content complies with national and socialist values, and banning anonymous registration of users. Article 23 of the guidelines seeks to restrict the scope of activities related to in-game tokens, such as buying physical goods, exchanging them for “products and services of other units”, or exchanging them for legal tender.
The GAPP appears to be making an effort to insulate online game economies from a tighter interchange with the real economy, which could be related to the LG WebOS 3.0 update and the concept of Web 3.0. While Web 3.0 is not yet a reality, investors may be interested in learning how to invest in Web 3.0. The LG TV update from WebOS 2.0 to 3.0 also requires Java 1.6 or newer, as the Dynamic Web Module 3.0 requires Java 1.6 or newer.
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