World’s largest asset manager BlackRock filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for its ether-based ETF, called the iShares Ethereum Trust. This move follows last week’s corporate registration of that name and Nasdaq’s filing seeking approval for the spot ETF. Meanwhile, the SEC has punted again on a decision to approve Grayscale to convert a bitcoin trust into an ETF as well as Hashdex’s plan to convert an existing bitcoin futures ETF into a spot vehicle. ARK Invest CEO Cathie Wood, for her part, said the SEC’s dalliance can be explained by Gary Gensler’s political ambitions. Finally, crypto asset manager CoinShares said it secured an exclusive option to buy Valkyrie Investments’ ETF unit.
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The Montenegro High Court has “rejected as unfounded the appeals of” Terra founder Do Kwon, who was recently handed a four-month prison sentence over charges of falsifying documents, according to a Thursday statement. Do, the creator of the UST stablecoin, which exploded in a spectacular fashion in early 2022, was on the run from investigators in the U.S. and South Korea when apprehended in the Balkan country along with another Terraform employee.
DOGE to the Moon
Plans to send dogecoin to the moon may finally be made good, with space payload company Astrobotic planning to send a physical DOGE token aboard the DHL Moonbox via a Vulcan Centaur Rocket in late December 2023. Astrobotic’s Peregrine Mission One is carrying cargo from governments, companies, universities and NASA’s Commercial Lunar Payload Services (CLPS) initiative. The plan is being funded by money set aside by the Dogecoin “community in 2015.” The same rocket will also be carrying a physical bitcoin token in an initiative planned by crypto exchange BitMEX, which was announced in May, and copy of Bitcoin’s genesis block, commissioned by Bitcoin Magazine. An earlier plan to send DOGE to moon via SpaceX has been postponed to 2024.
Vivek’s Plan
Presidential hopeful Vivek Ramaswamy has revealed details of his crypto plan that aims to protect core aspects of the industry. In a document shared to CoinDesk on Thursday, the republican pharmaceutical entrepreneur said he would defund and dismantle most of the U.S. regulatory apparatus, declaring in particular that the SEC has no jurisdiction over crypto. He plans to fire 50% of the federal workforce on the first day of the job, if elected. The plan is set for public release at the North American Blockchain Summit in Texas, though one of Ramaswamy’s policy positions is to “order the Federal Reserve to grant stablecoin issuers the same access to Fed facilities that incumbent banks enjoy.”
Confused by crypto taxes? CoinDesk rounds up expert opinion and analysis on new IRS reporting requirements, what you should be paying in taxes, how to avoid paying too much, and what to do if you are unsure, sponsored by TaxBit.
“If the broker rule proceeds as is, it will surely spell the near-total collapse of the crypto industry in the United States,” writes Blockchain Association CEO Kristin Smith…
The Takeaway: Heading to Asia
(Larry Teo/Unsplash)
Azeem Khan is the head of impact at Gitcoin.
Returning from Token2049 in Singapore, my perceptions have been profoundly reshaped. What truly astounded me was the depth and dynamism of the Asia-Pacific (APAC) region in the Web3 realm.
While the United States and Europe often dominate the global crypto conversation, I’d always sensed that APAC held more than met the eye. Still, experiencing its intricacies firsthand blew me away.
Far from a monolithic entity, APAC has emerged as a kaleidoscope of unique cultures, each with its distinct contribution to the evolving Web3 narrative, often challenging and complementing Western perspectives. As the digital landscape continues to unfold, a deepened appreciation of these diverse cultures is essential to foster genuine global collaborations.
The crypto industry is an events industry these days. While on the events circuit I started to see the same people at each conference almost everywhere I go. No offense to any of those people, but it just wasn’t making sense. I started to ask myself what was the value in going to places where there was no new business to be won?
If all we’re doing is spending time talking to the same people we know from North American and Western Europe at each of these places, giving emphasis only to them when it comes to attending events, then are we actually going to get anything done?
Attending an event in a new part of the world is a quick way to approach a new frontier making strides in Web3 — and a way to accomplish new things personally. At the end of the day, this is what we in crypto should all be doing: stepping outside our comfort zones and encountering firsthand all the ways crypto is and can be used.
There were certainly speed bumps to attending the event in Singapore. Many of my counterparts weren’t planning on going. This dismissal sometimes, not always, seemed xenophobic — it definitely felt like there’s a part of our industry that looks at what’s happening in the East as if it’s subpar. This didn’t make sense to me before I attended Token2049, and it definitely doesn’t after.
Speaking as a typical Westerner, it’s easy to write off the distinct cultures that comprise the Asia–Pacific (APAC) region. Talking to people from there showed me just how important it is to be on the ground, getting a chance to meet real people and actually learn from different perspectives.
The region deserves dedicated focus and attention. It boasts builders, capital and users all waiting to dive first into Web3.
In Singapore, I’d would have never guessed we were in the middle of a bear market. No one was talking about what the prices were for any tokens, and were instead just excitedly talking about the new projects they’re either working on or investing in. And that’s the kind of spirit we’re going to need to carry us into whenever the next bull market might be.
What Singapore taught me more than anything else was to keep following my intuition of going where the excitement is. The reality is Web3 isn’t being built in North America and Western Europe only. It’s a global movement and we’ve got to be willing to immerse ourselves in its entirety if we’re to actually win. And to do that we need to properly embrace the multidimensional powerhouse that is the APAC region.
There are people innovating in ways we’re not even paying attention to that are working on the exact things to help us bring this technology to the mainstream. My impression is that this space is not about isolation and superiority but instead about interconnectedness.
The future of Web3 is as diverse as the world itself. True progress in this space is not about keeping to familiar terrains or resting on past laurels. It’s about bridging gaps, understanding nuances and fostering global collaborations. Returning from Singapore, I carry not just memories but a renewed commitment: to seek out innovation, to continuously learn and to champion the essence of Web3. Its universality.
Whether in North America, Europe or any corner of the APAC, the heart of crypto beats in its collective ambition, its shared dreams and its boundless potential. So, if you’re looking for me I’ll probably be somewhere in an Asian country near you.
When the crypto industry began its rapid rise in 2017, CoinEx founder Haipo Yang found himself with a choice. Although he had designed CoinEx with the value of simplicity in mind, the rapid expansion of the industry has suddenly made it possible to create a product with a level of complexity previously unimagined.
So this was his choice: He could build something for the expert, the crypto junkie who was already deeply immersed. Or, he could stick with his original values and build something for everyone. He could design for simplicity. Continue Reading
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