Some of the biggest news in the crypto world on Oct. 12 included Grayscale suing the SEC for not approving a US physical Bitcoin ETF, and CoinCenter filing a lawsuit against the US Treasury Department. , filed a lawsuit for exceeding legal authority by banning Tornado Cash, and Arbitrium’s parent company, Offchain Labs, to lead Ethereum client Prysmatic Labs.
CryptoSlate Top Stories
Grayscale File Opening Brief On Bitcoin ETF Battle Against SEC
Grayscale Investments is seeking approval from the US Securities and Exchange Commission (SEC) for a US Bitcoin (BTC) Exchange Traded Fund (ETF). The SEC has so far rejected all of Grayscale’s attempts.
Barry Silbert, CEO of Grayscale parent company Digital Currency Group (DCG), said it would be discriminatory for the SEC to approve spot Bitcoin ETFs and allow Bitcoin futures ETFs. But said it was time to sue the SEC, arguing that not allowing spot ETFs would be discriminatory.
Coin Center Sues US Treasury for Tornado Cash Sanctions
Coin Center has filed a lawsuit against the U.S. Treasury Department, alleging that it exceeded Tornado Cash’s (TORN) legal authority by banning a protocol that protects the privacy rights of U.S. citizens.
The lawsuit states:
“As a result of the Biden administration outlawing Tornado Cash, these donors are less likely to donate to Coincenter. They are effectively prohibited from engaging in expressive advocacy.” .”
Arbitrium’s Offchain Labs Acquires Major Ethereum Client
Arbitrium’s parent company, Offchain Labs, has announced that it has acquired core Ethereum (ETH) development team, Prysmatic Labs.
Prysmatic Labs is behind Prysm, the premier consensus layer client for Ethereum, the pioneering Ethereum PoS client for Ethereum Merge.
21Shares Spot Bitcoin ETP Goes Live on Nasdaq Dubai
21Shares, a crypto exchange traded product (ETP) issuer, has listed the first physically backed Bitcoin ETP on NASDAQ Dubai. The new ETP trades under the ticker ABTC.
With ABTC, 21Shares has increased its ETP products to 46, listed on 12 exchanges in 7 countries.
TRON Becomes Legal Tender in Dominica
Dominica has announced the creation of a Tron (TRX) certified digital currency on the Caribbean island. New adoption also includes all TRON-based native tokens such as BTT, JST, NFT, USDD, USDT, TUSD.
The news was announced by TRON CEO Justin Sun on his Twitter account.
It’s official!all #Tron Ciphers containing #TRX #BTT #JST #NFTs #USDD #USDT #TUSD Granted statutory status as an approved digital currency and medium of exchange in the Dominican Republic, effective October 7, 2022 🇩🇲 https://t.co/p97zJkzhUe pic.twitter.com/kbejwXrkXt
— HE Justin Sun 🌞🇬🇩🇩🇲🔥 (@justinsuntron) October 12, 2022
Polygon Powers New Indian Police Complaint Portal
Police in the Firozabad region of India have used Polygon (MATIC)’s blockchain to develop a web portal that citizens can use to report crimes.
The portal is public and can be accessed via the policecomplainttonblockchain.in address. This portal allows citizens to report crimes in an immutable and transparent manner. This also means that reported crimes cannot be deleted or edited.
Bitcoin Amsterdam panel sheds light on unfixable debt-based systems
The 3-day Bitcoin Amsterdam event started on October 12th. At the first panel session, participants agreed that debt-based systems are inherently flawed and unable to solve inflation.
Panelists agreed that Bitcoin offers an alternative system that is the exact opposite of traditional methods and is much more capable of combating existing financial woes.
STEPN lays off over 100 staff
Walk-to-earn platform STEPN (GMT) has announced it will lay off over 100 staff members, including mods and ambassadors. The company cited bear market conditions as the reason for the contraction.
STEPN’s parent company, Find Satoshi Lab, has also decided to redirect its investment to STEPN to facilitate future projects such as the new NFT exchange platform.
Crypto.com invests €150 million in France
Leading exchange Crypto.com has announced that it has invested €150 million in France, expanding in the region and establishing a regional headquarters in France.
The exchange is focused on expanding globally and has already obtained the necessary licenses to operate in Singapore, Italy and Cyprus.
Survey: Whale Selling At 3rd Most Aggressive Rate In BTC History
CryptoSlate analysts have examined the Cumulative Trend Score (ATS), revealing this to be the third most aggressive dumping by a Bitcoin whale in cryptocurrency history.
ATS is a metric that measures the behavior of different wallet cohorts and indicates the relative strength of each entity’s accumulation. If it is close to 1, it indicates that the entity is accumulating. Close to 0 means the groups are spread out.
ATS shows that whales will be net sellers for most of 2022, especially recently. Shrimp, on the other hand, are actively accumulating.
News around Cryptoverse
nxyz reaches $40 million in Series A funding
Web3 data infrastructure provider nxyz has announced it has raised $40 million in a Series A funding round. The round was led by Paradigm, Coinbase Ventures, Sequoia Capital, Greylock Partners and others.
Bitcoin (BTC) rose 0.72% to reach $19,152 over the past 24 hours, while Ethereum (ETH) also rose 1.25% to trade at $1,298.