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TLDR
- Discussions about a U.S. Bitcoin ETF are progressing, hinting at potential approval. BlackRock and Bitwise have revised their ETF applications to the SEC.
- Bitcoin developer Luke Dashjr suggests stopping Ordinals, leading to debates within the community. A U.S. Space Force member emphasizes the strategic value of Proof of Work systems.
- Lugano now allows tax payments in Bitcoin. El Salvador launches a visa program based on cryptocurrency. Binance is dealing with legal issues and changes in its reserves.
The U.S. is getting closer to potentially having its first Bitcoin ETF. There are ongoing detailed talks between U.S. regulators and those wanting to launch Bitcoin ETFs, showing serious progress.
These talks are very specific, suggesting a big decision might happen soon. ARK’s application is especially important, with a key decision due by January 10th.
These in-depth talks mean the SEC might soon approve a Bitcoin ETF, which could open doors for others waiting their turn.
At the same time, major players like BlackRock and Bitwise are busy too. They’ve recently updated their applications for a Bitcoin Spot ETF with the SEC, showing they’re working hard to meet rules and regulations.
These new applications are likely based on deep discussions with the SEC, showing they’re serious about following the rules.
In the world of Bitcoin technology, a recent idea from developer Luke Dashjr to turn off a feature called Ordinals has caused a lot of discussion. Dashjr pointed out a weakness in Bitcoin Core that Ordinals uses, which he says leads to unnecessary data on the blockchain.
His plan to address this in the next update of Bitcoin Knots has got people talking and shows how balancing new tech with security can be tricky in cryptocurrencies.
In an interesting development, someone from the U.S. Space Force has suggested the Department of Defense should look into the ‘national strategic importance’ of Proof-of-Work (PoW) systems, like the one Bitcoin uses.
This idea suggests PoW systems could play a big role in cybersecurity, potentially using the global power grid as a huge, energy-consuming computer to fight off cyber threats.
Lugano, a city in Switzerland, is now accepting Bitcoin and USDT for paying local taxes. This step shows how more places are using cryptocurrencies in daily life.
Lugano’s decision is part of its big “Bitcoin Plan” to include cryptocurrency in its economy.
El Salvador is also doing new things with crypto. They have started a unique visa program that combines investing in crypto with the chance to get citizenship.
This program is for up to 1,000 people each year and might bring in about $1 billion to the country. It shows El Salvador’s creative way of using crypto to grow its economy.
Binance, a well-known cryptocurrency exchange, has experienced a week of highs and lows. They recently shared their thirteenth reserve report, showing changes in how much of each cryptocurrency its users own.
In legal news, a Seattle Federal Judge accepted a guilty plea from Binance’s former CEO, CZ, as part of a big $4.3 billion settlement. Adding to the situation, a U.S. judge has ordered CZ to stay in the United States until he is sentenced, highlighting the seriousness of the legal case.
Also causing a stir, Binance’s new CEO, Richard Teng, has not revealed the location of the exchange’s main office. In times when being open and transparent is important, this secrecy is causing both curiosity and concern.
Gate, a big name in crypto, is facing claims that it gave misleading information about how much trading was happening with a new token called RATS. This situation shows the ongoing difficulty in making sure crypto trading is transparent and fair.
In a mix of crypto and traditional finance, Phoenix Group’s recent initial public offering (IPO) of $371 million on the Abu Dhabi Securities Exchange is a big deal. It shows how the worlds of crypto and regular finance are coming together more and more.
Also, Sotheby’s is about to do something new with its first Bitcoin Ordinals Art Auction, using pieces from the Bitcoin Ordinals project. This event highlights the growing interest in digital art and how Bitcoin could change the art market.
Overall, this week in the crypto world has been full of ups and downs, with legal issues, new tech, and market changes all influencing this fast-changing area.
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