29 May

The three ETPs to be listed on the Bourse will give investors exposure to bitcoin and ether. The third product is a “short bitcoin” ETP. So far, 21Shares has listed crypto ETPs in Switzerland, Germany and Austria. Due to investor demand, the investment firm is now expanding its range to France.

On the same day, New York-based investment management firm VanEck will be listing two bitcoin and ether ETPs on the Euronext stock exchanges in Amsterdam and Paris.

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The Series A will help Set decentralize its protocol and grow its lineup from four to as many as 20 multicoin investment vehicles.

What we aim to be is the BlackRock of crypto.

To get there, Set has homed in on portfolio development. Its protocol allows users to gain exposure to many coins, usually bundled thematically, by purchasing a single token. There’s the UNI-heavy DeFi Pulse Index, the Metaverse Index long on tokens from virtual worlds and a pair of leveraged products.

Think of them as crypto-native exchange-traded funds (ETFs). Everything is non-custodial.”

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Bitcoin (BTC) failed to sustain moves above $40,000 resistance on Thursday as the broader uptrend weakens. The cryptocurrency was trading around $36,000 at the time of writing and upside appears limited into the weekend.

A bearish trend reversal is on watch after months of slowing momentum, consolidation and a downside break below $50,000 and $40,000.”

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“When inflation is high enough that consumers prefer to minimize cash holdings, the cost of establishing and securing a new digital currency system is low, and the platform’s market share is sufficiently large, then it is optimal for the platform to issue its own currency.

As an example from the paper cited in the brief, for Amazon to turn a profit from issuing and accepting only its own digital currency, interest rates would need to be above 11%, or the retail giant would need a much larger market share. The authors’ model also suggests that high regulatory costs in the U.S. would dissuade platforms from such an issuance.

For companies, the authors say that a key benefit is seigniorage revenue – the profit from selling the digital currency. It also cites loyalty benefits, data harvesting and lower settlement risk as reasons for companies to issue their own tokens.

Historically, this revenue has been reserved for sovereign nations, which have long held a monopoly on money creation.

Examining whether regulators should be worried about private digital currencies, the authors point out that company decisions are based on profit, not benefits for society, and their digital currencies could circulate outside the platform to compete with sovereign currencies.

“The SEC’s complaint charges promoters including U.S.-based Trevon Brown (aka Trevon James), Craig Grant, Ryan Maasen and Michael Noble (aka Michael Crypto) with violating the registration provisions of federal securities laws. The complaint also charges U.S.-based Joshua Jeppesen with aiding and abetting Bitconnect’s offer and sale of securities.

We allege that these defendants unlawfully sold unregistered digital asset securities by actively promoting the Bitconnect lending program to retail investors. We will seek to hold accountable those who illegally profit by capitalizing on the public’s interest in digital assets.

According to the complaint, the promoters received commissions based on their success in soliciting funds. The complaint seeks injunctive relief, disgorgement plus interest and civil penalties. While no criminal complaints were filed, the FBI has been investigating Bitconnect for the last three years.

“The budget published Friday, the first from the Biden administration, includes two proposals that would give the Treasury Department additional requirements around what type of information financial institutions must report to the Internal Revenue Service (IRS) or other Treasury sub-departments.

The first proposal would “expand the scope of information reporting by brokers” by allowing them to share information across different jurisdictions that have partnered with the U.S. The proposal would take effect for returns filed after Dec. 31, 2022, according to the document.

The second proposal would require financial institutions to report data on user accounts with a breakdown on different types of transfers above a de minimis threshold of $600.”

“According to a report by decentralized app marketplace DappRadar, the average number of NFT sales rose almost 300%, from 21,815 per day in January, to 82,373 in May (so far). This number rose even higher as crypto prices started to plummet on May 12, with sales surging to almost 94,000 NFT transactions a day.

Although the number of trades has increased, the value per trade took a hit immediately as crypto prices started to drop. The first 11 days of May saw an average of $14.9 million traded daily, however, since then, the volume dropped to under $6 million per day. Many NFT owners appear willing to take a loss this month with the average token sale price dropping from $180 to $70.”

“The NNS has been the subject of criticism, with users expressing concerns regarding the centralization of voting power, the closed-course and patented code underpinning the protocol, a lack of transparency regarding data collection, and the single point of failure created by the NNS’ design.

Some have expressed qualms about NNS voting rights accruing over time, fearing that the system guarantees Dfinity’s foundation and its early backers will maintain centralized control over the network in the future.

The end goal is that the Internet Computer is fully decentralized and not controlled by DFINITY or anybody else.

Critics have also estimated that as much as 74% of the ICP token’s supply could be centralized among “private interests” including the project’s team, investors, and advisors. Nick from the Dfinity Foundation countered the claim, asserting that only 24.72% of supply is held by seed donors.”

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