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Steven Cohen's Point72 Also an Owner of Bitcoin Via Spot ETFsSteve Cohen's Point72 held $77.5 million of the Fidelity Wise Origin Bitcoin Fund in the first quarter. Point72 joins several other hedge funds who have disclosed allocations into the spot bitcoin ETFs. Point72, the $34 billion hedge fund of billionaire and owner of the New York Mets, Steven Cohen, held $77.5 million of the Fidelity Wise Origin Bitcoin Fund (FBTC) as of the close of the first quarter, according to a filing. This follows several other hedge funds who have disclosed that they purchased shares of the spot bitcoin exchange-traded funds, including Paul Singer's Elliott Capital and Izzy Englander’s Millennium Management, with the latter being the biggest institutional holder of the new funds with roughly $2 billion as of March 31. Out of the top 25 hedge funds in the U.S., 13 of them bought into the ETFs in the first quarter, according to data compiled by bitcoin brokerage firm River. Among them, in addition to the names mentioned earlier, were Fortress Investment Group and Schonfeld Strategic Advisors. While hedge fund purchases of the spot ETFs might be a long-term bet on "number go up," these vehicles could be bought for other reasons, market making, hedging, yield generation, or for a short-term flip, to name a few.

Steven Cohen's Point72 Also an Owner of Bitcoin Via Spot ETFs

Steve Cohen's Point72 held $77.5 million of the Fidelity Wise Origin Bitcoin Fund in the first quarter.

Point72 joins several other hedge funds who have disclosed allocations into the spot bitcoin ETFs.

Point72, the $34 billion hedge fund of billionaire and owner of the New York Mets, Steven Cohen, held $77.5 million of the Fidelity Wise Origin Bitcoin Fund (FBTC) as of the close of the first quarter, according to a filing.

This follows several other hedge funds who have disclosed that they purchased shares of the spot bitcoin exchange-traded funds, including Paul Singer's Elliott Capital and Izzy Englander’s Millennium Management, with the latter being the biggest institutional holder of the new funds with roughly $2 billion as of March 31.

Out of the top 25 hedge funds in the U.S., 13 of them bought into the ETFs in the first quarter, according to data compiled by bitcoin brokerage firm River. Among them, in addition to the names mentioned earlier, were Fortress Investment Group and Schonfeld Strategic Advisors.

While hedge fund purchases of the spot ETFs might be a long-term bet on "number go up," these vehicles could be bought for other reasons, market making, hedging, yield generation, or for a short-term flip, to name a few.
ترجمة
Does the SAB 121 Vote Mean Anything for Future Crypto Legislation?The U.S. Senate joined the House of Representatives in voting to repeal a controversial U.S. Securities and Exchange Commission (SEC) accounting rule that imposed burdensome capital requirements on crypto custodians. That’s a relatively big deal, considering the so-called Staff Accounting Bulletin, a.k.a. SAB 121, was one of the few things the crypto and banking industries have been aligned in opposing. Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates. This is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond. You can subscribe to get the full newsletter here. Unfortunately however, the legislative measure is now heading to the desk of President Joseph Biden, who has vowed to veto it in a show of solidarity with the SEC. Although a number of high profile Democrats, including New York Sen. Chuck Schumer, voted in favor of overturning the bulletin, the Senate’s 60 to 38 vote on Thursday failed to cross the threshold to override a presidential veto. It’s hard to read the tea leaves of the vote, which almost suggests something of a realignment among legislators willing to pass decent crypto regulations (or at least repeal the bad). Then again, there are a number of reasons why it’d make sense to ditch SAB 121, not the least of which is that the nonpartisan Government Accountability Office found the SEC forced it through without proper congressional oversight. Of course, perennially antagonistic crypto skeptic Sen. Elizabeth Warren voted to keep the rule in place, arguing “The unique risks of crypto can create liabilities that seriously impact a company's financial condition. SAB 121 simply clarifies how companies should account for those risks in their financial disclosures.” But still, is the bipartisan support a good sign for other legislative efforts, like the proposed stablecoin and market structure bills under consideration? Views are split: “Hate to be a downer here, but I don't think D support to rescind crypto accounting rule means a veto won't happen. I think the D 'ayes' on the anti-SBA 121 vote were cast because they know the White House is going to veto it. It's the cart, not the horse,” James Wester, director of crypto and co-head of payments at Javelin, said on X. Apparently it’s easier to vote for something you know will ultimately get showdown? Meanwhile, Columbia Business School associate professor Austin Campbell said that Thursday’s vote proves that crypto is bipartisan. “This is a American issue, not a partisan one,” he said. See also: Will Biden Get the Final Say Over a Controversial Crypto Rule? | Opinion Whatever the case, it is worrying how precarious crypto legislation is. A rule that two pluralities vote in favor of, that is widely criticized by industry actors and has even been called “idiotic” by knowledgeable actors like Nadine Chakar, often called one of the most important women in finance who helped found State Street Digital and is now running DTCC’s crypto unit, (and who is speaking at Consensus 2024), will likely remain in place. This isn’t even just purely an academic issue, because the SAB 121 – though technically “nonbinding” – is already having an effect on financial institutions ability to enter into the crypto custody business, according to an open letter signed by the Bank Policy Institute (BPI), American Bankers Association (ABA), Financial Services Forum (FSF) and the Securities Industry and Financial Markets Association (SIFMA) in February. See also: Crypto Industry Rallies Behind U.S. House Bill As it Heads to Final Vote I mean, this is a bit of a counterfactual, but how far advanced would sectors like stablecoins and interbank blockchain rails be had clear regulations been written years ago? It seems trivially true that regulatory uncertainty (and more recently, hostility) has prevented firms from experimenting with crypto. For instance, certainly some big custodians would be interested in custodying all that ETF bitcoin, as Fortune’s Jeff John Roberts recently wrote. It’s interesting that 12 Dems in the Senate could come together to help vote down a harmful rule, but I’m not sure the SAB 121 story is really all that encouraging.

Does the SAB 121 Vote Mean Anything for Future Crypto Legislation?

The U.S. Senate joined the House of Representatives in voting to repeal a controversial U.S. Securities and Exchange Commission (SEC) accounting rule that imposed burdensome capital requirements on crypto custodians. That’s a relatively big deal, considering the so-called Staff Accounting Bulletin, a.k.a. SAB 121, was one of the few things the crypto and banking industries have been aligned in opposing.

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates. This is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond. You can subscribe to get the full newsletter here.

Unfortunately however, the legislative measure is now heading to the desk of President Joseph Biden, who has vowed to veto it in a show of solidarity with the SEC. Although a number of high profile Democrats, including New York Sen. Chuck Schumer, voted in favor of overturning the bulletin, the Senate’s 60 to 38 vote on Thursday failed to cross the threshold to override a presidential veto.

It’s hard to read the tea leaves of the vote, which almost suggests something of a realignment among legislators willing to pass decent crypto regulations (or at least repeal the bad). Then again, there are a number of reasons why it’d make sense to ditch SAB 121, not the least of which is that the nonpartisan Government Accountability Office found the SEC forced it through without proper congressional oversight.

Of course, perennially antagonistic crypto skeptic Sen. Elizabeth Warren voted to keep the rule in place, arguing “The unique risks of crypto can create liabilities that seriously impact a company's financial condition. SAB 121 simply clarifies how companies should account for those risks in their financial disclosures.” But still, is the bipartisan support a good sign for other legislative efforts, like the proposed stablecoin and market structure bills under consideration?

Views are split:

“Hate to be a downer here, but I don't think D support to rescind crypto accounting rule means a veto won't happen. I think the D 'ayes' on the anti-SBA 121 vote were cast because they know the White House is going to veto it. It's the cart, not the horse,” James Wester, director of crypto and co-head of payments at Javelin, said on X. Apparently it’s easier to vote for something you know will ultimately get showdown?

Meanwhile, Columbia Business School associate professor Austin Campbell said that Thursday’s vote proves that crypto is bipartisan. “This is a American issue, not a partisan one,” he said.

See also: Will Biden Get the Final Say Over a Controversial Crypto Rule? | Opinion

Whatever the case, it is worrying how precarious crypto legislation is. A rule that two pluralities vote in favor of, that is widely criticized by industry actors and has even been called “idiotic” by knowledgeable actors like Nadine Chakar, often called one of the most important women in finance who helped found State Street Digital and is now running DTCC’s crypto unit, (and who is speaking at Consensus 2024), will likely remain in place.

This isn’t even just purely an academic issue, because the SAB 121 – though technically “nonbinding” – is already having an effect on financial institutions ability to enter into the crypto custody business, according to an open letter signed by the Bank Policy Institute (BPI), American Bankers Association (ABA), Financial Services Forum (FSF) and the Securities Industry and Financial Markets Association (SIFMA) in February.

See also: Crypto Industry Rallies Behind U.S. House Bill As it Heads to Final Vote

I mean, this is a bit of a counterfactual, but how far advanced would sectors like stablecoins and interbank blockchain rails be had clear regulations been written years ago? It seems trivially true that regulatory uncertainty (and more recently, hostility) has prevented firms from experimenting with crypto. For instance, certainly some big custodians would be interested in custodying all that ETF bitcoin, as Fortune’s Jeff John Roberts recently wrote.

It’s interesting that 12 Dems in the Senate could come together to help vote down a harmful rule, but I’m not sure the SAB 121 story is really all that encouraging.
ترجمة
Solana's SOL Could Hit $200 By Month End, Hedge Fund Founder SaysSolana's SOL hit its highest price in a month Friday outperforming most crypto majors. The token is "still the best trade this cycle," and could reach $200 by the end of May, Syncracy Capital co-founder said. Solana's native token {{SOL}} has been leading the recent rebound in cryptocurrency prices, outperforming most digital asset majors, and could soon target new cycle highs. SOL hit $170 on Friday, its highest price in more than a month, before slightly retreating to $166 recently. It has advanced nearly 7% over the past 24 hours and is now up more than 40% from the crypto market's local bottom in early May, while BTC sank to $56,000. On the weekly timeframe, solana's 17% gain was the most among the members of the broader crypto market benchmark CoinDesk 20 Index (CD20), only behind Chainlink's {{LINK}} benefitting from news of a fund tokenization pilot partnership. "Strength on SOL has been incredible on this bounce," Daniel Choung, co-founder of digital asset hedge fund Syncracy Capital, said in an X post. "Very clear this is still the best trade of this cycle." Choung said he's increasingly "confident" that SOL could retake the $200 level by the end of the month and target new record highs "soon." SOL reached its $260 all-time high in November 2021 at the peak of the previous bull cycle. Strength on $SOL has been incredible on this bounce - very clear this is still the best trade of this cycle.Much more confident here on ability for SOL to reclaim $200.Frankendancer on the horizon, which paves the way to Firedancer upgrade.ATHs soon. https://t.co/BTKe6uDgpB — Daniel Cheung (@HighCoinviction) May 17, 2024 Solana is benefitting from multiple catalysts, including bustling meme coin trading, strong stablecoin volumes and decentralized finance (DeFi) activity. Choung cited incoming network upgrades are paving the way for the highly anticipated Firedancer, a secondary chain client developed by Jump Crypto that aims to improve the network's performance. There's also an "increasingly growing interest in shared cryptoeconomic security" – usually referred to as restaking – arriving to the ecosystem, David Shuttleworth, research partner at Anagram, said in an X direct message. Read more: Restaking 'Gold Rush' Spreads to Solana From Ethereum, With Jito and Others Joining In

Solana's SOL Could Hit $200 By Month End, Hedge Fund Founder Says

Solana's SOL hit its highest price in a month Friday outperforming most crypto majors.

The token is "still the best trade this cycle," and could reach $200 by the end of May, Syncracy Capital co-founder said.

Solana's native token {{SOL}} has been leading the recent rebound in cryptocurrency prices, outperforming most digital asset majors, and could soon target new cycle highs.

SOL hit $170 on Friday, its highest price in more than a month, before slightly retreating to $166 recently. It has advanced nearly 7% over the past 24 hours and is now up more than 40% from the crypto market's local bottom in early May, while BTC sank to $56,000.

On the weekly timeframe, solana's 17% gain was the most among the members of the broader crypto market benchmark CoinDesk 20 Index (CD20), only behind Chainlink's {{LINK}} benefitting from news of a fund tokenization pilot partnership.

"Strength on SOL has been incredible on this bounce," Daniel Choung, co-founder of digital asset hedge fund Syncracy Capital, said in an X post. "Very clear this is still the best trade of this cycle."

Choung said he's increasingly "confident" that SOL could retake the $200 level by the end of the month and target new record highs "soon."

SOL reached its $260 all-time high in November 2021 at the peak of the previous bull cycle.

Strength on $SOL has been incredible on this bounce - very clear this is still the best trade of this cycle.Much more confident here on ability for SOL to reclaim $200.Frankendancer on the horizon, which paves the way to Firedancer upgrade.ATHs soon. https://t.co/BTKe6uDgpB

— Daniel Cheung (@HighCoinviction) May 17, 2024

Solana is benefitting from multiple catalysts, including bustling meme coin trading, strong stablecoin volumes and decentralized finance (DeFi) activity.

Choung cited incoming network upgrades are paving the way for the highly anticipated Firedancer, a secondary chain client developed by Jump Crypto that aims to improve the network's performance.

There's also an "increasingly growing interest in shared cryptoeconomic security" – usually referred to as restaking – arriving to the ecosystem, David Shuttleworth, research partner at Anagram, said in an X direct message.

Read more: Restaking 'Gold Rush' Spreads to Solana From Ethereum, With Jito and Others Joining In
ترجمة
Miners Eye Middle East As Next Region for GrowthThe Biden Administration's proposed 30% tax on electricity use for digital asset mining operations is raising concerns among crypto miners that they could be priced out of operating in the U.S. market communities. Crypto miners in the United States represent over 29% of the total nodes on the Bitcoin network. But that percentage may fall if costs increase and other locations become more attractive. One emerging option is the Middle East region, where taxes tend to be lower, energy is often bountiful, and environmental regulation is generally less onerous. The Oman government has invested more than $800 million in crypto-mining operations. The UAE’s 400 megawatts of Bitcoin mining is about 4% of the global Bitcoin mining hashrate, according to data from the Hashrate Index. Migration to the energy-rich region could favor U.S miners, backers in the region claim. “Compared to the U.S., the south of Oman has a few geopolitical advantages that are unique. It is very good for connections, as it’s next to submarine cables landing. It has, low [cost] electricity, reduced political risk, and favorable weather conditions for data centers,” said Olivier Ohnheiser, CEO of Green Data City, an Oman crypto-mining firm, told CoinDesk during Bitmain’s World Digital Mining Summit in Oman at the end of March. Green Data City last year struck a $300 million deal with Phoenix Group – the largest digital asset mining firm in the UAE – to set up a 150-megawatt crypto farm in Salalah, southern Oman. The plant, for Bitcoin, Litecoin, and other POW crypto assets, is set to be completed later this year . Salalah reaches highs of 27 degrees centigrade (81 degrees F) in summer months, but that’s relatively cool compared to the rest of the Middle East), and the region has access to cool ocean water and is underpinned by Green Data City’s operational mining license. Also in 2023, Digital Marathon (MARA) and the Abu Dhabi sovereign wealth fund-backed Zero Two signed a $406 million joint venture to build the first immersion-cooled Bitcoin mining plant in the Middle East region. While temperatures in the desert are a drawback, particularly in the summer months when highs of 50 degrees centigrade are not unusual, the cooling technology allows the mining equipment to function optimally even in challenging environments. The United States’ continued regulatory crackdown on crypto business might also boost regional growth for the Middle East. Kyle Shneps, Director of Public Policy at Foundry, a U.S.-based crypto mining firm, expects a drop in crypto mining in the U.S. if the electricity tax bill is passed. “A 30% tax on the electricity used by bitcoin miners would assuredly kill the industry in the United States. It would be unprecedented to have such attacks on the electricity used, and I think. It sets a really dangerous precedent,” he said. In a similar vein, Darin Feinstein, founder of mining firm Core Scientific, believes that the bill could hurt the U.S. economy. “This is a tax question I believe. I do not believe this has any likelihood of passing, but if it did it would simply weaken the American footprint on the most important asset in our lifetime. Investment and technology would simply leave our shores for more hospitable environments,” he said. With the looming taxation bump and reduced block rewards due to the recent Bitcoin halving in April, miners are grappling with changed economics. Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO at the Phoenix Group, cites this as another factor that could influence the choices of U.S.-based miners. “At any given point of price, when you carve supply in half, the price needs to appreciate or it will be very hard for Bitcoin miners with high electricity prices or older generation machines. If this [U.S.] bill passes, some mining firms could migrate to places like the Middle East where such laws don’t exist yet,” he said. But Skybridge Capital’s Anthony Scaramucci, a former White House comms director, believes the United States remains a hotbed for digital assets, including mining. “Despite regulatory uncertainty, the U.S. offers an ecosystem that is ripe for innovation and growth, with many of the leading crypto firms and projects already here,” he told CoinDesk. If the new electricity tax bill for digital asset mining passes, U.S.-based miners have two options, cling to the U.S. market and make the numbers work, or find a new home.

Miners Eye Middle East As Next Region for Growth

The Biden Administration's proposed 30% tax on electricity use for digital asset mining operations is raising concerns among crypto miners that they could be priced out of operating in the U.S. market communities.

Crypto miners in the United States represent over 29% of the total nodes on the Bitcoin network. But that percentage may fall if costs increase and other locations become more attractive.

One emerging option is the Middle East region, where taxes tend to be lower, energy is often bountiful, and environmental regulation is generally less onerous.

The Oman government has invested more than $800 million in crypto-mining operations. The UAE’s 400 megawatts of Bitcoin mining is about 4% of the global Bitcoin mining hashrate, according to data from the Hashrate Index. Migration to the energy-rich region could favor U.S miners, backers in the region claim.

“Compared to the U.S., the south of Oman has a few geopolitical advantages that are unique. It is very good for connections, as it’s next to submarine cables landing. It has, low [cost] electricity, reduced political risk, and favorable weather conditions for data centers,” said Olivier Ohnheiser, CEO of Green Data City, an Oman crypto-mining firm, told CoinDesk during Bitmain’s World Digital Mining Summit in Oman at the end of March.

Green Data City last year struck a $300 million deal with Phoenix Group – the largest digital asset mining firm in the UAE – to set up a 150-megawatt crypto farm in Salalah, southern Oman. The plant, for Bitcoin, Litecoin, and other POW crypto assets, is set to be completed later this year . Salalah reaches highs of 27 degrees centigrade (81 degrees F) in summer months, but that’s relatively cool compared to the rest of the Middle East), and the region has access to cool ocean water and is underpinned by Green Data City’s operational mining license.

Also in 2023, Digital Marathon (MARA) and the Abu Dhabi sovereign wealth fund-backed Zero Two signed a $406 million joint venture to build the first immersion-cooled Bitcoin mining plant in the Middle East region. While temperatures in the desert are a drawback, particularly in the summer months when highs of 50 degrees centigrade are not unusual, the cooling technology allows the mining equipment to function optimally even in challenging environments.

The United States’ continued regulatory crackdown on crypto business might also boost regional growth for the Middle East.

Kyle Shneps, Director of Public Policy at Foundry, a U.S.-based crypto mining firm, expects a drop in crypto mining in the U.S. if the electricity tax bill is passed.

“A 30% tax on the electricity used by bitcoin miners would assuredly kill the industry in the United States. It would be unprecedented to have such attacks on the electricity used, and I think. It sets a really dangerous precedent,” he said.

In a similar vein, Darin Feinstein, founder of mining firm Core Scientific, believes that the bill could hurt the U.S. economy.

“This is a tax question I believe. I do not believe this has any likelihood of passing, but if it did it would simply weaken the American footprint on the most important asset in our lifetime. Investment and technology would simply leave our shores for more hospitable environments,” he said.

With the looming taxation bump and reduced block rewards due to the recent Bitcoin halving in April, miners are grappling with changed economics. Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO at the Phoenix Group, cites this as another factor that could influence the choices of U.S.-based miners.

“At any given point of price, when you carve supply in half, the price needs to appreciate or it will be very hard for Bitcoin miners with high electricity prices or older generation machines. If this [U.S.] bill passes, some mining firms could migrate to places like the Middle East where such laws don’t exist yet,” he said.

But Skybridge Capital’s Anthony Scaramucci, a former White House comms director, believes the United States remains a hotbed for digital assets, including mining.

“Despite regulatory uncertainty, the U.S. offers an ecosystem that is ripe for innovation and growth, with many of the leading crypto firms and projects already here,” he told CoinDesk.

If the new electricity tax bill for digital asset mining passes, U.S.-based miners have two options, cling to the U.S. market and make the numbers work, or find a new home.
ترجمة
Bitcoin Rises Above $67K, but Lags Broader Crypto Market As ETH, SOL, LINK Post Big GainsThe price of bitcoin {{BTC}} has nudged above the $67,000 level for the first time in nearly one month as animal spirits in cryptocurrencies return following eight weeks of sideways-to-lower action. At press time, bitcoin was trading at $67,250, up 2.8% over the past 24 hours and about 10% from its lowest levels on Monday. That lagged the broader CoinDesk 20 Index, which was ahead 4.4% over the past 24 hours and about 12% from the Monday low. Among the larger movers in the index were Chainlink {{LINK}}, now higher by 18% since the Depository Trust and Clearing Corporation (DTCC) yesterday announced completion of a pilot project with Chainlink and multiple major U.S. financial institutions, aiming to help accelerate the tokenization of funds. Other outperformers today include ether {{ETH}} with a 5.3% advance and solana {{SOL}} gaining 7.7%. Read more: Ether Bears Hit a Brick Wall as Price Collides With Bull-Market Trendline The quick turnaround in sentiment in crypto comes after economic data this week showed a softening in U.S. inflation and regulatory filings showed an extraordinary amount of interest in the still newish spot bitcoin ETFs. Izzy Englander's $64 billion AUM Millennium Management disclosed a $2 billion position in BlackRock's iShares Bitcoin Trust (IBIT) as of the end of the first quarter and Paul Singer's $70 billion AUM Elliott Management also disclosed sizable bitcoin ETF holdings, though far smaller than Millennium's position. Perhaps most interestingly, the State of Wisconsin Investment Board – which manage's that state's retirement assets – showed about a $100 million stake in BlackRock's IBIT. Read more: U.S. CPI Softer Than Expected at 0.3% in April; Bitcoin Rises to $63.7K

Bitcoin Rises Above $67K, but Lags Broader Crypto Market As ETH, SOL, LINK Post Big Gains

The price of bitcoin {{BTC}} has nudged above the $67,000 level for the first time in nearly one month as animal spirits in cryptocurrencies return following eight weeks of sideways-to-lower action.

At press time, bitcoin was trading at $67,250, up 2.8% over the past 24 hours and about 10% from its lowest levels on Monday. That lagged the broader CoinDesk 20 Index, which was ahead 4.4% over the past 24 hours and about 12% from the Monday low.

Among the larger movers in the index were Chainlink {{LINK}}, now higher by 18% since the Depository Trust and Clearing Corporation (DTCC) yesterday announced completion of a pilot project with Chainlink and multiple major U.S. financial institutions, aiming to help accelerate the tokenization of funds. Other outperformers today include ether {{ETH}} with a 5.3% advance and solana {{SOL}} gaining 7.7%.

Read more: Ether Bears Hit a Brick Wall as Price Collides With Bull-Market Trendline

The quick turnaround in sentiment in crypto comes after economic data this week showed a softening in U.S. inflation and regulatory filings showed an extraordinary amount of interest in the still newish spot bitcoin ETFs. Izzy Englander's $64 billion AUM Millennium Management disclosed a $2 billion position in BlackRock's iShares Bitcoin Trust (IBIT) as of the end of the first quarter and Paul Singer's $70 billion AUM Elliott Management also disclosed sizable bitcoin ETF holdings, though far smaller than Millennium's position. Perhaps most interestingly, the State of Wisconsin Investment Board – which manage's that state's retirement assets – showed about a $100 million stake in BlackRock's IBIT.

Read more: U.S. CPI Softer Than Expected at 0.3% in April; Bitcoin Rises to $63.7K
ترجمة
ZkSync, Ethereum Layer-2 Network, Hints At Airdrop By End of JuneZkSync has said that the upcoming v24 upgrade will be the last before handing over network governance to the community. The layer-2 blockchain has $141 million in total value locked (TVL). Zero-knowledge (ZK) rollup zkSync has suggested that a governance token airdrop will take place at the end of June. There have been murmurs of an airdrop since March last year when investors bridged over $8 million worth of tokens to zkSync in order to be eligible. Total value locked (TVL) since then has risen to $141 million, according to DefiLlama. "The upcoming release of v24 is the final planned protocol upgrade needed before handing over network governance to the community. The remaining missing pieces are expected to be in place by the end of June," zkSync wrote on X. ZkSync is a layer-2 network designed to scale Ethereum, providing cheaper transactions by performing computation and storing data off-chain; taxonomically speaking, it's classified as a sub-type of layer-2 known as a ZK rollup, which relies on zero-knowledge cryptography, seen as one of the most promising new technologies in blockchain. Transaction fees became significantly cheaper in following Ethereum's Dencun upgrade in March, which allowed layer-2 networks like zkSync to compress transactions before sending them in batches to the Ethereum mainnet. The planned issuance of a governance token comes after a series of airdrops over the past year with the likes of EigenLayer, Renzo, Ethena and Wormhole opting to rewards early adopters as opposed to traditional token sales. Matter Labs, the developers of zkSync, have raised a total of $458 million across several funding rounds from the likes of Blockchain Capital and Dragonfly Capital.

ZkSync, Ethereum Layer-2 Network, Hints At Airdrop By End of June

ZkSync has said that the upcoming v24 upgrade will be the last before handing over network governance to the community.

The layer-2 blockchain has $141 million in total value locked (TVL).

Zero-knowledge (ZK) rollup zkSync has suggested that a governance token airdrop will take place at the end of June.

There have been murmurs of an airdrop since March last year when investors bridged over $8 million worth of tokens to zkSync in order to be eligible. Total value locked (TVL) since then has risen to $141 million, according to DefiLlama.

"The upcoming release of v24 is the final planned protocol upgrade needed before handing over network governance to the community. The remaining missing pieces are expected to be in place by the end of June," zkSync wrote on X.

ZkSync is a layer-2 network designed to scale Ethereum, providing cheaper transactions by performing computation and storing data off-chain; taxonomically speaking, it's classified as a sub-type of layer-2 known as a ZK rollup, which relies on zero-knowledge cryptography, seen as one of the most promising new technologies in blockchain.

Transaction fees became significantly cheaper in following Ethereum's Dencun upgrade in March, which allowed layer-2 networks like zkSync to compress transactions before sending them in batches to the Ethereum mainnet.

The planned issuance of a governance token comes after a series of airdrops over the past year with the likes of EigenLayer, Renzo, Ethena and Wormhole opting to rewards early adopters as opposed to traditional token sales.

Matter Labs, the developers of zkSync, have raised a total of $458 million across several funding rounds from the likes of Blockchain Capital and Dragonfly Capital.
ترجمة
NEAR Token's 10% Gain Tops CoinDesk 20 Last Week: CoinDesk Indices Market UpdateCoinDesk Indices (CDI) presents its bi-weekly market update, highlighting the performance of leaders and laggards in the benchmark CoinDesk 20 Index (CD20) and the broad CoinDesk Market Index (CMI). All but two members of the CoinDesk 20 closed Thursday at levels higher than last Friday, including Bitcoin {{BTC}}, which advanced 7.6%, and Ether {{ETH}}, which added 1.6%. Smart contract platform Near Protocol's {{NEAR}} token advanced 10% this week, the highest among index members. NEAR has now appreciated more than 50% month-on-month, far outpacing the next best performer, Solana {{SOL}}, which added 20%. The two assets that ticked lower this week were Layer 0 platform Cosmos' {{ATOM}} and Layer 1 Aptos's {{APT}}, which fell 3% and 1.4%, respectively. CoinDesk 20 tracks top digital assets and is investible on multiple platforms. The broader CMI comprises approximately 180 tokens and seven crypto sectors: currency, smart contract platforms, DeFi, culture & entertainment, computing, and digitization.

NEAR Token's 10% Gain Tops CoinDesk 20 Last Week: CoinDesk Indices Market Update

CoinDesk Indices (CDI) presents its bi-weekly market update, highlighting the performance of leaders and laggards in the benchmark CoinDesk 20 Index (CD20) and the broad CoinDesk Market Index (CMI).

All but two members of the CoinDesk 20 closed Thursday at levels higher than last Friday, including Bitcoin {{BTC}}, which advanced 7.6%, and Ether {{ETH}}, which added 1.6%.

Smart contract platform Near Protocol's {{NEAR}} token advanced 10% this week, the highest among index members. NEAR has now appreciated more than 50% month-on-month, far outpacing the next best performer, Solana {{SOL}}, which added 20%.

The two assets that ticked lower this week were Layer 0 platform Cosmos' {{ATOM}} and Layer 1 Aptos's {{APT}}, which fell 3% and 1.4%, respectively.

CoinDesk 20 tracks top digital assets and is investible on multiple platforms. The broader CMI comprises approximately 180 tokens and seven crypto sectors: currency, smart contract platforms, DeFi, culture & entertainment, computing, and digitization.
ترجمة
Morgan Stanley Latest Bank to Disclose Spot Bitcoin ETF Holdings for ClientsMorgan Stanley held nearly $270 million of GBTC as of March 31. The investments were likely made on behalf of clients and not a bet on bitcoin by the bank itself. Morgan Stanley was the owner of $269.9 million of Grayscale’s Bitcoin Trust (GBTC) as of March 31, a 13F filing showed. Other banking giants, among them JPMorgan, Wells Fargo, and UBS, also disclosed holdings in the spot bitcoin exchange-traded funds during the first quarter. It is important to note that these purchases don't necessarily represent the banks' views on the direction of bitcoin's price, but instead were likely either made on behalf of the banks' wealth management clients or necessary for market making and/or ETF authorized participant duties. Morgan Stanley opened up spot bitcoin ETF allocations to its clients shortly after their approval in January, though only on an unsolicited basis, meaning that the client had to propose the investment to the broker.

Morgan Stanley Latest Bank to Disclose Spot Bitcoin ETF Holdings for Clients

Morgan Stanley held nearly $270 million of GBTC as of March 31.

The investments were likely made on behalf of clients and not a bet on bitcoin by the bank itself.

Morgan Stanley was the owner of $269.9 million of Grayscale’s Bitcoin Trust (GBTC) as of March 31, a 13F filing showed.

Other banking giants, among them JPMorgan, Wells Fargo, and UBS, also disclosed holdings in the spot bitcoin exchange-traded funds during the first quarter.

It is important to note that these purchases don't necessarily represent the banks' views on the direction of bitcoin's price, but instead were likely either made on behalf of the banks' wealth management clients or necessary for market making and/or ETF authorized participant duties.

Morgan Stanley opened up spot bitcoin ETF allocations to its clients shortly after their approval in January, though only on an unsolicited basis, meaning that the client had to propose the investment to the broker.
ترجمة
Crypto Industry Rallies Behind House Bill As It Heads Toward Final VoteA wide swath of the crypto industry signed a letter to the top lawmakers in the U.S. House of Represenatives, explaining why they should get behind the Financial Innovation and Technology for the 21st Century Act. As House lawmakers are poised for a floor vote next week on the bill, the letter says passage would help the U.S. keep up with global competitors. The U.S. House of Representatives is on the verge of a vote that will represent the closest the cryptocurrency industry has ever been toward finally winning regulation in the U.S., and the sector's associations and top businesses are encouraging House leaders to support the effort. Through the Crypto Council for Innovation, a coalition of digital assets organizations and companies, including Coinbase, Kraken, Andreessen Horowitz, the Digital Currency Group and about 50 others, wrote a letter to Speaker of the House Mike Johnson (R-La.) and Minority Leader Hakeem Jeffries (D-N.Y.), advocating for passage of the bill. The Financial Innovation and Technology for the 21st Century Act (FIT21) has been authorized for floor time next week, where observers are hoping to see a mid-week vote. The bill would set the Commodity Futures Trading Commission (CFTC) as a leading regulator of digital assets, and it sets out clear divisions for what the CFTC will handle and what would fall under the reach of the Securities and Exchange Commission (SEC). It would establish consumer protections – including rules around custody of customers' assets and their treatment in bankruptcy – and set up further guardrails against risky behavior. "By passing this legislation, we can accelerate the growth of blockchain technology and digital assets, fostering financial inclusion and protecting national security," according to the letter. "It is crucial for the U.S. to maintain its leadership in financial innovation." The crypto industry is on a high in Washington at the moment, having watched both the House and Senate easily pass a resolution overturning a crypto accounting policy from the SEC, though President Joe Biden vowed to veto the effort. That move to erase the SEC's Staff Accounting Bulletin 121 (SAB 121) represented a fight that went decidedly in the industry's favor, drawing many supporters from the Democratic Party that's been more reticent than Republicans in backing crypto. For that accounting tussle, more than one in five Senate Democrats voted on the industry's side, including Majority Leader Chuck Schumer (D-N.Y.), and it was about one in 10 Democrats in the House. But the comprehensive legislation now approaching a House vote is of a much higher magnitude, and key Senate Democrats have so far seemed unprepared to match the House's effort. To date, the Senate has only shown a potential willingness to fit a different crypto bill – one regulating stablecoin issuers – into a package deal with other financial legislation. Rep. Patrick McHenry (R-N.C.), the chairman of the House Financial Services Committee where the bill was launched, said the level of Democratic support for FIT21 in the House could be a major factor in whether the Senate is moved to action. When the measure cleared his committee, it did so with a handful of Democrats on board, despite opposition from their senior member, Rep. Maxine Waters (D-Calif.) On its way toward the floor, the FIT21 effort drew a range of amendments called for by the House Rules Committee to meet a May 16 deadline.

Crypto Industry Rallies Behind House Bill As It Heads Toward Final Vote

A wide swath of the crypto industry signed a letter to the top lawmakers in the U.S. House of Represenatives, explaining why they should get behind the Financial Innovation and Technology for the 21st Century Act.

As House lawmakers are poised for a floor vote next week on the bill, the letter says passage would help the U.S. keep up with global competitors.

The U.S. House of Representatives is on the verge of a vote that will represent the closest the cryptocurrency industry has ever been toward finally winning regulation in the U.S., and the sector's associations and top businesses are encouraging House leaders to support the effort.

Through the Crypto Council for Innovation, a coalition of digital assets organizations and companies, including Coinbase, Kraken, Andreessen Horowitz, the Digital Currency Group and about 50 others, wrote a letter to Speaker of the House Mike Johnson (R-La.) and Minority Leader Hakeem Jeffries (D-N.Y.), advocating for passage of the bill. The Financial Innovation and Technology for the 21st Century Act (FIT21) has been authorized for floor time next week, where observers are hoping to see a mid-week vote.

The bill would set the Commodity Futures Trading Commission (CFTC) as a leading regulator of digital assets, and it sets out clear divisions for what the CFTC will handle and what would fall under the reach of the Securities and Exchange Commission (SEC). It would establish consumer protections – including rules around custody of customers' assets and their treatment in bankruptcy – and set up further guardrails against risky behavior.

"By passing this legislation, we can accelerate the growth of blockchain technology and digital assets, fostering financial inclusion and protecting national security," according to the letter. "It is crucial for the U.S. to maintain its leadership in financial innovation."

The crypto industry is on a high in Washington at the moment, having watched both the House and Senate easily pass a resolution overturning a crypto accounting policy from the SEC, though President Joe Biden vowed to veto the effort. That move to erase the SEC's Staff Accounting Bulletin 121 (SAB 121) represented a fight that went decidedly in the industry's favor, drawing many supporters from the Democratic Party that's been more reticent than Republicans in backing crypto.

For that accounting tussle, more than one in five Senate Democrats voted on the industry's side, including Majority Leader Chuck Schumer (D-N.Y.), and it was about one in 10 Democrats in the House.

But the comprehensive legislation now approaching a House vote is of a much higher magnitude, and key Senate Democrats have so far seemed unprepared to match the House's effort. To date, the Senate has only shown a potential willingness to fit a different crypto bill – one regulating stablecoin issuers – into a package deal with other financial legislation.

Rep. Patrick McHenry (R-N.C.), the chairman of the House Financial Services Committee where the bill was launched, said the level of Democratic support for FIT21 in the House could be a major factor in whether the Senate is moved to action. When the measure cleared his committee, it did so with a handful of Democrats on board, despite opposition from their senior member, Rep. Maxine Waters (D-Calif.)

On its way toward the floor, the FIT21 effort drew a range of amendments called for by the House Rules Committee to meet a May 16 deadline.
ترجمة
Coinbase Upgraded to Neutral From Underperform At Bank of America on Positive Crypto Market DynamicsBank of America raised Coinbase to neutral from underperform and boosted its price target to $217 from $110. The current macro backdrop has been positive for crypto market cap growth and trading volumes, the report said. The bank said risks include the exchange’s continued dependence on transaction revenue and the company’s ongoing lawsuit with the SEC. Coinbase (COIN) shares rose 2.5% in pre-market trading on Friday after Wall Street giant Bank of America (BAC) upgraded the shares to neutral from underperform. The investment bank raised its Coinbase price target to $217 from $110. The stock was trading around $204 at publication time. Bank of America said it was upgrading the stock for a number of reasons, including the positive macro backdrop that has helped the cryptocurrency markets and trading volumes, analysts led by Mark McLaughlin wrote. The note also said the exchange's expense discipline and increased diversification should also help its earnings. However, the analysts noted that there are potential risks that could limit the the stock’s upside, including the exchange’s continued dependence on transaction revenue for profitability and the regulatory overhang linked to the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). The shares fell over 9% yesterday following a report that the Chicago Mercantile Exchange (CME) might soon offer spot bitcoin trading, which could become a potential competitor to exchanges such as Coinbase. Read more: Coinbase Shares Sink 9% on Report CME to Consider Listing Spot Bitcoin

Coinbase Upgraded to Neutral From Underperform At Bank of America on Positive Crypto Market Dynamics

Bank of America raised Coinbase to neutral from underperform and boosted its price target to $217 from $110.

The current macro backdrop has been positive for crypto market cap growth and trading volumes, the report said.

The bank said risks include the exchange’s continued dependence on transaction revenue and the company’s ongoing lawsuit with the SEC.

Coinbase (COIN) shares rose 2.5% in pre-market trading on Friday after Wall Street giant Bank of America (BAC) upgraded the shares to neutral from underperform.

The investment bank raised its Coinbase price target to $217 from $110. The stock was trading around $204 at publication time.

Bank of America said it was upgrading the stock for a number of reasons, including the positive macro backdrop that has helped the cryptocurrency markets and trading volumes, analysts led by Mark McLaughlin wrote. The note also said the exchange's expense discipline and increased diversification should also help its earnings.

However, the analysts noted that there are potential risks that could limit the the stock’s upside, including the exchange’s continued dependence on transaction revenue for profitability and the regulatory overhang linked to the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC).

The shares fell over 9% yesterday following a report that the Chicago Mercantile Exchange (CME) might soon offer spot bitcoin trading, which could become a potential competitor to exchanges such as Coinbase.

Read more: Coinbase Shares Sink 9% on Report CME to Consider Listing Spot Bitcoin
ترجمة
Internet Computer-Based 'Bitfinity EVM' Launches As Bitcoin L2, Supports RunesInternet Computer-based Bitfinity integrates with the Bitcoin network and allows asset bridging to other blockchains. ICP's tech stack will allow applications that use Ethereum's smart contract programming language Solidity to access Bitcoin-based tokens. Bitcoin layer 2 Bitfinity has introduced its Ethereum Virtual Machine (EVM) to bring smart contracts Bitcoin protocols and harness Runes to enable Bitcoin DeFi apps. Built on the Internet Computer (ICP) protocol, Bitfinity integrates with the Bitcoin network and allows asset bridging to other blockchains. Internet Computer's tech stack will allow applications that use Ethereum's smart contract programming language Solidity to access Bitcoin-based tokens. The Bitfinity EVM is designed to allow developers to deploy Bitcoin-based Solidity smart contracts, allowing them to transfer BTC, Ordinals and Runes, according to an emailed announcement on Friday. An EVM is a smart contract-executing software that powers the Ethereum protocol, similar to an operating system on a computer. Bitfinity is attempting to capture the interest in new Bitcoin protocol Runes, which launched around a month ago coinciding with the halving event, through introducing smart contract capability in order to use them as a platform to create Bitcoin DeFi apps. Runes, which allows fungible tokens to be minted on the Bitcoin blockchain, immediately sent network fees soaring following a flurry of activity following its launch. Activity has subsequently died down somewhat however. Read More: Internet Computer's 40% Rally Led CoinDesk 20 Gainers Over Past Week: CoinDesk Indices Market Update

Internet Computer-Based 'Bitfinity EVM' Launches As Bitcoin L2, Supports Runes

Internet Computer-based Bitfinity integrates with the Bitcoin network and allows asset bridging to other blockchains.

ICP's tech stack will allow applications that use Ethereum's smart contract programming language Solidity to access Bitcoin-based tokens.

Bitcoin layer 2 Bitfinity has introduced its Ethereum Virtual Machine (EVM) to bring smart contracts Bitcoin protocols and harness Runes to enable Bitcoin DeFi apps.

Built on the Internet Computer (ICP) protocol, Bitfinity integrates with the Bitcoin network and allows asset bridging to other blockchains. Internet Computer's tech stack will allow applications that use Ethereum's smart contract programming language Solidity to access Bitcoin-based tokens.

The Bitfinity EVM is designed to allow developers to deploy Bitcoin-based Solidity smart contracts, allowing them to transfer BTC, Ordinals and Runes, according to an emailed announcement on Friday.

An EVM is a smart contract-executing software that powers the Ethereum protocol, similar to an operating system on a computer.

Bitfinity is attempting to capture the interest in new Bitcoin protocol Runes, which launched around a month ago coinciding with the halving event, through introducing smart contract capability in order to use them as a platform to create Bitcoin DeFi apps.

Runes, which allows fungible tokens to be minted on the Bitcoin blockchain, immediately sent network fees soaring following a flurry of activity following its launch. Activity has subsequently died down somewhat however.

Read More: Internet Computer's 40% Rally Led CoinDesk 20 Gainers Over Past Week: CoinDesk Indices Market Update
ترجمة
Binance Exec Tigran Gambaryan Denied Bail By Nigerian CourtTigran Gambaryan’s bail was refused by a Nigerian court on Friday. Nigeria has taken Binance and its executives to court and is pursuing tax evasion and money laundering charges. Detained Binance executive Tigran Gambaryan’s bail application was denied by a Nigerian court on the grounds that there is a likelihood that he will manage to jump bail, the spokesperson for the executive’s family said on Friday. Binance and the executives’ money laundering, tax evasion and the exchanges detained Head of Compliance Tigran Gambaryans bail hearings all occurred on Friday in Nigeria. The court ruled that Binance can be served with the Federal Inland Revenue Service tax evasion charge through Gambaryan. Tigran’s lawyers objected to the application on the grounds that they needed to review the amended charge to advise Gambaryan on taking his plea, and the court agreed to adjourn the matter to May 22 for arraignment. Gambaryan, who turned 40 on Friday, has been detained in Nigeria since February when he arrived with the British-Kenyan regional manager for Africa, Nadeem Anjarwalla. Anjarwalla has since escaped. “I truly cannot believe that my innocent husband is now - on his 40th birthday - having to face a trial for charges that he has nothing to do with,” said Yuki Gambaryan, the wife of Tigran Gambaryan. “The whole world is watching what he is being put through, and I just pray that common sense and justice will prevail and that Tigran will be allowed to come home to us.” A month after the exchange’s executives were detained in the country, they, along with the exchange, were charged with money laundering and tax evasion. Gambaryan was later moved to Kuje prison, which also houses the likes of members of the Boko Haram terrorist group. The EFCC’s money laundering trial commenced on Friday with a Nigerian prosecutor who called on Abdulkadir Abbas from the Nigerian SEC as the first prosecution witness. After the prosecution finished examining their first witness, Tigran’s lawyers asked for a stand down—which means to put a matter on hold for a short while—to obtain certified records of certain documents in the proof of evidence to be used in their cross-examination of the witness. The court adjourned the trial until May 23 at noon. “We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained. Tigran has been dedicated to public service and fighting crime for most of his life. These charges against him are completely meritless. He should be freed while discussions continue between Binance and Nigerian government officials," a Binance Spokesperson said. Binance’s CEO Richard Teng recently released a blog post calling on the Nigerian government to release Gambaryan. Read more: Binance CEO Teng Says Nigeria Must Release Gambaryan, Detention Sets 'Dangerous New Precedent'

Binance Exec Tigran Gambaryan Denied Bail By Nigerian Court

Tigran Gambaryan’s bail was refused by a Nigerian court on Friday.

Nigeria has taken Binance and its executives to court and is pursuing tax evasion and money laundering charges.

Detained Binance executive Tigran Gambaryan’s bail application was denied by a Nigerian court on the grounds that there is a likelihood that he will manage to jump bail, the spokesperson for the executive’s family said on Friday.

Binance and the executives’ money laundering, tax evasion and the exchanges detained Head of Compliance Tigran Gambaryans bail hearings all occurred on Friday in Nigeria. The court ruled that Binance can be served with the Federal Inland Revenue Service tax evasion charge through Gambaryan.

Tigran’s lawyers objected to the application on the grounds that they needed to review the amended charge to advise Gambaryan on taking his plea, and the court agreed to adjourn the matter to May 22 for arraignment.

Gambaryan, who turned 40 on Friday, has been detained in Nigeria since February when he arrived with the British-Kenyan regional manager for Africa, Nadeem Anjarwalla. Anjarwalla has since escaped.

“I truly cannot believe that my innocent husband is now - on his 40th birthday - having to face a trial for charges that he has nothing to do with,” said Yuki Gambaryan, the wife of Tigran Gambaryan.

“The whole world is watching what he is being put through, and I just pray that common sense and justice will prevail and that Tigran will be allowed to come home to us.”

A month after the exchange’s executives were detained in the country, they, along with the exchange, were charged with money laundering and tax evasion. Gambaryan was later moved to Kuje prison, which also houses the likes of members of the Boko Haram terrorist group.

The EFCC’s money laundering trial commenced on Friday with a Nigerian prosecutor who called on Abdulkadir Abbas from the Nigerian SEC as the first prosecution witness.

After the prosecution finished examining their first witness, Tigran’s lawyers asked for a stand down—which means to put a matter on hold for a short while—to obtain certified records of certain documents in the proof of evidence to be used in their cross-examination of the witness. The court adjourned the trial until May 23 at noon.

“We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained. Tigran has been dedicated to public service and fighting crime for most of his life. These charges against him are completely meritless. He should be freed while discussions continue between Binance and Nigerian government officials," a Binance Spokesperson said.

Binance’s CEO Richard Teng recently released a blog post calling on the Nigerian government to release Gambaryan.

Read more: Binance CEO Teng Says Nigeria Must Release Gambaryan, Detention Sets 'Dangerous New Precedent'
ترجمة
Turkey Tables Crypto Bill in Parliament, Aims to Bring Crypto Licensing to the CountryThe bill increases the CMB’s supervision over crypto. The proposed law will also prohibit crypto intermediaries without a local origin. Türkiye has introduced a legislative proposal aimed at reducing the risks of parties transacting with crypto assets in the country. The proposal has been presented to the parliament. The bill, introduced by ruling party chairman Abdullah Güler, includes various regulations regarding crypto assets and will be implemented by the Capital Markets Board (CMB). This proposal establishes important rules regarding crypto service providers and increases the CMB’s supervision over them. The bill aims to introduce a licensing scheme for crypto firms, which will be handled by the CMB and bring the firms under the regulator's scope. To protect customers, the scope of inspections for crypto providers will also be expanded. Although there is no provision regarding taxation in the bill, CMB and TÜBİTAK will obtain certain rates of income from crypto service providers. CMB and TÜBİTAK will receive 1% of these revenues from crypto service providers. The Scientific and Technological Research Institution of Türkiye (TÜBİTAK) is a national agency of the country whose stated goal is to develop “science, technology and innovation” policies, support and conduct research and development. The proposed law will also prohibit crypto intermediaries without a local origin. This bill is expected to increase Türkiye’s compliance with international standards regarding crypto assets, eliminate criticism from the Financial Action Task Force (FATF) and make the country’s crypto ecosystem safer. In March, the country’s economy minister, Mehmet Şimşek, shared the government’s efforts to get out of the FATF gray list with the public and stated that a delegation will come to Türkiye for inspection in April-May and emphasized that the gray list will be removed. Also in March, the ruling AK Party Deputy Chairman of Information and Communication Technologies Ömer İleri said, "We find it very important to carry out a legal study in the field of crypto assets. This legal regulation is primarily a study that will regulate the platforms, but beyond that, it will be a regulation that will protect our citizens and investors."

Turkey Tables Crypto Bill in Parliament, Aims to Bring Crypto Licensing to the Country

The bill increases the CMB’s supervision over crypto.

The proposed law will also prohibit crypto intermediaries without a local origin.

Türkiye has introduced a legislative proposal aimed at reducing the risks of parties transacting with crypto assets in the country. The proposal has been presented to the parliament.

The bill, introduced by ruling party chairman Abdullah Güler, includes various regulations regarding crypto assets and will be implemented by the Capital Markets Board (CMB). This proposal establishes important rules regarding crypto service providers and increases the CMB’s supervision over them.

The bill aims to introduce a licensing scheme for crypto firms, which will be handled by the CMB and bring the firms under the regulator's scope. To protect customers, the scope of inspections for crypto providers will also be expanded.

Although there is no provision regarding taxation in the bill, CMB and TÜBİTAK will obtain certain rates of income from crypto service providers. CMB and TÜBİTAK will receive 1% of these revenues from crypto service providers. The Scientific and Technological Research Institution of Türkiye (TÜBİTAK) is a national agency of the country whose stated goal is to develop “science, technology and innovation” policies, support and conduct research and development.

The proposed law will also prohibit crypto intermediaries without a local origin. This bill is expected to increase Türkiye’s compliance with international standards regarding crypto assets, eliminate criticism from the Financial Action Task Force (FATF) and make the country’s crypto ecosystem safer.

In March, the country’s economy minister, Mehmet Şimşek, shared the government’s efforts to get out of the FATF gray list with the public and stated that a delegation will come to Türkiye for inspection in April-May and emphasized that the gray list will be removed.

Also in March, the ruling AK Party Deputy Chairman of Information and Communication Technologies Ömer İleri said, "We find it very important to carry out a legal study in the field of crypto assets. This legal regulation is primarily a study that will regulate the platforms, but beyond that, it will be a regulation that will protect our citizens and investors."
ترجمة
Dolce & Gabbana Sued for Messing Up Delivery of Its NFTs: BloombergA customer sued Dolce & Gabbana USA for delaying the delivery of the products, causing him to lose value on the DGFamily NFTs. Bloomberg reported that the customer also alleged that the digital outfits with the NFTs couldn’t be used for another 11 days after they were released because D&G didn’t get approval on time. Dolce & Gabbana USA has been sued for messing up the delivery of its non-fungible tokens (NFTs), Bloomberg reported. The customer spent $6,000 to purchase the asset. The report said Luke Brown lost $5,800 on the NFTs he bought and filed the case in the Southern District of New York on behalf of others who bought digital assets from the NFT project. The complaint alleged that the company promoted the NFTs, telling customers that buying the DGFamily NFTs would grant them access to various digital rewards, physical products and exclusive events. However, the delivery of the NFTs was late. The customer alleged that the NFTs came with outfits to wear in the metaverse, but the digital outfits that showed up 20 days behind schedule “could be used only in a metaverse platform with barely any users,” the report said. The digital outfits couldn’t be used for another 11 days after they were released because, the complaint alleges, Dolce & Gabbana had not got approval from the NFT marketplace UNXD ahead of time. Dolce & Gabbana and UNXD, also named as a defendant in the case, did not immediately respond to CoinDesk’s request for comment. Read More: Brands Will Save Crypto? Be Careful What You Wish For

Dolce & Gabbana Sued for Messing Up Delivery of Its NFTs: Bloomberg

A customer sued Dolce & Gabbana USA for delaying the delivery of the products, causing him to lose value on the DGFamily NFTs.

Bloomberg reported that the customer also alleged that the digital outfits with the NFTs couldn’t be used for another 11 days after they were released because D&G didn’t get approval on time.

Dolce & Gabbana USA has been sued for messing up the delivery of its non-fungible tokens (NFTs), Bloomberg reported. The customer spent $6,000 to purchase the asset.

The report said Luke Brown lost $5,800 on the NFTs he bought and filed the case in the Southern District of New York on behalf of others who bought digital assets from the NFT project.

The complaint alleged that the company promoted the NFTs, telling customers that buying the DGFamily NFTs would grant them access to various digital rewards, physical products and exclusive events.

However, the delivery of the NFTs was late. The customer alleged that the NFTs came with outfits to wear in the metaverse, but the digital outfits that showed up 20 days behind schedule “could be used only in a metaverse platform with barely any users,” the report said.

The digital outfits couldn’t be used for another 11 days after they were released because, the complaint alleges, Dolce & Gabbana had not got approval from the NFT marketplace UNXD ahead of time.

Dolce & Gabbana and UNXD, also named as a defendant in the case, did not immediately respond to CoinDesk’s request for comment.

Read More: Brands Will Save Crypto? Be Careful What You Wish For
ترجمة
First Mover Americas: Bitcoin Regains $66K Following Bullish ETF DataThis article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day. Latest Prices Top Stories Bitcoin (BTC) rose to past $66,000 early Friday, reversing Thursday's pullback below $65,000. At the time of writing, it was priced around $66,440, 0.4% higher than 24 hours ago, while the CoinDesk 20 Index (CD20), which offers a measurement of the wider digital asset market, was up about 1.4%. Inflows into spot bitcoin ETFs turned positive again this week, recording additions for four consecutive days. This week has also seen numerous big-name institutional players disclose sizable BTC ETF holdings. Morgan Stanley, for example, revealed a $269.9 million investment in Grayscale's GBTC yesterday. Ether may have underperformed other major digital assets this year, but Coinbase says it had potential to surprise to the upside. Ether does not have significant sources of supply side overhangs, the exchange said in a research report this week. "To the contrary, both staking and layer 2 growth have proven to be meaningful and growing sinks of ETH Liquidity," wrote analyst David Han. "ETH's position as the center of DeFi is also unlikely to be displaced in our view due to the widespread adoption of the EVM and its layer 2 innovations." Coinbase also noted that the potential of spot U.S. ETH ETFs being approved cannot be overstated. The Fantom blockchain's FTM is one of the best-performing non-meme tokens of the past week as the market looks favorably on the roll-out of its Sonic upgrade and increases in the total value locked on the protocol. FTM has gained 13% in the past seven days to about 81 cents, according to CoinDesk Indices data, while the CD20 is just 1.5% higher. In the past few weeks, the Fantom Foundation has been pushing Sonic, its latest upgrade, which is expected to boost transaction speeds to 2,000 transactions per second with a 1.1-second finality. That compares with just over 2.5 TPS during the past month, on-chain data shows. Chart of the Day The chart shows bitcoin's "hodler net position change," which gauges the net buying/selling activity of addresses that have held coins for six months or more. The metric has flipped positive for the first time since December, a sign holders have become net buyers. Source: Glassnode - Omkar Godbole Trending Posts Biden Order to Halt China-Tied Bitcoin Mine Beside Nuke Base Came as U.S. Firm Just Bought It Coinbase Shares Sink 9% on Report CME to Consider Listing Spot Bitcoin U.S. Senate Votes to Kill SEC's Crypto Accounting Policy, Testing Biden's Veto Threat

First Mover Americas: Bitcoin Regains $66K Following Bullish ETF Data

This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

Top Stories

Bitcoin (BTC) rose to past $66,000 early Friday, reversing Thursday's pullback below $65,000. At the time of writing, it was priced around $66,440, 0.4% higher than 24 hours ago, while the CoinDesk 20 Index (CD20), which offers a measurement of the wider digital asset market, was up about 1.4%. Inflows into spot bitcoin ETFs turned positive again this week, recording additions for four consecutive days. This week has also seen numerous big-name institutional players disclose sizable BTC ETF holdings. Morgan Stanley, for example, revealed a $269.9 million investment in Grayscale's GBTC yesterday.

Ether may have underperformed other major digital assets this year, but Coinbase says it had potential to surprise to the upside. Ether does not have significant sources of supply side overhangs, the exchange said in a research report this week. "To the contrary, both staking and layer 2 growth have proven to be meaningful and growing sinks of ETH Liquidity," wrote analyst David Han. "ETH's position as the center of DeFi is also unlikely to be displaced in our view due to the widespread adoption of the EVM and its layer 2 innovations." Coinbase also noted that the potential of spot U.S. ETH ETFs being approved cannot be overstated.

The Fantom blockchain's FTM is one of the best-performing non-meme tokens of the past week as the market looks favorably on the roll-out of its Sonic upgrade and increases in the total value locked on the protocol. FTM has gained 13% in the past seven days to about 81 cents, according to CoinDesk Indices data, while the CD20 is just 1.5% higher. In the past few weeks, the Fantom Foundation has been pushing Sonic, its latest upgrade, which is expected to boost transaction speeds to 2,000 transactions per second with a 1.1-second finality. That compares with just over 2.5 TPS during the past month, on-chain data shows.

Chart of the Day

The chart shows bitcoin's "hodler net position change," which gauges the net buying/selling activity of addresses that have held coins for six months or more.

The metric has flipped positive for the first time since December, a sign holders have become net buyers.

Source: Glassnode

- Omkar Godbole

Trending Posts

Biden Order to Halt China-Tied Bitcoin Mine Beside Nuke Base Came as U.S. Firm Just Bought It

Coinbase Shares Sink 9% on Report CME to Consider Listing Spot Bitcoin

U.S. Senate Votes to Kill SEC's Crypto Accounting Policy, Testing Biden's Veto Threat
ترجمة
Hong Kong Expands Cross-Border Digital Yuan Trial, Allows Residents to Set Up E-CNY WalletsThe Hong Kong Monetary Authority and the Peoples Bank of China have expanded the digital yuan pilot to enable the use of e-CNY wallets in Hong Kong. China and Hong Kong have been conducting cross border digital yuan trials. The Hong Kong Monetary Authority (HKMA) and the Peoples Bank of China (PBOC) expanded the scope of their cross-border digital yuan pilot to allow the use of e-CNY wallets by Hong Kong residents. The digital yuan is China's central bank digital currency (CBDC). China has been piloting the digital yuan for several years and is among the most advanced of the countries around the world that have been exploring the applications of digital version of their currencies. Adopters will be able to set up the wallets using just a phone number, and use them for so-called cross-boundary payments, such to retailers, but not for person to person transfers, the HKMA said in a press release on Friday. The wallets can be used in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and other areas of mainland China where the pilot is running. Users will be able to pay merchants directly from the wallets without needing to set up a mainland bank account, HKMA CEO Eddie Yue said in the statement. They are able to top up their wallets in real time through 17 Hong Kong retail banks using the Faster Payment System (FPS). The HKMA intends to continue working with the PBOC to expand the application of the e-CNY. The HKMA plans to work with the Digital Currency Institute to explore including features like name verification, enhancing interoperability in payments and corporate use cases, such as cross-border trade settlement. China and Hong Kong said they had successfully carried out the first phase of cross border digital yuan trials in December 2021 and entered a second phase following initial talks a year earlier. The special administrative region has also been testing its own CBDC, the e-HKD, which entered the second phase of its pilot in March. Read more: Hong Kong Starts New Phase of CBDC Testing

Hong Kong Expands Cross-Border Digital Yuan Trial, Allows Residents to Set Up E-CNY Wallets

The Hong Kong Monetary Authority and the Peoples Bank of China have expanded the digital yuan pilot to enable the use of e-CNY wallets in Hong Kong.

China and Hong Kong have been conducting cross border digital yuan trials.

The Hong Kong Monetary Authority (HKMA) and the Peoples Bank of China (PBOC) expanded the scope of their cross-border digital yuan pilot to allow the use of e-CNY wallets by Hong Kong residents.

The digital yuan is China's central bank digital currency (CBDC). China has been piloting the digital yuan for several years and is among the most advanced of the countries around the world that have been exploring the applications of digital version of their currencies.

Adopters will be able to set up the wallets using just a phone number, and use them for so-called cross-boundary payments, such to retailers, but not for person to person transfers, the HKMA said in a press release on Friday. The wallets can be used in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and other areas of mainland China where the pilot is running.

Users will be able to pay merchants directly from the wallets without needing to set up a mainland bank account, HKMA CEO Eddie Yue said in the statement. They are able to top up their wallets in real time through 17 Hong Kong retail banks using the Faster Payment System (FPS).

The HKMA intends to continue working with the PBOC to expand the application of the e-CNY. The HKMA plans to work with the Digital Currency Institute to explore including features like name verification, enhancing interoperability in payments and corporate use cases, such as cross-border trade settlement.

China and Hong Kong said they had successfully carried out the first phase of cross border digital yuan trials in December 2021 and entered a second phase following initial talks a year earlier.

The special administrative region has also been testing its own CBDC, the e-HKD, which entered the second phase of its pilot in March.

Read more: Hong Kong Starts New Phase of CBDC Testing
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Bitcoin Traders Target $74K Next Week As BTC Spot ETFs Log Four Days of InflowsBitcoin could potentially surpass its all-time highs of $74,000 as early as next week due to increasing institutional demand and risk appetite for assets. The U.S.-listed spot exchange-traded funds (ETFs) tracking Bitcoin have seen four straight days of inflows, with BlackRock's IBIT receiving $94 million on Thursday, signaling a shift in investment sentiment. Institutional demand and rising appetite for risk assets could cause bitcoin to breach all-time highs of $74,000 as early as next week, some traders say. “Bitcoin was pulling back towards $65K on Thursday but is already trying to regain its footing above $66K on Friday morning. If cryptocurrencies get support from the global risk appetite on Friday, Bitcoin could exceed $70K over the weekend,” shared Alex Kuptsikevich, FxPro senior market analyst, in a note to CoinDesk, referring to increased inflows from spot ETFs. “A test of the $71K-$74K highs area, in our view, could happen as early as early next week, triggering a new episode of FOMO,” Kuptsikevich. Singapore-based QCP Capital gave out similar price targets in a client note earlier this week. Such bullish outlooks come as U.S.-listed spot exchange-traded funds (ETFs) tracking the asset have logged four straight days of inflows, ending Thursday at $257 million in net inflows. This is a nearly 180-degree turn from the action of the past few weeks – with some of the biggest ETFs seeing zero inflows on some days. Bitcoin ETF Flow (US$ million) - 2024-05-16TOTAL NET FLOW: 257.3(Provisional data)IBIT: 93.7FBTC: 67.1BITB: 1.4ARKB: 62BTCO: 6.2EZBC: 3.8BRRR: 18.5HODL: 0BTCW: 0GBTC: 4.6DEFI: 0For all the data & disclaimers visit:https://t.co/4ISlrCgZdk — Farside Investors (@FarsideUK) May 17, 2024 BlackRock’s IBIT received $94 million in inflows on Thursday, the largest among peers. GrayScale’s GBTC, which has mostly seen outflows since its January listing, received over $4.6 million in inflows. Earlier this week, multiple regulatory filings showed that several big-name funds, such as Millennium Management and Elliot Capital, held millions worth of bitcoin ETFs in their portfolios. The softer-than-expected US Consumer Price Index (CPI), which rose 0.3% versus 0.4% in March amid economist forecasts for 0.4%, triggered a break out of the range for BTC on Wednesday. The asset regained the $66,000 mark for the first time since April and posted its biggest single-day gain since March.

Bitcoin Traders Target $74K Next Week As BTC Spot ETFs Log Four Days of Inflows

Bitcoin could potentially surpass its all-time highs of $74,000 as early as next week due to increasing institutional demand and risk appetite for assets.

The U.S.-listed spot exchange-traded funds (ETFs) tracking Bitcoin have seen four straight days of inflows, with BlackRock's IBIT receiving $94 million on Thursday, signaling a shift in investment sentiment.

Institutional demand and rising appetite for risk assets could cause bitcoin to breach all-time highs of $74,000 as early as next week, some traders say.

“Bitcoin was pulling back towards $65K on Thursday but is already trying to regain its footing above $66K on Friday morning. If cryptocurrencies get support from the global risk appetite on Friday, Bitcoin could exceed $70K over the weekend,” shared Alex Kuptsikevich, FxPro senior market analyst, in a note to CoinDesk, referring to increased inflows from spot ETFs.

“A test of the $71K-$74K highs area, in our view, could happen as early as early next week, triggering a new episode of FOMO,” Kuptsikevich.

Singapore-based QCP Capital gave out similar price targets in a client note earlier this week.

Such bullish outlooks come as U.S.-listed spot exchange-traded funds (ETFs) tracking the asset have logged four straight days of inflows, ending Thursday at $257 million in net inflows. This is a nearly 180-degree turn from the action of the past few weeks – with some of the biggest ETFs seeing zero inflows on some days.

Bitcoin ETF Flow (US$ million) - 2024-05-16TOTAL NET FLOW: 257.3(Provisional data)IBIT: 93.7FBTC: 67.1BITB: 1.4ARKB: 62BTCO: 6.2EZBC: 3.8BRRR: 18.5HODL: 0BTCW: 0GBTC: 4.6DEFI: 0For all the data & disclaimers visit:https://t.co/4ISlrCgZdk

— Farside Investors (@FarsideUK) May 17, 2024

BlackRock’s IBIT received $94 million in inflows on Thursday, the largest among peers. GrayScale’s GBTC, which has mostly seen outflows since its January listing, received over $4.6 million in inflows.

Earlier this week, multiple regulatory filings showed that several big-name funds, such as Millennium Management and Elliot Capital, held millions worth of bitcoin ETFs in their portfolios.

The softer-than-expected US Consumer Price Index (CPI), which rose 0.3% versus 0.4% in March amid economist forecasts for 0.4%, triggered a break out of the range for BTC on Wednesday. The asset regained the $66,000 mark for the first time since April and posted its biggest single-day gain since March.
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Ether Bears Hit a Brick Wall As Price Collides With Bull-Market TrendlineEther's sell-off has stalled at an upward-sloping trendline, characterizing the rally from October lows. The immediate resistance is seen in the range of $3,180-$,3225. Ether's {{ETH}} sell-off has stalled, with bears hitting a brick wall characterized by an upward-sloping trendline drawn off October and January lows, according to charting platform TradingView. The bears' inability to penetrate that bull-market trendline since Monday suggests they might have to back up a bit and allow a price bounce before making another attempt at extending recent declines. The native token of the Ethereum blockchain has dropped more than 15% to $3,000 from highs near $4,100 two months ago, according to CoinDesk data. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, lost 17% in the same period. Supporting the case for an ether price bounce is the daily MACD histogram, which has flipped positive, signaling renewed bullish momentum. The MACD is widely used to gauge trend strength and changes. Intraday momentum is steadily improving, with the widely tracked 50-hour simple moving average (SMA) again trending north, providing reassurance. The immediate resistance is seen at the 50-day SMA near $3,180, followed by a descending trendline representing the recent correction, currently at $3,225. If the price drops below the bullish trendline, that would mean the broader uptrend has ended, opening the door for a more pronounced sell-off.

Ether Bears Hit a Brick Wall As Price Collides With Bull-Market Trendline

Ether's sell-off has stalled at an upward-sloping trendline, characterizing the rally from October lows.

The immediate resistance is seen in the range of $3,180-$,3225.

Ether's {{ETH}} sell-off has stalled, with bears hitting a brick wall characterized by an upward-sloping trendline drawn off October and January lows, according to charting platform TradingView.

The bears' inability to penetrate that bull-market trendline since Monday suggests they might have to back up a bit and allow a price bounce before making another attempt at extending recent declines. The native token of the Ethereum blockchain has dropped more than 15% to $3,000 from highs near $4,100 two months ago, according to CoinDesk data. The CoinDesk 20 Index (CD20), a measure of the broader crypto market, lost 17% in the same period.

Supporting the case for an ether price bounce is the daily MACD histogram, which has flipped positive, signaling renewed bullish momentum. The MACD is widely used to gauge trend strength and changes.

Intraday momentum is steadily improving, with the widely tracked 50-hour simple moving average (SMA) again trending north, providing reassurance.

The immediate resistance is seen at the 50-day SMA near $3,180, followed by a descending trendline representing the recent correction, currently at $3,225.

If the price drops below the bullish trendline, that would mean the broader uptrend has ended, opening the door for a more pronounced sell-off.
ترجمة
Fantom Outperforms CoinDesk 20 Over Past Week As TVL JumpsFantom's FTM token rose 13% in the past week, outperforming the broad market CoinDesk 20 Index. Investors look favorably upon the blockchain's continuing Sonic upgrade, as well as an increase in the TVL of many decentralized apps. The Fantom blockchain's FTM is one of the best-performing non-meme tokens of the past week as the market looks favorably on the roll-out of its Sonic upgrade and increases in the total value locked (TVL) on the protocol. FTM has gained 13% in the past seven days to about 81 cents, according to CoinDesk Indices data, while the CoinDesk 20 (CD20), a measure of the largest digital assets, is just 1.5% higher. In the past few weeks, the Fantom Foundation has been pushing out its latest upgrade, codenamed Sonic. Currently, 25 out of the 60 nodes have completed the upgrade, according to a dashboard, and the chain will be officially upgraded once the new software hits two-thirds of the nodes. Sonic is expected to boost transaction speeds to 2,000 transacations per second (TPS) with a 1.1-second finality. That compares with just over 2.5 TPS during the past month, on-chain data shows. Investors might also be interested in a recent bump in the chain's TVL. According to DeFiLlama, Fantom's TVL hit $203 million on May 16, up from $111 million two days prior, given a broad increase in TVL on various decentralized exchanges, lending apps, yield aggregators and other decentralized apps (dapps). Many dapps that support the Fantom chain have seen their TVL rise by 10%-20% during the last week.

Fantom Outperforms CoinDesk 20 Over Past Week As TVL Jumps

Fantom's FTM token rose 13% in the past week, outperforming the broad market CoinDesk 20 Index.

Investors look favorably upon the blockchain's continuing Sonic upgrade, as well as an increase in the TVL of many decentralized apps.

The Fantom blockchain's FTM is one of the best-performing non-meme tokens of the past week as the market looks favorably on the roll-out of its Sonic upgrade and increases in the total value locked (TVL) on the protocol.

FTM has gained 13% in the past seven days to about 81 cents, according to CoinDesk Indices data, while the CoinDesk 20 (CD20), a measure of the largest digital assets, is just 1.5% higher.

In the past few weeks, the Fantom Foundation has been pushing out its latest upgrade, codenamed Sonic. Currently, 25 out of the 60 nodes have completed the upgrade, according to a dashboard, and the chain will be officially upgraded once the new software hits two-thirds of the nodes.

Sonic is expected to boost transaction speeds to 2,000 transacations per second (TPS) with a 1.1-second finality. That compares with just over 2.5 TPS during the past month, on-chain data shows.

Investors might also be interested in a recent bump in the chain's TVL.

According to DeFiLlama, Fantom's TVL hit $203 million on May 16, up from $111 million two days prior, given a broad increase in TVL on various decentralized exchanges, lending apps, yield aggregators and other decentralized apps (dapps).

Many dapps that support the Fantom chain have seen their TVL rise by 10%-20% during the last week.