1. Aave community has started voting on the proposal of “Aave Governance V3 Activation”
The official governance page shows that the Aave community's proposal on "Aave Governance V3 Activation" has been opened for voting, and the current support rate is 100%. The proposal proposes to migrate Aave Governance V2.5 to V3, transfer all permissions from the V2 system to V3, perform all required smart contract upgrades and different miscellaneous preparations. In addition, the Aave Robot system is activated, which is a necessary condition for Governance V3 to achieve optimal functionality.
2. Ark Invest sold more than 280,000 shares of Coinbase again on Wednesday
Cathie Wood's investment management company ARK Invest reduced its holdings of Coinbase Global Inc (ticker: COIN) in its two flagship funds ARKK and ARKW. According to trading data on December 13, the ARKK fund sold 239,237 shares of Coinbase, accounting for 0.4102% of the fund's total holdings. At the same time, in the ARKW fund, 43,867 shares of Coinbase were also sold, accounting for 0.3860% of the fund's total holdings. At the average price of COIN on that day, 280,000 shares were worth more than US$40 million. In addition, the ARKW fund also sold 45,864 shares of Bitcoin Investment Trust (GBTC), accounting for 0.0987% of the fund's holdings.
3. ZK L2 network ZKFair announced a strategic partnership with TokenPocket to jointly promote the development of the ZKFair ecosystem
ZK L2 network ZKFair announced a strategic partnership with multi-chain self-custodial wallet TokenPocket. Currently, TokenPocket has successfully integrated the ZKFair testnet and plans to fully support its mainnet around December 20. In the future, TokenPocket will also assist the development of the ZKFair ecosystem in all aspects such as brand building and community promotion. ZKFair will also use its own ecological advantages to support TokenPocket to further optimize the DeFi experience, thereby enriching users' on-chain interactions. ZKFair is the first ZK L2 community network based on Polygon CDK, Celestia DA and Lumoz RaaS. It is a fair launch and fully community-driven. Its tokens will also be 100% distributed to the community through airdrops. The ZKFair testnet was launched on December 7, and the mainnet will be launched around December 20. TokenPocket is a decentralized multi-chain self-hosted wallet that supports multiple public chains such as BTC, ETH, BSC, TRON, etc. TokenPocket products include TokenPocket mobile wallet, chrome plug-in wallet, and hardware wallet. Private keys and mnemonics are stored in the user's own device, and users can control their own encrypted assets.
4. US SEC seeks public comments on proposed rule changes for Hasdex Bitcoin futures ETF
The U.S. Securities and Exchange Commission (SEC) has released Document No. 34-99164 regarding NYSE Arca Inc.'s proposed rule changes regarding the Hashdex Bitcoin Futures ETF (Exchange Traded Fund). This change is intended to adjust certain representations of the Hashdex Bitcoin Futures Fund shares listed and traded on NYSE Arca to comply with the reorganization involving the Hashdex Bitcoin Futures ETF and the Tidal Commodity Trust. The reorganization includes transferring the assets and liabilities of the Hashdex Bitcoin Futures Fund to the acquired ETF, thereby forming a new investment structure and management. The SEC issued this notice to solicit public comments on the proposed rule changes. Bloomberg analyst James Seyffart said he believed this was an approval order to transfer Hashdex from Teucrium to the Tidal Trust.
5. The FTX bankruptcy judge plans to hold a hearing early next year to consider the issue of unpaid taxes owed by FTX to the IRS
A federal judge in FTX's bankruptcy case has moved to end a long-running dispute between FTX and its largest creditor, a move that suggests the court may try to speed up efforts to recover customer funds from the assets of failed crypto firm FTX. Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware plans to hold a hearing early next year to calculate the cryptocurrency exchange's debt to the Internal Revenue Service (IRS), a sticking point that has been hindering compensation payments to the exchange's many victims. As FTX's largest creditor, the IRS's claims must be resolved before FTX's victims can recoup their losses. The judge said that while FTX's bankruptcy case is "complex," it still needs to be resolved more quickly. He warned that the IRS should not expect a multi-billion dollar recovery because there is no evidence yet of the exact amount of taxes owed by the debtors.
6. JPMorgan Chase report: EIP-4844 upgrade will drive Ethereum to outperform Bitcoin next year
According to The Block, JPMorgan analysts said that they remain "cautious" about the crypto market overall in the coming year, but Ethereum may outperform Bitcoin and other cryptocurrencies in 2024. "We believe that Ethereum will re-establish itself and regain market share in the crypto ecosystem next year," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a report on Wednesday. "The main catalyst is the EIP-4844 upgrade expected in the first half of 2024. This upgrade may take a bigger step in improving Ethereum network activity, helping Ethereum to outperform." JPMorgan analysts reiterated that the upgrade is particularly beneficial to L2 networks such as Arbitrum and Optimism because it provides additional temporary data space, which can increase network throughput and reduce transaction fees on the Ethereum L2 network. JPMorgan analysts also said that factors that are seen as bullish for Bitcoin next year, including the possible approval of spot ETFs and the upcoming halving, are already reflected in the price. "Given that the current ratio of Bitcoin price to production cost is about 2 times, this means that the 2024 Bitcoin halving event is already largely reflected in the price," the analysts concluded.
7. U.S. CFTC approves Bitcoin futures platform Bitnomial to register as a derivatives clearing agency
According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) approved the crypto derivatives company Bitnomial to register as a derivatives clearing agency in the United States, allowing it to settle margin futures and options contracts. CFTC commissioners approved Bitnomial's application with a 2-1 vote. Bitnomial is a four-year-old company that hopes to provide margin Bitcoin futures and options linked to Bitcoin futures to U.S. investors. Bitnomial has previously obtained a license as a designated contract market and futures commission dealer. Bitnomial CEO Luke Hoersten said in a statement that the company hopes to offer "a wide range of physical and digital commodities."
8. MicroStrategy founder: FASB's new accounting standards will promote global companies to use Bitcoin as a reserve asset
MicroStrategy founder Michael Saylor tweeted that the U.S. Financial Accounting Standards Board (FASB) has officially adopted Bitcoin fair value accounting for fiscal years beginning after December 15, 2024. The upgrade of accounting standards will promote global companies to adopt Bitcoin as a reserve asset. According to previous news, the United States will introduce the first cryptocurrency accounting rules, allowing crypto companies and any other companies holding Bitcoin or Ethereum to record their cryptocurrency holdings at fair value, and changes in fair value will be included in net income.
9. US SEC postpones decision on Invesco Galaxy Ethereum spot ETF
According to The Block, based on public regulatory documents, the U.S. SEC has postponed its decision on the Invesco Galaxy Ethereum spot ETF, with the new deadline being February 6, 2024. It is reported that Invesco submitted an application for an Ethereum spot ETF to the SEC in September this year, and Galaxy Digital Funds will serve as an execution agent to help the trust buy and sell Ethereum.
