“The SEC has spoken” on Ethereum’s Status as a Security or Commodity [ Crypto Espresso 6.30.23 ]

It's Friday and thank goodness for that I say I'm your host Andrew and this is Crypto espresso your teeny tiny daily Shot of caffeinated crypto headlines and Let's go first up Fidelity the Investment management company with 4.5 Trillion dollars in assets under Management has submitted paperwork for The wise origin Bitcoin trust a spot Bitcoin ETF two weeks after the I shares Division of BlackRock filed for the Ishares Bitcoin trust the SEC has Previously denied Fidelity's application For the wise origin Bitcoin trust back In 2021 however Invesco and Wisdom Tree Have submitted their applications since Blackrock's spot ETF filing on June 15th While Arc invest has modified its prior Filing and is in front of the pack Fidelity's paperwork also includes a Surveillance sharing agreement with a Yet to be named U.S spot-based Bitcoin Exchange designed to ease SEC concerns About Market manipulation the SEC has Yet to make a decision regarding any of The new applications and the SEC Decision on blackrock's ETF filing could Take until early next year according to Coin market cap data Bitcoin remains Around thirty thousand five hundred Dollars after the news Bitcoin miners Have sent over one billion dollars worth Of bitcoin to crypto exchanges in the Past two weeks according to analytics

From crypto bunt each block on the Bitcoin blockchain is produced by mining Firms using computing power to solve Encryptions miners receive 6.25 Bitcoin For each block which they often sell to Raise money or expand their business Over 33 860 Bitcoin according to crypto Quant had been transferred to Derivatives exchanges although the bulk Had already been sent back to private Wallets additionally miners have Transferred only a small amount of their Remaining Reserve Holdings a thousand Bitcoin to spot trading exchanges this May indicate that miners are utilizing Newly created coins as collateral in Derivatives trading activities like Hedging according to analysts at crypto Quant in the previous two weeks Bitcoin Has rallied by about 20 percent owing to Positive catalysts like the spot Bitcoin ETF filings that we just talked about MasterCard is launching a multi-token Network or MTN test bed starting with Tokenized bank deposits which will be Released in beta mode this summer in the UK Raj damodarin head of crypto and Blockchain at MasterCard said to Coindesk that numerous Banks and Financial institutions are being invited To participate MasterCard aims to move Forward with tokenized bank money that Integrates with MasterCard crypto Credentials as one of the first use

Cases MasterCard crypto credentials is a Blockchain analytics program that was Unveiled back in April that ensures Transactions adhere to things like Anti-money laundering standards Tokenized Bank deposits according to Damodarin would make it possible for Cross-border Value transfers to happen Quickly and flexibly ethereum co-founder And consensus founder Joseph Lumen has Said that the SEC has already spoken on Whether eth should be treated as a Security or a commodity in an interview With CNBC Lubin referred to former sec Bill hinman's 2018 speech on crypto Securities and ethereum however new Records show that Hammond was repeatedly Forewarned by colleagues that the speech Could confuse markets the cftc Lubin Said viewed ether as a commodity the Three most valuable assets including Bitcoin ethereum and tether according to Cftc Chairman Rustin Benham should be Governed by his agencies like Commodities Gary Gensler the current Chairman of the SEC has only publicly Recognized Bitcoin as such and has Refrained from declaring ethereum to be Either a security or a commodity Legislation to clarify the situation is Being drafted by congress which includes Members Cynthia Loomis and Kirsten Gillibrand who have stated their Agreement with the cftc that ether is a

Commodity alongside Bitcoin according to Lubin the regulatory decision that Ethereum is not a security is a foregone Conclusion and finally Sotheby's the Oldest fine art auction house in the World is launching a blockchain-based Program for generative artists called The Gen art program Sotheby's will Feature the work of two or three Generative artists each year in fully Unchained auctions using the generative Asset Creator art blocks engine the First ever auction for the program will Take place on July 26 2023 where 500 Pieces from generative artist Vera Molnar will be auctioned only if Payments will be accepted and the sale Will take place entirely on chain using The auction House's curated nft platform Sotheby's metaverse according to Michael Bohana head of digital art and nfts at Sotheby's generative art has been Predominantly included throughout the Auction House's digital art products and Has played a crucial part in the Development of digital art a generative Artwork called over goose and then if T Created by Dimitri cherniak was recently Sold by Sotheby's for 6.2 million Dollars it was initially bought for 5.8 Million dollars by the now defunct Cryptocurrency hedge fund three arrows Capital and speaking of gooses hey let's Play a quick game here Doug duck

Duck goose now instead of chasing me Around the circle you have to like this Video subscribe to our YouTube channel And click on that little bell icon Before I sit down you got me thoughts on Today's episode well just drop me a line In that comment section below because I Read those comments and of course they Give me insomnia like nobody's business Questions about our headlines or crypto In general take that plungeness Alex in That description below Alex is always a Great resource for all things web 3 and The metaverse and that about does it for Today as always I've been your host Andrew these have been your headlines And ladies and gentlemen The weekend See you Monday maybe I'll have a voice By then I don't know