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\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n
\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

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By subscribing, you agree with our privacy and terms.

Follow The Distributed

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\n

Gary Gensler promptly addressed <\/a>the situation, confirming that no Bitcoin ETFs had been authorized. The SEC acknowledged the unauthorized access, vowing to collaborate with law enforcement to investigate and address any associated misconduct.<\/p>\n\n\n\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 5 6 7 8 9 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

SEC's Response To The Issue<\/h2>\n\n\n\n

Gary Gensler promptly addressed <\/a>the situation, confirming that no Bitcoin ETFs had been authorized. The SEC acknowledged the unauthorized access, vowing to collaborate with law enforcement to investigate and address any associated misconduct.<\/p>\n\n\n\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

See Related:<\/em><\/strong> Twitter Brings Tweet Tiles Pilot to NFT Marketplaces<\/a><\/p>\n\n\n\n

SEC's Response To The Issue<\/h2>\n\n\n\n

Gary Gensler promptly addressed <\/a>the situation, confirming that no Bitcoin ETFs had been authorized. The SEC acknowledged the unauthorized access, vowing to collaborate with law enforcement to investigate and address any associated misconduct.<\/p>\n\n\n\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

The unauthorized tweet had immediate market consequences, as Bitcoin's value plunged from its two-year peak, dropping over $2,000 in response to the fake approval news.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Twitter Brings Tweet Tiles Pilot to NFT Marketplaces<\/a><\/p>\n\n\n\n

SEC's Response To The Issue<\/h2>\n\n\n\n

Gary Gensler promptly addressed <\/a>the situation, confirming that no Bitcoin ETFs had been authorized. The SEC acknowledged the unauthorized access, vowing to collaborate with law enforcement to investigate and address any associated misconduct.<\/p>\n\n\n\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Interestingly, the SEC account lacked two-factor authentication, a safety recommendation often advocated by SEC chair Gary Gensler. Twitter Safety emphasized the importance of this additional security layer, advising users to enable it to prevent such breaches.<\/p>\n\n\n\n

The unauthorized tweet had immediate market consequences, as Bitcoin's value plunged from its two-year peak, dropping over $2,000 in response to the fake approval news.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Twitter Brings Tweet Tiles Pilot to NFT Marketplaces<\/a><\/p>\n\n\n\n

SEC's Response To The Issue<\/h2>\n\n\n\n

Gary Gensler promptly addressed <\/a>the situation, confirming that no Bitcoin ETFs had been authorized. The SEC acknowledged the unauthorized access, vowing to collaborate with law enforcement to investigate and address any associated misconduct.<\/p>\n\n\n\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Upon a swift inquiry, Twitter's Safety team clarified that the incident didn't stem from a breach in Twitter's systems. Instead, an unauthorized individual gained access to the @SECGov account's phone number via a third-party service.<\/p>\n\n\n\n

Interestingly, the SEC account lacked two-factor authentication, a safety recommendation often advocated by SEC chair Gary Gensler. Twitter Safety emphasized the importance of this additional security layer, advising users to enable it to prevent such breaches.<\/p>\n\n\n\n

The unauthorized tweet had immediate market consequences, as Bitcoin's value plunged from its two-year peak, dropping over $2,000 in response to the fake approval news.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Twitter Brings Tweet Tiles Pilot to NFT Marketplaces<\/a><\/p>\n\n\n\n

SEC's Response To The Issue<\/h2>\n\n\n\n

Gary Gensler promptly addressed <\/a>the situation, confirming that no Bitcoin ETFs had been authorized. The SEC acknowledged the unauthorized access, vowing to collaborate with law enforcement to investigate and address any associated misconduct.<\/p>\n\n\n\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Twitter <\/a>has recently defended itself against accusations surrounding a misleading tweet from the U.S. Securities and Exchange Commission's (SEC) account. This tweet erroneously declared the approval of 13 Bitcoin ETFs, causing a stir in the cryptocurrency community. <\/p>\n\n\n\n

Upon a swift inquiry, Twitter's Safety team clarified that the incident didn't stem from a breach in Twitter's systems. Instead, an unauthorized individual gained access to the @SECGov account's phone number via a third-party service.<\/p>\n\n\n\n

Interestingly, the SEC account lacked two-factor authentication, a safety recommendation often advocated by SEC chair Gary Gensler. Twitter Safety emphasized the importance of this additional security layer, advising users to enable it to prevent such breaches.<\/p>\n\n\n\n

The unauthorized tweet had immediate market consequences, as Bitcoin's value plunged from its two-year peak, dropping over $2,000 in response to the fake approval news.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Twitter Brings Tweet Tiles Pilot to NFT Marketplaces<\/a><\/p>\n\n\n\n

SEC's Response To The Issue<\/h2>\n\n\n\n

Gary Gensler promptly addressed <\/a>the situation, confirming that no Bitcoin ETFs had been authorized. The SEC acknowledged the unauthorized access, vowing to collaborate with law enforcement to investigate and address any associated misconduct.<\/p>\n\n\n\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Experts have mixed views on the outcome. While some, like Frye, lean towards the district court favoring Coinbase, others, such as Joe Carlasare of Amundsen Davis law firm, are more cautious, estimating a less than 30% chance of Coinbase achieving a complete dismissal of all charges.<\/p>\n","post_title":"Is Coinbase Set To Overturn SEC\u2019s Allegations In High-Stakes Legal Battle?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"is-coinbase-set-to-overturn-secs-allegations-in-high-stakes-legal-battle","to_ping":"","pinged":"","post_modified":"2024-01-22 00:51:55","post_modified_gmt":"2024-01-21 13:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15067","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14981,"post_author":"15","post_date":"2024-01-15 03:37:46","post_date_gmt":"2024-01-14 16:37:46","post_content":"\n

Twitter <\/a>has recently defended itself against accusations surrounding a misleading tweet from the U.S. Securities and Exchange Commission's (SEC) account. This tweet erroneously declared the approval of 13 Bitcoin ETFs, causing a stir in the cryptocurrency community. <\/p>\n\n\n\n

Upon a swift inquiry, Twitter's Safety team clarified that the incident didn't stem from a breach in Twitter's systems. Instead, an unauthorized individual gained access to the @SECGov account's phone number via a third-party service.<\/p>\n\n\n\n

Interestingly, the SEC account lacked two-factor authentication, a safety recommendation often advocated by SEC chair Gary Gensler. Twitter Safety emphasized the importance of this additional security layer, advising users to enable it to prevent such breaches.<\/p>\n\n\n\n

The unauthorized tweet had immediate market consequences, as Bitcoin's value plunged from its two-year peak, dropping over $2,000 in response to the fake approval news.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Twitter Brings Tweet Tiles Pilot to NFT Marketplaces<\/a><\/p>\n\n\n\n

SEC's Response To The Issue<\/h2>\n\n\n\n

Gary Gensler promptly addressed <\/a>the situation, confirming that no Bitcoin ETFs had been authorized. The SEC acknowledged the unauthorized access, vowing to collaborate with law enforcement to investigate and address any associated misconduct.<\/p>\n\n\n\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

In June, Coinbase filed a detailed motion to dismiss the SEC\u2019s case, contending that the SEC lacks statutory authority over the exchange. Paul Grewal, Coinbase\u2019s Chief Legal Officer, emphasized the untenability of the SEC\u2019s position regarding its powers.<\/p>\n\n\n\n

Experts have mixed views on the outcome. While some, like Frye, lean towards the district court favoring Coinbase, others, such as Joe Carlasare of Amundsen Davis law firm, are more cautious, estimating a less than 30% chance of Coinbase achieving a complete dismissal of all charges.<\/p>\n","post_title":"Is Coinbase Set To Overturn SEC\u2019s Allegations In High-Stakes Legal Battle?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"is-coinbase-set-to-overturn-secs-allegations-in-high-stakes-legal-battle","to_ping":"","pinged":"","post_modified":"2024-01-22 00:51:55","post_modified_gmt":"2024-01-21 13:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15067","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14981,"post_author":"15","post_date":"2024-01-15 03:37:46","post_date_gmt":"2024-01-14 16:37:46","post_content":"\n

Twitter <\/a>has recently defended itself against accusations surrounding a misleading tweet from the U.S. Securities and Exchange Commission's (SEC) account. This tweet erroneously declared the approval of 13 Bitcoin ETFs, causing a stir in the cryptocurrency community. <\/p>\n\n\n\n

Upon a swift inquiry, Twitter's Safety team clarified that the incident didn't stem from a breach in Twitter's systems. Instead, an unauthorized individual gained access to the @SECGov account's phone number via a third-party service.<\/p>\n\n\n\n

Interestingly, the SEC account lacked two-factor authentication, a safety recommendation often advocated by SEC chair Gary Gensler. Twitter Safety emphasized the importance of this additional security layer, advising users to enable it to prevent such breaches.<\/p>\n\n\n\n

The unauthorized tweet had immediate market consequences, as Bitcoin's value plunged from its two-year peak, dropping over $2,000 in response to the fake approval news.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Twitter Brings Tweet Tiles Pilot to NFT Marketplaces<\/a><\/p>\n\n\n\n

SEC's Response To The Issue<\/h2>\n\n\n\n

Gary Gensler promptly addressed <\/a>the situation, confirming that no Bitcoin ETFs had been authorized. The SEC acknowledged the unauthorized access, vowing to collaborate with law enforcement to investigate and address any associated misconduct.<\/p>\n\n\n\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

The Howey Test, established in the 1940s, serves as the benchmark for identifying investment contracts. It involves four criteria: an investment of money, in a common enterprise, with the expectation of profits, primarily from the efforts of others. University of Kentucky law professor Brian L. Frye underscored that while the SEC has the authority to regulate collectibles under Howey, it has opted not to do so.<\/p>\n\n\n\n

In June, Coinbase filed a detailed motion to dismiss the SEC\u2019s case, contending that the SEC lacks statutory authority over the exchange. Paul Grewal, Coinbase\u2019s Chief Legal Officer, emphasized the untenability of the SEC\u2019s position regarding its powers.<\/p>\n\n\n\n

Experts have mixed views on the outcome. While some, like Frye, lean towards the district court favoring Coinbase, others, such as Joe Carlasare of Amundsen Davis law firm, are more cautious, estimating a less than 30% chance of Coinbase achieving a complete dismissal of all charges.<\/p>\n","post_title":"Is Coinbase Set To Overturn SEC\u2019s Allegations In High-Stakes Legal Battle?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"is-coinbase-set-to-overturn-secs-allegations-in-high-stakes-legal-battle","to_ping":"","pinged":"","post_modified":"2024-01-22 00:51:55","post_modified_gmt":"2024-01-21 13:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15067","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14981,"post_author":"15","post_date":"2024-01-15 03:37:46","post_date_gmt":"2024-01-14 16:37:46","post_content":"\n

Twitter <\/a>has recently defended itself against accusations surrounding a misleading tweet from the U.S. Securities and Exchange Commission's (SEC) account. This tweet erroneously declared the approval of 13 Bitcoin ETFs, causing a stir in the cryptocurrency community. <\/p>\n\n\n\n

Upon a swift inquiry, Twitter's Safety team clarified that the incident didn't stem from a breach in Twitter's systems. Instead, an unauthorized individual gained access to the @SECGov account's phone number via a third-party service.<\/p>\n\n\n\n

Interestingly, the SEC account lacked two-factor authentication, a safety recommendation often advocated by SEC chair Gary Gensler. Twitter Safety emphasized the importance of this additional security layer, advising users to enable it to prevent such breaches.<\/p>\n\n\n\n

The unauthorized tweet had immediate market consequences, as Bitcoin's value plunged from its two-year peak, dropping over $2,000 in response to the fake approval news.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Twitter Brings Tweet Tiles Pilot to NFT Marketplaces<\/a><\/p>\n\n\n\n

SEC's Response To The Issue<\/h2>\n\n\n\n

Gary Gensler promptly addressed <\/a>the situation, confirming that no Bitcoin ETFs had been authorized. The SEC acknowledged the unauthorized access, vowing to collaborate with law enforcement to investigate and address any associated misconduct.<\/p>\n\n\n\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Judge Katherine Polk Failla, presiding over the case, challenged the SEC to define \u201cinvestment contract\u201d in a way that wouldn\u2019t inadvertently include non-threatening collectibles like Beanie Babies. Conversely, Stein found Coinbase\u2019s<\/a> definition, which requires crypto investors to buy into a \u201cbusiness\u201d rather than just an ecosystem, more convincing. This definition could potentially exempt both the cryptocurrency sales and staking services on Coinbase\u2019s platform from SEC regulation.<\/p>\n\n\n\n

The Howey Test, established in the 1940s, serves as the benchmark for identifying investment contracts. It involves four criteria: an investment of money, in a common enterprise, with the expectation of profits, primarily from the efforts of others. University of Kentucky law professor Brian L. Frye underscored that while the SEC has the authority to regulate collectibles under Howey, it has opted not to do so.<\/p>\n\n\n\n

In June, Coinbase filed a detailed motion to dismiss the SEC\u2019s case, contending that the SEC lacks statutory authority over the exchange. Paul Grewal, Coinbase\u2019s Chief Legal Officer, emphasized the untenability of the SEC\u2019s position regarding its powers.<\/p>\n\n\n\n

Experts have mixed views on the outcome. While some, like Frye, lean towards the district court favoring Coinbase, others, such as Joe Carlasare of Amundsen Davis law firm, are more cautious, estimating a less than 30% chance of Coinbase achieving a complete dismissal of all charges.<\/p>\n","post_title":"Is Coinbase Set To Overturn SEC\u2019s Allegations In High-Stakes Legal Battle?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"is-coinbase-set-to-overturn-secs-allegations-in-high-stakes-legal-battle","to_ping":"","pinged":"","post_modified":"2024-01-22 00:51:55","post_modified_gmt":"2024-01-21 13:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15067","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14981,"post_author":"15","post_date":"2024-01-15 03:37:46","post_date_gmt":"2024-01-14 16:37:46","post_content":"\n

Twitter <\/a>has recently defended itself against accusations surrounding a misleading tweet from the U.S. Securities and Exchange Commission's (SEC) account. This tweet erroneously declared the approval of 13 Bitcoin ETFs, causing a stir in the cryptocurrency community. <\/p>\n\n\n\n

Upon a swift inquiry, Twitter's Safety team clarified that the incident didn't stem from a breach in Twitter's systems. Instead, an unauthorized individual gained access to the @SECGov account's phone number via a third-party service.<\/p>\n\n\n\n

Interestingly, the SEC account lacked two-factor authentication, a safety recommendation often advocated by SEC chair Gary Gensler. Twitter Safety emphasized the importance of this additional security layer, advising users to enable it to prevent such breaches.<\/p>\n\n\n\n

The unauthorized tweet had immediate market consequences, as Bitcoin's value plunged from its two-year peak, dropping over $2,000 in response to the fake approval news.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Twitter Brings Tweet Tiles Pilot to NFT Marketplaces<\/a><\/p>\n\n\n\n

SEC's Response To The Issue<\/h2>\n\n\n\n

Gary Gensler promptly addressed <\/a>the situation, confirming that no Bitcoin ETFs had been authorized. The SEC acknowledged the unauthorized access, vowing to collaborate with law enforcement to investigate and address any associated misconduct.<\/p>\n\n\n\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

In June, Coinbase asserted in a legal motion that the tokens implicated in the SEC\u2019s lawsuit do not fit the conventional definition of an investment contract. Consequently, the company argued, these tokens shouldn\u2019t be classified as securities, and Coinbase itself shouldn't be labeled an unregistered securities exchange.<\/p>\n\n\n\n

Judge Katherine Polk Failla, presiding over the case, challenged the SEC to define \u201cinvestment contract\u201d in a way that wouldn\u2019t inadvertently include non-threatening collectibles like Beanie Babies. Conversely, Stein found Coinbase\u2019s<\/a> definition, which requires crypto investors to buy into a \u201cbusiness\u201d rather than just an ecosystem, more convincing. This definition could potentially exempt both the cryptocurrency sales and staking services on Coinbase\u2019s platform from SEC regulation.<\/p>\n\n\n\n

The Howey Test, established in the 1940s, serves as the benchmark for identifying investment contracts. It involves four criteria: an investment of money, in a common enterprise, with the expectation of profits, primarily from the efforts of others. University of Kentucky law professor Brian L. Frye underscored that while the SEC has the authority to regulate collectibles under Howey, it has opted not to do so.<\/p>\n\n\n\n

In June, Coinbase filed a detailed motion to dismiss the SEC\u2019s case, contending that the SEC lacks statutory authority over the exchange. Paul Grewal, Coinbase\u2019s Chief Legal Officer, emphasized the untenability of the SEC\u2019s position regarding its powers.<\/p>\n\n\n\n

Experts have mixed views on the outcome. While some, like Frye, lean towards the district court favoring Coinbase, others, such as Joe Carlasare of Amundsen Davis law firm, are more cautious, estimating a less than 30% chance of Coinbase achieving a complete dismissal of all charges.<\/p>\n","post_title":"Is Coinbase Set To Overturn SEC\u2019s Allegations In High-Stakes Legal Battle?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"is-coinbase-set-to-overturn-secs-allegations-in-high-stakes-legal-battle","to_ping":"","pinged":"","post_modified":"2024-01-22 00:51:55","post_modified_gmt":"2024-01-21 13:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15067","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14981,"post_author":"15","post_date":"2024-01-15 03:37:46","post_date_gmt":"2024-01-14 16:37:46","post_content":"\n

Twitter <\/a>has recently defended itself against accusations surrounding a misleading tweet from the U.S. Securities and Exchange Commission's (SEC) account. This tweet erroneously declared the approval of 13 Bitcoin ETFs, causing a stir in the cryptocurrency community. <\/p>\n\n\n\n

Upon a swift inquiry, Twitter's Safety team clarified that the incident didn't stem from a breach in Twitter's systems. Instead, an unauthorized individual gained access to the @SECGov account's phone number via a third-party service.<\/p>\n\n\n\n

Interestingly, the SEC account lacked two-factor authentication, a safety recommendation often advocated by SEC chair Gary Gensler. Twitter Safety emphasized the importance of this additional security layer, advising users to enable it to prevent such breaches.<\/p>\n\n\n\n

The unauthorized tweet had immediate market consequences, as Bitcoin's value plunged from its two-year peak, dropping over $2,000 in response to the fake approval news.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Twitter Brings Tweet Tiles Pilot to NFT Marketplaces<\/a><\/p>\n\n\n\n

SEC's Response To The Issue<\/h2>\n\n\n\n

Gary Gensler promptly addressed <\/a>the situation, confirming that no Bitcoin ETFs had been authorized. The SEC acknowledged the unauthorized access, vowing to collaborate with law enforcement to investigate and address any associated misconduct.<\/p>\n\n\n\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

SEC's Lawsuit<\/h2>\n\n\n\n

In June, Coinbase asserted in a legal motion that the tokens implicated in the SEC\u2019s lawsuit do not fit the conventional definition of an investment contract. Consequently, the company argued, these tokens shouldn\u2019t be classified as securities, and Coinbase itself shouldn't be labeled an unregistered securities exchange.<\/p>\n\n\n\n

Judge Katherine Polk Failla, presiding over the case, challenged the SEC to define \u201cinvestment contract\u201d in a way that wouldn\u2019t inadvertently include non-threatening collectibles like Beanie Babies. Conversely, Stein found Coinbase\u2019s<\/a> definition, which requires crypto investors to buy into a \u201cbusiness\u201d rather than just an ecosystem, more convincing. This definition could potentially exempt both the cryptocurrency sales and staking services on Coinbase\u2019s platform from SEC regulation.<\/p>\n\n\n\n

The Howey Test, established in the 1940s, serves as the benchmark for identifying investment contracts. It involves four criteria: an investment of money, in a common enterprise, with the expectation of profits, primarily from the efforts of others. University of Kentucky law professor Brian L. Frye underscored that while the SEC has the authority to regulate collectibles under Howey, it has opted not to do so.<\/p>\n\n\n\n

In June, Coinbase filed a detailed motion to dismiss the SEC\u2019s case, contending that the SEC lacks statutory authority over the exchange. Paul Grewal, Coinbase\u2019s Chief Legal Officer, emphasized the untenability of the SEC\u2019s position regarding its powers.<\/p>\n\n\n\n

Experts have mixed views on the outcome. While some, like Frye, lean towards the district court favoring Coinbase, others, such as Joe Carlasare of Amundsen Davis law firm, are more cautious, estimating a less than 30% chance of Coinbase achieving a complete dismissal of all charges.<\/p>\n","post_title":"Is Coinbase Set To Overturn SEC\u2019s Allegations In High-Stakes Legal Battle?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"is-coinbase-set-to-overturn-secs-allegations-in-high-stakes-legal-battle","to_ping":"","pinged":"","post_modified":"2024-01-22 00:51:55","post_modified_gmt":"2024-01-21 13:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15067","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14981,"post_author":"15","post_date":"2024-01-15 03:37:46","post_date_gmt":"2024-01-14 16:37:46","post_content":"\n

Twitter <\/a>has recently defended itself against accusations surrounding a misleading tweet from the U.S. Securities and Exchange Commission's (SEC) account. This tweet erroneously declared the approval of 13 Bitcoin ETFs, causing a stir in the cryptocurrency community. <\/p>\n\n\n\n

Upon a swift inquiry, Twitter's Safety team clarified that the incident didn't stem from a breach in Twitter's systems. Instead, an unauthorized individual gained access to the @SECGov account's phone number via a third-party service.<\/p>\n\n\n\n

Interestingly, the SEC account lacked two-factor authentication, a safety recommendation often advocated by SEC chair Gary Gensler. Twitter Safety emphasized the importance of this additional security layer, advising users to enable it to prevent such breaches.<\/p>\n\n\n\n

The unauthorized tweet had immediate market consequences, as Bitcoin's value plunged from its two-year peak, dropping over $2,000 in response to the fake approval news.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Twitter Brings Tweet Tiles Pilot to NFT Marketplaces<\/a><\/p>\n\n\n\n

SEC's Response To The Issue<\/h2>\n\n\n\n

Gary Gensler promptly addressed <\/a>the situation, confirming that no Bitcoin ETFs had been authorized. The SEC acknowledged the unauthorized access, vowing to collaborate with law enforcement to investigate and address any associated misconduct.<\/p>\n\n\n\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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See Related: <\/em><\/strong>SEC's Last-Minute Moves Could Pave The Way For Bitcoin ETFs<\/a><\/p>\n\n\n\n

SEC's Lawsuit<\/h2>\n\n\n\n

In June, Coinbase asserted in a legal motion that the tokens implicated in the SEC\u2019s lawsuit do not fit the conventional definition of an investment contract. Consequently, the company argued, these tokens shouldn\u2019t be classified as securities, and Coinbase itself shouldn't be labeled an unregistered securities exchange.<\/p>\n\n\n\n

Judge Katherine Polk Failla, presiding over the case, challenged the SEC to define \u201cinvestment contract\u201d in a way that wouldn\u2019t inadvertently include non-threatening collectibles like Beanie Babies. Conversely, Stein found Coinbase\u2019s<\/a> definition, which requires crypto investors to buy into a \u201cbusiness\u201d rather than just an ecosystem, more convincing. This definition could potentially exempt both the cryptocurrency sales and staking services on Coinbase\u2019s platform from SEC regulation.<\/p>\n\n\n\n

The Howey Test, established in the 1940s, serves as the benchmark for identifying investment contracts. It involves four criteria: an investment of money, in a common enterprise, with the expectation of profits, primarily from the efforts of others. University of Kentucky law professor Brian L. Frye underscored that while the SEC has the authority to regulate collectibles under Howey, it has opted not to do so.<\/p>\n\n\n\n

In June, Coinbase filed a detailed motion to dismiss the SEC\u2019s case, contending that the SEC lacks statutory authority over the exchange. Paul Grewal, Coinbase\u2019s Chief Legal Officer, emphasized the untenability of the SEC\u2019s position regarding its powers.<\/p>\n\n\n\n

Experts have mixed views on the outcome. While some, like Frye, lean towards the district court favoring Coinbase, others, such as Joe Carlasare of Amundsen Davis law firm, are more cautious, estimating a less than 30% chance of Coinbase achieving a complete dismissal of all charges.<\/p>\n","post_title":"Is Coinbase Set To Overturn SEC\u2019s Allegations In High-Stakes Legal Battle?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"is-coinbase-set-to-overturn-secs-allegations-in-high-stakes-legal-battle","to_ping":"","pinged":"","post_modified":"2024-01-22 00:51:55","post_modified_gmt":"2024-01-21 13:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15067","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14981,"post_author":"15","post_date":"2024-01-15 03:37:46","post_date_gmt":"2024-01-14 16:37:46","post_content":"\n

Twitter <\/a>has recently defended itself against accusations surrounding a misleading tweet from the U.S. Securities and Exchange Commission's (SEC) account. This tweet erroneously declared the approval of 13 Bitcoin ETFs, causing a stir in the cryptocurrency community. <\/p>\n\n\n\n

Upon a swift inquiry, Twitter's Safety team clarified that the incident didn't stem from a breach in Twitter's systems. Instead, an unauthorized individual gained access to the @SECGov account's phone number via a third-party service.<\/p>\n\n\n\n

Interestingly, the SEC account lacked two-factor authentication, a safety recommendation often advocated by SEC chair Gary Gensler. Twitter Safety emphasized the importance of this additional security layer, advising users to enable it to prevent such breaches.<\/p>\n\n\n\n

The unauthorized tweet had immediate market consequences, as Bitcoin's value plunged from its two-year peak, dropping over $2,000 in response to the fake approval news.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Twitter Brings Tweet Tiles Pilot to NFT Marketplaces<\/a><\/p>\n\n\n\n

SEC's Response To The Issue<\/h2>\n\n\n\n

Gary Gensler promptly addressed <\/a>the situation, confirming that no Bitcoin ETFs had been authorized. The SEC acknowledged the unauthorized access, vowing to collaborate with law enforcement to investigate and address any associated misconduct.<\/p>\n\n\n\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Bloomberg\u2019s Senior Litigation Analyst, Elliot Z. Stein, offered insights via a tweet <\/a>on Friday. After attending Coinbase\u2019s presentation in court on Wednesday, Stein assessed the exchange\u2019s chances of winning its motion to dismiss the SEC\u2019s accusations at a robust 70%. He notably stated, \u201cWe think Coinbase is likely to win this motion,\u201d in a research note shared on Twitter.<\/p>\n\n\n\n

See Related: <\/em><\/strong>SEC's Last-Minute Moves Could Pave The Way For Bitcoin ETFs<\/a><\/p>\n\n\n\n

SEC's Lawsuit<\/h2>\n\n\n\n

In June, Coinbase asserted in a legal motion that the tokens implicated in the SEC\u2019s lawsuit do not fit the conventional definition of an investment contract. Consequently, the company argued, these tokens shouldn\u2019t be classified as securities, and Coinbase itself shouldn't be labeled an unregistered securities exchange.<\/p>\n\n\n\n

Judge Katherine Polk Failla, presiding over the case, challenged the SEC to define \u201cinvestment contract\u201d in a way that wouldn\u2019t inadvertently include non-threatening collectibles like Beanie Babies. Conversely, Stein found Coinbase\u2019s<\/a> definition, which requires crypto investors to buy into a \u201cbusiness\u201d rather than just an ecosystem, more convincing. This definition could potentially exempt both the cryptocurrency sales and staking services on Coinbase\u2019s platform from SEC regulation.<\/p>\n\n\n\n

The Howey Test, established in the 1940s, serves as the benchmark for identifying investment contracts. It involves four criteria: an investment of money, in a common enterprise, with the expectation of profits, primarily from the efforts of others. University of Kentucky law professor Brian L. Frye underscored that while the SEC has the authority to regulate collectibles under Howey, it has opted not to do so.<\/p>\n\n\n\n

In June, Coinbase filed a detailed motion to dismiss the SEC\u2019s case, contending that the SEC lacks statutory authority over the exchange. Paul Grewal, Coinbase\u2019s Chief Legal Officer, emphasized the untenability of the SEC\u2019s position regarding its powers.<\/p>\n\n\n\n

Experts have mixed views on the outcome. While some, like Frye, lean towards the district court favoring Coinbase, others, such as Joe Carlasare of Amundsen Davis law firm, are more cautious, estimating a less than 30% chance of Coinbase achieving a complete dismissal of all charges.<\/p>\n","post_title":"Is Coinbase Set To Overturn SEC\u2019s Allegations In High-Stakes Legal Battle?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"is-coinbase-set-to-overturn-secs-allegations-in-high-stakes-legal-battle","to_ping":"","pinged":"","post_modified":"2024-01-22 00:51:55","post_modified_gmt":"2024-01-21 13:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15067","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14981,"post_author":"15","post_date":"2024-01-15 03:37:46","post_date_gmt":"2024-01-14 16:37:46","post_content":"\n

Twitter <\/a>has recently defended itself against accusations surrounding a misleading tweet from the U.S. Securities and Exchange Commission's (SEC) account. This tweet erroneously declared the approval of 13 Bitcoin ETFs, causing a stir in the cryptocurrency community. <\/p>\n\n\n\n

Upon a swift inquiry, Twitter's Safety team clarified that the incident didn't stem from a breach in Twitter's systems. Instead, an unauthorized individual gained access to the @SECGov account's phone number via a third-party service.<\/p>\n\n\n\n

Interestingly, the SEC account lacked two-factor authentication, a safety recommendation often advocated by SEC chair Gary Gensler. Twitter Safety emphasized the importance of this additional security layer, advising users to enable it to prevent such breaches.<\/p>\n\n\n\n

The unauthorized tweet had immediate market consequences, as Bitcoin's value plunged from its two-year peak, dropping over $2,000 in response to the fake approval news.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Twitter Brings Tweet Tiles Pilot to NFT Marketplaces<\/a><\/p>\n\n\n\n

SEC's Response To The Issue<\/h2>\n\n\n\n

Gary Gensler promptly addressed <\/a>the situation, confirming that no Bitcoin ETFs had been authorized. The SEC acknowledged the unauthorized access, vowing to collaborate with law enforcement to investigate and address any associated misconduct.<\/p>\n\n\n\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Coinbase, a leading cryptocurrency exchange, seems to be on the brink of a significant triumph in its ongoing legal face-off with the U.S. Securities and Exchange Commission (SEC). This sentiment was echoed by legal experts after a critical court hearing this week.<\/p>\n\n\n\n

Bloomberg\u2019s Senior Litigation Analyst, Elliot Z. Stein, offered insights via a tweet <\/a>on Friday. After attending Coinbase\u2019s presentation in court on Wednesday, Stein assessed the exchange\u2019s chances of winning its motion to dismiss the SEC\u2019s accusations at a robust 70%. He notably stated, \u201cWe think Coinbase is likely to win this motion,\u201d in a research note shared on Twitter.<\/p>\n\n\n\n

See Related: <\/em><\/strong>SEC's Last-Minute Moves Could Pave The Way For Bitcoin ETFs<\/a><\/p>\n\n\n\n

SEC's Lawsuit<\/h2>\n\n\n\n

In June, Coinbase asserted in a legal motion that the tokens implicated in the SEC\u2019s lawsuit do not fit the conventional definition of an investment contract. Consequently, the company argued, these tokens shouldn\u2019t be classified as securities, and Coinbase itself shouldn't be labeled an unregistered securities exchange.<\/p>\n\n\n\n

Judge Katherine Polk Failla, presiding over the case, challenged the SEC to define \u201cinvestment contract\u201d in a way that wouldn\u2019t inadvertently include non-threatening collectibles like Beanie Babies. Conversely, Stein found Coinbase\u2019s<\/a> definition, which requires crypto investors to buy into a \u201cbusiness\u201d rather than just an ecosystem, more convincing. This definition could potentially exempt both the cryptocurrency sales and staking services on Coinbase\u2019s platform from SEC regulation.<\/p>\n\n\n\n

The Howey Test, established in the 1940s, serves as the benchmark for identifying investment contracts. It involves four criteria: an investment of money, in a common enterprise, with the expectation of profits, primarily from the efforts of others. University of Kentucky law professor Brian L. Frye underscored that while the SEC has the authority to regulate collectibles under Howey, it has opted not to do so.<\/p>\n\n\n\n

In June, Coinbase filed a detailed motion to dismiss the SEC\u2019s case, contending that the SEC lacks statutory authority over the exchange. Paul Grewal, Coinbase\u2019s Chief Legal Officer, emphasized the untenability of the SEC\u2019s position regarding its powers.<\/p>\n\n\n\n

Experts have mixed views on the outcome. While some, like Frye, lean towards the district court favoring Coinbase, others, such as Joe Carlasare of Amundsen Davis law firm, are more cautious, estimating a less than 30% chance of Coinbase achieving a complete dismissal of all charges.<\/p>\n","post_title":"Is Coinbase Set To Overturn SEC\u2019s Allegations In High-Stakes Legal Battle?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"is-coinbase-set-to-overturn-secs-allegations-in-high-stakes-legal-battle","to_ping":"","pinged":"","post_modified":"2024-01-22 00:51:55","post_modified_gmt":"2024-01-21 13:51:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15067","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14981,"post_author":"15","post_date":"2024-01-15 03:37:46","post_date_gmt":"2024-01-14 16:37:46","post_content":"\n

Twitter <\/a>has recently defended itself against accusations surrounding a misleading tweet from the U.S. Securities and Exchange Commission's (SEC) account. This tweet erroneously declared the approval of 13 Bitcoin ETFs, causing a stir in the cryptocurrency community. <\/p>\n\n\n\n

Upon a swift inquiry, Twitter's Safety team clarified that the incident didn't stem from a breach in Twitter's systems. Instead, an unauthorized individual gained access to the @SECGov account's phone number via a third-party service.<\/p>\n\n\n\n

Interestingly, the SEC account lacked two-factor authentication, a safety recommendation often advocated by SEC chair Gary Gensler. Twitter Safety emphasized the importance of this additional security layer, advising users to enable it to prevent such breaches.<\/p>\n\n\n\n

The unauthorized tweet had immediate market consequences, as Bitcoin's value plunged from its two-year peak, dropping over $2,000 in response to the fake approval news.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Twitter Brings Tweet Tiles Pilot to NFT Marketplaces<\/a><\/p>\n\n\n\n

SEC's Response To The Issue<\/h2>\n\n\n\n

Gary Gensler promptly addressed <\/a>the situation, confirming that no Bitcoin ETFs had been authorized. The SEC acknowledged the unauthorized access, vowing to collaborate with law enforcement to investigate and address any associated misconduct.<\/p>\n\n\n\n

While Twitter hasn't divulged specific details, some speculate that the hacker might have used SIM jacking\u2014a technique where a mobile provider is deceived into transferring a phone number to a SIM card controlled by the hacker. This method was reportedly used in last year's Robinhood Twitter account breach.<\/p>\n\n\n\n

Another theory is that an SEC employee might have been tricked through social engineering, a tactic involving psychological manipulation to extract confidential information.<\/p>\n","post_title":"SEC's Twitter Account Hacked, Misleading Bitcoin ETF Approval Tweet Circulates","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"secs-twitter-account-hacked-misleading-bitcoin-etf-approval-tweet-circulates","to_ping":"","pinged":"","post_modified":"2024-01-15 03:37:50","post_modified_gmt":"2024-01-14 16:37:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14981","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14892,"post_author":"15","post_date":"2024-01-06 19:01:15","post_date_gmt":"2024-01-06 08:01:15","post_content":"\n

Bitwise <\/a>survey indicates that a significant portion of financial advisors remain unconvinced about the launch of a Bitcoin Exchange-Traded Fund (ETF) in the United States within 2024. This skepticism comes even as the cryptocurrency sector expects the U.S. Securities and Exchange Commission<\/a> (SEC) to eventually greenlight such an ETF.<\/p>\n\n\n\n

The poll, which included 437 financial advisors, showed a split in opinion: approximately 40% expressed confidence in the availability of a Bitcoin ETF for American investors by 2024, while the majority held reservations. This cautious stance is noteworthy, especially since prominent crypto firm Grayscale has asserted that the approval of a Bitcoin ETF is not a question of 'if' but 'when'.<\/p>\n\n\n\n

Intriguingly, despite their doubts, a vast majority of the advisors (88%) expressed interest in purchasing Bitcoin for their clients, contingent on the availability of an ETF. This reflects a growing interest in incorporating cryptocurrencies into traditional investment portfolios.<\/p>\n\n\n\n

Grayscale<\/a>, a leading digital asset manager, remains optimistic about the approval of their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. They aim to have the fund listed on the NYSE Arca exchange, a move that would mark a significant development in the crypto investment landscape.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Australia To Launch Its First Bitcoin ETF<\/a><\/p>\n\n\n\n

Bitwise's Take<\/h2>\n\n\n\n

The survey also revealed that while the number of clients allocating funds to cryptocurrencies has decreased slightly from previous years, the current figure still surpasses the interest levels seen in 2019 and 2020.<\/p>\n\n\n\n

Bitwise, which has its stake in the matter, has been persistently pursuing the approval of the Bitwise Bitcoin ETF<\/a>. Having faced rejections in previous applications, the company recently amended and refiled its application, hoping to overcome the SEC's concerns.<\/p>\n\n\n\n

Furthermore, the report highlighted that Bitwise and other major ETF applicants, like BlackRock and Fidelity, are actively addressing the SEC's requirements, indicating a concerted effort to meet regulatory standards.<\/p>\n\n\n\n

This evolving landscape suggests a cautious yet growing interest in integrating cryptocurrencies into conventional financial advising, with the potential approval of a Bitcoin ETF being a pivotal factor in this development.<\/p>\n","post_title":"Financial Experts Uncertain Of Bitcoin ETF Launch In 2024","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"financial-experts-uncertain-of-bitcoin-etf-launch-in-2024","to_ping":"","pinged":"","post_modified":"2024-01-06 19:01:19","post_modified_gmt":"2024-01-06 08:01:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14892","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14896,"post_author":"15","post_date":"2024-01-06 18:47:19","post_date_gmt":"2024-01-06 07:47:19","post_content":"\n

BitMEX<\/a>, a prominent crypto derivatives exchange, launches a physical Bitcoin to the Moon. This launch, taking place at Cape Canaveral Space Force Station in Florida, is part of a collaborative effort involving BitMEX, Astrobotic, Bitcoin Magazine, and Oxcart Assembly. This mission, a blend of space exploration and financial innovation, marks the first Western soft lunar landing since the Apollo 17 mission in 1972.<\/p>\n\n\n\n

The centerpiece of this mission is a Bitcoin token, weighing 43 grams and embedded with 1 BTC, approximately valued at US$45,000 as of the launch date. This token is set to travel aboard the United Launch Alliance's Vulcan rocket, eventually making its way to the lunar surface via Peregrine-1, a commercial lunar lander, with an expected arrival on February 23, 2024.<\/p>\n\n\n\n

This mission is not just a technological marvel but also a symbolic gesture. Stephan Lutz, CEO of BitMEX, views this as a foundational step towards a space-based monetary system, envisioning the Bitcoin on the Moon as a time capsule that encapsulates human innovation. Samuel Reed, the BitMEX co-founder, also emphasizes the mission's inspirational potential, aiming to merge cryptocurrency and space exploration, thereby encouraging future technological breakthroughs.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Crypto Will Come Back Stronger Than Ever, But FTX Won't Be The Last To Fail - BitMEX's Arthur Hayes<\/a><\/p>\n\n\n\n

Why send Bitcoin to the moon?<\/h2>\n\n\n\n

This historic Bitcoin<\/a> is one of 201 diverse payloads, including contributions from governments, educational institutions, and NASA\u2019s Commercial Lunar Payload Services initiative. Uniquely marked with both a public address and a private key, this Bitcoin represents the first financial asset on the Moon.<\/p>\n\n\n\n

BitMEX envisions a future where this lunar Bitcoin serves as an interactive beacon for the crypto community. By leaving Bitcoin on the Moon with Peregrine, BitMEX invites people, both on Earth and potentially in space, to engage with it, sending personal messages and satoshis, thereby extending the reach of cryptocurrency beyond our planet.<\/p>\n","post_title":"BitMEX Launches First Bitcoin To The Moon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitmex-launches-first-bitcoin-to-the-moon","to_ping":"","pinged":"","post_modified":"2024-01-06 18:48:55","post_modified_gmt":"2024-01-06 07:48:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14896","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14824,"post_author":"15","post_date":"2024-01-04 01:41:48","post_date_gmt":"2024-01-03 14:41:48","post_content":"\n

South Korea's Anti-Corruption and Civil Rights Commission unveiled that members of the country's National Assembly engaged in cryptocurrency. According to a recent investigation<\/a>, the total transactions traded nearly $100 million over three years. This revelation follows an extensive three-month scrutiny of digital asset trades made by the 298 current members of the parliament between May 2020 and May 2023.<\/p>\n\n\n\n

The comprehensive probe discovered that 18 of the 298 legislators had been active in the crypto market. Interestingly, the lion\u2019s share of the trading volume, nearly $97.6 million (125.6 billion Korean won), was dominated by just 11 lawmakers.<\/p>\n\n\n\n

The report highlighted Bitcoin as the preferred choice among South Korean legislators, with their portfolios featuring a diverse array of over 100 different cryptocurrencies, including the likes of Bitcoin. This preference aligns with global trends where Bitcoin remains a primary choice for many investors.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korea Mandates Exchanges To Pay Crypto Interest On Customer Deposits<\/a><\/p>\n\n\n\n

Mandatory Disclosure Law<\/h2>\n\n\n\n

After a scandal in May 2023 when a member of the local Democratic Party\u00a0came under fire<\/a>\u00a0for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government\u00a0<\/a>voted unanimously to oblige civil servants\u2019 mandatory disclosure<\/a>\u00a0of crypto assets.<\/p>\n\n\n\n

Starting in 2024, approximately 6,000 government officials will be required to disclose their cryptocurrency holdings. This will be facilitated through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges \u2013 Upbit, Bithumb, Coinone, Korbit, and Gopax \u2013 are set to introduce new systems to ease the process of registering information about crypto holdings.<\/p>\n","post_title":"South Korean Politicians\u2019 Crypto Trades Totalling $100M Uncovered","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-politicians-crypto-trades-totalling-100m-uncovered","to_ping":"","pinged":"","post_modified":"2024-01-04 01:47:34","post_modified_gmt":"2024-01-03 14:47:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14824","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14809,"post_author":"15","post_date":"2023-12-28 22:10:06","post_date_gmt":"2023-12-28 11:10:06","post_content":"\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14755,"post_author":"15","post_date":"2023-12-24 23:09:55","post_date_gmt":"2023-12-24 12:09:55","post_content":"\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14651,"post_author":"15","post_date":"2023-12-16 19:39:14","post_date_gmt":"2023-12-16 08:39:14","post_content":"\n

Pope Francis recently emphasized the urgent need to address the societal shifts brought about by digital advancements. He particularly points out artificial intelligence (AI). He calls for a global effort to establish a comprehensive international framework governing AI.<\/p>\n\n\n\n

In his sermon <\/a>for the 2024 World Day of Peace, the Pope stressed the necessity for AI to enhance human welfare, minimize harm, and foster peace and justice. This echoes his previous remarks on AI's ethical use during a UN International Day of Peace event.<\/p>\n\n\n\n

Amid AI's increasing integration into various aspects of life and the challenges it poses, the Pope's words resonate strongly. He highlights the \"profound transformation\" of digital technologies in communication, governance, education, personal relationships, and other areas, advocating for responsible management of these changes to protect human rights and promote holistic development.<\/p>\n\n\n\n

Cardinal Michael Czerny of the Vatican\u2019s development office starkly described AI as a critical decision point for humanity's future. Which places the responsibility for its outcomes squarely on our collective shoulders.<\/p>\n\n\n\n

AI's disruptive potential is further evidenced by the Vatican's recent statement. Pope Francis underscores the expansive influence of AI advancements on human activities and societal structures. He calls for open discourse and responsible stewardship of AI's development.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Regulation Hits Generative Artificial Intelligence; Security Concerns And Privacy Cited<\/a><\/p>\n\n\n\n

The Government's Perspective On AI<\/h2>\n\n\n\n

World leaders, including U.S. President Joe Biden and former President Donald Trump, have also been involved in discussions around AI. The topic is particularly regarding the challenges posed by AI-generated deepfakes. The widespread use of these deepfakes, exemplified by a viral altered image of the Pope, led to significant policy changes by the AI platform Midjourney.<\/p>\n\n\n\n

Echoing this sentiment, UN Secretary-General Ant\u00f3nio Guterres warned about AI's misuse in spreading hate and misinformation. He equated AI's potential risks with those of nuclear warfare.<\/p>\n\n\n\n

The U.S. government's recent initiatives, including collaboration with major AI developers like NVIDIA, IBM, and Adobe, demonstrate a commitment to responsible AI development, a pledge also undertaken by tech giants like OpenAI, Google, and Microsoft.<\/p>\n\n\n\n

An international gathering of leaders in the UK at the AI Safety Summit further highlighted the global consensus on the need for safe, transparent, and human-centric AI. The meeting concluded with a declaration to collaborate on these principles.<\/p>\n","post_title":"Pope Francis' Call For Global Action On AI Advancement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pope-francis-call-for-global-action-on-ai-advancement","to_ping":"","pinged":"","post_modified":"2023-12-16 19:39:19","post_modified_gmt":"2023-12-16 08:39:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14651","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14629,"post_author":"15","post_date":"2023-12-15 19:46:11","post_date_gmt":"2023-12-15 08:46:11","post_content":"\n

BlackRock aims to facilitate the participation of Wall Street banks in its potential Bitcoin ETF approval. Recent SEC memo <\/a>detailing a late November meeting involving BlackRock, Nasdaq, and the Commission. During this meeting, they discussed feedback regarding BlackRock's Bitcoin ETF application.<\/p>\n\n\n\n

The proposed approach introduces an innovative method for the redemption of ETF shares. A Bitcoin ETF would enable fund investors to gain exposure to Bitcoin without directly purchasing or storing the cryptocurrency. While the SEC has hesitated to approve such ETFs due to concerns about Bitcoin market manipulation, this new strategy addresses those worries.<\/p>\n\n\n\n

The SEC has yet to decide on BlackRock's iShares Bitcoin Trust (IBTC) application, with the deadline set for January 15. Analysts anticipate a decision will be issued for several spot Bitcoin ETF applications earlier in January.<\/p>\n\n\n\n

See Related:<\/strong><\/em> Fidelity Joins BlackRock\u2019s Push For Ethereum ETF<\/a><\/p>\n\n\n\n

BlackRock ETF Details<\/h2>\n\n\n\n

The recent meeting was a follow-up to a previous one on November 20, during which the SEC expressed concerns about BlackRock's<\/a> share redemption model. The initial proposal involved a T+1 settlement, starting with a broker-dealer delivering IBTC shares to a transfer agent. The issuer would then instruct the custodian (Coinbase Custody) to send Bitcoin backing the shares to a crypto market maker, who would close a short Bitcoin position.<\/p>\n\n\n\n

The T+1 redemption process aligns with the SEC's newly approved rules mandating stock and ETF settlements within one business day, effective late May 2024. The updated settlement approach suggested by BlackRock initiates redemption orders with cryptocurrency market makers providing cash to the broker-dealer, streamlining the process before large Wall Street banks (authorized participants) become involved.<\/p>\n\n\n\n

While BlackRock did not provide explicit details, it claimed that this new method enhances resistance to market manipulation, which addresses the SEC's primary concern. It also aims to simplify and harmonize the ecosystem.<\/p>\n\n\n\n

For many major financial institutions, custody of digital assets often involves third-party firms. The revised redemption process would likely encourage more institutional investment in the Bitcoin ETF by making share redemption faster and less risky for these entities that manage substantial assets for clients.<\/p>\n","post_title":"BlackRock Bitcoin ETF's Outline Market Manipulation Control","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"blackrock-bitcoin-etfs-outline-market-manipulation-control","to_ping":"","pinged":"","post_modified":"2023-12-15 19:46:17","post_modified_gmt":"2023-12-15 08:46:17","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14629","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Jeane Claude Vasquez

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