This Week in Crypto: Ripple’s Legal Win, Coinbase’s Singapore License, El Salvador’s Bitcoin Pool, SEC on Bitcoin ETFs, FTX Trails and More…

Hey there, crypto enthusiasts! 😀

Curious about the latest buzz in the crypto universe?🤔 Buckle up, because we’re about to take a thrilling ride through this week’s crypto highlights! 👇👇

🔵Weekly Highlights🔵

Brazilian Government Introduces Innovative Digital Identity Card System Built on Blockchain Technology

🟢The Brazilian government launched a blockchain-based digital identity card on October 1, 2023.

🟢Initial rollout in Rio de Janeiro, Goiás, and Paraná using a private blockchain developed by Serpro.

🟢A government decree aims to complete nationwide deployment by November 6, benefiting over 214 million Brazilians.

🟢This initiative empowers Brazilians with blockchain-based digital identity verification, enhancing security and efficiency.

Coinbase Singapore was Granted a Prestigious Payment Institution License by the Monetary Authority of Singapore (MAS)

🟢On October 2, 2023, Coinbase Singapore secured a Major Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS).

🟢Coinbase Singapore customizes products for the Singaporean market and focuses on recruitment and training at its Technology Hub.

🟢Earlier, Coinbase obtained VASP registration in Spain, Italy, Ireland, and the Netherlands.

Bitwise Unveils AETH and BTOP: Two New Ethereum Futures ETFs for Investors

🟢Bitwise Asset Management launched two Ethereum futures ETFs on October 3: Bitwise Ethereum Strategy ETF (AETH) and Bitwise Bitcoin and Ethereum Equal Weight Strategy ETF (BTOP).

🟢These ETFs provide investors with regulated and accessible ways to invest in Ethereum futures.

🟢However, the trading volume on the first day of listing for these ETFs was notably low.

🟢In total, ProShares, VanEck, and Bitwise introduced six Ethereum futures ETFs, with varying expense ratios, ranging from 0.66% to 0.95%.

Sygnum Singapore Gains a Major Payment Institution License (MPIL) from the Monetary Authority of Singapore (MAS)

🟢On October 3, 2023, Sygnum’s subsidiary, Sygnum Singapore, secured a Major Payment Institution License (MPIL) from the Monetary Authority of Singapore (MAS).

🟢The license permits Sygnum to offer cryptocurrency brokerage services to qualified investors and institutions in Singapore.

🟢Sygnum also has intentions to extend its regulated cryptocurrency products to other Asia-Pacific (APAC) markets, including Hong Kong.

Judge Rejects SEC’s Intermediary Appeal Motion in Ripple Case

🟢On October 4, 2023, the Southern District of New York Court rejected the U.S. SEC’s motion for an interlocutory appeal in the Ripple case.

🟢 The SEC’s request for a stay was also denied, as it was deemed lacking practical significance.

🟢 The trial for the Ripple case is scheduled to commence on April 23, 2024, at 9:00 AM.

🟢The court maintained that objective and reasonable purchasers of Ripple tokens do not fall into the category of acquiring expected profits, and the SEC highlighted the distinction between this case and the Terraform ruling, emphasizing Ripple’s promotional materials to institutional buyers.

Ripple’s Subsidiary Receives Significant Payment Institution License from MAS

🟢 On October 4, 2023, Ripple’s Singapore subsidiary, Ripple Markets APAC Pte Ltd, acquired a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

🟢This license enables the subsidiary to provide regulated digital asset token services in Singapore.

🟢Ripple’s expansion into the Singaporean market with regulatory approval signifies its commitment to offering compliant digital asset services.

🟢The MPI license grants Ripple’s subsidiary the legal framework to operate within the country’s regulatory guidelines.

El Salvador Establishes Its First Bitcoin Mining Pool: Lava Pool

🟢On October 5, 2023, Volcano Energy partnered with Luxor Technologies to establish “Lava Pool,” El Salvador’s first Bitcoin mining pool, with a focus on decentralizing Bitcoin mining and capitalizing on the country’s regulatory clarity.

🟢Volcano Energy is building Bitcoin mining facilities powered by 241 megawatts of renewable energy from wind and solar sources, aiming to both mine Bitcoin and provide affordable electricity to local communities.

🟢In June, the company secured a $1 billion investment, led by Tether Energy, with $250 million already used for renewable energy and Bitcoin mining projects in El Salvador.

🟢 Volcano Energy, co-led by Bitcoin advocate Josue Lopez and Max Keiser, allocates 23% of its net income to support the Salvadoran government as part of a public-private partnership initiative.

Ex-BlackRock Executive Suggests Possibility of SEC’s Simultaneous Approval of All Spot Bitcoin ETFs

🟢On October 6th, former BlackRock executive Martin Bednall, during the CCData Digital Assets Summit, suggested that the SEC might approve all pending applications for physically-backed Bitcoin ETFs simultaneously.

🟢Steven Schoenfeld, the CEO of MarketVector Indexes under VanEck, concurred with this notion and mentioned that the approval process could be completed within the following 3 to 6 months.

🟢This anticipation stemmed from the SEC’s recent approach of seeking feedback rather than outright rejection of ETF applications.

🟢Schoenfeld also added that the SEC’s recent loss in the Grayscale case implied the necessity of allowing Grayscale Bitcoin Trust to convert into a physically backed Bitcoin ETF.

Sam Bankman-Fried Trial Update: The Money Belonged to Customers,’ FTX Co-Founder Reveals Shocking Details

🟢On October 6th trial, Gary Wang, co-founder and former CTO of FTX, testified, addressing allegations that had reverberated through the cryptocurrency community.

🟢The Assistant U.S. Attorney, Nathan Rehn, had claimed that Sam Bankman-Fried, the head of the defunct crypto exchange, had misappropriated over $10 billion from customers and investors.

🟢During Wang’s testimony, it was revealed that FTX had been diverting customer funds for three years before its collapse, resulting in Alameda’s debt to FTX growing from under $100 million in 2019 to a massive $8 billion by November 2022.

🟢Wang’s testimony aligned with that of another former associate, Adam Yedidia, who disclosed that Bankman-Fried had expressed concerns about an $8 billion deficit at FTX from loans to Alameda, five months before both companies collapsed.

That’s it! Thank you for being a part of the weekly highlights! 😊Happy Weekend!