Crypto Industry Scores Against SEC as Courts Overturn Bitcoin ETF Decision
Crypto asset manager Grayscale Investments scored a major legal victory against the Securities and Exchange Commission (SEC) this week. The U.S. Court of Appeals ruled that the SEC's rejection of Grayscale's application to convert its Grayscale Bitcoin Trust into a spot Bitcoin exchange-traded fund (ETF) was "arbitrary and capricious." While the ruling does not guarantee approval of a Grayscale Bitcoin ETF, it is a blow to the SEC's stringent stance on crypto oversight. The agency has approved Bitcoin futures ETFs but contended spot ETFs were prone to manipulation. This reasoning was rejected by the court.
The decision gives momentum to over a dozen other Bitcoin ETF applications pending with the SEC, including those from major asset managers BlackRock and Fidelity. However, the SEC still has 45 days to appeal the ruling. Attorneys say even if it stands, Grayscale is not guaranteed to jump ahead of other applicants. That said, the ruling signals judicial scrutiny of the SEC's crypto regulation approach and bodes well for the future of Bitcoin ETFs as a whole.
Nigerian Government Outlines Ambitious Plans To Enter $15tn AI Industry
Nigeria is taking steps to develop its artificial intelligence capabilities and formulate a National AI Strategy. The country's Minister of Communications recently invited AI experts, especially those of Nigerian descent, to help build AI solutions for national challenges.
A whitepaper outlines how Nigeria used machine learning models to identify top 100 AI researchers globally with Nigerian roots. The government now seeks public help to expand this list and collaborate on the AI strategy. Nigeria wants to capitalize on AI's potential $15.7 trillion contribution to the global economy by 2030. The National Information Technology Development Agency has already started working on the national strategy, while the government works on driving blockchain adoption in parallel. The country is also seeing increasing usage of its central bank digital currency eNaira, however, Nigeria's financial regulator has called for banning Binance, which it believes pressures the local currency.
Robinhood Trading App Adds DeFi Functionality With Support For Ethereum Swaps
Robinhood is expanding the capabilities of its crypto wallet service by venturing into DeFi. The trading platform recently enabled Ethereum token swaps directly within its wallet app, with users now able to swap ERC-20 tokens without needing ETH, and network fees automatically deducted.
This DeFi integration comes as Robinhood adds support for Bitcoin and Dogecoin transactions on its wallet. The self-custody service already worked with Polygon and Ethereum. Crypto intelligence firm Arkham claims Robinhood controls the 5th largest Ethereum wallet with $2.54 billion worth of ETH. While its wallet uptake appears promising so far, Robinhood will likely need to keep enhancing features to stay competitive, especially given that the company has faced shrinking crypto revenues lately.
Friend Referrals The Driving Force Behind Vietnamese Crypto-Buying, New Report Shows
The latest cryptocurrency market report on Vietnam by Kyros Ventures, Coin68, and Animoca Brands reveals a maturing investor landscape. The survey of over 3,300 participants from the South-East Asian powerhouse found that 70% believe the crypto downtrend has ended or is nearing its end. Infrastructure projects are on the rise, and experienced investors continue participating despite the bear market.
Vietnam has the highest crypto adoption globally, with 19% owning digital assets. But educational blockchain programs and infrastructure projects remain limited. Around 60% still hold stablecoins accounting for over half their portfolio, while 75% of participants want regulatory governance. Tellingly, friends' referrals heavily influence investment decisions - 2.5x more than in the US. Ethereum surpassed BNB Chain as the most favored DeFi ecosystem, while retroactive activities like airdrops remain popular. It concludes that high adoption and skilled workforce attract foreign crypto projects despite unclear regulations. Overall, Vietnamese crypto investors are optimistic about the future but desire measured oversight.
Friend.tech Hype Dies Down As Fees Plummet Over 90% From Peak
The recently launched social media platform Friend.tech is being declared "dead" by critics after experiencing a massive decline in key metrics only weeks after its hyped debut.
Data shows Friend.tech's trading volume has plummeted over 90%, fees are down by 87%, transactions have declined over 90%, and number of buyers/sellers have all significantly decreased within a few weeks of launch. Influencers and some crypto personalities had promoted Friend.tech, which allows users to sell access keys to private messaging. But critics now cite greed, poor execution, and unsustainable user pricing for its rapid downfall.
Friend.tech's monthly user fees had spiked over $1 million briefly, but are now down to around $200,000. The number of daily traders has fallen from 35,000 to just 6,000. While some predicted Friend.tech's eventual decline, the pace has surprised many. The platform faces criticisms over lack of privacy policy and potential data leaks too.
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