Daily Crypto News 13 October
Caroline Crenshaw, a commissioner of the United States Securities and Exchange Commission (SEC), has stated that the "safe harbor" plan would have worsened the difficulties experienced during the 2017 and 2018 ICO boom. “I think the results would have been even worse for investors and the markets. ICOs and other digital asset offerings raised billions from investors, but most never delivered on their promises. Investors suffered the losses.”
“And I think it is not a coincidence that these problematic offerings pre-dated and continued through the beginning of a multi-year downturn in the value of digital assets, sometimes known as the crypto-winter,” she added. Hester Peirce, a crypto-friendly SEC commissioner, has campaigned for the safe harbor idea. The plan, which seeks to provide network architects a three-year grace period during which they can create a decentralized network without fear of SEC legal action, has yet to be adopted by the majority of the other commissioners.
Diamonds, according to Jay-Z, are forever, but what about cryptocurrency? According to Billboard, the hip-hop musician and business entrepreneur is expanding his cryptocurrency assets to include a metaverse and a blockchain-based innovation incubator.
According to Billboard, sLABS, which was established by 24-year-old entrepreneur Iddris Sandu, will launch its first product, "LNQ," a blockchain-enabled hardware platform that allows young inventors to access the metaverse, next year.
Jay Z also included blockchain developer Alchemy, French hardware wallet and security infrastructure startup Ledger and trust. A trust created in collaboration with Square CEO Jack Dorsey to fund bitcoin development in Africa and India with an initial endowment of 500 bitcoin (currently worth nearly $58 million). Jay-Z also invested in Bitski, a self-described "Shopify for NFTs," or non-fungible tokens, in a $19 million Series A investment in May.
Jay-Z also serves on the board of directors of Square, which allows users to purchase and trade bitcoin, after selling his Tidal streaming business to Square for $300 million last year.
Crypto asset investors may have to wait a bit longer for a Bitcoin futures ETF, according to Todd Rosenbluth, CFRA's senior director of ETF and mutual fund research. While a Bitcoin futures product is expected to be the first crypto ETF to be approved, Rosenbluth noted that the present uncertain regulatory environment may create additional delays. More than 20 crypto asset-based exchange-traded products have yet to be approved by the Securities and Exchange Commission.
The researcher speculated that regulators may be waiting for all of these products to meet their objectives so that they can be approved at the same time to avoid a "first-mover advantage," before adding, "It's possible — in fact, we believe it's likely — that we'll see a delay of a Bitcoin futures ETF until 2022, until the regulatory environment is more clear."
The SEC's main concern, according to Jan van Eck, CEO of Van Eck Associates, is the difference between actual Bitcoin values and the price of the futures contract, as well as the danger of funds being too large. Futures strategies can underperform by up to 20% each year during a Bitcoin rally, he stated before adding “the SEC wants to have some visibility into the underlying Bitcoin markets.”
As a result, on October 6, Tik Tok officially announced the sale and launch of its first-ever NFT initiative, 'Tik Tok Top Moments.' The Tok Tok appears to have postponed its initial entry into the NFT markets. Aside from the delay, it does not appear that they will be joining anytime soon. NFT project, which also includes Lil Nas X and Rudy Willingham. Furthermore, several sources claim that the NFT project has been totally abandoned.