Recent FTX hacks prove it was right to ‘secure’ its assets: Bahamian regulator

The Securities Commission of The Bahamas said the continued hacking attempts on FTX prove it made the right call to "secure" FTX's digital assets.

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Three Arrows Capital (3AC) Gets Subpoenaed on Twitter, Founders Still Out of Sight

After getting rid of 300 blue-chip NFTs, Three Arrows Capital fled the scene again.

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Ripple (XRP) Goes Wild After Garlinghouse Openly Mocks The SEC

Ripple (XRP) broke critical resistance level earlier this week.

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Ripple (XRP) Jumps Highest in 16 Weeks, Here Is Why

Ripple (XRP) bulls have returned to the crypto market ahead of Fed's rate hike announcement.

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Ripple (XRP) Jumps to Highest Level in 16 Weeks: Here’s Why

Ripple (XRP) bulls have returned to the crypto market ahead of Fed's rate hike announcement.

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Law firm Vedder Price announces first Bitcoin ETF registered under the Securities Act

Vedder Price, a global commercial law firm with offices in the United States, United Kingdom and Singapore, has launched a novel bitcoin exchange-traded fund (ETF) that’s unlike other existing Futures ETFs, according to a news release the firm shared with Invezz.

On Wednesday, Vedder Price revealed it had helped unveil Hashdex Bitcoin Futures ETF – the first futures-backed Bitcoin ETF exclusively registered and regulated under the US Securities Act of 1933. The registration puts the new ETF apart from other BTC futures ETFs whose registration and regulation is under the Investment Company Act of 1940, the law firm noted.

The Fund has obtained approval from the US Securities and Exchange Commission (SEC) and will list on the NYSE Arca after the securities agency accelerated its registration.

Teucrium Trading, which specialises in offering investors a range of ETFs targeted at exposure to alternative markets including in commodities, sponsored the fund. Vedder Price, through Shareholder Tom Conner, helped secure the necessary regulatory approvals needed to launch the ETF – including from the National Futures Association.

Veder Price explained the process followed to achieve the SEC approval:

“The first necessary regulatory approval was obtaining stock exchange listing authority from the SEC. The SEC granted approval based in part on arguments that the bitcoin futures market has grown and matured to the extent that its surveillance agreement with the Fund’s listing exchange (NYSE Arca) can reasonably be expected to identify trading abuses.”

While the SEC is yet to approve of a spot Bitcoin ETF, Veder Price says the approval could have “broad industry implications.” Indeed, the firm envisages the potential for this ETFs approval to be a watershed moment not just for similar ETF applications, but also signals the possibility of a spot Bitcoin ETF.

Accordingly, fund sponsors contend that the approval of Hashdex Bitcoin Futures ETF “may open the door for a spot bitcoin ETF because a spot bitcoin ETF would be governed under the same rules as the Fund.”

The SEC has denied numerous spot Bitcoin ETFs, and as we reported in June, the chances for one have looked slim. Meanwhile, the watchdog has allowed a number of Futures-backed ones (including the ProShares Bitcoin Strategy ETF).

The post Law firm Vedder Price announces first Bitcoin ETF registered under the Securities Act appeared first on Invezz.

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Powerful Lobbyist Joins Ripple (XRP) vs SEC Lawsuit

The Chamber of Digital Commerce filed for an amicus brief, indicating a strong interest in the case.

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GBTC's Discount to NAV Hits New Record Low after SEC Declining its Bitcoin Spot ETF Application

Grayscale’s flagship product GBTC has continued to widen its discount. The discount signals the poor performance of the Bitcoin fund. As a solution, Grayscale wants to convert the GBTC into a spot Bitcoin ETF. (Read More)

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Judge Torres Modifies Joint Proposed Calendar to End Ripple vs. SEC Lawsuit Before Christmas

After claiming "a very big win" in early April, Ripple could see its protracted case against the Securities and Exchange Commission (SEC) come to an end before Christmas.

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What is The Secret Network?

Learn more about The Secret Network’s privacy-focused smart contract platform in our “What Is Secret Network?” guide. COVERED: What is The Secret Network? Who Created The Secret Network? How It Works? What is SCRT Token? Concerns WHAT IS THE SECRET NETWORK? Secret Network is a blockchain network that has been built to enable privacy for […]

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What Happened To Tarantino ’s “Pulp Fiction” NFT Collection? The Strange Finale

In the end, Quentin Tarantino ’s “Pulp Fiction” NFT Collection collapsed under its own weight. Did Miramax’s lawyers scare them off? Or was there not sufficient interest in the collection by the buyers? Did the Secret Network have any technical problem that they’re not telling us about? Sadly, we can’t answer those questions at the moment. Something happened, though. We will present the facts and nothing but the facts so that each one can arrive at their own conclusions. As a reminder, in the collection’s official site they now describe the pieces as, “Each NFT in the collection consists of the original script from a single iconic scene, as well as personalized audio commentary from Quentin Tarantino himself.” The Story So Far This case is very complicated. It has a lot of ins, a lot of outs, a lot of what-have-yous. As soon as the news about Quentin Tarantino entering the NFT space hit the press, Miramax sued. The pieces were based on the 1994 movie “Pulp Fiction,” and they owned the rights. There was a strange caveat to the whole story, which Bitcoinist explained: “The Secret Network is a Layer 1 privacy blockchain created by SCRT Labs. The unique value proposition from The Secret Network lies in the name; the NFTs will be “secret” and only accessible by the NFTs owner.” “Just that fact makes the lawsuit endlessly interesting. Only the person that buys the NFT can see what’s inside, so Miramax has no clue about the kind of content they’re suing for. They just know they own the rights to the picture and the discarded material, but, besides the reports and the marketing material, they’re as in the dark as the rest of us about the actual content.” Despite Miramax lawyers working overtime, The Secret Network went all in. Two days before the first auction, they were talking David Vs. Goliath.  “The Secret Network, on the other hand, is milking the situation to the extreme. Money can’t buy this kind of publicity. Their press release quotes Guy Zyskind, founder and CEO of SCRT Labs: “Secret Network is proud to stand with Quentin. We are committed to working with talented artists across the globe, by providing them a better way to release their works directly to fans without relying on older distribution models, which favor conglomerates over creators.” Tarantino NFTs’ First Sale At first, everything seemed normal. The first piece, based on the “Royale With Cheese” scene, sold for a whopping $1.1M. The collection’s tweet sold it as a big win. “And the winner of the ORIGINAL ‘ROYALE WITH CHEESE’ SCREENPLAY NFT is AnonsNFT, who bid $1.1M! We received a lot of great bids on the first NFT in the collection, but Anons took the prize.” And the winner of the ORIGINAL 'ROYALE WITH CHEESE' SCREENPLAY NFT is @AnonsNFT, who bid $1.1M! ???? We received a lot of great bids on the first NFT in the collection, but Anons took the prize. The 2nd auction, 'Pumpkin and Honey Bunny' is now live @ https://t.co/O1fmcrN4Rm pic.twitter.com/8U44PHQ6HP — Tarantino NFTs (@TarantinoNFTs) January 24, 2022 However, looking into AnonsNFT, the DAO defines itself as “1st @SecretNetwork PFP Collection.” So, is the organization related to the Secret Network in any way? That would put a dent in the “whopping $1.1M” story. SCRT price chart on Huobi | Source: SCRT/USDT on TradingView.com The Nuclear Option: Cancel The Whole Thing A few days later, the Secret Network used the most bogus excuse to cancel the whole thing. Volatility. With a straight face, they blamed it all on volatility. “AN IMPORTANT UPDATE FOR OUR COMMUNITY: In light of extreme market volatility, we’ve decided to postpone the remainder of the auction to put the needs of our community first. We know that these exclusive collector’s items will be valuable for generations to come. Instead of adding to the volatility, we will wait for the right market conditions to ensure the integrity and fair market value for our community and creators.” We know that these exclusive collector’s items will be valuable for generations to come. Instead of adding to the volatility, we will wait for the right market conditions to ensure the integrity and fair market value for our community and creators. — Tarantino NFTs (@TarantinoNFTs) January 28, 2022 Why did they do that? Nobody knows for sure. But the cover story is terrible, volatility? Really? Miramax didn’t take credit for the kill. And the Secret Network did not admit to low interest in the series or to technical difficulties. They just shut down the whole operation. Was Plagiarism A Factor? Did Tarantino Know About This? This case was plagued with copyright issues. And, to add insult to injury, the Andrew Cremeans story just comes out of nowhere. “It has been brought to my attention that Quentin Tarantino has been using my art without permission to sell his Pulp Fiction NFTs,” Cremeans said in a tweet.  It has been brought to my attention that Quentin Tarantino has been using my art without permission to sell his Pulp Fiction NFTs. Please see below. #nft #nfts #pulpfiction #tarantino #quentintarantino #jules #vincent #ripoff #art #artist #graphicdesign pic.twitter.com/MuTxRi9o2p — Andrew Cremeans (@Andrew_Cremeans) January 24, 2022 In a case as complex as this, it’s hard to believe that the operation collapsed because of an illustrator’s copyrights claims. The art is clearly his, though. And Cremeans complaint had to be brought to the front. Before dropping this story forever. This seems to be it for the Tarantino “Pulp Fiction” NFT collection, the saga’s last chapter. It’s a shame that it leaves an open ending such as this, with no definitive answers. Featured Image: Tarantino NFTs promotional image from this tweet | Charts by TradingView

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Crypto Flipsider News – September 8th – Oil Prices Drop, Followed by Crypto Crash, the SEC Threatens to Sue Coinbase, Shares Drop, Germany Investment Funds, and Crypto Volatility

Read Wednesday's breaking news in the daily digest!

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