Ethereum News by Thebittimes.Com

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. We should not underestimate the power of narrative s in the blockchain space. So much so that it has almost assumed a “chicken and egg” dynamic, where project teams seek to captivate the public’s imagination with a company vision to attract investment and adoption before the product is developed. It is more prevalent during bullish market phases, marked by an influx of investor funding, euphoria, and substantial price appreciation based on preliminary valuations. You might also like: Web3 breaks ground with the convenience of a consumer-centric approach | Opinion When a narrative eclipses actual product development, it often results in disappointment and economic downfall, as evidenced by many blockchain projects during the late 2021 crypto bull run. Nobel laureate Daniel Kahneman, a leader in behavioral economics, warn...

Pando’s ETF bid comes as several spot Bitcoin ETF applications draw closer to a final decision deadline. Swiss asset manager Pando Asset has become an unexpected late entrant into the spot Bitcoin (BTC) exchange-traded fund (ETF) race in the United States. On the same day, investment giant BlackRock met with the country’s securities regulator to pitch an updated ETF model based on the agency’s feedback. On Nov. 29, Pando submitted a Form S-1 to the Securities and Exchange Commission — used to register securities with the agency — for the Pando Asset Spot Bitcoin Trust. Like other ETF bids, the trust aims to track Bitcoin’s price with the custody arm of the crypto exchange Coinbase to hold Bitcoin on behalf of the trust. Pando is the 13th bidder aiming to have an approved spot Bitcoin ETF in the U.S. and joins the race with a dozen others that have been bidding for SEC approval,L fwhich include BlackRock, ARK Invest and Grayscale. In a Nov. 29 X (Twitter) post, Bloomberg ETF analyst ...

Also Read: FTX Freezes User Account on Claims Portal to Mitigate Kroll Hack advertisement US DOJ Probe On Binance Is Coming? Based on recent developments, John Deaton, the attorney representing the XRP token holders in the Ripple Vs SEC lawsuit, predicts that a DOJ indictment is on the cards. Earlier, CoinGape reported that payments company Mastercard will discontinue its crypto card payment partnership with Binance . Similarly, Visa too had announced it was dropping the crypto card partnership with the exchange. It was this development that triggered a suspicion for Deaton, that something ‘related to a criminal prosecution’ is on the cards. “I have to admit that this distancing by Mastercard and Visa make me suspect that something might be on the horizon related to a criminal prosecution. There’s been speculation and predictions that a DOJ indictment was likely to follow the CFTC/SEC filings.” What Will Happen If DOJ Initiates Pro...

A Supreme Court judge has rejected a request from Epic Games that would've immediately loosened Apple's App Store payment rules, to the potential benefit of crypto and NFT apps. Crypto app developers hoping for a loosening of Apple's App Store rules will have to wait longer after a United States Supreme Court held off on granting a request to let apps direct users to payments outside of Apple’s ecosystem. An Aug. 9 decision from Justice Elena Kagan declined to let a federal appeals court decision take immediate effect as Epic had asked — with no explanation for the decision. Not surprisingly, the Supreme Court (by decision of Justice Kagan, who is the SCOTUS judge to whom such 9th Cir. matters are assigned) denied Epic Games' motion to enforce the injunction it won in district court 2 years ago. Epic was right; legal standard favored Apple. 1/3 pic.twitter.com/UnpnphgapG — Florian Mueller (@FOSSpatents) August 9, 2023 In April, the Court of Appeals for the Ninth Cir...

New reports state that Binance’s board grappled over shutting down US operations amid growing regulatory pressure earlier in 2023. According to The Information, Binances’s CEO, Changpeng “CZ” Zhao, tried to close the exchange’s US operations earlier this year. In a complex debate between the company’s board of directors, the board members couldn’t reach an agreement about the closing of the US branch . Brian Shroder, the CEO of the US operations branch , blocked the decision to close the company. But CZ pushed for moving forward with the closing of the US branch . One of the main reasons for CZ’s decision to close its US operations has been the complex regulatory situation the crypto industry faces in the US, along with Binance. You might also like: Binance.US reportedly trims workforce amid regulatory woes Why Binance.US might face closure The landscape in the US regarding regulations has been complex for the crypto in...

Also Read: Elon Musk Sides With Coinbase ‘Crypto Regulation’ Stance Meanwhile, the XRP community, which has been long fighting the SEC in the Ripple lawsuit, awaits the June 13 public release of the Hinman documents. The Ripple lawsuit is currently the most important conflicts with the SEC as the outcome is expected to be right around the corner with Judge Analisa Torres likely to deliver the all important Summary Judgement any time now. The SEC Stabilization Act To Fire Gary Gensler Warren Davidson, a Congressman from Ohio, filed the SEC Stabilization Act aiming to restructure the agency as well as fire Chair Gensler. He explained that there was a need to fix the ongoing abuse of power and to ensure protection that is in the best interest of the market for years to come. “U.S. capital markets must be protected from a tyrannical Chairman, including the current one. It’s time for real reform and to fire Gary Gensler as Chair of the SEC.” Recommended Ar...

Also Read: Binance To Suspend Crypto Services For Japan By November 30 advertisement Earlier, McCarthy announced the deal agreement saying the president wasted several months of time and refused to negotiate on the debt ceiling. The deal announcement just a few days before the June 1, 2023 deadline, after which there could have been turmoil in the financial markets. “I just got off the phone with the president a bit ago. After he wasted time and refused to negotiate for months, we’ve come to an agreement in principle that is worthy of the American people.” Debt Ceiling Deal Reached Biden confirmed the news saying “Speaker McCarthy and I reached a budget agreement in principle.” However, further negotiations are yet to be done to finalize the legislative text, before the agreement will go to the United States House and Senate. The tentative deal involves raising the US federal government’s $31.4 trillion debt ceilin...

McCarthy Optimistic On Debt Ceiling Deal House Speaker Kevin McCarthy expressed optimism today, stating that he believes the White House and Republican negotiators can reach a deal in time, potentially by the end of the day. McCarthy emphasized that significant progress was made during talks held on Wednesday with President Biden. However, he pointed out that the administration still needs to resolve certain issues regarding raising the federal debt limit. advertisement Read More: Binance Launches NFT Lending Feature To Rival Blur’s Blend Protocol While acknowledging that not everyone will be satisfied with the outcome, McCarthy explained that the nature of the political system is meant to be opinionated. When asked about the crucial “X-date” — the day when the U.S. government can no longer meet all its financial obligations — the Californian Republican stated that they would adhere to any timeline provided by the treasury secretary....

Also Read: Crypto-Friendly TD Bank Terminates Merger Deal With First Horizon Bank advertisement Bill Ackman Warns Of Risk To All US Banks According to latest remarks by Ackman, the next weakest bank, in the current case PacWest could fall prey to the domino effect, at the back of the recent collapse of First Republic Bank. He added that no regional bank can survive bad news or bad data, amid constant fall in stock prices. “As each domino falls, the next weakest bank begins to wobble. We are running out of time to fix the problem, we need a systemwide deposit guarantee regime now.” The KBW Nasdaq Bank Index, a benchmark stock index of the banking sector, fell by over 5% over the last few days as the PacWest stock began to show signs of weakness. Trending Stories MATIC Price Prediction: Polygon Price at Monthly Support Plots a Quick 12% Jump 24/7 Cryptocurrency News Stacks Price Ready to Resume Bul...