Grayscale takes SEC to court over spot BTC ETF, CoinCenter sues US Treasury over Tornado Cash ban

Some of the biggest news in the cryptosphere for October 12 include Grayscale’s lawsuit against the SEC for not approving a US spot bitcoin ETF, CoinCenter’s lawsuit against the US Treasury for exceeding its legal powers by banning Tornado Cash and the acquisition of Arbitrium’s parent company, Offchain Labs, leading Ethereum client Prysmatic Labs.

CryptoSlate Top Stories

Grayscale Files Open Briefing in Bitcoin ETF Battle Against SEC

Grayscale Investments has attempted to get the Securities and Exchange Commission (SEC) to approve a US spot Bitcoin (BTC) exchange-traded fund (ETF). The SEC has so far rejected all attempts by Grayscale.

Grayscale Digital Currency Group (DCG) CEO Barry Silbert said it was about time the SEC approved a spot bitcoin ETF and filed a lawsuit against the SEC, alleging it was discriminatory Bitcoin futures ETFs but not allowing a spot ETF.

Coin Center is suing the US Treasury over tornado cash sanctions

Coin Center filed a lawsuit against the US Treasury Department for sanctioning Tornado Cash (TORN), arguing that it exceeded its legal authority by banning a protocol that protects Americans’ privacy rights.

The lawsuit states:

“As a result of the Biden administration’s criminalization of tornado cash, these donors are less likely to contribute to the Coin Center. They are effectively banned from expressive advocacy.”

Arbitrium’s Offchain Labs acquires leading Ethereum client

Arbitrium’s parent company, Offchain Labs, announced that it has acquired a core development team from Ethereum (ETH), Prysmatic Labs.

Prysmatic Labs is behind Ethereum’s leading consensus layer client Prysm, an Ethereum PoS client that pioneered the Ethereum merge.

21Shares spot Bitcoin ETP goes live on Nasdaq Dubai

Crypto exchange-traded product (ETP) underwriter 21Shares listed its first physically-backed Bitcoin ETP on Nasdaq Dubai. The new ETP will trade under the ticker ABTC.

With ABTC, 21Shares increased its ETP products to 46, listed on 12 exchanges in seven different countries.

TRON becomes legal tender in Dominica

Dominica announced the manufacture of TRON (TRX) authorized digital currencies on the Caribbean island. The new launch also includes all TRON-based native tokens such as BTT, JST, NFT, USDD, USDT and TUSD.

The news was announced by TRON’s CEO, Justin Sun, on his Twitter account.

It is official! All #TRON cryptos including #TRX #BTT #JST #NFT #USDD #USDT #TUSD will be granted legal status as authorized digital currency and medium of exchange in the Commonwealth of Dominica effective October 7, 2022 🇩🇲 https://t. co /p97zJkzhUe pic.twitter.com/kbejwXrkXt

— HE Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) October 12, 2022

Polygon operates new complaints portal for Indian police

Police in India’s Firozabad region used Polygon’s (MATIC) blockchain to develop a web portal for citizens to report crimes.

The portal is live and accessible via the address policecomplaintonblockchain.in. The portal allows citizens to report a crime in a consistent and transparent manner. This also means that a reported crime cannot be deleted or edited.

The Bitcoin Amsterdam panel discussion highlights the system based on unfixable debt

The three-day Bitcoin Amsterdam event started on October 12th. In the first panel, participants agreed that the debt-based system is inherently flawed and unable to solve inflation.

The panellists agreed that Bitcoin offers an alternative system that is completely opposite to traditional methods and much better able to combat existing financial difficulties.

STEPN lays off more than 100 employees

Walk-to-earn platform STEPN (GMT) announced it will begin laying off over 100 of its employees, including MODs and Ambassadors. The company cited bear market conditions as the reason for the downsizing.

STEPN’s parent company, Find Satoshi Lab, has also decided to redirect its investments to STEPN to support upcoming projects such as the new NFT exchange platform.

Crypto.com invests 150 million euros in France

Leading exchange Crypto.com announced that it has saved 150 million euros to invest in France to expand in the region and set up a regional headquarters in France.

The exchange is focused on expanding around the globe and has already secured the necessary licenses to operate in Singapore, Italy and Cyprus.

research highlight

Research: Whales are Selling at 3rd Most Aggressive Rate in BTC History

CryptoSlate analysts examined the Accumulation Trend Score (ATS) and revealed that this is the third most aggressive dumping of bitcoin whales in crypto history.

The ATS is a metric that measures the behavior of different wallet cohorts and indicates the relative accumulation strength of each entity. When it is close to 1, it indicates that the entity is accumulating. If it is close to 0, it means the group is dispersing.

Bitcoin ATS

The ATS shows that whales have been the net sellers for most of 2022, especially more recently. Shrimp, on the other hand, have actively accumulated.

News from across the cryptoverse

nxyz Raises $40M in Series A Funding

Web3 data infrastructure provider nxyz announced it has raised $40 million in its Series A funding round. The round was led by companies including Paradigm, Coinbase Ventures, Sequoia Capital and Greylock Partners.

crypto market

Bitcoin (BTC) is up 0.72% to $19,152 over the past 24 hours, while Ethereum (ETH) is also up 1.25% to $1,298.

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Posted in: Bitcoin, Ethereum, Polygon, Ripple, Solana, Tron, Crypto.com, India, UAE, USA, Packed

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