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The competition-driven fee reduction trend witnessed in the U.S. spot Bitcoin exchange-traded fund (ETF) market has now extended to Europe following the recent approval by the United States Securities and Exchange Commission (SEC). Notably, leading asset managers Invesco and WisdomTree have slashed fees on their European-listed exchange-traded products (ETPs) by over 60%. Invesco's $137 million Physical Bitcoin ETP will see fees drop from 0.99% to 0.39%, while WisdomTree's $325 million Physical Bitcoin ETP will see a reduction from 0.95% to 0.35%. This shift is attributed to heightened competition and the availability of multiple U.S.-based ETFs, making European ETPs less attractive to U.S. investors. The approval of 11 spot Bitcoin ETFs in the U.S. has significantly impacted the demand for European ETPs among U.S. investors, prompting a strategic fee adjustment to attract and retain market share. (Source: Cointelegraph)

The Federal Court of Canada has ruled that the emergency law invoked by the Canadian government to control funds and crypto supporting protesting truckers was unreasonable and unconstitutional. In February 2022, Prime Minister Justin Trudeau's government froze funds, including cryptocurrencies, donated to truckers protesting COVID-19 restrictions. The court found that there was no national emergency justifying the use of the Emergencies Act and deemed the decision unreasonable. The Canadian Civil Liberties Association and other groups had challenged the government's use of the emergency law, arguing it was unnecessary and unconstitutional. The government plans to appeal the decision. Cryptocurrency played a significant role in funding the trucker protests in 2022. (Source: Cointelegraph)

Bitcoin's price dropped below $40,000 for the first time since December 3, 2023, as the Grayscale Bitcoin Trust (GBTC)-linked selling of BTC on Coinbase continued, impacting investor sentiment in the crypto market. Bitcoin experienced a rapid decline from $41,553 on January 22, falling over 4.3% in the last 24 hours and 9.3% over the past 30 days, reaching a six-week low of $39,450, according to CoinMarketCap. The unexpected approval of 11 spot Bitcoin ETF products by the U.S. Securities and Exchange Commission (SEC) contributed to market volatility, with GBTC selling being blamed for the downturn. Grayscale deposited over $600 million worth of BTC on Coinbase, bringing the total to over $2 billion, while FTX's bankruptcy managers sold their entire 22 million-shareholding of GBTC, equivalent to nearly $1 billion. Traders and analysts expressed concern about Bitcoin trading below $40,000, emphasizing the importance of a "daily close above 40K" to assess the market's resilience. The...

The United States House Financial Services Committee is urging Meta to disclose any blockchain or crypto-related plans it may have, citing five cryptocurrency and blockchain-related trademark applications still active from 2022. In a letter to Meta CEO Mark Zuckerberg and COO Javier Olivan, Committee ranking member Maxine Waters raised concerns about Meta's intention to expand its involvement in the digital assets ecosystem based on the trademark filings. Despite Meta's earlier statement to Democratic Financial Services Committee staff in October 2023 that there was no ongoing digital assets work, Waters pointed to the trademark applications filed on March 18, 2022. The filings cover various services related to crypto and "blockchain assets" trading, exchange, payments, transfers, wallets, and associated hardware and software infrastructure. Waters asked Meta about its response to the Notices of Allowance, whether it intends to pursue Web3, crypto, or digital wallet projects, and if...

Binance, the world's largest cryptocurrency exchange, faced a crucial court hearing seeking the dismissal of a lawsuit brought against it by the U.S. Securities and Exchange Commission (SEC). The SEC filed the lawsuit in June, alleging that Binance operated as an unregistered exchange, provided false information to customers, and violated securities laws. The focus of the hearing was on whether certain cryptocurrencies on Binance, such as BNB and BUSD, should be considered securities under the Howey test, a set of parameters used by the SEC to determine the status of an asset. Judge Amy Berman Jackson pressed both sides on their interpretations of the Howey test, questioning the necessity of an actual contract and emphasizing the broad scope of the statute. Binance's defense team insisted that the promotion of a business itself cannot be a factor, while the SEC argued that Binance's continuous promotion created reasonable expectations of profit for token buyers. A significant point...

Hong Kong is set to introduce its first spot crypto exchange-traded funds (ETFs) by mid-2024, with Gary Tiu, executive director and regulatory affairs director of OSL, a licensed crypto exchange, revealing the development. Tiu expects the launch of the first ETFs before mid-year, with 5-10 companies currently conducting research. Livio Weng, COO of HashKey Group, stated that over ten fund companies are in advanced stages of preparation to launch spot ETFs, with 7 out of 8 already in the promotional phase. The regulatory environment is supportive, with the Hong Kong Securities and Futures Commission (SFC) open to applications for authorization of funds with exposure to virtual assets. Last month, the SFC introduced new regulations specifying criteria for SFC-authorized funds to directly invest in spot crypto funds. Venture Smart Financial Holdings (VSFG), an SFC-approved virtual asset manager, plans to file for an ETF with the SFC, aiming to launch it in Q1/2024 with ambitions to...

As quantum computing progresses, concerns about its potential to compromise existing encryption methods, such as RSA, have surfaced. Experts predict the emergence of scaled, fault-tolerant quantum computers capable of breaking encryption by the end of the decade. In response, the focus is shifting towards quantum sensing as a potential solution. Quantum sensors could play a crucial role in fortifying cybersecurity measures, particularly in addressing vulnerabilities in GPS systems. This technology not only has implications for data security but also extends its applications to areas like medical diagnostics and autonomous robotics. While the impact of quantum computing remains uncertain, quantum sensing emerges as a pragmatic approach to addressing potential cryptographic challenges. (Source: Cointelegraph)

Indonesia's general elections in February could bring changes to the country's crypto industry, depending on the outcome. Current President Joko Widodo's government has shown interest in crypto, with plans for digital asset regulations and the world's first crypto bourse. However, opposition candidates Anies Baswedan and Muhaimin Iskandar, who plan to overhaul existing policies, may bring different perspectives. Muhaimin has advocated for taxing crypto transactions and stricter regulations. Another candidate pair, Ganjar Pranowo and Mahfud MD, has not addressed crypto prominently, but Ganjar praised NFT creativity in 2022. The most crypto-vocal candidate is Gibran Rakabuming Raka, the son of President Widodo, advocating for blockchain and crypto experts to enhance Indonesia's tech sector. The outcome of the elections, set to begin on Feb. 14, could influence the regulatory landscape for the crypto industry in Indonesia. (Source: Coindesk)

Terraform Labs, the cryptocurrency firm behind the failed stablecoin TerraUSD, has filed for Chapter 11 bankruptcy in Delaware. The filing reveals estimated assets and liabilities ranging from $100 million to $500 million. TerraUSD collapsed in May 2022, resulting in significant losses for investors. Terraform Labs stated that the filing will allow the company to execute its business plan while addressing ongoing legal proceedings, including representative litigation in Singapore and the U.S. The bankruptcy comes as Terraform Labs faces a class-action suit in Singapore and an SEC trial related to the TerraUSD collapse. Terraform Labs CEO Chris Amani stated that the move is crucial for the company and its investors, allowing them to work toward goals while resolving outstanding legal challenges. Co-founder Do Kwon and Terraform Labs are facing fraud charges and a lawsuit from the U.S. Securities and Exchange Commission (SEC), with the recent ruling that they violated securities laws...

Morgan Stanley has raised concerns about the risk of the U.S. dollar losing its dominance, driven by increasing interest in digital assets, including bitcoin. The investment bank highlighted that the U.S. dollar's dominance is under scrutiny due to evolving geopolitical shifts and growing twin deficits. It noted the recent growth in interest in digital assets, stablecoin volumes, and the potential impact of central bank digital currencies (CBDCs) on the global currency landscape. Morgan Stanley emphasized a clear shift towards reducing dollar-dependency, leading to growing interest in digital currencies such as bitcoin, stablecoins, and CBDCs. (Source: Bitcoin.com)

Interpol's Metaverse Expert Group has released a white paper suggesting that metaverse platforms could be valuable in law enforcement training, crime scene preservation, and analysis. The report explores potential use cases, such as immersive training through metaverse environments to enhance frontline policing effectiveness and the creation of virtual replicas of crime scenes for continuous access and analysis. The white paper also addresses metaverse-related crimes, including nonfungible token fraud, cyber-physical attacks, digital identity theft, and more. Interpol emphasizes the need for a holistic approach, involving multi-stakeholder engagement and cross-border collaboration, to effectively address metacrime in the metaverse. (Source: Cryptointelligence)

Bloomberg senior litigation analyst, Elliott Stein, has expressed confidence in Coinbase's ongoing lawsuit against the SEC, forecasting a 70% chance of the exchange securing a full dismissal. Stein initially believed Coinbase could object successfully to certain SEC claims but was uncertain about allegations related to its staking rewards program and overall operational structure. However, after attending the hearing, he shifted his view, stating that he left thinking Coinbase would win a full dismissal. The SEC alleges that Coinbase, through its staking program, is offering and selling investment contracts, while Coinbase strongly refutes the claims. Stein sees the outcome as pivotal for the crypto industry, akin to the Ripple case ruling on XRP's status as a security. (Source: Cointelegraph)