Morning Post - October 20

headlines

▌4400 investors set up URG organization to track down Do Kwon, saying that he may be in Dubai

According to the British Financial Times, about 4,400 encrypted investors formed the UST Restitution Group (URG), aiming to track down Do Kwon, the founder of Terra, on a global scale. URG members are already actively tracking clues. Members of the group share the latest clues via Discord. Recent clues suggest that Kwon may be living in Dubai, Russia, Azerbaijan, Seychelles or Mauritius. Kwon is more likely to be in Dubai due to the local crypto-friendly policies.

policy

▌French Financial Market Authority: The encryption company registration system will be gradually replaced by the MiCA framework

A senior official of the French Financial Markets Authority (AMF) on Wednesday urged crypto firms operating in France to prepare for strict European Union standards. AMF Secretary-General Benoît de Juvigny confirmed that the country will gradually end its national registration system for crypto service providers. By 2024, the system will be replaced by the EU Market in Cryptoassets (MiCA) framework, which goes further than the current anti-money laundering checks in France and includes safeguards aimed at ensuring investor protection, market integrity and financial stability.

cryptocurrency

▌Member of the Bank of England Policy Committee: DeFi is not decentralized

DeFi is not decentralized, Bank of England policy committee member Carolyn Wilkins said Wednesday in a speech at the Center for Blockchain Research at University College London. Wilkins cites an April 2022 NBER study showing that in a sample of the top 50 proof-of-stake platforms by market capitalization, the top ten validators hold between 47% and 100% of the stake. He said: “The centralization of power in proof-of-work] and [proof-of-stake systems, along with other flaws in crypto and DeFi governance, has led to familiar problems; most importantly business failure, illicit activity, and investor financial Losses, if left unchecked, this situation will erode investor trust in cryptocurrencies, based financial services and their customers, and could lead to broader financial stress."

▌Coinbase supports Grayscale to initiate a lawsuit against the US SEC due to the rejection of Bitcoin spot ETF

Crypto exchange Coinbase supports Grayscale's lawsuit against the U.S. Securities and Exchange Commission (SEC) over the rejection of its Bitcoin ETF application. Previously, the SEC rejected Grayscale's application to issue a Bitcoin ETF. Grayscale said the SEC "failed to apply a consistent approach to similar investment vehicles." Although the SEC has approved multiple bitcoin futures ETFs, it has refused to release bitcoin spot ETFs. Coinbase made the same argument in a statement filed with the U.S. Court of Appeals for the District of Columbia on Tuesday. Whether spot or futures ETFs, whether linked to bitcoin or to other commodities such as gold, platinum or palladium, these investment vehicles provide investors with the same investment exposure, the exchange said. Both bitcoin futures ETFs and spot ETFs are designed to track the price of bitcoin. Restricting access to the market for bitcoin spot ETFs "unreasonably limits investor choice." An ETF is an investment vehicle that allows investors to invest indirectly in Bitcoin.

▌SBF: Support the use of blacklists to regulate the cryptocurrency industry

FTX CEO Sam-Bankman Fried (SBF) said on social media that he supports the use of blacklists to regulate the cryptocurrency industry, and individuals can trade freely unless they are explicitly approved. This is in stark contrast to whitelists, or whitelists, where individuals are prohibited from transacting by default unless explicitly given permission. SBF explained that the crypto industry needs fast and reliable lists of addresses related to illicit finance, but peer-to-peer transfers should generally be free, as long as they do not transact with sanctioned participants, which simultaneously effectively enforces sanctions compliance , the blacklist approach can achieve a healthier balance.

▌Tesla did not sell or buy any Bitcoin in the third quarter

Electric car maker Tesla said in its latest earnings report on Wednesday that it did not sell any of its bitcoin holdings or buy any additional bitcoin during the third quarter. The value of its digital assets remained at $218 million, the same as at the end of the second quarter. Tesla reported no impairment loss on the value of its bitcoin holdings, as the price of the cryptocurrency remained virtually unchanged at just under $20,000 at the end of the second and third quarters.