Musk’s Dogecoin Ties, Eco-Friendly Mining & More in StealthEX x CryptoDaily Digest

September 8, 2023

Crypto World

Maciej Zerelik

Welcome to the StealthEX x CryptoDaily digest, your premier gateway to the intricate digital currency world. We meticulously curate insights each week, spotlighting the pivotal moments and market shifts that define the cryptocurrency world. Our commitment is to move past surface-level news, delving into the core dynamics that shape the market. With a focus on comprehensive understanding, we aim to equip you with knowledge that stands out from the usual buzz. Ready to explore? Let’s embark on this week’s crypto journey!

Former SEC Chair Jay Clayton’s Positive Outlook on Bitcoin Spot ETF Approval

In a recent interview, the former SEC Chair, Jay Clayton, shed light on the evolving landscape of cryptocurrency regulations. Currently serving as an advisor at One River Asset Management, Clayton expressed optimism regarding approving a Bitcoin Spot ETF. He emphasized the significant strides the crypto market has made in maturity and regulatory compliance.

While Clayton refrained from giving a definitive timeline for the approval, his positive stance is a beacon of hope for many in the crypto community. His insights suggest that the regulatory body might be warming up to crypto ETFs, marking a potential turning point in the broader acceptance of cryptocurrencies.

ARK Invest and 21Shares Break New Ground with Application for Spot Ethereum ETF

In a pioneering move, ARK Invest, in collaboration with 21Shares, has approached the U.S. Securities and Exchange Commission (SEC) with an application for the first-ever Spot Ethereum ETF. This initiative is a testament to Ethereum’s growing stature in the financial world.

The proposed ETF is designed to allow investors to gain exposure to Ethereum without the complexities of direct ownership. As Ethereum continues to solidify its position as a leading blockchain platform, this ETF could pave the way for more mainstream investment opportunities in the crypto space. 

Vitalik Buterin’s Surprising Sale of MKR Tokens Sparks Speculation

Ethereum’s co-founder, Vitalik Buterin, recently made waves in the crypto community with his unexpected decision to offload his MKR tokens. He held these tokens for two years. That’s why the sudden sale has led to a flurry of speculation.

Analysts and enthusiasts alike are trying to decipher the reasons behind this move. Some suggest it might be a strategic diversification, while others wonder if it indicates concerns about the MakerDAO project. Buterin’s decisions have always been closely watched; this latest move is no exception.

Musk’s Deep Involvement with Dogecoin and Plans for a Blockchain Social Media Platform

Elon Musk, the tech magnate known for his ventures in space exploration and electric vehicles, has been revealed to have a deeper connection with the cryptocurrency Dogecoin than previously known. An upcoming biography of Musk has unveiled that he had been quietly funding the development of Dogecoin.

The biography, penned by Walter Isaacson and set to release on September 12, also delves into Musk’s vision for a blockchain-based social media platform. This platform would allow users to verify their identities through payments and enable content creators to monetize their stories, videos, and music. 

Musk envisioned integrating Dogecoin as a potential payment method on this platform. Furthermore, he aspired to develop a “blockchain social media system” akin to Twitter, which he later acquired for $44 billion and rebranded as “X.” 

While “X” has secured licenses to offer payments in various states, there’s no confirmation yet on Dogecoin’s integration as a payment method.

Innovative Bitcoin Mining Power Solution: Harnessing Old Tire Incineration

An innovative solution has emerged to address the environmental concerns associated with Bitcoin mining: utilizing old tire incineration as a power source.

This approach offers a sustainable energy alternative for mining operations and presents a viable method for waste management by repurposing discarded tires. 

As the crypto industry grapples with its carbon footprint, such solutions could play a pivotal role in its sustainable future. 

Arkham’s Analysis Reveals Grayscale’s Dominance as a Major Bitcoin Holder

Blockchain analytics firm Arkham Intelligence has identified Grayscale’s Bitcoin Trust as the world’s second-largest holder of Bitcoin (BTC). The trust reportedly holds over $16 billion worth of the leading cryptocurrency, distributed across more than 1750 addresses. This revelation comes despite Grayscale’s efforts to maintain confidentiality regarding the trust’s on-chain addresses.

Historically, Grayscale faced scrutiny concerning its Bitcoin balance, especially after the FTX exchange’s collapse. Citing security concerns, Grayscale refrained from disclosing its on-chain addresses. However, Coinbase, Grayscale’s custodial partner, later released a report detailing the assets held on Grayscale’s behalf, alleviating some speculation.

Arkham Intelligence’s disclosure further solidifies its reputation in identifying specific crypto addresses, having previously pinpointed Grayscale’s Ethereum Trust holdings and Robinhood’s crypto wallets.

Former Celsius CEO Alex Mashinsky Faces Legal Challenges as US Court Freezes Assets

Alex Mashinsky, the ex-CEO of Celsius, is facing significant legal hurdles as a U.S. court has ordered a freeze on his assets, including bank accounts and a property in Texas. This decision comes as part of an ongoing criminal investigation led by the United States Department of Justice (DOJ).

Mashinsky was arrested in July on charges related to his association with the now-defunct Celsius. He is accused of misleading investors and defrauding users and investors of billions of dollars. Despite pleading not guilty and refuting the allegations, Mashinsky was released on a $40 million bail with stringent conditions. 

The Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission have also initiated civil cases against him. Following these developments, Celsius’s native CEL token significantly dropped its value.

Grayscale Urges SEC to Approve Bitcoin Spot ETF

Grayscale, a leading name in the cryptocurrency industry, is intensifying its efforts to secure approval for a Bitcoin Spot ETF from the U.S. Securities and Exchange Commission (SEC). Backed by its law firm, Davis Polk, Grayscale has submitted a compelling letter to the SEC, emphasizing the maturity of the crypto market and the efficient use of regulatory resources.

The firm believes that the time is ripe for such an innovation. While the SEC has previously expressed concerns about potential risks, including market manipulation and regulatory oversight, Grayscale counters these arguments. Fresh from a court victory against the regulator, Grayscale is optimistic that their proposal will receive the green light, marking a significant shift in the U.S. regulatory landscape for digital assets.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.

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