CryptoSlate Wrapped Daily: Grayscale taking SEC to court over spot BTC ETF, CoinCenter sues US Treasury for Tornado Cash ban CryptoSlate Wrapped Daily: Grayscale taking SEC to court over spot BTC ETF, CoinCenter sues US Treasury for Tornado Cash ban
Arbitrium's Offchain Labs acquires leading Ethereum client, 21Shares launches its spot BTC ETP in Dubai, and much more in this edition of CryptoSlate Wrapped Daily.
3 min read
Updated: Oct. 13, 2022 at 12:18 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The biggest news in the cryptosphere for Oct. 12 includes Grayscale’s lawsuit against the SEC for not approving a U.S. spot Bitcoin ETF, CoinCenter’s lawsuit against the U.S. Treasury for overstepping its legal authority by banning Tornado Cash, and Arbitrium’s parent company Offchain Labs’ acquisition of leading Ethereum client Prysmatic Labs.
CryptoSlate Top Stories
Grayscale files opening brief in Bitcoin ETF battle against SEC
Grayscale Investments have been trying to get the Securities and Exchange Commission (SEC) to approve a U.S. spot Bitcoin (BTC) exchange-traded fund (ETF). The SEC has rejected all attempts of Grayscale so far.
Grayscale’s parent company Digital Currency Group (DCG) CEO Barry Silbert, said it is time the SEC approved a spot Bitcoin ETF and filed a lawsuit against the SEC, claiming it is discriminatory to allow Bitcoin futures ETFs but not a spot ETF.
Coin Center sues US Treasury over Tornado Cash sanctions
Coin Center filed a lawsuit against the U.S. Treasury Department for sanctioning Tornado Cash (TORN), arguing that it overstepped its legal authority by banning a protocol that protected Americans’ privacy rights.
The lawsuit stated:
“As a result of the Biden administration’s criminalization of Tornado Cash, these donors are less likely to contribute to Coin Center. They are effectively banned from engaging in expressive advocacy.”
Arbitrium’s Offchain Labs acquires leading Ethereum client
Arbitrium’s parent company Offchain Labs announced that it acquired a core Ethereum (ETH) development team, Prysmatic Labs.
Prysmatic Labs is behind Ethereum’s leading consensus layer client, Prysm, which is an Ethereum PoS client that pioneered the Ethereum Merge.
21Shares spot Bitcoin ETP goes live on Nasdaq Dubai
Crypto exchange traded-product (ETP) issuing company 21Shares listed its first physically-backed Bitcoin ETP on Nasdaq Dubai. The new ETP will be traded under the ticker ABTC.
With ABTC, 21Shares increased its ETP products to 46, which are listed across 12 exchanges in seven different countries.
TRON becomes legal tender in Dominica
Dominica announced making TRON (TRX) authorized digital currencies in the Caribbean Island. The new adoption includes all TRON-based native tokens like BTT, JST, NFT, USDD, USDT, and TUSD as well.
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 are granted statutory status as authorized digital currency and medium of exchange in the commonwealth of Dominica effective on October 7th 2022 🇩🇲 https://t.co/p97zJkzhUe pic.twitter.com/kbejwXrkXt
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) October 12, 2022
Polygon powers new Indian police complaints portal
Police in India’s Firozabad region used Polygon’s (MATIC) blockchain to develop a web portal citizens can use to report crimes.
The portal is live and accessible through policecomplaintonblockchain.in address. The portal allows citizens to report a crime in an immutable and transparent manner. This also implies that a reported crime can’t be deleted or edited.
Bitcoin Amsterdam panel discussion throws light on unfixable debt-based system
The three-day Bitcoin Amsterdam event started on Oct. 12. In the first-panel session, participants agreed that the debt-based system is inherently flawed and incapable of resolving inflation.
Panelists agreed that Bitcoin offered an alternative system that is completely opposite to the traditional ways and much more capable of combatting existing financial predicaments.
STEPN to lay off over 100 staff
Walk-to-earn platform STEPN (GMT) announced it would begin laying off over 100 of its staff, including MODs and ambassadors. The company pointed at the bear market conditions as the reason for downsizing.
STEPN’s parent company, Find Satoshi Lab, also decided to redirect its investments to STEPN towards promoting upcoming projects like its new NFT exchange platform.
Crypto.com to invest €150M in France
Leading exchange Crypto.com announced that it spared €150 million to invest in France to expand in the region and establish a regional headquarters in France.
The exchange has been focusing on extending all around the globe, and it already acquired the necessary licenses to operate in Singapore, Italy, and Cyprus.
Research Highlight
Research: Whales selling at the 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 by Bitcoin whales in crypto history.
The ATS is a metric that gauges the behavior of various wallet cohorts and indicates each entity’s relative strength of accumulation. If it’s close to 1, it indicates that the entity is accumulating. If it’s close to 0, it means that the group is distributing.
The ATS shows that whales have been the net sellers for most of 2022, especially recently. Shrimps, on the other hand, have been actively accumulating.
News from around the Cryptoverse
nxyz hits $40M in Series A funding
Web3 data infrastructure provider nxyz announced it gained $40 million in its Series A funding round. The round was led by the likes of Paradigm, Coinbase Ventures, Sequoia Capital, and Greylock Partners.
Crypto Market
Bitcoin (BTC) increased by 0.72% to reach $19,152 in the last 24 hours, while Ethereum (ETH) also spiked by 1.25% to trade at $1,298.
Biggest Gainers (24h)
- Huobi Token (HT): +23.89 %
- Terra (LUNA): +14.71%
- Hedera (HBAR): +7.36%
Biggest Losers (24h)
- TerraUSD (USTC): -14.83%
- Maker (MKR): -5.61%
- Klaytn (KLAY):-4.44%
Mentioned in this article
Bitcoin 
Ethereum 
TRON 
BitTorrent 
JUST 
APENFT 
USDD 
Tether 
TrueUSD 
Polygon 
GMT 
Mango Markets 
Solana 
ApeCoin 
XRP 
Tornado Cash 
Terra 
HTX Token 
Hedera 
TerraClassicUSD 
Maker 
Klaytn 
Grayscale Investments 
Yuga Labs 
Paradigm 
Coinbase Ventures 
Crypto.com 
Barry Silbert 
Justin Sun Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,142.38
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
BitTorrent
$0.00069
Founded with a leading peer-to-peer sharing technology standard in 2004, BitTorrent, Inc.
JUST
$0.03314
JUST aims to build a fair, decentralized financial system that provides stablecoin lending and governance mechanisms for users around the world.
APENFT
$0.00000
APENFT was officially registered in Singapore on March 29, 2021 to meet opportunities and address pain points in the industry.
USDD
$1.00142
USDD is a cryptocurrency issued by the TRON DAO Reserve with a stable price and diverse use cases.
Tether
$1.00003
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Polygon
$0.43247
Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
GMT
$0.16053
STEPN is a Web3 lifestyle app with fun social elements and gamification design.
Mango Markets
$0.16039
The goal of Mango Markets is to create a trader and maker friendly decentralized trading platform.
Solana
$241.581
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
ApeCoin
$1.12061
ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivize a decentralized community building at the forefront of web3.
XRP
$1.11203
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Tornado Cash
$3.39878
Tornado Cash is a decentralized, non-custodial privacy solution built on Ethereum.
Terra
$0.39711
Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic.
HTX Token
$0.62758
HTX Token(formerly HT or Huobi Token) is a decentralized digital asset based on Ethereum, with a limited total supply of 500 M, issued by Huobi Group.
Hedera
$0.12209
The Hedera hashgraph platform provides a new form of distributed consensus; a way for people who don’t know or trust each other to securely collaborate and transact online without the need for a trusted intermediary.
TerraClassicUSD
$0.02113
TerraUSD (UST) is a decentralized and algorithmic stablecoin on the Terra blockchain.
Maker
$1,540.43
Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the IMF’s international currency basket SDR.
Klaytn
$0.14344
Klaytn is Kakao’s enterprise-grade, service-centric platform that aims to bring a user-friendly blockchain experience to millions of users.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
Yuga Labs
Yuga Labs is one of the savviest marketers of NFT brands, including Bored Ape Yacht Club, a collection of 10,000 Bored Ape NFTs—unique digital collectibles living on the Ethereum blockchain.
Coinbase Ventures
Founded in 2018, Coinbase Ventures is a venture capital firm based in San Francisco, California.
Crypto.com
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity.
Barry Silbert, recognized as a foundational figure in the cryptocurrency landscape, serves as the CEO and founder of Digital Currency Group (DCG).
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.