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Barry Silbert

Ethereum Co-Founder Vitalik Buterin Downplays Ethereum PoW Fork, Hopes It ‘Doesn’t Lead To People Losing Money’

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Ethereum Co-Founder Vitalik Buterin Downplays Ethereum PoW Fork, Hopes It ‘Doesn’t Lead To People Losing Money’

Ethereum co-founder Vitalik Buterin recently discussed what he thinks about the recent Ethereum proof-of-work (PoW) fork topic that’s been finding its way into a number of conversations within the crypto community. Buterin remarked at the ETH-Seoul conference over the weekend, that he believes the people introducing the forked token concept are basically a “couple of outsiders” that “mostly just want to make a quick buck.”

Vitalik Buterin Gives His Opinion on the Proposed Ethereum PoW Fork Idea

A lot of people within the crypto community have been discussing a possible ETH PoW fork (ETHW) that is unique from the existing Ethereum Classic blockchain. Bitcoin.com News reported on the influential Chinese crypto miner Chandler Guo, who initiated the ETHW conversation after explaining that he participated in the birth of Ethereum Classic (ETC). The idea then gained more traction, as a website called ethereumpow.org was published and a few exchanges decided to list the fork.

Presently, the IOU tokens for ETHW are worth $138.69 per token, according to coinmarketcap.com metrics and against Tron’s USDD stablecoin, ETHW is exchanging hands for 142.27 USDD on Poloniex. This weekend, co-founder of Ethereum Vitalik Buterin discussed ETHW during a Q&A session at the ETH-Seoul conference. Buterin downplayed the possibility of a fork of this kind seeing long-term acceptance. “I’m not expecting it to have substantial, long-term adoption,” Buterin stressed.

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The Ethereum developer and co-founder also talked about Ethereum Classic (ETC) and Buterin complimented the ETC community. “I think Ethereum Classic already has a superior community and a superior product for people kind of with those pro-proof-of-work values and preferences,” Buterin stated. When Buterin was asked about the ETHW proposal, he explained that those involved with its creation are just a “couple of outsiders that basically have exchanges, and mostly just want to make a quick buck.” Buterin added:

I hope that whatever happens, doesn’t lead to people losing money.

Digital Currency Group CEO Barry Silbert Discusses ETHW, Buterin Doesn’t See Fork Harming Ethereum’s Ecosystem

Buterin’s commentary follows the statements the founder and CEO of Digital Currency Group (DCG), Barry Silbert, has made about the ETHW idea on Twitter. Silbert tweeted to the Galois Capital account on Twitter and said: “[For what it’s worth], our full support is behind [Ethereum proof-of-stake], in addition to [Ethereum Classic], and have zero intention to support any [Ethereum proof-of-work] fork. [Ethereum] miners should move to [Ethereum Classic] to maximize their revenue long-term. Simple as that.”

Silbert has also made other statements on Twitter directly to some of Chandler Guo’s threads, and Guo asks Silbert in one tweet: “why only [Ethereum Classic]?” The DCG executive replied and said it is “the smart play for [ethereum] miners” and he also mentioned that Antpool is leading the initiative to support the Ethereum Classic chain. When someone told Silbert to stop engaging with Guo, Silbert responded and said: “I like and respect Chandler. Just disagree with him on this strategy.”

Meanwhile, at this weekend’s ETH-Seoul conference, Buterin detailed that he doesn’t expect Ethereum (ETH) to be deterred by the possibility of another fork. “I don’t expect Ethereum to really be significantly harmed by another fork,” Buterin remarked. On Twitter, it’s business as usual for Buterin, as the software developer tweeted about stealth addresses for ERC721 (non-fungible tokens) NFTs on Monday. “A low-tech approach to add a significant amount of privacy to the NFT ecosystem,” the Ethereum co-founder said.

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Barry Silbert, Buterin, Buterin’s Opinion, Chandler Guo, Chandler Guo ETC, Chandler Guo ETH, Chandler Guo tweet, DCG CEO, ETC, ETC fork, ETH fork, ETH-Seoul conference, ETH-Seoul Q&A, Ethereum Classic, ethereum classic (ETC), Ethereum Classic Hashrate, Ethereum PoW, ETHW, ETHW website, Fork, Listing ETHW, Poloniex, Poloniex Listing, PoW version of Ethereum, Vitalik Buterin

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What do you think about Vitalik Buterin’s opinion concerning the possible Ethereum PoW fork that has been discussed ahead of The Merge? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Barry Silbert

Robinhood Lists Grayscale’s Bitcoin And Ethereum Trusts

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Robinhood Lists Grayscale’s Bitcoin And Ethereum Trusts

On May 6, the financial services company Robinhood announced the firm has listed Grayscale’s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE). Robinhood customers can now gain access the crypto investment products in order to get exposure to bitcoin or ethereum without actually owning the digital currencies.

In Addition to Cryptos, Robinhood Adds Grayscale’s GBTC and ETHE

This week Robinhood added GBTC and ETHE to the company’s platform and the firm’s brokerage account customers can now buy or sell GBTC and ETHE stock and options commission-free.

There’s two new ways to access crypto on @RobinhoodApp. You can start trading $GBTC and $ETHE today. https://t.co/n09aiEVhqEhttps://t.co/6tFrYCsmzx pic.twitter.com/AxKH7xZ0nS

— Grayscale (@Grayscale) May 6, 2022

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Robinhood adding GBTC and ETHE investment products follows the firm rolling out its crypto wallet during the first week of April. On April 12, 2022, Robinhood listed shiba inu (SHIB), compound (COMP), polygon (MATIC), and solana (SOL).

The founder and CEO of Digital Currency Group (DCG), the parent company of Grayscale Investments, Barry Silbert, was thrilled to see Robinhood list GBTC and ETHE. “Finally,” Silbert tweeted. “You can now trade Grayscale Bitcoin Trust and Grayscale Ethereum Trust on Robinhood.”

Year-to-date statistics show GBTC is down 46.63% and ETHE is down 44.08%. Grayscale recently filed a Form 10 with the U.S. Securities and Exchange Commission (SEC) for a Zcash Trust, Stellar Lumens Trust, and Horizen Trust.

Grayscale is also in the midst of trying to get its trust converted into an exchange-traded fund (ETF). However, the SEC has been an obstacle for bitcoin spot ETFs to emerge and the U.S. regulator has yet to approve a bitcoin spot ETF.

Grayscale Investments’ CEO Michael Sonnenshein recently explained in an interview that the SEC could possibly violate the Administrative Procedure Act if a bitcoin spot ETF is completely denied.

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The firm’s chief legal officer, Craig Salm, described what the conversion process would look like if the trust became an ETF. “GBTC share prices will likely move to trade in line with NAV,” Salm detailed. “Then, the shares would be uplisted from OTCQX to NYSE Arca,” the chief legal officer added.

Grayscale Investments is also asking people to get involved with the effort to get the U.S. regulator to approve the conversion of GBTC to an ETF.

Prior to adding Grayscale’s Bitcoin Trust and Ethereum Trust, Robinhood started its European expansion and recently acquired the UK crypto company Ziglu. Additionally, last month the co-founder and CEO of Robinhood, Vladimir Tenev, discussed how DOGE could scale with Tesla’s Elon Musk.

Tags in this story

Barry Silbert, Bitcoin Ethereum, bitcoin spot etf, bitcoin trust, Craig Salm, DCG, Digital Currency Group, ETF, ETHE, Ethereum Trust, GBTC, grayscale, Grayscale Investments’ CEO, Grayscale’s chief legal officer, Horizen Trust., Michael Sonnenshein, Regulations, regulator, Robinhood, SEC, Stellar Lumens Trust, The SEC, Trusts, US SEC, Zcash Trust

What do you think about Robinhood adding GBTC and ETHE? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Barry Silbert

Grayscale: The SEC must get comfortable with spot Bitcoin ETF

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Grayscale: The SEC must get comfortable with spot Bitcoin ETF

U.S.› Grayscale › Bitcoin › Regulation

With the approval of a fourth Bitcoin futures ETF, SEC’s arguments for rejecting spot Bitcoin ETFs are running thin, according to Grayscale CEO Michael Sonnenshein.

2 min read

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Updated: April 7, 2022 at 3:02 pm

Cover art/illustration via CryptoSlate

Michael Sonnenshein, CEO of the largest bitcoin and crypto fund Grayscale, has argued that the SEC’s justifications of why it approved Bitcoin futures ETFs but not spot ETFs, don’t add up.

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The plot thickens on the path to $GBTC’s spot #Bitcoin #ETF conversion…

— Sonnenshein (@Sonnenshein) April 7, 2022

The tweet was posted moments after the U.S. Securities and Exchange Commission (SEC) officially approved another Bitcoin futures Exchange Traded Fund (ETF) — the Teucrium ETF — totaling four ETFs in the U.S. market.

ETFs are financial products that follow the value of an underlying asset, in this case, Bitcoin (BTC).

“Today, the SEC approved another US-based Bitcoin futures ETF. Great, right? We agree. But it’s important to realize that not all Bitcoin futures ETFs are created equal,”

Sonnenshein continued on twitter.

Over 80-year-old set of regulations

Prior to this latest approval by the SEC, the U.S. had three Bitcoin futures ETFs: BITO, XBTF, and BTF. Each of these holds Chicago Mercantile Exchange (CME) Bitcoin futures and are registered under the so-called ’40 Act – an over 80-year-old set of regulations that govern many investment products on the market today.

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As of today, those arguments have been significantly weakened as the SEC approved the Teucrium #Bitcoin Futures ETF, which is registered under the ’33 Act, and not the ‘40 Act.

— Sonnenshein (@Sonnenshein) April 7, 2022

Sonnenshein continues to examine the potential impact to spot bitcoin ETF applicants, including, not surprisingly, Grayscale’s own application.

First, the SEC has a weaker argument that the different protections & standards that apply to the ‘40 Act vs. the ‘33 Act are reasons for denying spot #Bitcoin #ETFs, despite using that argument for every single spot Bitcoin ETF denial since Bitcoin futures ETFs started trading.

— Sonnenshein (@Sonnenshein) April 7, 2022

What’s a “regulated market of significant size”?

Sonnenshein also argued that the SEC made interesting commentary on the Teucrium approval, particularly concerning what it refers to as “regulated markets of significant size”.

Historically, the SEC asserted that the absence of regulated markets of significant size related to the underlying assets — i.e. bitcoin — was a critical and/or missing element to the approval of a spot bitcoin ETF.

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“Today, in approving Teucrium’s application under the ‘33 Act, the SEC cleverly decided to define the “market” as just the CME Group and the “underlying assets” as just CME bitcoin futures, which of course makes CME significant since it [has] 100% of the CME bitcoin futures market!”

According to Sonnenshein, who also said:

“What’s wrong with this argument? Well, digging deeper, let’s remember that CME bitcoin futures are priced based on spot Bitcoin markets [Sonnenshein’s emphasis] and therefore directly influenced by them.”

Today Grayscale’s argument becomes even stronger

According to Sonnenshein, the SEC even acknowledges the link in its approval of Teucrium and this makes Grayscale’s argument “even stronger.”

Therefore, if the SEC is comfortable with a #Bitcoin futures #ETF, they must also be comfortable with a spot Bitcoin ETF. And they can no longer justifiably cite the ‘40 Act as being the differentiating factor.

— Sonnenshein (@Sonnenshein) April 7, 2022

Sonnenshein’s tweet threat was soon retweeted by Barry Silbert, CEO of Grayscale’s parent company Digital Currency Group, saying the “sec delay” needed to be stopped. He added that:

“The SEC is running out of excuses for not approving a spot based bitcoin ETF.”

Since filing their application for a bitcoin spot ETF, Grayscale has set up a service aiding supporters to easily send emails to the SEC.

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Barry Silbert

Luno Launches Venture Fund To Invest In Over 200 Crypto And Fintech Startups Per Year

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Luno Launches Venture Fund To Invest In Over 200 Crypto And Fintech Startups Per Year

Luno cryptocurrency exchange recently announced the launch of an investment arm, Luno Expeditions, whose objective is to invest in fintech, crypto, and Web3 startups globally. The investment arm will target digital assets and later-stage companies starting from Series A upwards.

Funding Over 200 Startups per Year

One of Africa’s pioneering cryptocurrency exchanges, Luno, recently announced the launch of an early-stage investment arm whose objective is to back fintech, crypto, and Web3 startups. Known as Luno Expeditions, the investment arm is expected to fund somewhere between 200 to 300 startups each year, a report has said.

According to a report by Techcrunch, CEO Jocelyn Cheng will lead the all-female team of five at Luno Expeditions. The report added that Barry Silbert, the founder and CEO of Digital Currency Group (DCG), and Marcus Swanepoel of Luno, will be a part of the new venture capital company’s Investment Committee.

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Also in the report, Cheng — who has previously held investing roles at CPP Investments, Bain Capital, and Goldman Sachs — is quoted distinguishing the new venture’s role from that of DCG.

“Luno Expeditions will focus on the group’s early-stage investing in equity and convertible rounds,” Cheng said. She also clarified that the venture capital company will continue to invest in crypto assets and later-stage companies starting from Series A upwards.

The CEO opined that there are “very few truly global and very early-stage fintech funds” that are currently operational, hence an opportunity to build one currently exists. She also noted that there is a strong convergence between some fintechs and crypto. Still, Cheng reckoned that the infrastructure still needs to be built, saying:

There is still a lot of work to be done in building the infrastructure that crypto will rely on. So our aim is to be supportive of this broader ecosystem. So what this practically means is we will invest in fintech companies that we feel match that long-term thesis, not just any fintech company.

Meanwhile, the report said Luno Expeditions will invest between $50,000 and $250,000 in each startup, and this translates to total funding that ranges between $15 million and $75 million per year.

What are your thoughts on this story? Tell us what you think in the comments section below.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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