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The first spot Ether ETF application is submitted in the U.S. Google allows NFT advertising, and a mom gets community service for Crypto.com’s mistake?! These stories and more, this week in crypto.
Spot Ether ETF Submitted in the U.S.
Cathie Wood’s Ark Invest, in partnership with 21Shares, seeks to launch the first spot Ethereum ETF in the United States. The application submitted to the SEC named Coinbase as custodian, meaning the crypto exchange would hold the Ether backing the ETF shares. If approved, the fund would trade on the Cboe BZX Exchange.
Google Allows NFT Game Ads
Google has updated its cryptocurrency advertising policy to allow for blockchain-based NFT gaming advertisements. As long as the ads do not promote gambling, Google now permits the promotion of NFT games that allow players to purchase in-game items, like virtual apparel for a player’s characters, weaponry, or armor used in a game to enhance a user’s experience.
Kraken Expands Offerings
Leading US exchange Kraken is expanding its services in the United Kingdom through Crypto Facilities Ltd., a company Kraken acquired in 2019. Crypto Facilities offers crypto derivatives for institutional investors, and is now seeking permission to offer asset custody services for a broader range of clients. Kraken also this week rolled out support for PayPal deposits on its mobile app in the UK and Europe.
Thodex Founder Sentenced to 11,196 Years
Faruk Fatih Özer, founder of Turkey’s defunct Thodex crypto exchange, has received a staggering 11,196-year prison sentence, along with a $5 million judicial fine. Thodex, once a major exchange in Turkey, abruptly shut down in April 2021, leaving 400,000 customers with inaccessible deposits totaling $2 billion. Özer fled to Albania but was captured by Interpol last August.
Texas Paid Bitcoin Miner Millions
Bitcoin miners in Texas are temporarily halting operations to alleviate the state’s power crisis. One of the larger mining firms, Riot Platforms, received $31 million in energy credits from the Electric Reliability Council of Texas (ERCOT) in August for agreeing to reduce its energy consumption. This additional revenue stream significantly offsets their mining costs, positioning Riot as one of the industry’s most cost-efficient bitcoin producers.
Fair Value Accounting Is Coming to Bitcoin
The Financial Accounting Standards Board has approved new accounting rules for corporations holding or investing in digital assets. The new rules, set to take effect in 2025, will require companies to report digital asset holdings at the more up-to-date fair value, rather than at historical value, as is the current standard. One of the largest corporate holders of Bitcoin is Michael Saylor’s Microstrategy, which sees this change as a positive, as back in May, its CFO Andrew Wang wrote to the FASB in support of the original proposal.
G20 Suggested to Contain Crypto Risks
G20 countries were given a list of proposed actions to accommodate digital currencies. The key measures proposed by the IMF and the Financial Stability Board include that crypto assets not be granted official currency status, nor should they be included in central bank holdings due to potential risks of destabilization. The proposal further emphasizes clear tax treatment, international cooperation, and transparency from global stablecoin issuers to protect users and ensure timely redemption.
Australian Mum Sentenced for Cashing $10M
An Australian mother received a 209-day prison sentence and 200 hours of community work for attempting to keep a mistaken $10 million deposit from Crypto.com. She and her boyfriend, who reportedly told her a story that he’d won a crypto.com contest, were accused of spending the funds on property and luxury items. She won’t spend any more time in jail, though, as the sentence amounts to time served before her release on bail last year.
That’s what’s happened this week in crypto, see you next week.
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