Melega Crypto News Recap: Polygon Labs to Launch POL Coin; Ledger’s Key Recovery; BlackRock ETF Progress; and More (Oct. 22–28, 2023)

Hey, crypto enthusiasts! This is Melega Finance, the world’s leading decentralized ecosystem. Welcome to the latest edition of our weekly cryptocurrency news roundup, where we will discuss the most interesting news from the crypto market from October 22 to October 28, 2023.

Well, after a somewhat rough week in the crypto world last week, things took a turn for the better this week. We’ve got some exciting news to catch up on, including Blockfi’s plans to repay creditors and a US Appeals court nudging the SEC to take a closer look at Grayscale’s Bitcoin ETF application. And guess what? Bitcoin’s still on the rise, hitting $34,700 at one point this week and currently trading at $34,126, marking a 13.7% increase in the last 7 days.

Not to mention, Bitcoin’s market dominance is at its highest in 30 months, sitting comfortably at 54%. All signs point to some interesting times ahead, especially with the halving event on the horizon in April 2024. So, here are some updates you might’ve missed!

TOP CRYPTO NEWS RECAP (OCTOBER 22–OCTOBER 28, 2023)

• Binance and CZ’s Legal Defense Seeks Dismissal of CFTC Lawsuit
• Ledger Introduces Cloud-Based Key Recovery Despite Controversy
• US Appeals Court Mandates SEC Review of Grayscale’s Bitcoin ETF Application
• Polygon Labs Unveils Ethereum Contract for POL Token, Set to Replace MATIC
• BlockFi Announces Debt Repayment Plan and Asset Recovery Strategy
• BlackRock’s iShares Bitcoin ETF Moves Closer to SEC Approval

Binance and CZ’s Legal Defense Seeks Dismissal of CFTC Lawsuit

Lawyers representing Binance and its CEO, Changpeng “CZ” Zhao, have filed a motion to dismiss the United States Commodity Futures Trading Commission’s (CFTC) lawsuit.

In the filing made on October 23 in the U.S. District Court for the Northern District of Illinois, Binance’s and CZ’s legal teams argued that the CFTC’s claims could grant it sweeping authority to regulate global cryptocurrency-related activities.

They emphasized that Congress did not empower the CFTC to be the world’s derivatives enforcer and called for the case’s dismissal.

Ledger Introduces Cloud-Based Key Recovery Despite Controversy

Hardware wallet provider Ledger unveiled its cloud-based private key recovery service, Ledger Recover, on October 24, alongside the release of open-source code on GitHub. Developed with blockchain protection platform Coincover, the service allows users to back up their Secret Recovery Phrase (SRP), a unique list of 24 words securing crypto assets. This service was launched despite strong criticism from the crypto community.

However, Ledger ensures security by fragmenting the encrypted SRP into pieces distributed through three independent companies. This optional service is available for Ledger Nano X users, expanding to other Ledger devices later. Identity verification for Ledger Recover only requires a government-issued document, not extensive KYC checks, and costs $9.99 per month.

US Appeals Court Mandates SEC Review of Grayscale’s Bitcoin ETF Application

The United States Court of Appeals has issued a formal mandate, reinforcing its previous ruling from August 29 and compelling the Securities and Exchange Commission (SEC) to reconsider Grayscale Investments’ application for a spot Bitcoin exchange-traded fund (ETF).

This decision offers Grayscale a second opportunity to transform its Grayscale Bitcoin Trust into a listed Bitcoin ETF. While the SEC has not yet approved any spot crypto ETFs for U.S. exchanges, it has greenlit investment products related to Bitcoin and Ethereum futures. Grayscale, alongside other major companies, awaits the SEC’s response for their spot crypto ETF applications.

Polygon Labs Unveils Ethereum Contract for POL Token, Set to Replace MATIC

On October 25, 2023, Polygon Labs launched the Ethereum contract for its new token, POL, designed to replace MATIC. The POL token, a critical component of the Polygon 2.0 roadmap, was created to power a wide ecosystem of zero-knowledge-based Layer 2 chains.

Users, however, are not required to exchange their MATIC for POL at this time. The launch of POL opens the door for various enhancements in the Polygon 2.0 roadmap, including a new staking layer, upgrading to zkEVM layer-2, and establishing a shared liquidity protocol for all Polygon networks.

BlockFi Announces Debt Repayment Plan and Asset Recovery Strategy

Cryptocurrency lending service BlockFi, which faced liquidity challenges in mid-2022, is taking significant steps to repay its debts, recover assets, and, after obtaining court approval, reimburse creditors.

The company aims to recover assets from entities it claims to owe it money, including Three Arrows Capital (3AC) and FTX, which also faced bankruptcy. Initial distributions to BlockFi Interest Account (BIA) and loan customers are anticipated in early 2024. While the process may extend beyond 2024, BlockFi’s ongoing legal engagement with FTX remains a key factor in the plan.

BlackRock’s iShares Bitcoin ETF Moves Closer to SEC Approval

The iShares spot Bitcoin exchange-traded fund (ETF) by BlackRock has been listed on the Depository Trust & Clearing Corporation (DTCC), marking a significant step towards potential approval by the United States Securities and Exchange Commission (SEC).

Bloomberg ETF analyst Eric Balchunas noted that this listing is part of the process of bringing a crypto ETF to the market. BlackRock’s iShares Bitcoin ETF, with the IBTC ticker, could be listed on the Nasdaq stock exchange.

BlackRock’s proactive approach suggests confidence in SEC approval, which is expected by January 10, 2024. Approval could pave the way for other spot crypto ETFs, including those from ARK Investment, Fidelity, and Valkyrie, to enter the market.

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