The biggest news in the cryptosphere for Oct. 12 includes Grayscale’s lawsuit against the SEC for not approving a US spot Bitcoin ETF, CoinCenter’s lawsuit against the US Treasury for overstepping its legal authority by banning Tornado Cash and Arbitrium’s parent company’s acquisition of Offchain Labs. leading Ethereum client, Prysmatic Labs.

CryptoSlate Top Stories

Grayscale File Opening Report on Bitcoin ETF vs. SEC Battle

Grayscale Investments has been trying to get the Securities and Exchange Commission (SEC) to approve a US Bitcoin (BTC) exchange-traded fund (ETF). The SEC has rejected all grayscale attempts so far .

The CEO of Grayscale’s parent company, Digital Currency Group (DCG), Barry Silbert, said it’s time for the SEC to approve a Bitcoin spot ETF and file a lawsuit against the SEC, claiming it is discriminatory to allow Bitcoin ETFs. Bitcoin futures but not a spot ETF.

Coin Center Sues US Treasury Over Tornado Cash Sanctions

Coin Center filed a lawsuit against the US Department of the Treasury for sanctioning Tornado Cash (TORN), arguing that it overstepped its legal authority by banning a protocol that protected the privacy rights of Americans.

The lawsuit stated:

“As a result of the criminalization of Tornado Cash by the Biden administration, these donors are less likely to contribute to Coin Center. They are effectively prohibited from engaging in expressive advocacy activities.”

Arbitrium Offchain Labs Acquires Leading Ethereum Client

Arbitrium’s parent company, Offchain Labs, announced that it has acquired a core Ethereum (ETH) development team, Prysmatic Labs.

Prysmatic Labs is behind the main Ethereum consensus layer client, Prysm, which is an Ethereum PoS client that pioneered Ethereum Merge.

21Shares Bitcoin ETP Spot Goes Live on Nasdaq Dubai

Cryptocurrency exchange-traded product (ETP) issuer 21Shares has 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 traded on 12 exchanges in seven different countries.

TRON becomes legal tender in Dominica

Dominica announced the manufacture of authorized digital currencies TRON (TRX) in the Caribbean island. The new adoption also includes all native TRON-based tokens like BTT, JST, NFT, USDD, USDT, and TUSD.

The news was announced by TRON CEO Justin Sun on his Twitter account.

Polygon Powers New Indian Police Complaints Portal

Police in the Firozabad region of India used the Polygon Blockchain (MATIC) to develop a web portal that citizens can use to report crimes.

The portal is active and accessible through the policecomplaintonblockchain.in address. The portal allows citizens to report a crime in an immutable and transparent way. This also means that a reported crime cannot be deleted or edited.

Bitcoin Amsterdam Panel Discussion Sheds Light on Irreparable Debt-Based System

The three-day Bitcoin Amsterdam event kicked off on October 12. In the first session of the panel, participants agreed that the debt-based system is inherently flawed and incapable of solving inflation.

The panelists agreed that Bitcoin offers an alternative system that is completely opposite to traditional forms and much more capable of combating existing financial problems.

STEPN will lay off more than 100 employees

Walk-to-earn platform STEPN (GMT) announced that it would begin laying off more than 100 of its staff, including MODs and ambassadors. The company pointed to bear market conditions as the reason for the reduction.

STEPN’s parent company, Find Satoshi Lab, has also decided to redirect its investments to STEPN to promote future projects such as its new NFT exchange platform.

Crypto.com will invest 150 million euros in France

Leading exchange Crypto.com announced that it has saved €150 million to invest in France to expand in the region and establish a regional headquarters in France.

The exchange has focused on expanding across the world and has already acquired the necessary licenses to operate in Singapore, Italy and Cyprus.

Featured Research

Investigation: Whales Selling at Third Most Aggressive Rate in BTC History

CryptoSlate analysts examined the Accumulation Trend Score (ATS) and revealed that this is the third most aggressive dumping of Bitcoin whales in cryptocurrency history.

The ATS is a metric that measures the behavior of various cohorts of wallets and indicates the relative strength of accumulation of each entity. If it is close to 1, it indicates that the entity is accumulating. If it’s close to 0, it means the group is dealing.

Bitcoin ATS

The ATS shows that whales have been the net sellers for most of 2022, especially recently. Shrimp, on the other hand, have been actively stockpiling.

News from around the Cryptoverse

nxyz reaches $40 million in Series A funding

Web3 data infrastructure provider nxyz announced that it has won $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) is up 0.72% to hit $19,152 in the last 24 hours, while Ethereum (ETH) is also up 1.25% to trade at $1,298.

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Posted in: Bitcoin, Ethereum, Polygon, Ripple, Solana, Tron, Crypto.com, India, UAE, US, Wrapped

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This post Grayscale Takes SEC To Court Over Spot BTC ETF, CoinCenter Sues US Treasury Over Tornado Cash Ban

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