Autor Cointelegraph By Brayden Lindrea

Israel's chief economist lays out recommendations for crypto regulation

Israel's chief economist lays out recommendations for crypto regulation

Uverejnil používateľ | nov 29, 2022 |

Israel’s chief economist has laid out a list of recommendations as to how policymakers should tackle digital asset laws in the country in order to safely drive up crypto adoption.In a 109-page report submitted to the Minister of Finance on Nov. 28, Shira Greenberg, Chief Economist at the Ministry of Finance, called for a more comprehensive regulatory framework that would bring trading platforms and crypto issuers in line and would expand the powers given to its financial regulators. Greenberg recommended Israel should improve investor certainty and protection by imposing stricter licensing requirements on trading platforms and issuers of cryptocurrencies, as well as ensuring funds originating from digital assets are more safely managed.She also recommended the Supervisor of Financial Service Providers have broader powers to oversee licensing rules and develop a more comprehensive taxation framework for the buying and selling of digital assets.Expanded powers for the Israel Securities Authority were also recommended by Greenberg, who stated the powers were needed in order to ascertain whether a digital asset falls within the scope of Israeli securities laws and to monitor the activity of payment service providers in the crypto space. In regards to legislation, Greenberg made mention of the need to implement specific licensing and supervision rules for stablecoin issuers, along with a proposed establishment of an inter-ministerial committee to examine and regulate blockchain-based decentralized autonomous organizations (DAOs). She added it was important that policymakers and lawmakers take into account the concept of technological neutrality when implementing digital asset-related rules. Minister of Finance Avigdor Lieberman praised Greenberg for her work, stating the report “constitutes the most comprehensive and up-to-date report currently available on this issue for government use” in Israel and that he expects the “report will serve as a basis for future decisions and legislation” on digital asset-related matters in the months to come. Related: Israel’s regulator teases comprehensive crypto framework at ICCDespite Israel often being referred to as a tech-savvy nation, the country hasn’t shown to be too crypto-obsessed thus far, having ranked 111th out of 146 countries in a recent global crypto adoption index conducted by blockchain data firm Chainalysis. Greenberg also referenced data in her report that states that Israeli residents have accounted for 21 million blockchain-based transactions in total, which only equates to 0.04% of all crypto transactions worldwide.Meanwhile, only 2% of Israelis reported owning or using a crypto wallet.More adoption appears to be on its way. The Tel Aviv Stock Exchange (TASE) recently announced on Oct. 24 that it intends on creating a blockchain-based platform to expand its trading services to cryptocurrencies. In the same month, TASE also kicked off live tests for a pilot project involving the tokenization of digital bonds, which is expected to be completed in Q1 2023.Government-issued licenses are finally being issued too, with Israeli-based trading platform Bits of Gold becoming the first firm to receive a license from the Capital Markets Authority in Sep. 2022 to store digital currencies through their own secured custody wallet and provide certain digital asset-related services to banks.

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FTX resumes employee and contractor payments after weeks in limbo

FTX resumes employee and contractor payments after weeks in limbo

Uverejnil používateľ | nov 29, 2022 |

Bankrupt crypto exchange FTX has announced it will be “resuming ordinary” cash payments, salaries and benefits to its remaining employees around the world.The announcement came from new FTX CEO John Ray III on Nov. 28, as the insolvency professional looks to help FTX and its approximated 101 affiliated companies (FTX Debtors) navigate their way through the U.S. Bankruptcy Court in Delaware.”With the Court’s approval of our First Day motions and the work being done on global cash management, I am pleased that the FTX group is resuming ordinary course cash payments of salaries and benefits to our remaining employees around the world.”“FTX also is making cash payments to selected non-U.S. vendors and service providers where necessary to preserve business operations, subject to the limits approved by the Bankruptcy Court,” he added.The announcement comes around 10 days after FTX debtors filed a motion to pay prepetition compensation and benefits to employees and contractors in the Delaware bankruptcy court on Nov. 19, which excludes payments to former FTX CEO and founder Sam Bankman-Fried, along with Gary Wang, Nishad Singh, and Caroline Ellison. Sharing our press release just issued: FTX Resumes Ordinary Course Payments of Employees and Certain Foreign Contractors https://t.co/8CDnlsvu2j— FTX (@FTX_Official) November 28, 2022The latest announcement will mean that the remaining employees and contractors of FTX will be receiving nearly three weeks’ worth of pay, which was presumably halted after the company filed for bankruptcy on Nov. 11. Ray acknowledged the financial hardship imposed on FTX employees and foreign contractors with the payment delay and thanked them for their support. “We recognize the hardship imposed by the temporary interruption in these payments and thank all of our valuable employees and partners for their support.”The relief will include cash payments owed to workers at FTX Trading and 101 other affiliated companies since the Nov. 11 bankruptcy filing, in addition to the many vendors and service providers who still need to be paid out by FTX.However, the resumption of payments won’t apply to all FTX subsidiaries and related companies.In The Bahamas, where the crypto exchange is headquartered, only employees and contractors of the FTX Debtors will receive relief, but not those who worked for FTX Digital Markets, which is subject to a separate liquidation proceeding in The Bahamas.It also won’t apply to Australia-based employees and contractors for FTX Australia and its subsidiary FTX Express, which are also subject to separate proceedings in Australia.Related: US House committee sets Dec. 13 date for FTX hearingOn Nov. 22, FTX Trading announced it had been granted interim and final approvals for all of the “First Day” motions for matters related to its bankruptcy filing on Nov. 11.At the time, Ray said he expected the motions to fast-track FTX Debtor’s efforts to reimburse other stakeholders affected by the trading platform’s collapse, such as FTX users and creditors, with the new CEO suggesting that a potential buyout of FTX’s assets could benefit stakeholders sooner rather than later.However, some insolvency lawyers warn that the process could take years, or even decades, given the complexity and scope of FTX’s collapse. Insolvency lawyer Stephen Earel, partner at Co Cordis in Australia recently told Cointelegraph that it’ll take the courts several years, if not decades, to determine who owned what crypto assets before coming up with a plan to redistribute those funds.FTX Trading alone owes its top 50 creditors $3.1 billion, according to a document submitted as part of its Chapter 11 bankruptcy proceedings.

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Dogecoin jumps after Elon Musk shares glimpse into Twitter 2.0 plans

Dogecoin jumps after Elon Musk shares glimpse into Twitter 2.0 plans

Uverejnil používateľ | nov 28, 2022 |

Billionaire entrepreneur Elon Musk has confirmed that he intends on integrating payments into what he describes as Twitter 2.0 — “The Everything App” —  fuelling a short-lived 19.4% price surge for meme-inspired cryptocurrency Dogecoin (DOGE).The new Twitter CEO revealed his plans in a Nov. 27 tweet to his 119.2 million followers, in which he shared several slides from a recent “Twitter company talk.”Slides from my Twitter company talk pic.twitter.com/8LLXrwylta— Elon Musk (@elonmusk) November 27, 2022While Musk made no mention of DOGE in the tweet or in the attached slides, this didn’t appear to stop some investors from being hopeful that Dogecoin would be involved in some way.Payments in Dogecoin? @elonmusk #doge pic.twitter.com/DVn93nfdeg— Gail Alfar (@GailAlfarATX) November 27, 2022

According to data from CoinGecko, Dogecoin’s (DOGE) price surged 19.4% from $0.089 to $0.107 over several hours after the tweet before cooling off to $0.096 at the time of writing.Other plans listed as part of Musk’s vision for Twitter 2.0 included “Advertising as Entertainment,” “Video,” “Encrypted DMs,” “Longform Tweets” and “Relaunch Blue Verified.”Data from the slides also suggest that Musk’s takeover of the company has already made an impact, with the social media platform reaching an all-time high in terms of “new user signups” and “user active minutes,” which were up 86% and 30% respectively over the last week in comparison to the same seven day period in 2021. Related: Is DOGE really worth the hype even after Musk’s Twitter buyout?In October, rumors surfaced of Twitter’s crypto wallet plans after popular tech blogger Jane Manchun Wong speculated in a Oct. 27 tweet that the the company had already begun working on a wallet prototype that supports cryptocurrency deposits and withdrawals, which led to a DOGE price surge of 40% at the time. Lior Yaffe, the co-founder of Switzerland-based blockchain software company Jelurida recently told Cointelegraph that even if Musk were to integrate Dogecoin onto Twitter, it wouldn’t be a wise decision:“Even if they do manage to build a payment system around Twitter, there are much better blockchain solutions than Dogecoin to choose from with regards to security, privacy, smart contracts and scaling.”Daniel Elsawey, CEO and co-founder of decentralized exchange (DEX) TideFi also recently told Cointelegraph that while the integration is possible, its utility on Twitter would be strictly limited to payments:“Given that DOGE cannot directly interact with smart contracts as part of its original design, I would say that unless it’s specifically used as an option for payment, the use cases associated will continue to remain speculative.”

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Crypto Twitter calls for calm after wETH insolvency joke goes viral

Crypto Twitter calls for calm after wETH insolvency joke goes viral

Uverejnil používateľ | nov 28, 2022 |

An inside joke about the “insolvency” of Wrapped Ethereum (wETH) over the weekend has forced influencers to explain it was just a “shitpost” after members of the community took it as real. The wETH insolvency FUD (fear, uncertainty and doubt) seemingly began to make the rounds on Nov. 26, with false rumors alleging that wETH isn’t backed 1:1 by Ether (ETH) and is insolvent. Blockchain developer and contributor to the ERC-721A token standard “cygaar” was one of the first to spread the joke, before confirming in a subsequent post that it was in fact a “shitpost” to see who was reading his content. This is really a test to see who’s been reading my content.— cygaar (@0xCygaar) November 26, 2022In fact, only a day before, cygaar tweeted that “WETH cannot ever go insolvent” and that “WETH will always be swappable 1:1 with ETH.”Ethereum bull and host of The Daily Gwei Anthony Sassano also joined in on the wETH joke with his own parody post on Nov. 27, but had to clarify later that the initial post was “shitpost/ meme” after reading the replies. Reading the replies I feel like I should clarifyThis is a shitpost/meme – there is nothing wrong with WETH and you can always redeem 1 ETH for 1 WETHThough if you don’t believe me I’ll buy all of your WETH right now for 0.3 ETHSell me all you wantThen go fuck off— sassal.eth (@sassal0x) November 27, 2022

Gnosis co-founder Martin Köppelmann was another one to get in on the joke, claiming in a Nov. 27 Tweet to his 38,800 Twitter followers that wETH is no longer fully backed by ETH and that “we might see a bank run on redeeming WETH soon.”Hours later, he said he hoped the joke “did not cause too much confusion,” linking to a thread that explained the joke for those who weren’t in the know. I hope this joke did not caused too much confusion. If you need more context find it here:https://t.co/KDN3NvdO2z— Martin Köppelmann (@koeppelmann) November 27, 2022

Related: What is wrapped Ethereum (wETH) and how does it work?Speaking to Cointelegraph, Markus Thielen, the head of research at crypto financial services platform Matrixport has also confirmed that there is little to no truth to the WETH “shitposts.” wETH’s logic is automated by smart contracts and it isn’t controlled by a centralized entity, he explained: “I am not too concerned about WETH as it’s a smart contract and not stored by a centralized exchange. Since the smart contract is open source, it can be checked for bugs or flaws.”On the other hand, recent FUD against Wrapped Bitcoin (wBTC) could be warranted, said Thielen, referring to rumors that FTX may have printed 100,000 wBTC out of thin air, as FTX’s Nov. 11 bankruptcy filing does not show any BTC on FTX’s balance sheet.“WBTC is completely different and here the concerns are valid,” Thielen explained. wETH is a wrapped version of ETH that is pegged at a 1:1 ratio, which aims to solve interoperability issues on Ethereum-compatible blockchains by allowing for ERC-20 tokens to be exchanged more easily.wETH was introduced as an ERC-20 token on the Ethereum network for this reason, as ETH follows different rules and thus cannot be directly traded with ERC-20 tokens.Despite the lighthearted humor behind the jokes, “Dankrad Feist” suggested to his 15,500 Twitter followers in a Nov. 27 Tweet that the comments should be marked “more clearly as jokes” as it “may not be obvious to outsiders.” A lot of people making jokes about WETH.Please be aware it may not be obvious to outsiders that it’s completely different from bridged assets and there is literally almost zero risk. I think it would be better to mark these more clearly as jokes.— Dankrad Feist (@dankrad) November 27, 2022

wETH is currently priced at $1,196, at a current ratio of 0.999:1 to ETH, according to data from Coinmarketcap.

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StarkNet makes Cairo 1.0 open source in first step toward community control

StarkNet makes Cairo 1.0 open source in first step toward community control

Uverejnil používateľ | nov 25, 2022 |

Zero-knowledge (ZK)-Rollup tech company StarkWare has officially open sourced its new programming language compiler, Cairo 1.0, which will soon be supported on Ethereum layer-2 scaling solution StarkNet in Q1 2023. The news was announced by StarkWare — the company behind StarkNet — in a Nov. 25 Twitter post. StarkWare’s rollup technology and recursive proofs offer the potential to compress millions of transactions on L2 into a single transaction on Ethereum, however the project has been criticized for maintaining control over its IP, not least of all by its more open source focused competitor zkSync.StarkWare described open sourcing Cairo as a “milestone move” in its quest to hand over more control and intellectual property rights to its community and developers. Cairo is a programming language written specifically to harness the power of zk rollups and validity proofs.The day has come: a first look into Cairo 1.0, fully open-source This is a big step towards open-sourcing the StarkNet stackYou can now get familiar with the new syntax, compile and run simple programs locally. #StarkNet support is coming soonhttps://t.co/0tdZDhopEP— StarkWare (@StarkWareLtd) November 24, 2022StarkWare stated that developers can now experiment with Cairo 1.0 by compiling and executing simple applications until it is fully supported on StarkNet in Q1 2023.At that point Cairo 1.0 will enable faster feature development and allow for more community involvement, according to Starkware Exploration Lead and former Ethereum core developer Abdelhamid Bakhta.“We’re continuing to open source the StarkNet tech stack, beginning with Cairo 1.0. We’re doing this in order to fulfill StarkNet’s vision as a public good that anyone can use, and that the community can constantly improve,” he said. “On a practical level this maximizes transparency about our code, and our coding process. And it strengthens the community’s ability to find bugs and improve the compiler. With each aspect of the tech stack that is open sourced, this sense of community involvement will grow and grow.”Once in production, Cairo 1.0 will also enable blockchain developers to write and deploy smart contracts to StarkNet, according to StarkWare’s Medium post. StarkWare added that because Cairo 1.0 makes every computation “provable,” StarkNet’s censorship resistance properties will be strengthened and it’ll also be better positioned to respond to Denial-of-Service attacks.StarkWare’s STARK tech stack powers a number of Web3 projects including decentralized exchange (DEX) platform dYdX (although this is moving to its own chain on Cosmos), NFT-platform Immutable X and blockchain interoperability protocol Celer Network.Related: 60 million NFTs could be minted in a single transaction — StarkWare co-founderStarkNet has taken a gamble by using Cairo to speed up its solution, which is not natively compatible with the Ethereum Virtual Machine (EVM). However Ethereum software tooling firm Nethermind built a transpiler called Warp that converts Solidity code into Cairo code. Competitor zkSync’s EVM-compatible mainnet is in the process of being launched.But despite taking a more difficult path, StarkWare founder Eli Ben-Sasson recently told Cointelegraph that using custom built programming language like Cairo, as opposed to Solidity, was the only viable way to take full advantage of Ethereum scaling afforded by ZK rollups:“I’m willing to bet that you won’t see a full blown ZK EVM that can put a million transactions inside a single proof on Ethereum. As we can easily do today and have been doing for months and years.”The news comes as Starkware also recently deployed the new StarkNet token (STRK) on Ethereum on Nov. 17, which will be used for staking and voting purposes in addition to paying fees on the network.

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