2023-12-06

🔒 ETF 'Kill Switch' by SEC?

December 06, 2023

Howdy Folks,I wonder if Santa can give crypto for Christmas?

Let's take the plunge!

💬 Send Crypto via Social Media
⚖️ Regulatory Ripples in Crypto
👨‍💻 Bitcoin Dev Flags Issue

🔗 Coinbase Unveils Link-Based Transfers

Coinbase is revolutionizing money transfers by enabling users to send funds via popular social media and messaging platforms, all at no cost.

This new service allows for the seamless transfer of money through links shared on messaging apps like WhatsApp, iMessage, Telegram, and social media platforms including Facebook, Snapchat, TikTok, and Instagram. 📱🌍

Smart move!! Incorporating their services into already-known platforms is how Web2 transitions into Web3!The company's blog post highlights the simplicity of the process, ensuring easy money sending anywhere a link can be shared, even via email.These transfers can be conducted internationally, with instant settlement and no fees. 📨🌐

Both sender and receiver must have the Coinbase Wallet to complete the transaction. If recipients don't have the wallet, they'll be prompted to download it from Apple or Android app stores.Unclaimed funds revert to the sender after two weeks. 📲💼Handy, gotta give newbs time to work it out! 🤣

Available in over 170 countries, the Coinbase Wallet's expansion comes as cryptocurrency prices are experiencing a surge, potentially increasing the wallet's utility and user base. 🚀💳

🔒 SEC's Bitcoin ETF 'Kill Switch' Clause

The SEC is reportedly steering spot Bitcoin Exchange-Traded Funds (ETFs) towards a crucial amendment, a move that's stirring discussions in the Bitcoin community.

Industry experts scrutinizing recent updates in BlackRock's S-1 filing for its spot Bitcoin ETF have noticed a significant change. 📑🔍

This change hints at the SEC's implicit demand for a 'kill switch' in Bitcoin ETFs, a mechanism to control or halt operations under certain conditions.I feel a disturbance in the Force!Tuur Demeester, the founder of Adamant Research, first raised concerns about the "kill switch", questions the SEC's intent. 🚨💬

BlackRock's amendment suggests dire consequences if Bitcoin is ever deemed a security in the U.S., potentially hampering its trade, clearance, and custody.Lawyer Joe Carlasare noted this addition, reflecting the SEC's cautious stance. 📊⚠️Cautious or sneaky???If Bitcoin is labeled a security, the amendment predicts significant adverse effects on its trading value and the ETF's shares. This scenario could make trading or custody of Bitcoin in the U.S. challenging, if not impossible. 📉🚫

🛑 End of Bitcoin Ordinals and BRC-20?

Bitcoin Core developer Luke Dashjr has made a significant announcement that could reshape the Bitcoin landscape.

He revealed that due to a vulnerability in Bitcoin Core, "Inscriptions" are exploiting the system, leading to a decision to phase out Bitcoin Ordinals and BRC-20 with the upcoming v27 update. 🚨💻

Dashjr, in a post on X, explained that the issue lies in the way Inscriptions bypass data size limits in transactions, a vulnerability that's been exploited to spam the Bitcoin blockchain.Whatever your views on Ordinals...I think you'd agree we must protect Bitcoin at all costs...He noted that this bug was recently fixed in Bitcoin Knots v25.1, but Bitcoin Core remains vulnerable in the forthcoming v26 release. 🐛🔧

This decision has sparked criticism from Ordinals and BRC-20 users and miners. Dashjr addressed concerns about miners losing income, asserting that Bitcoin operates on consensus, with the majority of miners being honest and not harming the blockchain.Interestingly, he observed that spam-filtered blocks tend to have higher fees. 🌐🤔Keep the spam limited to your email inbox, not your BTC wallet!

The move to eliminate Ordinals and BRC-20 marks a pivotal moment in Bitcoin's evolution, focusing on integrity and stability over these particular features. 🌍🔗