It's About Time: Bitcoin ETFs Finally Approved by the SEC!

Here's what we've got for you today:

• It Finally Happened: Bitcoin ETFs Receive Approval from SEC

• Vitalik Buterin Proposes 33% Gas Limit Increase

• Web3 Phishing Alert: New Trend of Trap Phishing

• Bank of England Head Tells Parliament Bitcoin is Too Inefficient for Use

💫 It Finally Happened: Bitcoin ETFs Receive Approval From SEC

In a historic move, the SEC officially approved Spot Bitcoin ETFs in the U.S., but the regulator has been oddly silent since the announcement was made.

• The SEC has approved the first regulated Spot Bitcoin exchange-traded funds (ETFs) in the United States.

• Interestingly, the SEC's official Twitter account, @SECGov, has remained silent since confirming a security breach on Jan. 9.

• Commissioner Peirce criticized the SEC for its prior resistance to Spot Bitcoin ETFs, inconsistency in standards compared to other commodity-based ETPs, and its reluctance to acknowledge its past delays and change in stance.

⛽️ Vitalik Buterin Proposes 33% Gas Limit Increase

This proposal stands out because it marks the first proposed gas limit increase in almost three years.

• Ethereum co-founder Vitalik Buterin proposed increasing the network's gas limit by 33%, from 30 million to 40 million, during a Reddit AMA session.

• The goal of this increase would be to improve Ethereum's throughput by allowing more transactions and operations in each block, thereby enhancing network capacity and efficiency.

• However, this proposal also poses challenges, like potentially increased strain on network validators requiring more powerful hardware, and raising concerns about network security and vulnerability to attacks.

🎣  Web3 Phishing Alert: New Trend of Trap Phishing 

CertiK cautioned platforms to strengthen their defenses by conducting thorough background checks on products and providing more detailed risk warnings when listing products.

• Cybersecurity firm CertiK reports a growing trend in Web3 phishing, where attackers set traps on trusted platforms to compromise users' cryptocurrency assets by obtaining their private keys or mnemonic phrases.

• Common phishing methods include deceptive job ads for Web3 projects, enticing airdrops, and fake NFT sales, which lead users to phishing sites where their credentials are compromised.

• CertiK's analysis of the malware code revealed several functions used for stealing wallet credentials, including one that uses osascript to create deceptive pop-up windows, tricking users into revealing their passwords.

👎️ Bank of England Head Tells Parliament Bitcoin is Too Inefficient for Use

Digital currencies were one of the main topics of interest at the latest U.K. Parliament Treasury Committee meeting.

• Bank of England Governor Andrew Bailey informed the UK Parliament Treasury Committee that Bitcoin (BTC) is losing traction as a payment method because of its inefficiency.

• Bailey pointed towards the lack of a regulatory framework for cryptocurrencies as a significant obstacle in their integration into traditional finance, although this is beginning to change.

• The discussion also covered challenges with stablecoins, described as "opaque" and not stable enough, and the ongoing debate over issues like privacy and programmability in the context of a Central Bank Digital Currency (CBDC).

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