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

Interestingly, the SEC has gone radio silent after its announcement that Spot Bitcoin ETFs are approved for trading.

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

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.

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.

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.

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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