Ferrari will accept crypto payments

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Diving deep into today's web3 currents:

🚗 15 Bitcoins For a New 812 GTS Ferrari

🖥️ Ripple Gears Up for Real-World Asset Tokenization

🇦🇺 Australia Proposes Crypto Regulation for Consumer Protection

🎉 SEC Paves Way for Potential First Bitcoin ETF

Ferrari has announced that it will accept Bitcoin, Ethereum, and the USDC stablecoin as payment methods for its vehicles in the U.S.

This initiative is managed through a partnership with crypto-payment processor BitPay and aims to attract a younger generation of customers, including those who've amassed wealth in cryptocurrencies. Ferrari's decision follows other automakers, such as Lamborghini, Nissan, and BMW, in accepting cryptocurrency for vehicle purchases. Tesla had previously allowed Bitcoin payments but halted the practice due to environmental concerns, though recent eco-friendly efforts in the crypto world influenced Ferrari's decision. As of Ferrari's Q2 report, a new 812 GTS costs roughly 15 Bitcoin.

The XRP Ledger is preparing to tokenize real-world assets, with plans expected to materialize between 2024 and 2025.

Ripple’s CTO David Schwartz emphasized the XRPL's benefits, including low transaction fees and eliminating fiat dependency. However, community support for new XRPL proposals remains limited. In a separate development, the U.S. SEC has declined to appeal a court decision related to Grayscale's Bitcoin spot ETF filing, potentially influencing other cryptocurrency-based ETF applications. This decision has broader implications for the crypto industry, given the numerous similar filings pending from major fund managers.

The Australian government has presented a consultation document aiming to regulate digital asset service providers using the existing Australian Financial Services Licence (AFSL) framework.

This initiative seeks to ensure consumer protection and establish parity between traditional financial and crypto institutions. The framework's policy is open for feedback and might require amending the Corporations Act 2001 to address specific digital activities like gaming and gambling. Recently, Australian Senator Andrew Bragg introduced a bill centered on consumer protection and promoting investors. Last year, the Commonwealth Bank of Australia withdrew its plans for a crypto trading app.

The SEC has chosen not to appeal the D.C. Circuit Court of Appeals' decision, which found the SEC's denial of Grayscale Investment's request to transform its Bitcoin trust into an ETF invalid.

This could potentially pave the way for the inaugural bitcoin ETF in the U.S. The Grayscale Bitcoin Trust (GBTC) is the world's leading cryptocurrency fund, and the court had previously labeled the SEC's refusal as "arbitrary and capricious". The future of Grayscale's application remains uncertain, but the company contends that an ETF conversion would close the pricing gap between the GBTC and the actual value of its bitcoin holdings.

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