Today's Top Crypto Headlines:

SEC’s Grewal to Step Down | Bitwise Files XRP ETF with US SEC | Lamborghini Cars to Web3 | Telegram Disclosing User IPs and more...

Author

King Fatrick Gil Añasco
October 03, 2024

Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

  1. SEC Chief Grewal to Step Down: Gurbir Grewal, the SEC's chief enforcer known for aggressive cryptocurrency regulation, will step down on Oct. 11.

  2. Bitwise Files XRP ETF with US SEC: Bitwise Asset Management has filed for the first spot XRP exchange-traded fund (ETF) with the SEC, providing direct exposure to XRP, Ripple's associated cryptocurrency.

  3. Lamborghini Brings Cars to Web3: Lamborghini has partnered with Animoca Brands to launch "Fast ForWorld," its digital car platform for Web3 games.

  4. 💡Feature of the Day - Telegram Disclosing User IPs: Telegram CEO Pavel Durov revealed that the platform has been disclosing user IP addresses and phone numbers to authorities since 2018 in response to legal requests.


    All this and more in today’s headlines!

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📰 News Highlights:

SEC Chief Grewal to Step Down [Source][Source][Source][Source]

Gurbir Grewal, the United States Securities and Exchange Commission’s (SEC) chief enforcer, will step down on Oct. 11, marking the end of a tenure known for aggressive enforcement in the cryptocurrency industry.

Under Grewal’s leadership, the SEC launched over 100 enforcement actions against crypto entities, targeting some of the largest platforms globally. Sanjay Wadhwa, deputy director of the SEC's enforcement division, will serve as acting director until a permanent replacement is named.

Grewal's departure has sparked speculation that the SEC might shift towards a more lenient approach in regulating cryptocurrencies.

During his three-year tenure, Grewal faced growing resistance from the crypto community. Jake Chervinsky, a legal officer at Variant Fund, described Grewal's exit as a possible response to political pressure and legal defeats.

Bitwise Files XRP ETF with US SEC [Source][Source][Source][Source][Source]

Bitwise Asset Management has officially filed for a spot XRP exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC), making it the first company to do so.

The ETF will provide investors with direct exposure to XRP, the cryptocurrency associated with Ripple, less any operational costs. Bitwise’s XRP holdings will be securely stored by Coinbase Custody Trust Company, as indicated in the filing.

Bitwise CEO Hunter Horsley expressed excitement about the potential approval, stating that the company has consistently aimed to provide investors access to opportunities in blockchain technology.

If approved, the ETF would allow for creation and redemption of shares, either in cash or in-kind, though the trust must receive regulatory approval for the latter.

Nate Geraci, president of the ETF Store, speculated that the filing could be strategic ahead of the upcoming U.S. elections.

Lamborghini Brings Cars to Web3 [Source][Source][Source][Source]

Lamborghini has teamed up with Animoca Brands to launch its first blockchain-based digital cars for Web3 games.

The luxury carmaker introduced the "Fast ForWorld" platform on Oct. 2, in partnership with Animoca, allowing users to buy, sell, and drive Lamborghini digital vehicles across multiple blockchain-based games.

This includes titles like Torque Drift 2, REVV Racing, and others in the Motorverse ecosystem.

The project aims to bring Lamborghini’s iconic vehicles to a new digital frontier, enabling them to be used across various Web3 games.

With Fast ForWorld set to go live on Nov. 7, users will have access to 3D wallets to store their digital collectibles.

💡 Feature of the Day: 

Telegram Disclosing User IPs [Source][Source]

Telegram’s CEO Pavel Durov has clarified that the company has been disclosing user IP addresses and phone numbers to authorities since 2018, in compliance with legal requests.

Du Rove's Channel

📰 My previous post may have seemed to announce a major shift in how Telegram works. But in reality, little has changed. 🌐 Since 2018, Telegram has been able to disclose IP addresses/phone numbers of criminals to authorities, according to our Privacy Policy in most countries. ⚖️ Whenever we received a properly formed legal request via relevant communication lines, we would verify it and disclose the IP addresses/phone numbers of dangerous criminals. This process had been in place long before last week. 🤖 Our @transparency bot demonstrates exactly that. This bot shows the number of processed requests for user data. ✉️ For example, in Brazil, we disclosed data for 75 legal requests in Q1 (January-March) 2024, 63 in Q2, and 65 in Q3. In India, our largest market, we satisfied 2461 legal requests in Q1, 2151 in Q2, and 2380 in Q3. 📈 In Europe, there was an uptick in the number of valid legal requests we received in Q3. This increase was caused by the fact that more EU authorities started to use the correct communication…

t.me/durov/346https://t.me/durov/346

This disclosure comes after recent concerns about privacy breaches on the platform. Durov reassured users that Telegram’s core principles of protecting freedom and privacy remain intact, but the company also seeks to prevent its platform from being used for criminal activity.

Du Rove's Channel

🔎 Search on Telegram is more powerful than in other messaging apps because it allows users to find public channels and bots. Unfortunately, this feature has been abused by people who violated our Terms of Service to sell illegal goods. 💪 Over the last few weeks, a dedicated team of moderators, leveraging AI, has made Telegram Search much safer. All the problematic content we identified in Search is no longer accessible. If you still manage to find something unsafe or illegal in Telegram Search, please report it to us via @SearchReport. 🚫 To further deter criminals from abusing Telegram Search, we have updated our Terms of Service and Privacy Policy, ensuring they are consistent across the world. We’ve made it clear that the IP addresses and phone numbers of those who violate our rules can be disclosed to relevant authorities in response to valid legal requests. ☝️ These measures should discourage criminals. Telegram Search is meant for finding friends and discovering news, not for promoting illegal goods.…

t.me/durov/345

In a post on his Telegram channel on Oct. 2, Durov explained that data disclosure is only done when there’s a proper legal request, and transparency reports provide a record of these requests.

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Jonathan Gibson
UseTheBitcoin.com