SEC Rejects Filings for Solana ETF - Week of Aug 22, 2024
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Vitalik Buterin Transfers $1.05M in ETH to Railgun—What’s Behind the Move?
Ethereum co-founder Vitalik Buterin recently transferred $1.05 million in ETH to the privacy-focused protocol Railgun, sparking curiosity and speculation within the crypto community.
Buterin has publicly praised Railgun and advocated?that “privacy is normal,” suggesting that the move may be more symbolic than anything.
What is a Railgun, If Not a "Mixer"?
Railgun hasn’t positioned itself as a crypto “mixer” akin to Tornado Cash?or Samourai Wallet. Instead,?Railgun uses a “Privacy Pool” protocol, a concept drawn from Buterin’s 2023 academic paper on blockchain privacy. Essentially, it’s a private address system. The Privacy Pools use Zero-knowledge proofs to verify the legitimate origin of funds while maintaining privacy.
Railgun’s popularity has surged, boasting nearly 10,000 unique users on the Ethereum blockchain, and it has processed a total of $1.6 billion in transactions.
?? U.S. Policy & Regulation
SEC Rejects Filings For Solana ETFs
The SEC has rejected Cboe's 19b-4 filings for Solana ETFs, dealing a setback to efforts to launch exchange-traded funds based on Solana.
This?followed conversations between the SEC and issuers over its concerns that Solana should be regarded as a security. This view matches what the SEC has?asserted in court filings?in multiple cases.
The rejection highlights the regulatory hurdles that continue to affect the approval of crypto-related financial products in the U.S. market. As the SEC remains cautious about greenlighting such ETFs, the decision may prompt further adjustments by Cboe and other exchanges aiming to introduce similar products in the future.
?? International Spotlight
Dubai Court Recognizes Crypto As Valid Salary Payment
The Dubai Court of First Instance recognizes cryptocurrency as a valid form of salary payment. This is a shift from the court’s previous stance in 2023, when a similar claim was denied because the crypto involved lacked precise valuation.??
The case involved an employee who filed a lawsuit claiming that the employer had not paid their wages, and the dispute stems from the employer’s inability to pay the tokens portion of the employee’s salary in six months.
The court “took a step forward,” ruling in favor of the employee and ordering the payment of the crypto salary as per the employment contract without converting it into fiat. The ruling is paving the way for broader acceptance and integration of digital assets in everyday financial transactions.
?? Trivia
What is Railgun primarily known for in the crypto space?
A. A decentralized exchange
B. A privacy protocol?
C. A stablecoin issuer
D. A Bitcoin mining pool
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Junior Customer Success Manager at Legit Security | Blockchain and Cryptocurrency Enthusiast
6 个月Thanks for the comprehensive update! The Dubai Court's recognition of crypto salaries and El Salvador's Bitcoin initiatives are especially intriguing. Definitely going to check out the full stories.