Last week was all about blockchains. Every institutional behemoth had an interest in blockchain-related issues. On the other hand, the regulatory drama continued to push boundaries. Also, the moves from several researchers are beyond belief, with the challenge of assumptions being the new norm.
The headlines:
- Franklin Templeton and BlackRock expanded across several blockchains;
- Chainlink wants to rule the financial universe with a new runtime framework;
- The CFTC stepped aside for the OCC, paving the way for ETF options in the crypto space;
- Pennsylvania’s House of Representatives pushed forward with a Bitcoin reserve investment agenda;
- Have you ever wondered when crypto transactions could become reversible, or at least flexible? A group of researchers may have cracked the code!;
- And much more!
As always, these are your decentralized diaries!
Bitcoin is Cooling at $90k
The bitcoin bull hit a consolidation run, with prices moving from an $82,481.70 low to a $92,210.86 high. Bitcoin is currently at $90,755.44 (as of 11/18/24).
The altcoins are going in different directions.
Ethereum (ETH) is at $3,095.91, Solana (SOL) at $244.16, Avalanche (AVAX) at $34.91, Chainlink (LINK) at $14.66 and Polkadot (DOT) at $5.84.
Franklin Templeton Onboarded its Benji Platform on Ethereum
Investment behemoth Franklin Templeton revealed the launch of its Benji tokenization ecosystem on the Ethereum blockchain. This is the fifth network that Franklin expanded Benji’s access to this year.
Additionally, this is the first tokenized money market fund available on Ethereum.
BlackRock Introduced BUIDL on Five New Blockchains
Aladdin owner BlackRock deepened its foray by launching its BUIDL platform on five blockchains. In a November 13 X/Twitter post, BUIDL issuer Securitize revealed the introduction of the BUIDL tokenized fund to Avalanche, Arbitrum, Aptos, Optimism, and Polygon blockchains.
Additionally, BUIDL cash settlement and withdrawal partner Ondo will support the scale-up. A recent Goldman Sachs filing revealed $461 million in BlackRock’s IBIT.
Chainlink Launched a Runtime Environment Framework
Oracle-focused Chainlink continued to expand its efforts with a new addition. The Chainlink Runtime Environment combines traditional finance systems with blockchain-focused and smart contract-capable platforms under a single umbrella.
The framework will also integrate the Common Business-Oriented Language (COBOL) standard behind the (initial) take-off of ATM networks.
The CFTC Confirmed Its Bitcoin ETF Options Clearing Role
Things are looking brighter for Bitcoin ETF options as the CFTC stays out of the conversation. In a November 16 statement, the regulator iterated that it does not have an active role in clearing spot commodity ETF options.
The Division of Clearing and Risk (DCR) also indicated that the Options Clearing Corporation (OCC) has the sole function of clearing the said instruments.
Pennsylvania’s Legislators Pushed for a State-Level Bitcoin Reserve
The Keystone State continued to show more love for Bitcoin with a new bill from lawmakers. Members of the State House of Representatives introduced legislation that could see a portion of the State treasury invested in Bitcoin.
According to a legislative memo, the bill will empower the government to allocate up to ten percent of the State Investment Fund, State General Fund, and Rainy Day Fund for Bitcoin investments.
A Texan Firm Made a Big Bitcoin Bet
Premier battery material supplier Solidion Technology decided to take up shop with Bitcoin. In a November 14 announcement, the Dallas, Texas-based company revealed its decision to invest part of its cash reserves in Bitcoin.
Solidion also revealed that it could allocate as much as 60% of its cash reserves to buy bitcoins. Furthermore, interest paid from money market accounts and part of future funds raised will have similar uses.
Consensys Launched a Pro-Crypto Independent Platform
Leading blockchain infrastructure firm Consensys expanded its position on the sovereignty conversation with a new platform. Consensys unveiled sovs.xyz, an ecosystem built on its previously launched Linea zkEVM rollup.
Founder Joseph Lubin cited regulatory uncertainty and a fearful operating environment as reasons for the move. Similarly, Lubin accused the SEC of excessive regulation at the Ethereum Devcon in Bangkok.
Gary Gensler Affirmed the SEC’s Actions
SEC Chief Gary Gensler doesn’t hold similar views. On November 14, at the PLI Annual Institute on Securities Regulation event, Gensler highlighted his approval of Bitcoin ETFs and crypto securities classifications as positive aspects of the SEC’s actions.
The language in his speech also hinted at the possible sunset of his tenure at the agency with the arrival of the new administration.
An Advocacy Group Wants Federal Workers to Hold Crypto
The pro-crypto election winds continued blowing over Washington, D.C., with crypto pressure groups having their day in the sun. The US Digital Chamber of Commerce pushed for Federal government employees to have the right to own crypto tokens.
In a November 14 letter to the Acting Director of the Office of Government Ethics, Digital Chamber President Cody Carbone urged the agency to revise the OGE Legal Advisory 22-04 directive.
The advisory issued in 2022 prohibits federal hires from owning crypto tokens. The Chamber suggested that Government employees own a limited number of tokens as part of a pilot.
There’s a Time Machine on Ethereum
For the first time in the crypto community, reversible transactions are possible. Ethereum Time Machine is a solution launched by Ether researcher and smart transactions (STXN) project founder Vlad Zamfir.
The solution allows users to reverse certain types of transactions. Absolute transactions can only progress to the blockchain if an asset reaches a specific value. On the other hand, relative transactions are only possible if assets involved in the trade change value.
The conditions challenge the widely-held belief that crypto transitions are immutable.
