updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Cboe has amended its spot Bitcoin ETF proposal to include an SSA agreement for market surveillance, to prevent fraudulent activity.
The Cboe BZX Exchange updated a 19b-4 filing to amend its ARK 21Shares Bitcoin ETF proposal. The exchange amended the filing to add a feature that helps prevent market manipulation and other forms of fraud.
The amended filing states the ETF will include a surveillance-sharing agreement with a Bitcoin spot trading operator. Furthermore, the amendment is similar to a feature in asset manager BlackRock’s proposal for a spot Bitcoin ETF.
“The Exchange is proposing to take additional steps to those described above to supplement its ability to obtain information that would be helpful in detecting, investigating, and deterring fraud and market manipulation in the Commodity-Based Trust Shares,” reads the filing.
The amended filing includes a Spot BTC SSA, a “bilateral surveillance-sharing agreement between the Exchange and the US BTC Spot Market Platform”. This feature will provide Cboe access to data on spot Bitcoin trades as required.
The agreement will involve two Intermarket Surveillance Group (ISG) members. The ISG operates a network for information sharing and regulatory coordination among exchanges to prevent trading abuse and market manipulation. In the Cboe’s initial April filing, there was no mention of an SSA.
Earlier in June, BlackRock (NYSE: BLK) submitted an application for a spot Bitcoin ETF. According to CF Benchmarks CEO Sui Chung, in a conversation with The Block, a Nasdaq 19-b4 amendment proposes an SSA with the Bitcoin spot market. Chung says this is unprecedented as no US national stock exchange has ever attempted a rule change for this purpose.
Including an SSA addresses concerns noted by the United States Securities and Exchange Commission (SEC). The Commission has rejected all applications for spot Bitcoin ETFs because it believes no proposal provides adequate protection against fraud and market manipulation. Over the years, the SEC has rejected proposals from the Winklevoss Bitcoin Trust, Bitwise, Wilshire Phoenix, VanEck, Fidelity Investments, Grayscale Investments, and the New York Digital Investment Group (NYDIG).
Last June, Grayscale filed a Petition for Review hours after the SEC rejected its previous application. The firm’s chief legal officer Craig Salm said the SEC’s rejection was unfairly discriminatory.
Despite the SEC’s continued rejection of spot Bitcoin ETF applications, the Commission might have a change of heart this year. According to Bloomberg analysts, there is a 50% chance the SEC would approve a proposal before the end of the year. Bloomberg’s senior ETF analyst Eric Balchunas tweeted that Grayscale’s lawsuit against SEC could influence the Commission to support a spot Bitcoin ETF.
According to Bloomberg’s senior legal analyst Elliott Stein, Grayscale has a 70% chance of winning its case against the SEC. Stein believes that the firm’s odds of a win jumped 30% following oral arguments that seemed to swat panel judges in Grayscale’s favor. With the possibility of a loss, the SEC may be forced to approve a spot Bitcoin ETF to make the loss less biting. Balchunas believes the Commission could approve BlackRock’s ETF to save face, and tackle Grayscale via a TradFi firm.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
ISR, also known as intelligence, surveillance, and reconnaissance, is frequently used to denote military applications. ISR refers to the coordinated gathering, handling, and dissemination of precise, timely information and intelligence to assist a commander’s decision-making. To assure the success of operations, the majority of land, sea, air, and space installations play crucial roles in ISR acquisition.
ISR systems can gather data from a variety of sources, such as electrical communications, optical, radar, or infrared imagery. Satellites, aviation systems, specialized ground, sea, or space-based equipment, unmanned aircraft, and human intelligence teams are some of the tools used to collect this data.
To improve the efficacy of military operations, quality intelligence regarding adversary threats depends on accurate ISR data. The continual advancement of technology over the years has only raised the market for ISR capabilities.
ISR resources are essential to US military supremacy. ISR systems come in a variety of sizes, from mobile devices to satellites. ISR systems glean insights from unstructured data and analyze them. These insights are put to use to assist lightning-fast information flow so that field workers may make better decisions.
ISR capabilities are crucial to the Department of Defense’s (DOD) attempts to position American and allied forces to outwit, outrun, and outmaneuver their enemies. In order to share data more quickly, they intend to connect ISR sensors from all warfighting domains including space, sea, air, land, and cyber directly with commanders and weapon systems.
The DOD is overwhelmed by an exponential increase in ISR data from numerous sources and recognizes a significant opportunity to obtain useful intelligence from various data sources. The military services that provide this data must safely transfer it to commanders, weapons, and weapon systems. The labor force needed to manually handle this data would be extremely large, and they would struggle to complete their tasks faster than the enemy in a competitive or battle situation.
The DOD aspires to transition from a manpower-intensive force optimized for operations in permissive conditions to an automated and AI-enabled unit able to defeat peer adversaries in contested situations to meet the requirements of the new global strategic context.
Each military unit must support cross-domain sensing and analytic capabilities to gain an informational advantage. The DOD has a lot of work to do to develop the future workforce and utilize data for these warfighting powers.
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What is the Chainalysis oracle? A free tool that allows anyone to validate “if a cryptocurrency wallet address has been included in a sanctions designation.” Pretty handy, considering all the canceling and restricting going around all over the world. Is this positive for the planet as a whole? It depends on your perspective. Is this positive for the crypto space? Absolutely not.
If the crypto space is not neutral, what are we doing? These cryptocurrencies are supposed to be for everyone. And Chainalysis release the smart contract-based tool for free to cause maximum damage. However, there’s a case to be made for Chainalysis’ stance.
The governments of the world are using finance as a weapon, and they perceive the crypto space as a threat to those measures. Chainalysis is helping individuals and institutions to comply with the law, and they’re doing it free of charge. Regardless of your position on the sanctions, companies have to and should comply with the law.
So, let’s stop with the politics and talk about the tool’s characteristics.
According to the official documentation, the tool will analyze EVM-compatible networks’ wallets. That is, Ethereum, Polygon, BNB Smart Chain, Avalanche, Optimism, Arbitrum, Fantom, and Celo. It will tell you if said wallets have been included in any sanctioned lists.
“The smart contract is maintained by Chainalysis on a variety of popular blockchains and will be regularly updated to reflect the latest sanctions designations listed on economic/trade embargo lists from organizations including the US, EU, or UN.”
So, it’s a simple but powerful tool that will surveil EVM-based wallets. To begin with.
ETH price chart for 03/11/2022 on Eightcap | Source: ETH/USD on TradingView.com
Considering the chaotic state of the world, it’s very important to make clear what relevant concepts mean. In this case, for surveillance firm Chainalysis, “sanctioned” means:
“Sanctioned entities refer to entities listed on economic/trade embargo lists, such as by the US, EU, or UN, with which anyone subject to those jurisdictions is prohibited from dealing. Currently this includes the Specially Designated Nationals (SDN) list of the US Department of the Treasury’s Office of Foreign Assets Control (OFAC).”
So, this is a very Western tool. In the OFAC’s case, for example, sanctions are:
“Based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States.”
So, if the governments of the world weren’t using economic sanctions as a weapon, this tool would be far less controversial.
In conclusion, surveillance firm Chainalysis does it again. What a phenomenal PR move for the crypto world’s snitches. The company continues to be Big Brother’s best friend and releases a controversial tool that a large part of the population will deem positive. For free.
Featured Image by Isaac Chou on Unsplash | Charts by TradingView