Are you seeking the latest insights from the cryptocurrency world? Today, we delve into the unfolding developments that influence Bitcoin price, blockchain technology, DeFi, NFTs, Web3, and regulatory measures surrounding crypto.
The music industry is embracing the future, as the Grammy Awards announced their acceptance of music featuring artificial intelligence (AI) elements. In Asia, there’s a growing belief that Ethereum’s “smart accounts” or account abstraction could potentially introduce a billion users to Web3. Additionally, the competition for launching a spot Bitcoin ETF in the U.S is intensifying.
Refiling Spot Bitcoin ETF Applications: Nasdaq, BlackRock, and Fidelity
Nasdaq has resubmitted a proposed rule change to the U.S. Securities and Exchange Commission, targeting the creation of a spot Bitcoin ETF for the Valkyrie Bitcoin Fund. The filing, dated July 3, disclosed a “surveillance-sharing agreement” with Coinbase, coupled with details of a June 30 agreement that would provide Nasdaq with “additional access to data concerning spot Bitcoin trades.”
This development follows hot on the heels of asset manager BlackRock refiling its Bitcoin ETF application, after the SEC expressed concerns that the recent ETF filings with Nasdaq and Cboe lacked clarity and comprehensiveness.
The contest to list a spot Bitcoin ETF is gathering pace in the United States, with at least eight issuers in the running as of July 5. Applicants are eagerly awaiting the SEC’s response in August and September, with final approval deadlines estimated between December 2023 and March 2024.
AI-based Music Recognized for Grammy Awards
The Recording Academy’s CEO and president, Harvey Mason, has confirmed that music integrating AI-generated components will be eligible for the Grammy Awards in 2024. Mason iterated, however, that the accolade or nomination will not extend to the AI element of the track, which includes the AI voice model, underscoring the Academy’s commitment to human creativity over technology.
Account Abstraction Fuels Web3 Boom in Asia: ConsenSys Insights
Laura Shi, the director of strategic initiatives at ConsenSys, predicts that account abstraction could draw a billion Asian users to Web3. Proposed by Vitalik Buterin and his team in September 2021, account abstraction offers more user-friendly features than a typical crypto wallet, which Shi suggests could spur widespread adoption in the Asia-Pacific region.
According to Shi, the Ethereum and Web3 ecosystem has experienced remarkable growth in Asia this year, largely attributed to zero-knowledge Ethereum Virtual Machine (zkEVM) rollups and the mainstream adoption of Optimistic rollups. Social and Web3 gaming, prevalent in South Korea and China, are other key contributors to this trend, set to benefit significantly from the zkEVM rollups and account abstraction development.
Moreover, the introduction of support for various Asian languages in several dApps is also contributing to the acceleration of adoption rates, highlighting the significance of regional inclusivity in blockchain technology advancement.