Holy Cow Post

HOLY COW POST

“ Vast Bank's crypto exit, GoDaddy's ENS collaboration, Spain's new crypto tax enforcement, ProShares' positive outlook on Bitcoin ETFs, Genesis' asset liquidation plans, and Cristiano Ronaldo's NFT event amidst legal battles ”

Vast Bank Exits Crypto, Refunds Users

Vast Bank, pioneering in integrating cryptocurrency with traditional checking accounts, has decided to exit the crypto scene. This follows an OCC consent order highlighting concerns over risk management. The bank's move involves disabling its crypto banking app and liquidating customer holdings by January 31, 2024, as it shifts focus back to traditional banking amid regulatory and macroeconomic challenges. whomp whomp

GoDaddy and ENS Offer Free .eth Domain Pairing

GoDaddy partners with ENS to let users link .eth domains to traditional DNS domains for free, enhancing Web3 accessibility. Is this the start of something new? This partnership aims to bridge Web2 and Web3 domains, facilitating easier management and wider adoption of blockchain-based domain names without the barrier of high gas fees.

Spain Expands Tax Collection to Include Crypto

Spain's Ministry of Finance is updating its General Tax Law to allow for the seizure of digital assets for unpaid taxes. This move will enable the Spanish Tax Agency to identify and seize cryptocurrency assets from taxpayers with outstanding debts. The reform aims to tighten tax evasion controls and includes broader reporting requirements for financial transactions.

ProShares Sees Spot ETFs as Positive for Bitcoin Futures

ProShares, known for its Bitcoin futures ETF (BITO), views the introduction of spot Bitcoin ETFs as beneficial, enhancing its products' operation and market presence. The company highlights efficient trading volumes and sees spot ETFs as bringing more participants to the Bitcoin market, improving the futures market's function.

Genesis Seeks to Liquidate $1.6B in Trust Assets

Genesis Global Capital has filed for permission to sell approximately $1.6 billion worth of assets from the Grayscale Bitcoin, Ethereum, and Ethereum Classic Trusts. The company emphasized the urgency to sell before potential market fluctuations to maximize creditor repayments. This move is part of Genesis' efforts to navigate bankruptcy proceedings efficiently.

Cristiano Ronaldo Engages with NFT Holders Amid Legal Woes

Cristiano Ronaldo participated in a Binance-sponsored football event with his NFT holders, despite facing a class-action lawsuit in the U.S. for allegedly promoting unregistered securities with Binance. The event highlights Ronaldo's ongoing commitment to his fans and the NFT space, despite the legal challenges surrounding celebrity endorsements in the crypto industry.