Revolutionizing Ethereum: Are EOAs Becoming Obsolete?

• The Ethereum Foundation has announced a major change to the Ethereum ecosystem with account abstraction, which will remove Externally Owned Accounts (EOAs) from the network.
• EIP-4337 upgrades smart contract wallets with elements of account abstraction, such as decentralized bundlers, token fee payment, an alternative mempool and other features.
• The core motivation behind this upgrade is to completely remove any need at all for users to also have EOAs.

Overview of Account Abstraction

Account abstraction is a core advancement in web3 account management that seeks to make user accounts more user-friendly. Initially, the goal was to generalize the web3 account model so that all accounts are treated similarly — regardless of whether they are EOAs or smart contract accounts. The Ethereum Foundation has decided to prioritize smart contract wallets as the default account model for users and is actively working towards removing EOAs entirely from the ecosystem.

EIP-4337: Upgrading Smart Contract Wallets

Security Fellow for the Ethereum Foundation Yoav Weiss announced EIP-4337 while speaking at ETHDenver. This update upgrades the capabilities of smart contract wallets with elements of account abstraction including decentralized bundlers, token fee payment, an alternative mempool and other features. Vitalik Buterin originally proposed this concept back in September 2021 on an Ethereum message board with an idea for “an account abstraction proposal which completely avoids the need for consensus-layer protocol changes”

Goal: Eliminating Need For EOAs

One key aspect of EIP-4337 that has seemingly gone unnoticed by many is its plan to remove Externally Owned Accounts (EOAs) from the ecosystem entirely. According to documentation on the Ethereum Foundation website, this upgrade will “completely remove any need at all for users to also have EOAs” in order to achieve its key goal — allowing users to manage their accounts without having technical knowledge or understanding about how blockchain works underneath it all.

Implications On Scalability & Future Of Web 3

This move towards eliminating EOAs could have significant implications on scalability if it becomes successful as it would reduce node load and allow more transactions per second on Ethereum’s network — potentially making it much faster than what we currently experience today. It could also pave way for new advancements and innovations in web 3 development as developers can focus their efforts on creating better user experiences rather than worrying about technical complexities associated with private keys and other security measures related to traditional accounts management models.

Conclusion

The shift away from externally owned accounts marks a major milestone in Ethereum’s evolution towards becoming a fully decentralized platform where users don’t need any prior knowledge or technical understanding about blockchain technology in order manage their own funds securely without relying on third parties or centralized entities controlling their money flow or access points into digital assets markets around world . With recent developments such as eth 2 staking coming soon , these changes could further accelerate adoption among mainstream audiences who are looking for easy ways into crypto space .

SEC Chair Gary Gensler hailed as a Shining Knight of Decentralization

• Ethereum co-founder Joseph Lubin praised SEC Chair Gary Gensler as a “shining knight of decentralization”.
• Lubin spoke candidly about recent regulatory enforcement actions, holding Gensler as a catalyst for driving decentralization.
• Kraken recently settled with the SEC and paid a $30 million penalty for their staking program which was seen as an unregistered security offering.

Ethereum Co-Founder Praises Gary Gensler

Ethereum co-founder Joseph Lubin has praised Securities and Exchange Commission (SEC) Chair Gary Gensler as a „shining knight of decentralization“. At ETHDenver, Lubin discussed recent regulatory enforcement actions, crediting Gensler for driving progress in the decentralized field.

Kraken Settles With SEC

The example of SEC enforcement action against Kraken was used to explain how their staking product was centralized and thus deemed an unregistered security offering under securities laws. The Howey Test is used to determine whether a contract or transaction meets the definition of a security by focusing on investors‘ expectations of profits from others‘ efforts. Kraken settled with the SEC, paying a $30 million penalty over allegations that its staking program was operating unregistered securities offerings.

Gensler Promoting Decentralization

Lubin said that Gensler and the SEC were doing great job encouraging projects to become more decentralized. He called Gensler a „shining knight“ for his efforts in this area. His praise came despite widespread criticism from the crypto community over perceived unfair enforcement actions and recent regulatory rumblings.

Ripple CEO’s Response

Ripple CEO Brad Garlinghouse disagreed with claims that compliance can be achieved through registration alone, saying no such registration process exists yet. He noted that current regulations are outdated which could be preventing innovation in cryptocurrency and blockchain technology fields.

Conclusion

In conclusion, it is clear that there are still issues between regulations surrounding cryptocurrencies and blockchain technologies and companies trying to innovate within this space have been met with resistance from regulators like the SEC. Despite this tension, Ethereum co-founder Joseph Lubin praised Gary Gensler for his efforts to foster decentralization in the crypto industry, calling him “a shining knight of decentralization” at ETHDenver 2021

Ethereum’s Security Status In Doubt After NYAG Lawsuit

• The New York Attorney General (NYAG) recently filed a lawsuit against Seychelles-based exchange KuCoin citing concerns over „falsely representing itself as an exchange“.
• The NYAG classified Ethereum, LUNA and TerraUSD (UST) as securities and commodities.
• Coin Center disputes the NYAG’s assessment of Ethereum, arguing that there is a difference between „a token pre-sale and the token itself.“

New York Attorney General Files Against KuCoin

The New York Attorney General (NYAG), Letitia James, recently filed a lawsuit against Seychelles-based exchange KuCoin, citing concerns over „falsely representing itself as an exchange“. The AG added that users could buy and sell „popular virtual currencies, including ETH, LUNA, and TerraUSD (UST), which are securities and commodities.“ This paves the way for Ethereum’s U.S. securities status to be determined in a court of law.

What is the Howey Test?

Applicable securities laws use the Howey Test to determine whether a contract, scheme, or transaction meets the definition of a security. It focuses on resolving if investors paid money in a common enterprise with the expectation of profits from the efforts of others. Although these rules date back to the 1930s, before computers and digital assets, specific cryptocurrencies and Initial Coin Offerings (ICOs) have met this definition according to regulators.

Reactions from Crypto Community

Neeraj Agrawal from Coin Center disagreed with the NYAG’s recent assessment of Ethereum as a security. In support of this view he linked an article arguing that there is a difference between „a token pre-sale and the token itself.“ Lawyer Jake Chervinsky commented that it was one of first times a regulator has claimed in court that ETH was a security. Ryan Selkis hinted at potential coordinated attack on crypto following news about suit being filed by NYAG against Kucoin.

Ethereum Security Status Uncertain

Uncertainty looms over Ethereum’s security status following news about suit being filed by NYAG against Kucoin. If found guilty then it could mean big trouble for cryptocurrency exchanges operating illegally in New York State since they will have to comply with registration requirements under federal or state laws regarding sale or purchase of securities or commodities depending on their jurisdiction .

Conclusion

Despite disagreement from some members within crypto community , Ethereum’s security status remains uncertain pending outcome of case involving Kucoin . Once court decides whether or not ETH is indeed security , then further implications can be drawn upon how it will affect regulation around cryptocurrencies going forward .

Crypto Payments Explode: Survey Reveals Enormous Support Despite Uncertainty

• Ripple survey found that 100% of respondents believe crypto and blockchain can result in efficiency and cost savings for payments industry.
• Regulatory uncertainty sole barrier to adoption of crypto payments with 90% saying further growth hinges on regulators providing clear rules.
• Primary benefit of cryptocurrencies and blockchain is their ability to drastically lower transaction costs and time, leading to savings for businesses and consumers.

Ripple Survey Results

A survey conducted by Ripple, Inc. and the U.S. Faster Payments Council has revealed overwhelming support for cryptocurrency and blockchain technology as a means to revolutionize the antiquated payments industry. The survey found that 100 percent of respondents believed that these technologies could bring about greater efficiency, cost savings, faster settlement times, and more transparent capital flows. However, there remains a strong need for regulatory clarity before this evolution can be fully realized with 90 percent stating that further growth in crypto payments adoption depends on regulations being provided by governing bodies..

Benefits Of Crypto In Payments

Crypto-based solutions are expected to save the payments industry an estimated $10 billion dollars in costs by 2030 due to its ability to reduce transaction fees, speed up settlements, eliminate pre-funding requirements and make capital flows more transparent. 97 percent of survey participants also believe that crypto will be playing a significant role within three years in facilitating faster payments worldwide.

Barriers To Adoption

The majority of respondents cited regulatory uncertainty as the primary barrier preventing wider adoption of crypto-based payment systems with only 10 percent expressing confidence that there were no benefits whatsoever associated with them currently available. This lack of clarity regarding regulations has made it difficult for companies working in this space to expand globally without fear of breaking any laws or violating any guidelines set out by governments or financial institutions..

Cost Savings For Businesses And Consumers

Cryptocurrencies and blockchain technology have the potential not only to reduce transaction costs but also shorten settlement times significantly which could lead to substantial cost savings for both businesses and consumers alike who are often charged exorbitant fees when sending or receiving money across borders or even domestically in some cases.. .

Conclusion

Overall, the survey results clearly demonstrate widespread enthusiasm among professionals working in the payment space regarding the potential applications of cryptocurrencies and blockchain technology but suggest that regulatory clarity is needed before these innovations can reach their full potential.

SEC Chief Warns Against Using Emojis for Investment Advice

• The US court ruled that using emojis related to rocket ships, stock charts, and money bags could be classified as investment advice.
• Former SEC branch chief Lisa Braganca warned the public against using certain emojis in promotional materials following the court ruling.
• Dapper Labs was accused of promoting NBA Shot Moments as investment opportunities through its marketing materials with carefully selected emojis.

Court Ruling: Emojis Can Be Used As Investment Advice

The US court ruled on February 22 that using emojis relating to rocket ships, stock charts, and money bags could be classified as investment advice. This ruling came from a lawsuit filed against Dapper Labs and its CEO Roham Gharegozlou for allegedly violating securities laws by offering its NBA Top Shot Moments.

Former SEC Branch Chief Warns Against Using Certain Emojis

Following the court ruling, former SEC branch chief Lisa Braganca warned the public against using certain emojis in promotional materials via Twitter. The plaintiffs accused Dapper Labs of promoting NBA Shot Moments as investment opportunities, through its marketing materials with carefully selected emojis. The tweets contained rocket ship, stock market, and money bags emoji to show market performance.

What are NBA Top Shot Moments?

NBA Top Shot Moments are non-fungible tokens (NFT) that capture key highlights and video clips from NBA games. They are digital collectibles which have gained immense popularity recently due to their scarcity and collectability factor.

Dapper Lab’s Arguments

Dapper Labs has argued that the use of the emojis in the tweets was intended to provide accuracy to market data and not a means of promoting sales. However, several members of the crypto community have argued that Emojis could mean different things to different folks; hence a rule on its usage could impede freedom of speech.

Conclusion

In conclusion, it is clear that using certain emojis when promoting investments can lead to legal implications if it is seen as an attempt at providing financial advice or encouraging buyers/investors to purchase/invest in a particular asset or product without disclosing all relevant information about it first. Therefore caution should be taken when utilizing them for potential marketing purposes in order to avoid any potential issues with regulators or other entities in the future.

FTX Exec Nears Plea Deal: What It Means for Crypto

FTX’s Nishad Singh Faces Charges From Prosecutors

• Former top employee of FTX, Nishad Singh, is preparing to reach a plea deal with U.S. prosecutors.
• Manhattan prosecutors are reportedly preparing to file charges against him.
• The CFTC and SEC are also said to plan to file charges against him as well.

Singh’s Role at FTX and Alameda

Nishad Singh was the director of engineering at FTX and played a key role in developing software used to transfer funds between the two companies. He was also involved in campaign financing.

Plea Deal Preparation

Bloomberg reported that Singh plans to plead guilty as Manhattan prosecutors prepare to file charges against him. Reports from Bloomberg on Jan. 10 suggested that authorities had been investigating Singh since Jan 5., and he had discussed a cooperation deal that was likely to lead to a plea deal as well – though he wasn’t accused of any wrongdoing then.

Previous Associates‘ Plea Deals

If Singh reaches a plea deal, he will be the third FTX associate to do so after former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang who pled guilty in December and are cooperating against Sam Bankman-Fried, the co-founder and former CEO of FTX who awaits trial.

Regulatory Agencies Involved

None of the above agencies have publicly confirmed Bloomberg’s statements; however, reports from CFTC, SEC and U.S Attorney’s Office for the Southern District of New York suggest they are all involved in this investigation into Nishad Singh’s activities at FTX and Alameda Research.

Crypto Exchanges Decline to Advertise at Super Bowl LVII

• Four cryptocurrency exchanges and trading platforms – Coinbase, eToro, Binance, and Kraken – have confirmed that they will not be advertising during Super Bowl LVII.
• Coinbase and eToro advertised during last year’s Super Bowl.
• The companies cited various reasons for not advertising this year, such as prioritizing digital presence and education over a 30-second ad spot.

Cryptocurrency Exchanges Will Not Advertise During Super Bowl LVII

Four cryptocurrency exchanges and trading platforms have confirmed that they will not be advertising during Super Bowl LVII. Coinbase, eToro, Binance, and Kraken all stated that they had no plans to advertise in this year’s game.

Coinbase & eToro Advertised Last Year

Coinbase and eToro both advertised during last year’s event. A spokesperson from Coinbase said “we are incredibly proud of our first national ad which debuted at last year’s Super Bowl, we won’t be appearing in this year’s game.“ A representative for eToro said „we had no plans to advertise in this year’s Super Bowl.“

Reasons For Not Advertising This Year

Binance criticized the idea that crypto firms should advertise during the event. Patrick Hillmann, the company’s Chief Strategy Officer wrote “We’ve never run a Super Bowl ad because we don’t believe it’s an appropriate vehicle to introduce new users to crypto…Unlike a light beer or a new car model, a lot of education has to be done with new users before they should consider investing in crypto.“ He added that a 30-second ad spot is “not a good use of resources“ and can attract users without properly highlighting risks.

Kraken also chose not to advertise stating „We are not advertising at Super Bowl LVII. We’re always searching for creative ways to bring Kraken into the forefront of consumer’s minds but right now we are focused on strategic execution.“ They emphasized their focus on customer security features, customer support, and service improvements.

Other Companies Contacted by Crypto Slate

Crypto Slate also reached out to Crypto.com, Robinhood, Gemini, Binance.US Grayscale ByBit Blockchain.com but did not receive any response.Conclusion . . . . . . . . . .. . ..                                                   
                                                                                                                              
                                                                                                                                      
                                                                                                    It appears that none of these companies will be placing ads during this years‘ Super Bowl after choosing other methods of promotion instead.

Crypto Funds Inflow Reaches $76M in Past Week!

• Over $76 million was invested in digital asset products during the week of Jan. 30 to Feb., according to a CoinShares report.
• Around 90% of this inflow was directed towards Bitcoin-related investment products, which equates to over $69 million.
• Total investment assets under management (AuM) have also reached $30.3 billion, which makes a 39% increase year-to-date.

Investment Inflows into Crypto Funds

Over $76 million was invested in digital asset products during the week of Jan. 30 to Feb., according to a CoinShares report. Around 90% of this inflow was directed towards Bitcoin-related investment products, which equates to over $69 million. This marks the fourth consecutive week that recorded inflows to crypto-related investment products and the total amount invested during these four weeks is over $230 million.

Bitcoin Related Products Dominate

BTC-related products collected a total of $68.5 million worth of investment last week, claiming first place in the rankings with Short BTC coming second with $8.2 million, while Ethereum (ETH) and Solana (SOL) took third and fourth place with $700,000 and $500,000 respectively. In terms of facilitators, ProShares is ranked first by collecting $37.4 million from investors last week followed by 3iQ and CoinShares Physical with respective amounts of $20.4 million and 16.3 million dollars collected from investors last week .

Total Investment Assets Under Management

Total investment assets under management (AuM) have also reached an all time high at around$30 billion making a 39% increase year-to-date as compared to previous years’ figures .This figure includes investments made in crypto funds , exchange traded notes , index funds etc .

Previous Investment Records

The week of Jan . 23 recorded the most significant inflows since July 2022 , with 117million dollars worth investments being made in various crypto related projects ,signifying growing investor confidence in cryptocurrencies .

Conclusion

Overall , it can be seen that there is steady growth in investments into cryptocurrency related projects and that more money has been flowing into such projects than ever before due to increasing investor confidence . This trend is expected to continue as more people become aware of cryptocurrency’s potential benefits as well as its limitations when it comes to investing one’s money into them or using them for day -to -day transactions etc

Premier League Fans Rejoice: Sorare and EPL Partner on NFTs!

• Sorare and the English Premier League have signed a multi-year deal for a license to offer NFTs of league player cards.
• The partnership will allow 3 million users to play Sorare’s fantasy football game with Premier League-specific player cards.
• Sorare has also signed deals with Major League Baseball and the National Basketball Association.

Sorare, a Paris-based NFT platform, and the English Premier League have recently announced a multi-year deal that will enable the platform to offer NFTs of league player cards. This deal is a major development in the NFT space, and represents a significant milestone in the shift towards blockchain-based digital collectibles.

The partnership will allow Sorare’s 3 million users to play the platform’s fantasy football game with Premier League-specific player cards, allowing fans to buy, sell and trade virtual cards of their favorite players. This is an exciting development for Premier League fans, as the cards will bring them even closer to the action and enable them to interact with the players in a unique way.

In addition to the Premier League deal, Sorare has also signed deals with Major League Baseball and the National Basketball Association. These partnerships are helping to further solidify the platform’s place in the NFT space, and with the launch of the Premier League NFTs, Sorare is poised to become one of the leading NFT platforms.

The English Premier League NFTs are expected to be released in the coming months, and will be a great way for fans to show their support for their favorite teams and players. The cards will be available in both digital and physical form, and will feature dynamic artwork and animations. By introducing NFTs to the Premier League, fans will be able to own a piece of their favorite teams and players, and will be able to use the cards to participate in a range of activities.

Overall, the partnership between Sorare and the English Premier League is a major step forward for the NFT space, and is sure to bring fans closer to the action. With the launch of the Premier League NFTs, fans can now own and trade digital cards of their favorite players, as well as take part in a range of fantasy football games. This will be a great way for fans to show their support for their favorite teams and players, and to make the most of the digital collectible space.

Crypto Industry Called to Solve Issues Without Waiting for Regulators

• SEC Commissioner Hester Peirce called for the crypto industry to attempt to solve issues that plagued it during 2022 without waiting for regulators to act.
• Peirce argued that “much of the crypto world is burning” in a fire lit by bad actors and it is up to those building in the blockchain space to establish its true value proposition, not advocates or proponents sitting on the sidelines.
• Peirce emphasized the importance of decentralization and the diversity of the crypto space, advocating for a more transparent and collaborative approach to crypto regulation.

The crypto industry had a tumultuous year in 2022, with a number of bad actors attempting to take advantage of the space. SEC Commissioner Hester Peirce has now called on the crypto industry to solve the various issues that have arisen without waiting for regulators to act.

Speaking at the Duke University Digital Assets Conference on Jan. 20, Peirce argued that “much of the crypto world is burning” in a fire lit by bad actors, and that it is up to those building in the blockchain space to establish its true value proposition, not advocates or proponents sitting on the sidelines. She said that while it takes time for technology as innovative as blockchain to find its feet, it can look “downright harmful” to outsiders looking in and that it is up to the industry to “fix” any issues.

Peirce also emphasized the importance of decentralization and the diversity of the crypto space, advocating for a more transparent and collaborative approach to crypto regulation. She said that while the industry is still maturing, it is up to those involved to establish its true value proposition, and that waiting for regulators to step in and solve the problems is not the answer.

The SEC Commissioner concluded by calling for the industry to work together to develop solutions, emphasizing the importance of decentralization, collaboration and transparency in the crypto space. She said that the crypto sector offers an opportunity for people of all backgrounds to develop innovative solutions to real-world problems, but that it is up to the industry to ensure its success.