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• Cathie Wood’s ARK Invest Files for First Spot Ether ETF

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Asset managers ARK Invest and 21Shares have applied for regulatory approval for an exchange-traded fund (ETF) that would directly hold ether (ETH), according to a Wednesday filing to the U.S. Securities and Exchange Commission (SEC).

The Ark 21Shares Ethereum ETF is the first attempt to list such a fund in the U.S. that directly invests in ETH, the second largest cryptocurrency by market capitalization.

The fund would custody the assets with Coinbase (COIN) Custody Trust Company.

• Long-Awaited Bitcoin Accounting Rules to Capture Rises, Dips

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Crypto companies and other businesses with significant holdings of digital currencies will get long-awaited accounting rules to measure the value of the Bitcoin, Ethereum, and other crypto in their coffers, US accounting standard-setters unanimously voted Wednesday.

Under new rules expected to be published by year end, companies that hold or invest in cryptocurrency will be required to report their holdings at fair value, a measurement that aims to capture the most up-to-date value of an asset—including rebounds in value after prices dip. While the new standard will inject volatility into the earnings of companies that are heavily invested in crypto, the ability to record recoveries will be an improvement over the current practice, companies and accountants have told the Financial Accounting Standards Board for months.

• Poland’s central bank cuts interest rates heavily ahead of election

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The National Bank of Poland surprised markets on Wednesday with a steep cut in its benchmark interest rate, changing course on monetary policy ahead of other central banks and before a fiercely contested national election.

Rate-setters lowered borrowing costs to 6 per cent from 6.75 per cent. Analysts had predicted a cut before next month’s vote, but most expected 0.25 percentage points, since Polish inflation remains in double digits and far above the EU average.

Some economists had warned that the central bank, led by its president Adam Glapiński, was unduly influenced by the goals of the ruling Law and Justice party (PiS), seeking a third consecutive term in office following the parliamentary election on October 15.

• Sam Bankman-Fried FTX Trial: SBF Prosecution Date

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Prosecutors confirmed Tuesday that Sam Bankman-Fried, the imprisoned founder of the defunct cryptocurrency exchange FTX, has been granted sufficient time and laptop access to review discovery materials while awaiting his early October trial.

Bankman-Fried, who is currently being held at the Metropolitan Detention Center, has access to an air-gapped laptop in a visiting room from 8:00 a.m. to 7:00 p.m. on weekdays and from 8:00 a.m. to 3:30 p.m. on weekends and holidays, according to a letter the U.S. Department of Justice sent to Judge, Lewis A. Kaplan.

The prosecutors also mentioned that he now has three hard drives and the MDC approved a second air-gapped laptop, conveniently located near his housing unit. They stated, ‘So far, there have been no reported issues with the USB ports or software applications used.

• Grayscale asks SEC to meet on ‘way forward’ for Bitcoin ETF conversion

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Grayscale has told the Securities and Exchange Commission it has no legal reasoning left to block the conversion of the asset manager’s flagship Bitcoin fund to a spot exchange-traded fund (ETF).

On Sept. 5, Grayscale’s lawyers sent a letter to the SEC requesting the pair meet to discuss the next steps following the regulator’s court loss regarding the conversion of the Grayscale Bitcoin Trust (GBTC).

“Now that the Court of Appeals has spoken, there is no available rationale that would distinguish a Bitcoin futures ETP from a spot Bitcoin ETP under the legal analysis previously adopted by the Commission in rejecting spot Bitcoin ETPs.”

• Half of the People in Turkey Now Own Crypto: Report

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Crypto adoption is on the rise in Turkey, a country in the throes of high inflation, according to a research survey conducted by KuCoin. Over the last year and a half, adoption has increased from 40 percent to 52 percent of the Turkish population.

KuCoin—the fifth largest crypto exchange in the world—collected this data based on the survey responses of 500 people, which they analyzed in their latest “Understanding Crypto Users” report.

“Per our findings in Turkey and other previous country reports, for Turkey, the growing number and percentage of crypto investors indicate an increasing interest and acceptance of crypto as a hedge against inflation, especially with the Turkish lira losing over 50% of its value against the US dollar,”

Concluding Notes:

  • Cathie Wood Files for Spot Ether ETF
  • Long-Awaited Bitcoin Accounting Rules to Capture Rises, Dips
  • Poland’s central bank cuts interest rates
  • SBF FTX Trial: Prosecution Date
  • Grayscale ETF conversion
  • Half of the People in Turkey own crypto

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