Blockchain Vs. AI | Ether Futures ETF Race

A blockchain approach to intellectual-property management could bring about collaboration with fans.

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Nina Bambysheva Senior Reporter, Forbes Money & Markets
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Steven Ehrlich Director, Forbes Digital Assets
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STORY PROTOCOL’S PLAN TO TURBOCHARGE FAN FICTION IN THE AGE OF AI

Story Protocol’s plan to create an immutable digital repository could give fiction fans a virtual seat in the writers’ room. It could also provide a blueprint for copyright holders wanting protection from artificial intelligence-based rivals overwhelming the entertainment market with cheaply produced content.

The firm, led by serial entrepreneur Seung Yoon Lee, announced a $25 million raise led by Andreessen Horowitz that also included Samsung’s venture unit, Hybe impresario Bang Si-hyuk and TPG cofounder David Bonderman. Read more.

SEC DELAYS DECISIONS ON SPOT BITCOIN ETFS

The U.S. Securities and Exchange Commission has postponed several decisions on spot bitcoin exchange-traded fund applications, catching financial markets off guard. Among the impacted candidates are BlackRock, Invesco, Bitwise and Valkyrie.

Contrary to market expectations, the SEC's latest delays occurred two weeks earlier than the October 16 to 19 deadlines. The regulator’s decision appears to be influenced by the impending U.S. government shutdown, which could disrupt financial regulation and other federal operations.

CURRENT PRICE OF TOP 5 COINS (7-Day % Change)

Coin

Price

Percent Change

Bitcoin (BTC)

$26,908

1.5%

Ether (ETH)

$1,667

4.8%

Tether (USDT)

$1

0%

Binance Coin (BNB)

$215

2.5%

XRP (XRP)

$0.5

3.9%

Source: Forbes Digital Assets. Prices as of 4:41 p.m. on September 29, 2023.

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VALKYRIE, VANECK AND BITWISE EXPECTED TO LAUNCH ETHER FUTURES ETFS NEXT WEEK

Meanwhile, several asset managers are preparing to launch ETFs with exposure to ether futures next week, according to Bloomberg analysts. The flurry of updated prospectuses came after multiple reports suggested that Valkyrie had begun adding ether derivatives to its existing bitcoin futures exchange-traded fund upon receiving the SEC’s approval.

However, on Friday afternoon Valkyrie issued a statement saying it had ceased purchasing and had unwound its ether futures contracts positions until effectiveness of an amendment to its ETF registration. “Valkyrie expects that effectiveness will occur upon the earlier of October 3, 2023 or the time at which the SEC accelerates effectiveness of the registration statement,” the firm said.

Bitwise said it intends to list and begin trading on Monday two new ether futures ETFs under the ticker symbols AETH and BTOP.

BANKMAN-FRIED DENIED RELEASE

U.S. District Judge Lewis Kaplan told Sam Bankman-Fried’s attorneys that the indicted cryptocurrency mogul “could be looking at a very long sentence" if he’s convicted of fraud and money laundering, underscoring the severity of the FTX founder’s legal troubles since the collapse of his crypto exchange last year.

Kaplan’s comments came during a hearing Thursday where he denied Bankman-Fried’s request to be temporarily released from jail during his trial, which is set to begin in October.

ELSEWHERE

The World’s Biggest Crypto Firm Is Melting Down

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