US SEC postpones ruling on 6 spot Bitcoin ETF applications 🤦

Gm Degens,

Welcome to our weekly dose of No Rug News. The week’s bumpy ride has been catalyzed by Bitcoin ETF applications and the SEC. Without wasting time, lets dive deeper.

Here is what we have for you today

• US SEC postpones ruling on 6 spot Bitcoin ETF applications

• Nexo launches crypto Mastercard for EEA citizens

• Binance Pool rolls out revolutionary Ordinals inscription service

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Here is what else we dug for you

US SEC postpones ruling on 6 spot Bitcoin ETF applications

The Securities and Exchange Commission (SEC) of the United States has delayed making a decision on six applications for spot Bitcoin exchange-traded funds (ETFs) submitted by WisdomTree, Invesco Galaxy, Valkyrie, VanEck, Fidelity, and BlackRock.

Here is what we know about the story:

• Six applications for spot Bitcoin exchange-traded funds (ETFs) from WisdomTree, Invesco Galaxy, Valkyrie, VanEck, Fidelity, and BlackRock have been postponed by the Securities and Exchange Commission (SEC) of the United States.

• The agency announced in a filing on August 31 that it will take an additional 45 days to review the suggested rule adjustments.

• In other words, they have until October 2023 to accept, reject, or declare a decision delay.

• This delay comes in response to rumors that the SEC could take applications containing surveillance-sharing agreements into consideration, which prompted some businesses to resubmit their applications.

Nexo launches crypto Mastercard for EEA citizens

A crypto-powered debit and credit Mastercard for residents of the European Economic Area (EEA) has been introduced by Bulgarian decentralized lending platform Nexo. Only citizens of the 30 member nations of the European Economic Area are eligible for the card.

Here is what we know about the story:

• Nexo, a decentralized lending platform based in Bulgaria, has launched a crypto-powered debit and credit Mastercard for EEA citizens.

• The card can only be obtained by residents of the 30 E.U.A. member countries.

• The Nexo Card will enable consumers to make purchases with their euro, US dollar, and British pound stablecoins through debit transactions at more than 100 million merchant endpoints globally, according to the statement made on August 31.

• According to reports, interest on stored amounts will be paid annually up to 9%.

Binance Pool rolls out revolutionary Ordinals inscription service

A well-known digital currency mining pool called Binance Pool has unveiled its ground-breaking Ordinals Interpretation Service. The creation of one-of-a-kind digital artifacts that are safely saved on the blockchain is made possible by this ground-breaking innovation, which enables users to incorporate additional data onto individual satoshis within the Bitcoin network.

Here is what we know about the story:

• An innovative Ordinals Inscription Service has just been released by Binance Pool, a well-known cryptocurrency mining pool.

• By enabling users to contribute more data to individual satoshis within the Bitcoin network, this ground-breaking innovation opens the door for the production of distinctive digital artifacts that can be safely maintained on the blockchain.

• Users need a Taproot address in order to access the Ordinals Inscription Service.

• This prerequisite has been made clear by Binance, who emphasize that only verified accounts with a Taproot address are permitted to access the service.

NFT Spotlight: Ed Balloon

Over the past few years, Ed Balloon has solidified himself not only as a Web3 artist and musician but also as a community leader. In an ecosystem that is often overrun by PFP projects, his stunning pieces showcase his unique existence as one of the most prolific stop-motion NFT artists.

In 2022, his Run Ed collection was presented as a one-of-a-kind generative sound and motion endeavor that blended stop-motion, 2D and 3D animation, and music. To help uplift other artists, 50 percent of the collection’s secondary sales continued to go toward The Ed Balloon Generational Wealth Fund, which collects work from Black and other under-represented artists in Web3.

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Chart of The Week: BTCUSDT

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