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That Guy Claiming to Be Satoshi Nakamoto Just Got Beat Down by a Judge – Futurism

"He is not nearly as clever as he thinks he is." Please Stand Up

Craig Wright, the Australian computer scientist who has long claimed to be Bitcoin's mysterious creator Satoshi Nakamoto, has been declared a fraud.

AsWired reports, a judge in the United Kingdom has ruled that Wright perpetrated a long-running scheme, including extensive document forgery, in service of the lie that he was Nakamoto.

In his scathing rebuke, High Court Justice James Mellon eviscerated the Aussie prevaricator, saying that although "many of Dr. Wrights lies contained a grain of truth," he's told too many over the years to keep them straight.

For the better part of the last decade, the Aussie fraudster has claimed to anyone who will listen that he was the original author of the 2008 white paper that led to Bitcoin's invention. When asked to prove it, Wright has provided various excuses, including that he "stomped on the hard drive" that contained the smoking gun but a lack of hard evidence hasn't stopped him from testifying in multiple countries that he's the real Nakamoto.

Beyond that outlandish insistence, the Aussie programmer also founded his own cryptocurrency, called Bitcoin Satoshi Vision, and sued people who challenged his claim to fame. With this latest judgement, which was brought after a group of crypto firms called Crypto Open Patent Alliance (COPA) sued to set the record straight, continuing his shenanigans will be difficult.

"It is clear that Dr. Wright engaged in the deliberate production of false documents to support false claims and use the Courts as a vehicle for fraud," Mellor wrote in his ruling. "I am entirely satisfied that Dr. Wright lied to the Court extensively and repeatedly. All his lies and forged documents were in support of his biggest lie: his claim to be Satoshi Nakamoto."

In mid-March, the same British judge ruled in a rare snap decision in the COPA suit that evidence of Wright not being Nakamoto "is overwhelming," and this final judgment seems to be the nail in the coffin of the Aussie fabulist's "reign of terror," as one user on X-formerly-Twitter called it.

"Dr. Wright presents himself as an extremely clever person," Mellor wrote in the more recent ruling. "However, in my judgment, he is not nearly as clever as he thinks he is."

Wright, to his end, announced on X that he plans to appeal the ruling, but with the evidence stacked so thoroughly against him, it seems that his house of cards may finally have tumbled for good.

More on Bitcoin:Many Consumers Expect Bitcoin to Crash and Burn

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Bitcoin User Loses $7,000 by Sending to Satoshi’s Address – BeInCrypto

A Bitcoin (BTC) user made a blunder by accidentally sending almost his entire BTC balance to an address associated with Satoshi Nakamoto, the enigmatic creator of Bitcoin.

According to the on-chain analytic platform Arkham Intelligence, the user was trying to sacrifice an ordinal for PUPSa BRC-20 meme coin in the Bitcoin blockchain.

However, the user incorrectly entered Satoshi Nakamotos address instead of the intended one. As a result, they sent over $7,000 worth of BTC to an address that has been inactive for years.

The accidental transfer has reignited speculation about Satoshi Nakamotos identity and the fate of the Bitcoin stored at his address. The associated address contains a significant amount of BTC.

Read more: Satoshi Nakamoto Who is the Founder of Bitcoin?

Arkham Intelligence data reveals that the wallet now has a balance of 100.424 BTC, valued at $6.72 million at the time of writing. The address has remained untouched since Bitcoins creation in 2009. Currently, there is no indication that the BTC sent in this incident is accessible or moving, maintaining the status quo of inactive addresses.

The crypto communitys reaction to the bug has been a mix of sympathy and astonishment. Some feel pity for the user who lost a considerable amount of money without the possibility of recovery. On the other hand, others hypothesize that this surprising movement has a direct connection to Bitcoins creator.

What if it wasnt a mistake? What if its someone doing business with the real Satoshi? Or maybe even it is him, a crypto community member speculated.

Read more: Who Owns the Most Bitcoin in 2024?

Despite the speculation, this incident serves as a reminder of the importance of carefully verifying transaction details, especially in the crypto space, where a single mistake can have irreversible consequences. Crypto users should always double-check addresses and fully understand the process before sending any funds.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.

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Bitcoin User Loses $7,000 by Sending to Satoshi's Address - BeInCrypto

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Craig Wright "Slippery" and "Not as Clever as He Thinks He is" Judge Blasts Would-be Satoshi Nakamoto – CCN.com

Key Takeaways

In a decisive verdict, a British High Court ruled against Craig Wrights claims that he was Bitcoin founder Satoshi Nakamoto.

In the detailed written declaration, the judge provided a comprehensive account of the trials proceedings. The ruling explicitly states that Craig Wright is not Satoshi Nakamoto and outlines the reasons why his evidence was fraudulent.

In response to the March 14 ruling, COPA (Crypto Open Patent Alliance) took further legal steps to ensure Craig Wright can no longer assert his claims of being Satoshi Nakamoto. As stated by a COPA spokesperson, COPA is requesting a court order designed to avoid further litigation terror campaigns. This move is aimed at preventing Wright from continuing to assert his claims, which the court found were untrue.

The recently released written verdict explains why Wrights evidence was deemed fraudulent and clarifies that he is not Satoshi Nakamoto. The comprehensive nature of this verdict aims to put an end to the ongoing disputes and prevent Wright from perpetuating his claims in the future.

Mr Justice Mellor expressed no doubt about Wrights dishonesty throughout the trial, highlighting the extensive forgery involved. Despite the ruling, Wright remained defiant, announcing his intention to appeal the decision.

During the court trial, Mr Justice Mellor tried to be as objective as he could. However, he found that Wright was not nearly as clever as he thinks he is. One could, potentially, describe the judges words as extremely diplomatic.

In the COPA vs. Craig Wright case, Mr Justice Mellor found that Wright lied extensively and repeatedly to the court, both in his written and oral evidence, primarily concerning forged documents intended to support his claim of being Satoshi Nakamoto. These falsehoods were part of Wrights broader attempt to substantiate his identity as the creator of Bitcoin.

He said:

Dr Wright presents himself as an extremely clever person. However, in my judgment, he is not nearly as clever as he thinks he is. In both his written evidence and in days of oral evidence under cross-examination, I am entirely satisfied that Dr Wright lied to the Court extensively and repeatedly. Most of his lies related to the documents he had forged which purported to support his claim. All his lies and forged documents were in support of his biggest lie: his claim to be Satoshi Nakamoto.

Mr Justice Mellor added:

As soon as one lie was exposed, Dr Wright resorted to further lies and evasions. The final destination frequently turned out to be either Dr Wright blaming some other (often unidentified) person for his predicament or what can only be described as technobabble delivered by him in the witness box.

Although as a person with expertise in IT security, Dr Wright must have thought his forgeries would provide convincing evidence to support his claim to be Satoshi or some other point of detail and would go undetected, the evidence showsthat most of his forgeries turned out to be clumsy.

Indeed, certain of Dr Wrights responses in cross-examination effectively acknowledged that point: from my recollection at least twice he indicated if he had wanted to forge a document, he would have done a much better job.

The judge concluded that for Wrights claims to be true, he would have to be very unlucky. The evidence, however, painted a different picture, revealing a pattern of deceit and forgery in his attempts to prove his identity as Satoshi Nakamoto.

He added:

The true position is far simpler. It is, however, far from simple because Dr Wright has lied so much over so many years that, on certain points, it can be difficult to pinpoint what actually happened.

Those difficulties do not detract from the fact that there is a very considerable body of evidence against Dr Wright being Satoshi. To the extent that it is said there is evidence supporting his claim, it is at best questionable or of very dubious relevance or entirely circumstantial and at worst, it is fabricated and/or based on documents I am satisfied have been forged on a grand scale by Dr Wright.

These fabrications and forgeries were exposed in the evidence which I received during the Trial. For that reason, this Judgment contains considerable technical and other detail which is required to expose the true scale of his mendacious campaign to prove he was/is Satoshi Nakamoto.

In his ruling on the COPA vs. Craig Wright case, Mr Justice Mellor highlighted significant inconsistencies in Dr. Wrights testimony.

Mr Justice Mellor said:

Furthermore, in his evidence, Dr Wright made significant errors which Satoshi would never have made, even after this length of time. Some of these relate to Satoshis interactions with individuals not previously made public. Others relate to technical matters which Dr Wright simply got wrong but which Satoshi would not have got wrong.

Also, Mr Justice Mellor said Wright had many years to substantiate his claim of being Satoshi Nakamoto. However, as challenges to his claim intensified, Wright escalated his use of falsehoods and forged documents.

The judge noted that Wrights behavior, characterized by increasing arrogance and a belief in his intellectual superiority, starkly contrasted with the more humble and collaborative tone evident in Satoshis writings. Judge concluded that Wrights demeanor and the nature of his evidence were inconsistent with that of Satoshi Nakamoto, further undermining his claim to be the creator of Bitcoin.

He said:

Ultimately, I consider it is likely that the real Satoshi would never have set out to prove in litigation that he actually was Satoshi and certainly not in the way that Dr Wright attempted to do so.

Since 2019, Craig Wright has initiated several lawsuits against Bitcoin developers in an attempt to gain control over the Bitcoin network and suppress critics of his claims. The Bitcoin Legal Defense Fund has argued that these lawsuits threaten the future of Bitcoin by discouraging developers from continuing their work on the blockchain.

In his judgment, Mr Justice Mellor acknowledged the negative impact of Wrights aggressive legal strategies on the Bitcoin development community.

He noted that Wrights litigious approach was inconsistent with the collaborative and non-confrontational nature typically associated with Satoshi Nakamoto. Judge Mellor pointed out that the real Satoshi would likely have accepted differing views, which led to Bitcoins hard forks, and moved on without resorting to legal action. This recognition of Wrights adversarial tactics further supported the courts decision in favor of COPA.

Mr Justice Mellor was pretty clear when giving his final word:

He stated:

First, Dr Wright is not the author of the Bitcoin White Paper. Second, Dr Wright is not the person who adopted or operated under the pseudonym Satoshi Nakamoto in the period between 2008 and 2011. Third, Dr Wright is not the person who created the Bitcoin system. Fourth, Dr Wright is not the author of the initial versions of the Bitcoin Software.

The ruling represents a significant victory for the COPA, which sought to invalidate Wrights claims to the Bitcoin whitepaper and related intellectual property.

Wrights vow to appeal the ruling suggests that this legal saga is far from over. His legal team is expected to challenge Mr Justice Mellors conclusions. This decision follows a series of legal and public relations setbacks for Wright, who has faced numerous accusations of fraud and forgery over the years.

Following the March 14 ruling against him, Craig Wright initially stated he would evaluate his options once the final written verdict was released. Despite the judges verdict, it is evident Wright intends to carry on claiming that he is Satoshi Nakamoto.

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Judge Rules Craig Wright Guilty of Forgery in Satoshi Claims – Crypto Times

A UK judge has ruled that Craig Wright, a computer scientist who claims to be Bitcoins creator, Satoshi Nakamoto, is guilty of extensive forgery and lying before the court.

High Court Justice James Mellors judgment, which was presented on Monday, stated that Craig has repeatedly lied to support his claims of being Nakamoto.

Craig Wright also faced a trial against the Crypto Open Patent Alliance (COPA) back in February 2021. COPA is a recognized group of major crypto firms that work to protect open-source developers. In response to the ruling, Wright shared a post on X, claiming he intends to appeal the decision. He also thanked his supporters for their encouragement and support.

I fully intend to appeal the decision of the court on the matter of the identity issue. I would like to acknowledge and thank all my supporters for their unwavering encouragement and support He tweeted

In the same post, he shared his plans for continued collaboration with the Teranode team to achieve scaling beyond three million transactions per second.

The decision against Craig Wright brings to light the importance of honesty and transparency in general and honesty and transparency in the cryptocurrency industry in particular. It may discourage some players from spreading unfounded information that could confuse investors and enthusiasts.

Also Read: Dogwifhat Price Analysis Suggests $3 Breakout

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The Cult of Satoshi: Like its creator, BSV faithful are in it purely for the tech – CoinGeek

U.K. Judge James Mellors written ruling that Craig Wright isnt Satoshi Nakamoto, the pseudonymous author of the 2008 Bitcoin white paper, has (predictably) set off a celebratory deluge of dunking from the social media accounts of Wrights longtime critics.

But the reality is that the tweets and blog posts slamming Wright have never really stopped since Mellor issued his initial rulingin mid-March. And its unlikely that Mellors written ruling will mark the end of these attacks.

Because the fight against Wright was never about him. It was all about stopping further adoption of the BSV Blockchaintechnology he supports. Thats because BSV, unless sabotaged by external forces, poses an existential threat to the technologies promoted by the members of the Crypto Open Patent Alliance(COPA) that brought the suit against Wright.

Due to Wrights high profile, COPA appears to have elevated him into being BSV. Stop Wright, their thinking went, and BSV will be forced to follow him offstage. Their reasoning here was way off base, but that shouldnt be all that surprising given how badly they also misinterpreted Satoshis plan for Bitcoin.

COPAs members are in lockstep agreement that Bitcoindespite the white paper defining it as peer-to-peer electronic cashwas never intended to serve as a global currency. Instead, Bitcoin was meant to be digital gold that doesnt do anything beyond (allegedly) perpetually increase in value. Thats the mindset that led the developers at BTC Core to strip the Bitcoin protocol down to its barest bones, resulting in the BTC token they promote with such zeal.

BSV supporters, on the other hand, believe that Bitcoinin the form of BSV, the only locked protocol that remains true to Satoshis original blueprint and can trace its unbroken history back to the Genesis blockcan easily serve as a low-cost digital payment system.

Furthermore, BSVs unparalleled ability to scale allows it to handle the immense data management needs of enterprises, government agencies and Web3 applications at a cost that makes such systems not just feasible but desirable.

Which is why COPA and other similarly deluded prospectors wont stop their attacks. By proving that Bitcoin is capable of delivering actual utility, disrupting both the ad-driven model of Silicon Valleys social media giants and the U.S.-based digital payment models, BSV offers a welcome alternative and exposes the rot at the core of these movements.

Utility v. futility

BTCs reputation took some serious hits this month due to the unprecedented direct attacks by Iran against Israel followed by Israels retaliatory strikes. In both instances, BTCs value cratered as sellers sought refuge in more stable products, aka fiat cash, directly undermining the safe haven mantra so relentlessly promoted by the digital gold team.

Take Michael Saylor, founder of COPA member MicroStrategy (NASDAQ: MSTR) and owner of around 1% of all the BTC that will ever be issued. With his entire net worth caught up in BTC, its perhaps no surprise that Saylor is the biggest booster of the digital gold myth, to the point that hes been accused of threatening to retaliate against anyone who dares suggest that BTC might be good for anything else.

Matt Odell, managing partner of BTC infrastructure investment outfit Ten31, recently posted a cryptic all-caps noteon decentralized social media protocol Nostr that claimed Saylor HAS ACTIVELY KILLED DEALS TO SUPPORT DEVS. HE IS PROUD OF IT.

Odell previously claimedthat ONE OF THE BIG ETFs [exchange traded funds] WAS GOING TO DONATE TO OPEN SOURCE DEVS. SAYLOR TOLD THEM IF THEY DID IT HE WOULD CRUSH THEM SO THEY PULLED OUT OF THE COMMITMENT.

Whatever the reality behind these claims, Saylor did go on CNBCseveral weeks prior to declare that people refer to [BTC] as a digital currency, and thats an unfortunate historical artifact. Saylor likened BTC to digital property and argued that BTC doesnt have to be a currency. Nobodys trying to buy a cup of coffee with a fraction of their building on Fifth Avenue.

Saylors defense mechanisms appear sufficiently robust to allow him to deny evidence that directly contradicts those beliefs. For instance, Saylor tweeted Chaos is good following Irans recent military strike against Israel, even as BTC shed more than 10% of its value.

The reality is that BTC is a hobbled former shell of Bitcoin and thats just the way everybody in BTC seems to want it. Well, they can have it. They can and will continue to talk about Wright, for all the good it will do them. No one in BSV is thinking all that much about COPA v Wright; the focus here is where its always been: real-world utility.

By contrast, the rest of the crypto sector is stagnant. Nobody wants to do anything but make lots of money in the shortest period possible without doing anything of benefit to anyone else. Relentless hype cycles drive tokens higher and instill FOMO in the general public, followed by the inevitable crash in which the noobs get rekt and the whole process resets.

Take the current memecoin madness on Solana. Its like the whole 2017 initial coin offering (ICO) debacle never happened. Except this time the coin issuers arent even bothering with white papers detailing how their project will change the world.

As Travis Kling remarked earlier this year, I actually think there is LESS expectation this time around that any of this shit does anything or will EVER do anything People want to gamble on vaporware and next year looks like a good year to be in the casino.

Cult following

COPA and its minions like to portray BSV as the Cult of Craig. If anyone is trapped in a Cult of Craig its COPA. Theyre the ones who cant seem to escape the hypnotic control he appears to wield over them.

It would be far more accurate to describe BSV as the Cult of Satoshi. BSV supporters seem to be the only ones that believe Satoshi was right and that when he departed the stage, he left us his blueprints, which are all we need to understand what were building and where were going.

COPA and their ilk all think Satoshi was wrong, that they know better the intentions behind his creation. BSV backers know that Satoshis vision was rooted in utilitybe it for low-cost microtransactions or data processingnot establishing a new category of financial elites.

If you really want to know why the BSV community was willing to listen to Wright in the first place, ask yourself this: who else at that time was advocating for a return to Bitcoins original vision? Who else was offering a utility-focused alternative to number go up?

The tires on a Formula 1 might be a wonder of modern technology but for all their engineering wizardry, nobodys really improved on the wheels original conceptor purpose. No ones trying to reinvent the wheel because reinvention is unnecessary if you got it right the first time. That is, unless youd prefer the wheel be some proprietary technology that only you control.

Perhaps its nave to believe that the world will ultimately coalesce around a single blockchain. But well keep working towards that goal regardless, based on our belief that when the world is ready, BSV will be there. Whatever Wrights faults, he will ultimately be vindicated as his faith in the original Bitcoin technology proves correct.

By staying true to the original Bitcoin protocol, BSV is the only blockchain that can rightly be labeled Bitcoin. As such, in a post-Mellor world, people have one of two options: believe the judge is wrong and Wright is Satoshi and Satoshi created BSV, or believe the judge is right and Wright is not Satoshi and Satoshi created BSV. Either way, Satoshi invented Bitcoin and BSV is the worlds only enterprise blockchain.

Well leave you with a quote from this sites founder, Calvin Ayre:

An English court has concluded that Craig is not Satoshi. Despite this, the fact remains that Craig was a driving force behind realizing Satoshis vision through the BSV blockchain. He was the only individual that seemed interested in fulfilling Satoshis vision of a scalable blockchain that enabled low-cost peer-to-peer payments.

We accept the decision that COPAs mysterious unknown Satoshi invented BSV because its never really mattered to us who Satoshi was. All that matters is the amazing vision he/she had. The further development of that vision will ensure that the technology writes the true historyas well as the future. Long live Satoshi.

New to blockchain? Check out CoinGeeks Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.

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Aussie Who Said he Invented Bitcoin Lied on ‘Grand Scale’: Judge – Asia Financial

A judge at Londons High Court ruled on Monday that a computer scientist who said he invented Bitcoin lied extensively and repeatedly and forged documents on a grand scale to support a false claim.

Australian Craig Wright had long claimed to have written the foundational text of bitcoin a 2008 white paper published under the pseudonym Satoshi Nakamoto.

But Judge James Mellor ruled in March that the evidence Wright was not Satoshi was overwhelming, after a trial in a case brought by the Crypto Open Patent Alliance (COPA) to stop Wright suing bitcoin developers.

Mellor gave reasons for his conclusions on Monday, stating in a written ruling: Dr Wright presents himself as an extremely clever person. However, in my judgment, he is not nearly as clever as he thinks he is.

The judge added: All his lies and forged documents were in support of his biggest lie: his claim to be Satoshi Nakamoto.

Judge Mellor said that Wrights actions in suing developers and his expressed views about bitcoin also pointed against him being Satoshi.

Wright, who denied forging documents when he gave evidence in February, said in a post on X: I fully intend to appeal the decision of the court on the matter of the identity issue.

COPA whose members include Twitter founder Jack Dorseys payments firm Block described Mondays ruling as a watershed moment for the open-source community.

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.

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UK Judge Slams Craig Wright, Says Scientist Lied ‘Extensively’ About Being Bitcoin Creator – WebProNews

UK Justice James Mellor minced no words slamming Dr. Craig Wright, a computer scientist who has tried to prove he is Bitcoin creator Satoshi Nakamoto.

Wright has claimed for years to be Nakamoto, taking his claims to court in an effort to be legally recognized as Bitcoins creator and reap the financial rewards that would come with the recognition. Justice Mellors ruling came in the civil trial brought by Crypto Open Patent Alliance (COPA) aimed at disproving Wright is Nakamoto and crippling his ability to continue suing crypto companies.

Thus, Dr Wright presents himself as an extremely clever person, Justice Mellor wrote. However, in my judgment, he is not nearly as clever as he thinks he is. In both his written evidence and in days of oral evidence under cross-examination, I am entirely satisfied that Dr Wright lied to the Court extensively and repeatedly. Most of his lies related to the documents he had forged which purported to support his claim. All his lies and forged documents were in support of his biggest lie: his claim to be Satoshi Nakamoto.

Many of Dr Wrights lies contained a grain of truth (which is sometimes said to be the mark of an accomplished liar), but there were many which did not and were outright lies, Justice Mellor added. As soon as one lie was exposed, Dr Wright resorted to further lies and evasions. The final destination frequently turned out to be either Dr Wright blaming some other (often unidentified) person for his predicament or what can only be described as technobabble delivered by him in the witness box.

Interestingly, after hearing the mountain of evidence submitted in the trial, Justice Mellor has his own opinion on the age-old question of whether Nakamoto is a single individual or if the pseudonym was used by a group of people.

Satoshi Nakamoto was and remains a pseudonym, he wrote. Although this is not of any significant weight in my overall conclusion, my personal view, having heard all the evidence in this Trial, is that it is likely that a number of people contributed to the creation of Bitcoin, albeit that there may well have been one central individual. It would therefore be accurate to refer to Satoshi as he/she/they to reflect the possibilities, but unwieldy. I will therefore refer to Satoshi simply as he, but it is a shorthand for he/she/they.

Needless to say, Wright has already indicated he intends to appeal the ruling.

I fully intend to appeal the decision of the court on the matter of the identity issue. I would like to acknowledge and thank all my supporters for their unwavering encouragement and support. In the meantime, I shall continue to work closely with the Teranode team to achieve scaling beyond three million transactions per second. At present, Teranode is achieving one million tps and we are ensuring that the cloud-based server configurations function correctly in a way that does not impact scaling. However, even at a lower level of transaction processing, Teranode is far more efficient than the existing node structure and will lead to cost savings as well as a path to scalability.

^Posted by LB on behalf of CSW.

Dr. Craig S Wright (@Dr_CSWright) | May 20, 2024

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UK Judge Slams Craig Wright, Says Scientist Lied 'Extensively' About Being Bitcoin Creator - WebProNews

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Ether Cryptocurrency ETFs Are Approved by the SEC – The New York Times

Federal regulators on Thursday approved an investment product tied to the cryptocurrency Ether, the most valuable digital asset after Bitcoin, in a major boost for the crypto industry.

The Securities and Exchange Commission said a group of exchanges could begin listing investment products known as exchange-traded funds, or E.T.F.s, linked to the price of Ether. The products would offer an easier and simpler way for people to invest in crypto, potentially boosting prices and promoting wider adoption of digital currencies.

In January, the S.E.C. approved similar products that track the price of Bitcoin, leading to a flurry of new investment that helped propel Bitcoins price to a record high.

The impact of the Ether approval could take longer to hit the market. Before the exchanges can start offering Ether E.T.F.s, the S.E.C. must also approve a separate set of applications from companies that want to issue them, including from major financial firms like BlackRock and Franklin Templeton. That process could take weeks or months, according to financial experts.

An S.E.C. spokeswoman said the agency had no comment beyond a formal order approving the products.

The news prompted celebration in the crypto industry. A representative for 21Shares, one of the companies seeking to offer the Ether investment product, called it an exciting moment for the industry at large.

But industry critics called the approval a dangerous development that would encourage wider investment in a volatile market.

The S.E.C. failed to live up to its mission to protect investors and the markets, Benjamin Schiffrin of Better Markets, a nonprofit that fights for stricter financial regulations, said in a statement.

Offered by mainstream financial services firms, E.T.F.s are essentially baskets of assets rather than buying the assets directly, customers buy shares in these baskets. The products are easy to trade, from brokerage accounts with companies like Vanguard or Charles Schwab, and are popular with wealth advisers and other financial mangers.

In the crypto world, E.T.F.s offer another key advantage: simplicity. Rather than navigating the complexities of an online crypto wallet, a customer could go online and buy shares in a Bitcoin or Ether E.T.F. alongside stocks traded on Wall Street.

For years, crypto advocates have seen these products as a promising way to encourage wider use of digital currencies. Before the Bitcoin E.T.F.s were approved, crypto companies battled the S.E.C. in the courts, securing a legal victory in August that forced the agency to allow the products.

The Bitcoin E.T.F.s have proved to be enormously popular, attracting billions of dollars in investment.

The price of Ether has rebounded over the last few months, after a crypto downturn that started in 2022. Ether currently trades at about $3,800 per coin, more than 20 percent off its high of just under $4,900.

Thats a small fraction of the price of Bitcoin, which trades at about $68,000 per coin.

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Ether Cryptocurrency ETFs Are Approved by the SEC - The New York Times

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Bipartisan support of cryptocurrency is resurging in Congress. Here’s why – Fortune

Cryptocurrency is having a moment in Washington D.C. The Senate voted last week to overturn an SEC rule, Staff Accounting Bulletin 121 (SAB-121), that had imposed onerous accounting standards on cryptocurrency assets held by financial institutions. The Senate vote followed House approval of the same pro-crypto measure.

This week, the House will consider Financial Innovation and Technology for the 21st Century Act (FIT21), a bill that would establish a long-awaited U.S. regulatory regime for the crypto industry. And as of Monday, the U.S. Securities and Exchange Commission (SEC) appears to be leaning towards approval of exchange-traded funds (ETFs) for the spot market for a type of cryptocurrency known as Ethereum. If approved, it would be the second type of crypto ETFs authorized by the SEC. The tide is shifting.

President Biden has said hell veto the Congressional action reversing SAB-121. We hope he listens to lawmakers in his own party, including Senate Majority Leader Chuck Schumer and Corey Booker of New Jersey, who were among those who voted 60-38 to repeal the SEC rule.

At the same time, spot ether ETF approval would be another giant step forward for the crypto industry on its inevitable road to broad-based mainstream adoption. In January, SEC-approved ETFs pegged to the spot market in Bitcoin began trading.

Crypto got a bad name with the spectacular implosion of Sam Bankman-Frieds fraudulent FTX empire, followed by the incarceration of Changpeng CZ Zhao, the former CEO of Binance, the largest global cryptocurrency exchange.

That stigma masked all the potential positive benefits of the blockchain technology that underpins cryptocurrency. More than 50 million Americans now hold cryptocurrencies. And the variety of exchange-traded funds pegged to Bitcoin that have sprung up this year have attracted $12 billion in inflows as of Mayone of the most successful ETF launches in history. No wonder Congress has taken notice.

The Congressional repeal effort was aimed at the SECs Staff Accounting Bulletin 121 (SAB-121), adopted in 2022. The rule required financial institutions that hold crypto accounts to treat them as liabilities, which made the safekeeping of digital assets simply uneconomical. A recent analysis by the bipartisan Congressional Research Service had observed that rules represents a shift from traditional custodial practices, could limit involvement of certain institutions, and may introduce new costs or risks.

At its heart, blockchain technology is here to stay, remains bipartisan, and its building momentum on a path to mainstream adoption as the country focuses on the November elections.

While agencies could have reduced ambiguity by working together to clearly and precisely define the boundaries of their respective jurisdictions, they have refused to do so. Instead, they have gone on campaigns of regulation by enforcement to assert their authority over the asset class and to suppress its adoption and growth.

This approach has been costly and expensive for those on the receiving end, although recent court rulings are giving the crypto industry some of the clarity it has been seeking. While this is not the preferred policy path, checks and balances are working, and this is unlocking pent-up demand for clearly regulated crypto products.

With the November U.S. elections looming, a sharply divided electorate has found common ground in their support of blockchain technology. For progressives, blockchain-powered finance eliminates gatekeepers. It makes finance more accessible and inclusive at a time when the crackdown on crypto alienates communities of color, who have embraced the asset class. Among conservatives, agency overreach violates fundamental principles of free markets and more limited government.

Regardless, leadership in innovation and technology remains a shared American value. In fact, 20% of voters in key battleground states identified crypto as a major issue in the 2024 election season according to a recent survey by Digital Currency Group. As seen by the success of pro-crypto candidates in recent primaries, candidates who choose to fight crypto do so at their own peril.

In a final act of desperation, anti-crypto crusaders have sought to garner bipartisan support by suggesting that crypto harms national security. But crypto is no bigger threat to national security than the internet itself. In fact, the transparency of blockchain has emerged as a key forensic tool to better track illicit finance.

The greater threat to national security could be the economic fallout of policies that thwart innovation and send entrepreneurs overseas. For example, it would be difficult to design a greater innovation for the U.S. dollar than stablecoins pegged one-to-one to the dollar. Stablecoins are already the 16th largest holder of Treasury bonds, represent 99% of internet money, and are set to preserve the dollar as the global reserve currency for decades to come.

The Senate and House votes to overturn SAB-121 are a milestone in bipartisan support for the cryptocurrency industry and show that Congress understands that blockchain technology is the future of the internet.

One reason the SEC has been able to attempt to apply antiquated thinking to the regulation of the new internet is that, so far, Congress has not passed nuanced legislation that defines regulatory parameters and encourages U.S. innovation. As a result, regulators have been left to rely upon decades-old dilapidating financial rules that do not reconcile with the realities of the new digital asset class.

Today, the House will consider the Financial Innovation and Technology for the 21st Century Act (FIT21), a bill that would establish a long-awaited U.S. regulatory regime for the crypto industry. The bill has the support of the cryptocurrency industry because it will deliver customer protections and long-sought-after regulatory clarity.

We hope that Congresss bipartisan support for the crypto industry will continue to prevail. And we hope the President takes heed of the public sentiment.

As House lawmakers prepare for a floor vote on FIT21, the electorate will be watching. History will be watching, too.

Chris Perkins is the president of CoinFund, an asset management firm that champions the leaders of the new internet.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs ofFortune.

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Bipartisan support of cryptocurrency is resurging in Congress. Here's why - Fortune

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Jim Cramer runs through 4 stock movers and why he owns and believes in cryptocurrency ether – CNBC

Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Workday : The HR software company cut its subscription revenue outlook, and the stock was being punished Friday, down 13.5%. "Everybody in the country is trying to scale back" human resources, Jim Cramer said Friday, adding that's the problem. Ross Stores : The off chain retailer reported better than expected quarter. The stock was rising 8.5%. Ross Stores competes with TJX, which is a holding in the CNBC Investing Club portfolio. Shares of TJX, the company behind T.J. Maxx, Marshalls, and HomeGoods, "should revisit where it was" at the height of Wednesday's earnings increase, Cramer said. The stock Wednesday finished well off the highs for the session and then went down and up Thursday and Friday. Deckers Outdoor : The company behind Hoka and UGGs delivered a better-than-expected quarter. Hoka net sales were up 34%. Shares of Deckers were being rewarded, up more than 12% on Friday. Cramer said "Deckers is very well run company" but warned that footwear and apparel "can be fickle." Intuit : The QuickBooks and Turbo Tax company's guidance was not good enough for the Street, and the stock fell nearly 7.5%. "Small businesses, are they not forming? That's what's going on," Cramer said. Ether : The SEC approved ether exchange-traded funds (ETFs). Cramer said, "Amen." He added, "I have ether because it's a great store of value in a world where I think that the U.S. dollar is going to have a hard time because we have such bad [federal budget] deficits." Cramer said he owns ether in his personal portfolio. "It's not a stock. But I think it's worth owning," he concluded.

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Jim Cramer runs through 4 stock movers and why he owns and believes in cryptocurrency ether - CNBC

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