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BakerHostetler elevates 24 attorneys to firm partnership

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<a href="#ether">Ether ETFs Begin Public Trading, Generate $1.07B in Cumulative Volume</a>

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<a href="#crypto">Crypto Offerings Announced by Major Accounting Firm, Crypto Custodian</a>

<a href="#fatf">FATF Publishes Fifth Targeted Update on Implementing VA and VASP Standards</a>

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Ether ETFs Begin Public Trading, Generate $1.07B in Cumulative Volume

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By <a href="https://www.bakerlaw.com/RobertAMusiala" target="_blank" rel="noreferrer noopener">Robert A. Musiala Jr.</a>

According to reports, on July 23, nine different spot ether (ETH) exchange-traded funds (ETFs) from eight different issuers began public trading on three major U.S. securities exchanges. On the first day of trading, the ETH ETFs reportedly generated approximately $1.07 billion in cumulative trading volume. Reports noted that as currently designed, the ETH ETFs cannot hold staked ETH.

In related news, according to reports, a major U.S. investment management firm recently made a private credit fund available on the Solana blockchain network through a partnership with Libre, a Web3 infrastructure firm. The offering will reportedly allow accredited, professional and institutional investors to directly access the private credit fund and ancillary services for secondary trading and collateralized lending.

In a final notable item, according to a recent press release, a major Italian bank, Cassa Depositi e Prestiti Spa (CDP), has successfully concluded its first issuance of a digital bond on the Polygon blockchain network. The issuance reportedly took place as part of an initiative with the European Central Bank.

For more information, please refer to the following links:

<a href="https://www.law360.com/fintech/articles/1860860?nl_pk=443df714-8612-4cc7-92bb-12102189ef09&utm_source=newsletter&utm_medium=email&utm_campaign=fintech&utm_content=2024-07-23&read_main=1&nlsidx=0&nlaidx=3" target="_blank" rel="noreferrer noopener">Ether ETPs To Begin Trading</a>

<a href="https://www.theblock.co/post/306699/spot-ethereum-etfs-get-final-sign-off-to-begin-trading-Tuesday" target="_blank" rel="noreferrer noopener">Spot Ethereum ETFs get final sign off to begin trading Tuesday</a>

<a href="https://www-theblock-co.cdn.ampproject.org/c/s/www.theblock.co/amp/post/307063/spot-ethereum-etfs-generate-over-1-billion-in-trading-volume-on-first-day" target="_blank" rel="noreferrer noopener">Spot Ethereum ETFs generate over $1 billion in trading volume on first day</a>

<a href="https://alternativecreditinvestor.com/2024/07/23/hamilton-lane-puts-private-credit-fund-on-solana-blockchain/" target="_blank" rel="noreferrer noopener">Hamilton Lane puts private credit fund on Solana blockchain</a>

<a href="https://group.intesasanpaolo.com/en/newsroom/press-releases/2024/07/cdp-successfully-issues-its-first-digital-bond-on-blockchain-int" target="_blank" rel="noreferrer noopener">CDP successfully issues its first Digital Bond on Blockchain Intesa Sanpaolo fully underwrites the transaction</a>

Crypto Offerings Announced by Major Accounting Firm, Crypto Custodian

By <a href="https://www.bakerlaw.com/KeithRMurphy" target="_blank" rel="noreferrer noopener">Keith R. Murphy</a>

According to a recent press release, a “Big Four” accounting firm is collaborating with crypto accounting software platform Cryptio to assist companies with establishing controls to account for crypto assets. The release notes that obtaining accurate and comprehensive on-chain data for financial reporting purposes is key to meeting financial reporting standards. According to the release, Cryptio’s technology allows companies to maintain complete and auditable data, while the Big Four accounting firm brings significant industry knowledge to help businesses navigate financial landscapes, improve internal controls and meet reporting standards.

In another recent report, digital asset custodian Hex Trust announced that it has received approval in-principle for a Major Payment Institution license from the Monetary Authority of Singapore (MAS). Such licenses allow firms operating in Singapore to conduct multiple payment services and deal with digital payment tokens, and they reportedly are a “gold standard” for crypto licenses in Asia. The CEO and co-founder of Hex Trust stated that getting to this stage in the process was a multiyear effort that began in 2020, according to the report.

<a href="https://www.newsfilecorp.com/release/216835/KPMG-LLP-and-Cryptio-Establish-Strategic-Alliance-to-Help-Companies-Meet-Financial-Reporting-Standards-for-Digital-Assets" target="_blank" rel="noreferrer noopener">KPMG LLP and Cryptio Establish Strategic Alliance to Help Companies Meet Financial Reporting Standards for Digital Assets</a>

<a href="https://www.coindesk.com/policy/2024/07/24/hex-trust-receives-in-principle-approval-from-singapores-mas-for-major-payment-institution-license" target="_blank" rel="noreferrer noopener">Hex Trust Receives In-Principle Approval from Singapore’s MAS For Major Payment Institution License</a>

FATF Publishes Fifth Targeted Update on Implementing VA and VASP Standards

By <a href="https://www.bakerlaw.com/ChristopherLamb" target="_blank" rel="noreferrer noopener">Christopher Lamb</a><a href="https://www.bakerlaw.com/VeronicaReynolds"></a>

The Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog, recently released its fifth Targeted Update on Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers. According to a press release, the report finds that global implementation of AML/CFT regulations addressing virtual assets (VAs) is lagging in some jurisdictions, with some governments having yet to take any steps to regulate the VA sector. The report finds that 75% of jurisdictions are partially or not compliant with the FATF’s VA and VA service provider (VASP) requirements, a number that is identical to their findings in April 2023. According to the press release, “The slow progress in regulating the VA sector is a serious concern as VAs continue to be used to support the proliferation of weapons of mass destruction, including by DPRK, as well as by scammers, terrorist groups, and other illicit actors.”

Additionally, the report finds that roughly one-third of the jurisdictions that responded to the survey have not passed VA legislation implementing the Travel Rule, an important AML/CFT measure. The report also indicates an increase in adoption of stablecoins and DeFi arrangements and identifies the need to facilitate the sharing of best practices in implementing the FATF Standards on VAs and VASPs.

<a href="https://www.fatf-gafi.org/en/publications/Fatfrecommendations/targeted-update-virtual-assets-vasps-2024.html" target="_blank" rel="noreferrer noopener">Virtual Assets: Targeted Update on Implementation of the FATF Standards on VAs and VASPs</a>

Weekly Blockchain Blog – July 29, 2024

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