Crypto & Blockchain Daily Brief Friday, August 23, 2024

Grayscale, a prominent crypto asset manager, has launched a new investment product focused on the AVAX token from the Avalanche blockchain. The product, named the Grayscale Avalanche Trust, will allow investors to gain exposure to AVAX through a traditional investment vehicle. Grayscale's move to include AVAX in its offerings signifies the growing interest in Avalanche, which is known for its high-speed and low-cost transactions. The Avalanche network has gained traction in the crypto space due to its innovative consensus mechanism and scalability features. AVAX, the native token of the Avalanche platform, is used for various purposes within the ecosystem, including transaction fees, staking, and decentralized applications. Grayscale's decision to introduce the Avalanche Trust comes at a time when institutional interest in cryptocurrencies and blockchain technology is on the rise. By offering exposure to AVAX through a regulated investment product, Grayscale aims to cater to the growing demand from institutional investors looking to diversify their portfolios with crypto assets. Investors interested in the Grayscale Avalanche Trust can now gain exposure to AVAX without having to directly hold the underlying asset. This allows them to invest in the potential upside of the Avalanche ecosystem while mitigating some of the risks associated with holding cryptocurrencies directly. Grayscale's entry into the Avalanche ecosystem is expected to further boost the visibility and adoption of AVAX among traditional investors looking to explore the crypto market.

Franklin Templeton, a global investment firm, is expanding its Onchain US Money Fund onto the Avalanche blockchain platform. This move will allow the fund to access the rapidly growing decentralized finance (DeFi) ecosystem on Avalanche. The Onchain US Money Fund is designed to provide institutional investors with exposure to the money market, offering high liquidity and stability. By utilizing Avalanche's blockchain technology, Franklin Templeton aims to enhance the efficiency and accessibility of its fund, enabling faster transactions and lower costs. Avalanche's sub-second finality and high throughput capabilities make it an attractive platform for financial institutions looking to leverage blockchain technology. The Onchain US Money Fund on Avalanche will offer additional benefits such as lower transaction fees and increased transparency compared to traditional financial systems. This expansion highlights the growing interest in DeFi solutions among institutional investors and underscores the potential for blockchain technology to revolutionize the finance industry. Franklin Templeton's decision to expand onto Avalanche demonstrates its commitment to embracing innovative technologies and providing its clients with access to cutting-edge financial products. The move also reflects the increasing adoption of blockchain technology in the traditional finance sector, as institutions seek to capitalize on the efficiency and security benefits offered by decentralized systems.

Tether, a major player in the stablecoin market, has announced the upcoming launch of a new stablecoin pegged to the United Arab Emirates dirham (AED). The new stablecoin, called AED₮, will be issued on the Ethereum and Tron blockchains. AED₮ will offer users a digital asset that is pegged to the AED, providing stability and ease of use for those in the UAE and beyond. The launch of AED₮ marks Tether's latest expansion in the stablecoin market, following the success of its other fiat-pegged stablecoins such as USDT (USD) and EURT (Euro). By pegging AED₮ to the AED, Tether aims to provide a reliable and efficient digital asset for users in the UAE, as well as attract more users to the stablecoin market. Tether has chosen to issue AED₮ on the Ethereum and Tron blockchains, which are popular platforms for decentralized applications and smart contracts. This decision allows for greater accessibility and interoperability for users who wish to transact with AED₮ on these blockchains. Overall, the launch of AED₮ demonstrates Tether's commitment to expanding its stablecoin offerings and catering to the needs of users in different regions. By introducing a stablecoin pegged to the AED, Tether aims to provide a valuable asset for users in the UAE and contribute to the growth of the stablecoin market as a whole.

Senator Kamala Harris is facing criticism for her proposed tax plan, which includes increasing the capital gains tax rate to 39.6% for individuals earning more than $1 million annually. This proposal has sparked concerns within the crypto community, as it could significantly impact cryptocurrency investors and traders who often deal with high-value transactions. The tax plan has been viewed as a potential deterrent for crypto investors, especially those who have been considering shifting their focus to more favorable jurisdictions. Harris' tax plan has been criticized for potentially stifling innovation and driving investors away from the United States, which could have negative implications for the country's economy and technological advancement. Critics argue that the proposed tax increase could hinder the growth of the crypto industry in the U.S. and push investors to seek more favorable tax environments overseas. Furthermore, the article suggests that Harris' pro-crypto shift might be in vain if the tax plan is implemented, as it could deter investors and hinder the industry's progress. The crypto community is calling for more favorable regulatory and tax environments to support innovation and growth in the sector. In conclusion, Senator Kamala Harris is facing backlash for her proposed tax plan, which could have negative consequences for the crypto industry in the U.S. The article highlights concerns within the crypto community regarding the potential impact of the tax plan on investors and innovation, emphasizing the importance of creating a supportive regulatory and tax framework for the industry's growth.

Kamala Harris, the Vice President of the United States, has shown support for cryptocurrency and blockchain technology. She has been vocal about the importance of innovation and technological advancements in the financial sector, highlighting the potential benefits of digital assets. Harris has emphasized the need for regulations that protect consumers and investors while fostering innovation in the cryptocurrency space. Harris has also expressed concerns about the use of cryptocurrencies in illicit activities and has called for measures to address these issues. She has supported initiatives that aim to combat money laundering and terrorist financing through the use of digital currencies. Additionally, Harris has shown interest in promoting financial inclusion through the adoption of blockchain technology, particularly in underserved communities. The Vice President's stance on cryptocurrency aligns with the broader trend of increasing acceptance and adoption of digital assets by policymakers and regulators. Harris's support for blockchain technology and digital currencies could have a positive impact on the development of the industry, providing clarity and guidance for market participants. Overall, Kamala Harris's favorable stance on cryptocurrency and blockchain technology signals a potential shift towards more supportive regulations and policies in the United States. Her emphasis on balancing innovation with consumer protection and financial inclusion could pave the way for a more inclusive and secure digital asset landscape.