Justin Bieber’s Hit Song Company To Become NFT, Grayscale’s Lawyers Write To SEC

Here are some of the major developments from the world of crypto over the past few days
Non-Fungible Token (NFT)
Non-Fungible Token (NFT)

Justin Bieber’s hit song from 2015, Company, has been turned into a non-fungible token (NFT) by another block from which fans could earn royalties from future streams of the track.

On September 7, 2023, the Blockchain-focused music technology platform anotherblock and the track’s co-producer Andreas Schuller, also known as Axident, will release Company as an NFT with a limited supply of 2,000. Fans who possess an NFT of the tune will subsequently be eligible to split a 1 per cent royalty from the song’s streams while Axident will still control the rights.

Axident discussed the importance of fans in the music business and how Blockchain technology and music rights create a completely new social landscape. “The ownership of a song bears far greater weight than its monetary value; it forges a profound connection to the art that, until now, has been beyond the reach of fans,” Axident said.

Grayscale’s Lawyers Write To SEC

Grayscale has informed the US Securities and Exchange Commission (SEC) that it no longer has any legal justification to obstruct the asset manager’s flagship Bitcoin fund from being converted to a spot exchange-traded fund (ETF).

Following the SEC’s legal defeat on the conversion of the Grayscale Bitcoin Trust (GBTC), Grayscale’s solicitors wrote to the SEC on September 5, 2023 to request a meeting. “We believe the Trust’s nearly one million investors deserve this fair playing field as quickly as possible, “Grayscale’s lawyers wrote in a letter to the SEC.

“Now that the Court of Appeals has spoken, there is no available rationale that would distinguish a Bitcoin futures ETF from a spot Bitcoin ETF under the legal analysis previously adopted by the Commission in rejecting spot Bitcoin ETFs,” it added.

Grayscale further said that it thinks the SEC should reach the conclusion that there are “no grounds” to treat the GBTC differently from Bitcoin futures ETFs whose filings “the Commission has previously approved.”

A US Appeals Court had on August 29, 2023 overturned the SEC’s refusal of Grayscale’s request to change its GBTC into a spot Bitcoin ETF.

USD Coin Officially Expands To Base, Optimism Networks

Circle’s USD Coin has been launched natively on both the Base and Optimism networks. This has been done to allow Circle account holders to send the Stablecoin from their accounts to either network. According to a social media post on September 5, 2023, Coinbase has also made USDC payments to Base possible.

Circle said it is working with “ecosystem partners” in order to create a mechanism that will allow users to exchange out outdated, bridged versions of USDC for the brand-new, official versions.

Though Coinbase’s Base network was live on August 9, neither Coinbase customers nor Circle account holders were able to send USDC from their exchange accounts to the Base network at that time.

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