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Fox Business reporter Eleanor Terrett said approval of a spot Bitcoin ETF in early January is unlikely. In an X post, Fox journalist Eleanor Terrett noted that the Securities and Exchange Commission (SEC) still needs to review changes to the S-1 filings for spot Bitcoin ETFs. While the @SECGov is surely unpredictable, it would surprise me if approvals were to happen tomorrow. From what I understand through conversations I’ve had with issuers, the SEC still has to review all the changes made to the S-1s filed on Thursday/Friday AND make comments on… https://t.co/CnkYdXsbD4 — Eleanor Terrett (@EleanorTerrett) January 1, 2024 She said the SEC will likely notify issuers of a final Form S-1 filing date following this round of review, practical within the next 24 to 48 hours, similar to the approval schedule for Ethereum (ETH) futures ETFs last October. “SEC staff has been off since Friday, so a Tuesday or Wednesday approval seems tight. But we shall see! Regardless, the next tw...

The United States SEC is showing a clear preference for a cash redemption model in spot Bitcoin ETFs. Notably, Invesco and Galaxy Digital have recently updated their filings to align with this model, indicating a broader industry shift. This development was highlighted on Dec. 14 by finance lawyer Scott Johnsson. The updated S-1 filings of these firms now show a commitment to cash transactions to create and redeem ETF shares. This move signals a significant pivot in handling Bitcoin ETFs, contrasting with the in-kind redemption model proposed by firms like BlackRock. I think everyone is gonna have to bend the knee to cash creates and redeems. https://t.co/1z9HknHyAG — James Seyffart (@JSeyff) December 13, 2023 The distinction between these two models lies in their operational mechanics. In a cash creation model, participants deposit cash equivalent to the net asset value of the created ETF units, which the fund then uses to purchase assets like Bitcoin (BTC). On the oth...

Representatives from the U.S. Securities and Exchange Commission also met with Grayscale on Nov. 20 in the asset manager’s bid for listing a Bitcoin ETF. Representatives from BlackRock and the Nasdaq met with the United States Securities and Exchange Commission to discuss the proposed rule allowing the listing of a spot Bitcoin (BTC) exchange-traded fund, or ETF. According to a Nov. 20 SEC memo, BlackRock provided a presentation detailing how the firm could use an in-kind or in-cash redemption model for its iShares Bitcoin Trust. It’s unclear how SEC officials responded to the two proposed models or if they intend to approve a spot BTC ETF after numerous delays and rejections. Looks like @BlackRock also met with SEC! There’s a couple slides in relation to in-kind vs cash creation. Based on this it looks like BlackRock prefers in-kind for their #bitcoin ETF (makes sense as its probably cleanest structure for them & end investors) h/t @btcNLNico https://t.co/AK0XspL4zJ pic.twitter...

Grayscale executives and lawyers met with the SEC to discuss a rule change to list the Grayscale Bitcoin Trust (GBTC). Executives from crypto asset manager Grayscale have met with the Securities and Exchange Commission to discuss details of its flagship Bitcoin (BTC) trust, which the firm wants to convert to a spot Bitcoin exchange-traded fund (ETF). A Nov. 20 SEC memo disclosed Grayscale CEO Michael Sonnenshein, legal chief Craig Salm, ETF head Dave LaValle and four other executives, along with five Davis Polk law firm representatives, met with the SEC’s division of trading and markets. The memo said discuss ions “concerned NYSE Arca, Inc.’s proposed rule change to list and trade shares of the Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E.” Grayscale detailed that it had entered a Transfer Agency and Service Agreement with BNY Mellon, according to a filing shared by Bloomberg ETF analyst James Seyffart. The bank will act as the agent for its Grayscale Bitcoin Trust (G...

As XRP’s price continues its steady ascent, we dissect the factors contributing to its sustained growth, from legal victories to strategic partnerships that shape its market standing. Ripple’s cryptocurrency, XRP, has distinguished itself as a notable performer in the digital currency market over the past month.  As of Nov. 6, XRP has experienced a substantial surge, soaring almost 40% in the last 30 days to levels not witnessed since July 2023, peaking at $0.7299. Currently, XRP is trading at around $0.72, marking a strong recovery, though it still trades well below its all-time high of $3.842 from January 2018. This recent rally is not an isolated incident but rather part of a broader bullish trend throughout 2023, with XRP’s price climbing over 100% from the beginning of the year.  This positive momentum reflects growing investor confidence, potentially linked to Ripple’s progress in enhancing cross-border payment systems and its perceived advantages in th...

Bitwise Invest has made certain changes to its application to register a spot Bitcoin ETF following comments from the U.S. Securities and Exchange Commission (SEC). Bloomberg Intelligence analyst James Seyffart reported on this on his Twitter account. UPDATE: @BitwiseInvest has submitted their amendment for their #Bitcoin ETF pic.twitter.com/8ByhlMvdMN — James Seyffart (@JSeyff) October 25, 2023 According to the expert, there are no significant changes in the filing . However, the company added its product ticker BITB. If the SEC approves ETF, it will trade on the NYSE Arca exchange. When asked whether this should be considered a definite signal, Seyffart replied that it is just an example of a dialogue between counterparties and the regulator. Not really. No. Just more progress and shows continued conversation between SEC and these filers. — James Seyffart (@JSeyff) October 25, 2023 Earlier this month, Ark Invest amended its joint application with 21Shares to reg...

Terraform Labs co -founder Do Kwon is pushing back against the United States Securities and Exchange Commission ( SEC ) regarding Slack messages presented as crucial evidence in an ongoing Legal battle . These messages, dating back to September 2019, involve a discussion between Kwon and his co -founder , Daniel Shin, regarding potential tactics to boost investor interest in the Seoul-based payments provider, Chai Corporation . The exposed chat reveals that Kwon and Shin brainstorm strategies to attract investors. Chai Corporation, founded by Kwon and Shin in mid-2019, had close ties with Terraform Labs until their separation in 2020. The leaked messages indicate that Kwon had plans to shape transactions to make them more appealing, stating, “I can just create fake transactions that look real.” He believed these transactions could generate fees and be phased out gradually as Chai grew. Kwon also sought confidentiality, saying, “I won’t tell if you won’t...

An impending US government shutdown may be accelerating the launch of Ethereum futures ETFs, analysts suggest. Ethereum futures exchange-traded funds (ETFs) could start trading for the first time in the United States as early as next week, according to Bloomberg analyst s. On Sept. 28, Bloomberg Intelligence analyst James Seyffart said it was “looking like the SEC is gonna let a bunch of Ethereum futures ETFs go next week potentially.” His comments were in response to fellow ETF analyst Eric Balchunas who said he was hearing that the SEC wanted to “accelerate the launch of Ether futures ETFs.” “They want it off their plate before the shutdown,” he said, adding that he's heard the various filers to update their documents by Friday afternoon so they can start trading as early as Tuesday next week. Looking like the SEC is gonna let a bunch #Ethereum futures ETFs go next week potentially https://t.co/YoBD1d1ay8 — James Seyffart (@JSeyff) September 28, 2023 The U.S. government i...

The Philippine SEC is now collaborating with the U.S. SEC and the Asian Development Bank to better combat crypto-related crime. The Philippines Securities and Exchange Commission (SEC) has teamed up with its United States counterpart, as well as the Asian Development Bank to crack down on criminals using cryptocurrencies to commit fraud and other financial crimes. According to a Sept. 15 press release, the three institutions conducted an International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training workshop last month, in a bid to upskill their combined fraud and scam prevention toolkit when it came to crypto -related crimes. The Securities and Exchange Commission (SEC) Philippines collaborating with international organizations to further its mandate of protecting the public from securities fraud and other forms of investment scams. Read more at https://t.co/TzdieiKRSp#SECupdates pic.twitter.com/3ANDH9yrwC — SEC Philippines (@SEC_Philippines) Se...

The SEC, Binance, and its CEO Changpeng Zhao agreed on a joint motion to file confidential information under seal. On Sept. 11, a joint motion was submitted by parties in the U.S. Securities and Exchange Commission (SEC)’s lawsuit against Binance and Changpeng ‘CZ’ Zhao to request how certain documents or potential evidence would be handled during court proceedings. The protective order filed by the SEC, Binance Holdings Limited, BAM Trading Services Inc, BAM Management US Holdings Inc, and Zhao holds all sides to keep discovery under seal. This means that confidential or other non-public information must be filed as protected materials, and the order restricts access to such documents to parties like the judge, attorneys, plaintiffs, defendants, and court-approved non-parties. These protected materials would be designated as either “CONFIDENTIAL or HIGHLY CONFIDENTIAL – ATTORNEYS’ EYES ONLY”, according to the joint filing. SEC vs Binance The update is the latest filing ...

Stuart Alderoty says that an appeal by the Securities and Exchange Commission could see Ripple consolidate its victory over the regulator even further. Concerns of a potential appeal by the United States securities regulator to the landmark Ripple ruling earlier this month were shrugged off by Ripple’s chief legal officer. Stuart Alderoty believes that if the SEC takes the case to an appeal , the court could move to consolidate Ripple Labs’ partial victory over the financial regulator even further. Speaking on a July 26 TechCrunch podcast, Alderoty reiterated his position that the XRP (XRP) token does not constitute an investment contract and that the Ripple team would not shy away from any appeal brought to the courts by the SEC. “We think the judge got that right, and we think that was a faithful application of the law, and I think a court of appeals will not only affirm that but maybe even amplify that to even a greater extent.” On July 13, Judge Analisa Torres ruled XRP was no...

The motion to dismiss argues that even if all the allegations in the lawsuit are true, the plaintiff does not have a valid legal claim. In the ongoing legal battle between Coinbase and the United States Securities and Exchange Commission (SEC), the American cryptocurrency exchange has filed a motion to dismiss the SEC’s complaint. In a legal document filed on Thursday, June 29 with the U.S. District Court for the Southern District of New York, Coinbase raised concerns about the SEC’s interpretation of securities laws, suggesting the agency was reaching beyond its legal authority. This move underscores Coinbase’s determination to challenge the SEC’s lawsuit. The motion to dismiss argues that even if all the allegations in the lawsuit are true, the plaintiff does not have a valid legal claim . Coinbase’s legal team stated in the filing: “Even if the SEC were correct that the assets and services it identifies are within the scope of its existing regulatory authority, this [legal] actio...

Defining BitGo CEO’s Support for Ripple In a Twitter post , Belshe clarified that his support for Ripple’s victory in the lawsuit was not driven by personal affection for XRP but rather by a desire to bring about regulatory change.  advertisement He expressed the belief that a favorable outcome for Ripple would pave the way for regulatory frameworks that foster innovation, just as Bitcoin (BTC) was allowed to develop without being stifled by regulatory burdens in its early stages. In his statement, BitGo CEO Mike Belshe drew a parallel between the early days of Bitcoin and the current situation with Ripple and XRP. Belshe pointed out that Bitcoin, despite its vision of decentralization, had a centralized aspect in its early years, similar to Ripple.  Consequently, he suggested that if Bitcoin had been subjected to the same regulatory scrutiny as Ripple is facing now, it could have been labeled a “security”. Re...

The Securities and Exchange Commission (SEC) left many scratching their heads when it designated BUSD, a so-called stablecoin, as an unregistered security. The commission’s reasoning is complex yet intriguing — and raises questions about the classification of other stablecoins. The SEC has explicitly classified dozens of digital assets as SEC urities, including many ICOs like cardano (ADA), solana (SOL), ripple (XRP), algorand (ALGO), tron (TRX), and filecoin (FIL).  Interestingly, commissioners also classified Terra (UST), the failed stablecoin associated with Do Kwon’s Terra Luna (LUNA), as an investment contract. Many observers dismissed this securities classification without much thought, due to UST’s obvious collapse and algorithmic dependence on the hyperinflationary LUNA token. However, the SEC turned heads on Monday when it classified another stablecoin which still trades near $1 as an unregistered security: Binance’s BUSD. The stablecoin’s ecosystem...

BTC margin and options markets are steady, even as investors run for cover as crypto and stock prices fall. Bitcoin (BTC) traders saw continued downward pressure after the 5.5% decline in BTC price on March 7. Increased odds of further interest rate increases by the Federal Reserve and regulatory pressure in cryptocurrencies explain some of the movement. Financial markets showed signs of stress as the inverted bond curve reached its highest level since the 1980s. Longer-term dated yields have stalled at 4%, while two-year treasury notes traded above 5% yield in March. Since July, longer-dated treasury yields have failed to keep pace with the surging two-year benchmark, resulting in the inverted curve distortion that typically precedes economic downturns. According to Bloomberg, the indicator reached a full percentage point on March 7, the highest level since 1981, when Fed Chair Paul Volcker faced double-digit inflation. This week, BlackRock, the world's largest asset manager, in...