#Will the SEC Approve BlackRock’s Bitcoin (BTC) ETF?
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Will BlackRock (BLK) make money from a Bitcoin ETF?
America’s largest asset manager BlackRock (BLK) wants to invest in the Bitcoin (BTC) market.
Specifically, BlackRock is trying to register an iShares Bitcoin Trust with the US Securities and Exchange Commission (SEC). “The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust,” the 15 June 2023 SEC filing states. “The Trust seeks to reflect generally the…
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#Can BlackRock take Bitcoin Mainstream?#Why is BlackRock investing in Bitcoin (BTC)?#Will BlackRock (BLK) make money from a Bitcoin ETF?#Will the SEC Approve BlackRock’s Bitcoin (BTC) ETF?
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BlackRock Applies For Bitcoin ETF
Institutional-scale bitcoin (BTC) investment in America — the dream of many early digital gold asset backers — is becoming a distinct possibility.
But for some, an institutional move into BTC is nothing more than a dystopian nightmare, where a noble battle against the corruption of the fiat monetary system ends with the rich, once again, getting richer.
The application for an ETF by the largest asset manager in the world, BlackRock, could not have happened at a stranger time in cryptocurrency’s regulatory history.
Just as the US Securities and Exchange Commission (SEC) is hunting down Coinbase for allegedly flouting securities laws, BlackRock is requesting the SEC’s approval for a spot bitcoin ETF with Coinbase as its custodial partner.
It should be no surprise that BlackRock would choose to work with Coinbase for its ETF, as they have long been strategic partners. Still, the entry of old-world wealth into the bitcoin realm is raising red flags in the community.
On a recent On the Margin podcast (Spotify/Apple), Mark Yusko expresses some of the fears of handing over the keys — both figuratively and cryptographically — to the institutions.
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Spot Bitcoin ETF Approval Anticipation: SEC Decision Today
Investors are eagerly awaiting the United States Securities and Exchange Commission's (SEC) potential approval of a spot Bitcoin exchange-traded fund (ETF) on January 10.
While positive indicators suggest a favorable outcome, the SEC's decision remains uncertain, despite some asset managers finalizing paperwork amendments. If approved, an influx of ETFs could follow, including those from major players like Valkyrie, WisdomTree, BlackRock, and more.
Market analysts speculate that a green light from the SEC could trigger significant developments in the BTC ecosystem, such as potential increases in infrastructure, meme coins, and application projects tied to BTC. Conversely, if the SEC denies approval, tokens of related ecosystem projects may experience more severe declines.
As the SEC faces the January 10 deadline for the ETF proposed by ARK Invest and 21Shares, the commission might make simultaneous decisions on multiple applications. However, decisions on some applications could be deferred until March and beyond, depending on filing dates. While experts consider this unlikely, certainty remains elusive.
If the SEC approves the BTC ETF, it could have cascading effects on the market, potentially causing the BTC rate to skyrocket. This surge in demand may impact Bitcoin mining hash power, making it immediately more expensive.
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Memecoin Revolution: PTOUNX's Role in Digital Finance
Introduction: The Surge of Memecoins
The cryptocurrency market is experiencing a surge with memecoins—cryptocurrencies inspired by internet memes. These assets, combining humor and viral culture, attract many young investors. The success of Dogecoin (DOGE) and PEPE stems from their cultural roots, simplicity, entertainment value, low entry barriers, and promotion by influential personalities.
Exchanges like PTOUNX are leveraging this trend by providing robust platforms for trading these assets. This article explores why memecoins succeed and how PTOUNX is capitalizing on this trend amid economic uncertainties.
The Cultural and Viral Appeal of Memecoins
Memecoins like Dogecoin and PEPE are deeply embedded in internet culture. Dogecoin began in 2010 from a viral Shiba Inu photo, while PEPE originates from the "Boys Club" comic by Matt Furie in 2005. Their recognizability and nostalgic value make them viral hits, easily spread and adapted across social media, lowering entry barriers for new participants.
Influence of Celebrities and Community Leaders
Promotion by figures like Elon Musk has significantly boosted memecoin popularity, causing market movements and attracting media attention. Community leaders also play a crucial role, engaging users and maintaining relevance, aligning with the decentralized nature of cryptocurrencies.
PTOUNX's Role in the Memecoin Ecosystem
PTOUNX Exchange, founded by Tyrone Edwards, excels in the memecoin market with advanced AI-driven security, real-time monitoring, and personalized trading algorithms. The platform emphasizes security, user experience, and diverse offerings, making it accessible to both novice and institutional investors.
Security and Transparency: PTOUNX uses military-grade encryption, multi-factor authentication, and secure wallet storage to protect assets.
User Experience: An intuitive design and AI market analysis tools enhance decision-making for all users.
Diverse Offerings: PTOUNX provides spot trading, derivatives, options, and new coin listings, catering to a wide range of investors.
Market Volatility and Economic Uncertainties
The crypto market's volatility, particularly with Bitcoin (BTC), poses both risks and opportunities. Bloomberg analyst Mike McGlone notes BTC's potential for greater volatility than the stock market during recessions. Stablecoins like USDT, backed by low-volatility assets, highlight investors' preference for stability.
Impact of Ethereum ETFs on Layer 2 Solutions
The SEC's approval of Ethereum ETFs, from firms like BlackRock and Fidelity, will likely increase Ethereum demand, causing network congestion and higher gas fees. This surge necessitates Layer 2 solutions like Optimistic Rollups and ZK-Rollups to alleviate congestion and reduce costs. According to L2BEAT, Ethereum Layer 2 TVL has reached $47.37 billion, a 17.16% increase in seven days.
Adoption and Infrastructure: More users will turn to Layer 2 solutions, driving adoption and necessitating infrastructure scaling.
Security and Interoperability: Ensuring the security and seamless interaction between Layer 1 and Layer 2 is crucial.
Conclusion: The Future of Memecoins and Cryptocurrency Exchanges
The rise of memecoins represents a trend towards cultural integration and financial democratization. Exchanges like PTOUNX are essential in providing secure and efficient trading platforms. By focusing on advanced technologies, security, and compliance, PTOUNX is poised to lead in this evolving landscape, ensuring continued innovation and growth in digital finance.
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BTC Halving: Sell-The-News or Buy-The-Alt-Rotation
“IBIT is the fastest growing ETF in the history of ETFs,” Blackrock (BLK) CEO Larry Fink recently declared in an interview with Fox Business. The SEC approval of spot Bitcoin ETFs in January and subsequent performance has driven BTC and the broader crypto market to new heights.
First, Bitcoin itself has made a new “all-time-high,” as prices broke past $70,000. U.S. based CME futures contracts…
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Bitcoin ETF Trading Volumes Surge Amid Record Price Movement
Trading volumes for US spot bitcoin ETFs reached a new daily high following BTC hitting a record price of around $69,000. The total volumes for the 10 funds hit $9.5 billion on Tuesday, surpassing the previous record set in February. BlackRock’s iShares Bitcoin Trust (IBIT) led with $3.7 billion in trading, followed by Grayscale Bitcoin Trust ETF (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) with $2.8 billion and $2 billion, respectively. 📈
Despite BTC dropping to around $62,000 from its peak, the interest in these ETFs is surging. The approval of these funds by the SEC has made it easier for a broader set of investors to access bitcoin exposure. The 10 bitcoin funds have seen $8 billion in net inflows since their launch in January, with $1.6 billion coming in just last week. The sector's trade volumes hit a record $22 billion during that same week. 📊
The increasing trading volumes and positive inflows into these US spot bitcoin ETFs indicate a growing demand for cryptocurrency exposure among investors. The data shows a bullish sentiment towards the cryptocurrency market despite the recent price fluctuations. As the market evolves, it will be interesting to see how these ETFs continue to perform and attract investors.
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Related hashtags: #bitcoin, #etf, #investing, #finance
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SEC Chairman Urges Caution Regarding Approval of Ethereum Spot ETFs
Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), has made significant remarks regarding cryptocurrencies, cautioning that the regulator's decision to approve Bitcoin spot ETFs should not signal imminent approval for similar products based on Ethereum. He urged the public to temper their expectations.
In an interview with CNBC, Gensler emphasized that the SEC's decision in January was based on a specific set of documents. He clarified, "We have other filings. I'm not going to telegraph them out to the broader public. The Commission of five regularly discusses and considers these issues."
Organizations like Fidelity and BlackRock have filed applications in recent months to launch spot ETFs based on Ethereum, hoping for SEC approval following the BTC funds. Crypto experts are divided on whether the product for the second-largest cryptocurrency will receive approval soon or face a lengthy process.
Gensler has hinted multiple times that the SEC felt pressured to approve Bitcoin spot ETFs. He voted in favor of their approval following a recent court decision. Several months ago, three representatives from the District of Columbia ruled that the regulator should review Grayscale Investments' application to restructure its trust into a spot Bitcoin ETF.
CNBC Squawk Box host suggested that the lawsuit potentially compelled the SEC to take action.
"We're neutral in terms of merits, if somebody follows the laws. So, they're providing full, fair, and truthful disclosure to the American public, who's making decisions about investments," Gensler responded. "We're also responsible for investor education, particularly around those assets that don't fit either into the securities laws or fit into any other regulatory regime," the chairman added.
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#approval#Bitcoin#BlackRock#CNBC#Cryptocurrency#Ethereum#Fidelity#GaryGensler#GrayscaleInvestments#InvestorEducation#Regulation#SEC#SECfilings#spotETFs
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Defying Doubters: CryptoQuant CEO Envisions Bitcoin Surpassing $112,000
Bitcoin's trajectory towards new all-time highs is a topic of discussion as Ki Young Ju, CEO of CryptoQuant, advocates for the transformative impact of Bitcoin spot Exchange Traded Funds (ETFs). Dismissing the perception of ETFs as mere "paper" investments, Ju anticipates their role in potentially propelling Bitcoin's price to $112,000, presenting a bullish outlook amid current market dynamics.
Ju's analysis offers two scenarios for Bitcoin's future value: an optimistic peak at $112,000 and a more conservative estimate of $55,000. Based on Bitcoin's current price of $47,100, these projections illustrate a potential range with a ceiling of $89,500 and a floor of $17,200.
Crucial to Ju's optimism is the expected monthly spot ETF inflows of $9.5 billion, projected to significantly boost Bitcoin's realized capitalization by an impressive $114 billion annually. Despite potential outflows from the Grayscale Bitcoin Trust (GBTC), Ju remains confident in Bitcoin's growth, foreseeing a substantial increase in realized capitalization.
Ju's analysis emphasizes BlackRock's substantial holdings, with nearly 50,000 BTC valued at over $3.19 billion through its ETF. Historical data on specific MVRV ratios lends credibility to his predictions, pointing to historical market bottoms and tops.
The recent approval and launch of the United States' first spot Bitcoin ETFs signify a transformative phase, attracting substantial institutional capital. Notable players like BlackRock, Fidelity, and Ark 21Shares have experienced significant inflows post-SEC approval, indicating a positive shift in investor sentiment.
As the cryptocurrency community awaits the Bitcoin block reward halving in April, experts anticipate significant market movements. Figures like Adam Back suggest the potential for Bitcoin to reach new all-time highs, possibly exceeding $100,000, further adding to the excitement and anticipation in the crypto space.
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Exposure of Bitcoin Reserves
Since the SEC's approval of 11 Bitcoin spot ETFs, including BlackRock, on January 10, their total trading volume has surpassed $13 billion in a short period. With assets under management exceeding that of silver ETFs, Bitcoin ETFs have become the second-largest ETF commodity category in the U.S.
According to Bitcoin Magazine, the combined assets under management of five silver ETFs are approximately $11.5 billion, while the assets under management of Bitcoin spot ETFs have already exceeded $28 billion within a week of their launch.
Another report by The Block indicates that Bitcoin ETF becoming the second-largest ETF commodity in the U.S. marks a significant milestone for the Bitcoin market. This achievement is credited to the growing demand for BTC from both institutional and retail investors.
Investors' increasing interest in Bitcoin ETF reflects a broader trend of diversified portfolios and acknowledgment of the unique value proposition BTC offers. The achievement surpassing silver ETFs solidifies Bitcoin's significant position in the global financial markets as it continues to evolve.
Simultaneously, attention has been drawn to the latest Bitcoin outflows and reserve quantities.
As reported by Bitcoin Magazine, data tracking Bitcoin ETF flows since their launch in the U.S. on January 20 shows that these ETFs have accumulated 95,000 BTC worth $4 billion. BlackRock currently holds 28,622 BTC valued at over $1.1 billion.
According to data disclosed by Bitcoin analytics firm Swan Media, the total BTC holdings among ETFs, funds, private and listed companies, governments, and even DeFi amount to 2,170,327 BTC, approximately 10.33% of the total supply. The remaining BTC is likely held by individuals or might be permanently lost.
In the country-specific breakdown:
The U.S. holds 215,000 BTC.
China holds 190,000 BTC.
Ukraine holds 46,351 BTC.
In the institutional breakdown:
Grayscale Bitcoin Trust (GBTC) holds 581,274 BTC.
Microstrategy holds 189,150 BTC.
Block.one holds 164,000 BTC.
Tether holds 61,627 BTC.
Mt. Gox holds 141,686 BTC.
BitMex holds 60,093 BTC.
Eric Balchunas, a senior ETF analyst at Bloomberg, commented on social media, providing a comparison with stock market ownership. In both cases, funds are small shareholders. ETFs, like stocks, are not only not to blame for the sell-off, but they often make the situation less dire, acting as net buyers through positive net flows.
Eric Balchunas mentioned that the dashboard chart illustrates stock ownership, showing that ETFs own 8% of stocks, bonds own 6%, and gold owns 1%. In all areas, ETFs are small shareholders, but due to their public orientation and rapid growth, they attract widespread attention.
In conclusion, the recent developments in Bitcoin ETFs, their impressive assets under management, and the distribution of Bitcoin reserves among countries and institutions indicate a growing acceptance and integration of Bitcoin into traditional financial markets, marking a significant milestone for the cryptocurrency's adoption and recognition on a global scale.
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The week the SEC finally approved spot Bitcoin ETFs: Law Decoded
More than a decade after the first application was filed, the crypto industry finally has spot Bitcoin (BTC) exchange-traded funds in the United States. On Jan. 10, the U.S. Securities and Exchange Commission (SEC) approved Bitcoin ETF applications from ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex and Franklin Templeton. The SEC’s…
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The Future of Cryptocurrencies: Trends and Predictions
Introduction
Cryptocurrencies, led by the flagship Bitcoin (BTC), have taken the financial world by storm, reaching new heights in December 2023. As the market anticipates the approval of the first U.S. spot Bitcoin exchange-traded fund (ETF), the landscape is filled with both excitement and skepticism. In this article on the future trends and predictions for cryptocurrencies, we dive into the recent market performance, the imminent spot Bitcoin ETF deadline, and other key factors shaping the crypto space.
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Whether you aim to learn cryptocurrency trading or become a cryptocurrency expert, Blockchain Council's crypto trading courses cater to diverse needs. The comprehensive curriculum covers key aspects of cryptocurrency trading and equips you with the knowledge to become a proficient crypto advisor. In the ever-changing world of cryptocurrencies, Blockchain Council's courses are your gateway to staying ahead and making informed decisions.
December Crypto Market Performance
The close of 2023 witnessed a surge in major cryptocurrencies, with Bitcoin surpassing $44,700, marking a 52-week high. This optimism, fueled by the anticipation of spot Bitcoin ETF approvals, resulted in a 12.6% monthly gain for Bitcoin, ending the year above $42,600. Ethereum (ETH) experienced a 15.7% rise in December, closing the year at $2,353 and achieving a 91% gain for 2023.
Altcoins like Solana (SOL) and Avalanche (AVAX) emerged as top performers, especially Solana, driven by its network's efficiency and a series of meme coin air drops to users. While the total market capitalization of the global cryptocurrency market recovered to $1.7 trillion from the lows of the crypto winter in 2022, the market remains dynamic and influenced by various factors.
Spot Bitcoin ETF Deadline and Institutional Investors
The eagerly awaited spot Bitcoin ETFs are currently under scrutiny by the U.S. Securities and Exchange Commission (SEC). Notable firms, including BlackRock, Grayscale Investments, ARK Investments, and 21Shares, have sought approval for these ETFs in early 2024. As the January 10 deadline approaches, at least 13 asset management firms are awaiting SEC rulings.
While proponents see spot Bitcoin ETFs as a gateway for institutional investment and a bullish catalyst, critics express concerns about potential negative implications. The SEC's consideration of cash redemptions, allowing Wall Street banks to create new fund shares using cash, adds a layer of complexity. This move aims to broaden the accessibility of crypto for traditional finance, yet purists worry about the centralization of the market.
Institutional investors, including major financial institutions, are closely watching these developments. Nigel Green, CEO of deVere Group, predicts that the approval of spot Bitcoin ETFs will pave the way for institutional investors to enter the cryptocurrency space, contributing to its mainstream adoption.
2024 Crypto Market Stories To Watch
As we step into 2024, several key themes and catalysts are set to shape the crypto market:
Bitcoin Halving
Bitcoin's halving event in May 2024 is a significant milestone that historically has acted as a bullish catalyst for Bitcoin prices. The reduction in rewards for miners may impact the supply-demand dynamics of the leading cryptocurrency.
Crypto Regulations
Ongoing legal battles, particularly those involving the SEC and major cryptocurrency issuers and exchanges like Ripple, Coinbase, Binance, and Kraken, are expected to provide clarity on the regulatory landscape. Potential new crypto laws from Congress and continued courtroom battles will be closely monitored.
CBDCs
Central Bank Digital Currencies (CBDCs) are gaining traction globally. The launch of more CBDCs, digital versions of legal tender issued by central banks, is anticipated. Countries like the Bahamas, Jamaica, and Nigeria have already taken steps in this direction.
Interest Rates and Inflation
The U.S. economy's performance, especially regarding inflation and interest rates, will influence the crypto market. The Federal Reserve's ability to manage inflation without triggering a recession has been a driving force. Investors will keenly observe economic indicators and the Fed's policy decisions.
Matthew Sigel, head of digital assets research at VanEck, emphasizes the potential flow of billions into newly approved U.S. spot Bitcoin ETFs in the first quarter of 2024, anticipating sustained Bitcoin prices.
Conclusion
The future of cryptocurrencies is tied to regulatory developments, market dynamics, and macroeconomic factors. As the crypto community eagerly awaits spot Bitcoin ETF approvals, Blockchain Council's crypto trading courses stand out as invaluable resources for those looking to enhance their understanding of cryptocurrency trading, become cryptocurrency experts, or offer advisory services.
Navigating the trends and predictions in the crypto space requires continuous learning, and Blockchain Council's crypto trading courses provide the essential knowledge for individuals seeking to thrive in this evolving landscape. Blockchain Council's crypto trading courses ensure that you are well-equipped to not only navigate these challenges but also capitalize on the opportunities that lie ahead.
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SEC Greenlights Multiple Spot Bitcoin ETFs
On January 10th, the United States Securities and Exchange Commission (SEC) officially sanctioned a series of spot Bitcoin ETFs. This landmark decision allows these ETFs to be listed across all major U.S. national exchanges, including the likes of Nasdaq, NYSE, and CBOE. This move culminates a decade-long pursuit for such financial products. The SEC's endorsement signifies that trading of these ETFs will commence at the CBOE from 9 am on January 11th, coinciding with the opening of the U.S. stock market. The SEC's filing, which temporarily vanished due to a surge in website traffic, highlighted the approval of 11 issuers for listing Bitcoin (BTC) exchange-traded funds: ARK and 21Shares: ARKB Bitwise: BITB BlackRock (iShares): IBTC Fidelity: FBTC Franklin: EZBC Grayscale: GBTC Hashdex: DEFI Invesco Galaxy:
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Digifinex Labs: SEC Chair Gensler Issues Caution on Risky Crypto Assets Ahead of Potential Bitcoin ETF Approval
SEC Chair Gary Gensler has issued a warning against investing in volatile and risky crypto assets ahead of the potential approval of a landmark spot Bitcoin ETF. As the crypto community eagerly awaits the SEC’s decision, Gensler emphasized the prevalence of scams and fraud in the crypto market. In a post on X, he stated that many firms in the space may not be complying with securities laws.
While Gensler did not explicitly mention spot ETFs, the timing of his post raised concerns among crypto advocates, coming approximately two hours after BTC ETF providers, including BlackRock, Fidelity, Ark Invest, WisdomTree, and Invesco, submitted their final amendments to their S-1 forms.
Gensler further emphasized the exceptional risk and volatility of investments in crypto assets. He noted that several major platforms and crypto assets have faced insolvency or lost value. Referring to incidents in 2022, he pointed out notable collapses such as FTX, Terraform Labs, and Voyager Digital, reinforcing the significant risks associated with investments in crypto assets.
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Bitcoin ETFs See Record Inflows Amid Price Rally and High Trading Volumes
Investors poured a record amount of money into spot bitcoin ETFs as BTC rallied and trading volumes surged. The inflows into these investment vehicles signal sustained demand for bitcoin exposure among a broader range of investors since the SEC's approval earlier this year.
On a single day, the 10 US ETFs that hold bitcoin directly received $673 million in net inflows, surpassing the previous record set on their first trading day in January. BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund led the segment with significant inflows, while Grayscale Investments' Bitcoin Trust saw outflows on the same day.
The rise in trading volumes and inflows into bitcoin ETFs suggest growing interest from institutional investors and wealth managers. With bitcoin's price hitting new highs, these funds could see continued growth as more investors seek exposure to the cryptocurrency market through regulated investment vehicles. The positive flow of funds indicates a strong appetite for bitcoin investments and the potential for further expansion in the digital asset space.
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#ETF
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The price of Ether is making a comeback, reaching a monthly high as the cryptocurrency markets become more active in anticipation of a potential approval for a Bitcoin exchange-traded fund (ETF). The current price of Ether (ETH), at $2,373, is experiencing a breakout due to increased institutional interest in Bitcoin and the overall crypto market. This surge in bullish sentiment briefly pushed the Ether price above $2,400 on January 2, only to see a slight pullback afterward. The fact that ETH is trading above $2,300 suggests a growing focus on Ether, with the altcoin's price having risen by 97.1% over the past year.
Several factors contribute to Ether's price strength. The surge in trader interest began on November 5, 2023, when the U.S. Securities and Exchange Commission (SEC) acknowledged Grayscale Investment's application to convert its Ethereum trust into an ETF. The SEC, responding to a court order, is currently reviewing Grayscale's pending ETF applications. Despite no confirmation of a spot crypto ETF, the SEC delayed the decision on the Grayscale spot Ether ETF until January 2024, as of December 5, 2023.
BlackRock, the world's largest asset manager, filed for a spot Ether ETF on November 9, leading to Ether's price reaching a six-month high above the $2,000 resistance level. BlackRock submitted the S-1 form to the SEC on November 16, 2023. As of January 2, a total of seven spot Ether ETFs are filed and pending with the SEC.
Analysts widely expect the SEC to initially approve a spot Bitcoin ETF in early 2024. Following this, many crypto analysts anticipate a subsequent approval for a spot Ether ETF. With Bitcoin struggling to remain above the $45,000 resistance level, some traders are shifting their focus toward ETH, driven by the narrative of Ether turning bullish ahead of a potential spot Ether ETF approval.
#btc #bitcoin #bnb #ethereum #bitcoincash #eth #criptomoedas #crypto #cryptocurrency #cripto #criptomonedas #token #coin #criptoativos #cryptonews #cryptomarket #cryptoinvestor #noticiascriptomonedas #criptomoedasbrasil #criptonoticias #cryptoworld #cryptomarket #cryptotrading #cryptocurrencies #cryptolife #cryptotrader #defi #nft #web3 #blockchain #blockchaintechnology
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Responding to Yellen: Deaton Clarifies the Regulatory Status of Cryptocurrencies as Securities
The dynamic landscape of cryptocurrency regulation takes center stage as legal expert John E. Deaton presents a robust argument for the non-security status of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and XRP. Recent green lights from the SEC and pivotal legal rulings form the backbone of Deaton's case, signaling a noteworthy shift in the regulatory trajectory for these digital assets.
Deaton emphasizes the SEC's approval of spot Bitcoin ETFs as a pivotal milestone, affirming the regulatory acceptance of Bitcoin. Parallel progress is noted for Ethereum, with the SEC's approval of Ethereum futures ETFs and BlackRock's move to apply for a spot Ethereum ETF. These developments, as per Deaton, significantly reduce uncertainties around Ethereum's potential classification as a security, marking Ethereum's status as a non-security as almost inevitable.
Pointing to a crucial ruling by Judge Analisa Torres, Deaton highlights that XRP, when sold to retail investors, does not fall under the category of a security. This legal clarification positions XRP on regulatory ground similar to BTC and ETH, offering much-needed clarity to investors and the broader crypto market.
The regulatory narrative gains further momentum with Treasury Secretary Janet L. Yellen's call for comprehensive legislation to regulate cryptocurrencies. Yellen underscores the necessity of addressing associated risks, including those posed by Artificial Intelligence (AI). Her comments, delivered before the U.S. House of Representatives Committee on Financial Services, underscore the urgency for enhanced crypto legislation to manage volatility and risks within the crypto space.
The global pursuit of cryptocurrency regulation extends its reach beyond the United States. The European Securities and Markets Authority (ESMA) takes a significant step forward by releasing consultation papers under the Markets in Crypto-Assets (MiCA) regulation. Seeking public feedback on standards and guidelines, this initiative signals a collective effort toward stricter regulation of foreign crypto firms, exemplifying a worldwide commitment to establishing secure and regulated digital asset environments.
As legal perspectives from figures like John E. Deaton shape the ongoing dialogue, the regulatory landscape undergoes a transformation, guiding the future of cryptocurrencies within a more defined and globally recognized regulatory framework.
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