BlackRock's Bitcoin ETF Filing and Wall Street's Involvement: Is There a Connection to SEC's Legal Action Against Binance and Coinbase?
June 21 (Cointime) - While many in the cryptocurrency community are excited about the involvement of major players in traditional finance, such as BlackRock, Fidelity, and Deutsche Bank, one observer is skeptical. He suggests that these Wall Street giants only became involved after the SEC took legal action against Binance and Coinbase.
Bitwise submits Proposal for Spot Bitcoin ETF, following BlackRock's recent Filing
June 21 (Cointime) - Bitwise has submitted an application for a spot bitcoin ETF, joining BlackRock in their similar attempt. Despite previous attempts from other issuers, the SEC has never allowed a spot bitcoin ETF to be introduced to the US market. Bitwise's latest filing includes additional legal analysis regarding the surveillance of bitcoin through the Chicago Mercantile Exchange futures markets. If the SEC approves the first spot Bitcoin ETF, Bitwise's timing of the filing could potentially follow BlackRock. Other issuers such as VanEck, Valkyrie, WisdomTree, Global X, and Invesco may also follow suit.
Polygon Labs' Chief Policy Officer Discusses SEC's Claim on MATIC Token and New Blockchain Database
June 21 (Cointime) - CNBC Crypto World offers up-to-date news and daily trading updates on digital currency markets, along with high-profile interviews, explainers, and unique stories from the dynamic crypto industry. In today's episode, Rebecca Rettig, the chief policy officer of Polygon Labs, discusses the SEC's assertion that the MATIC token is a security and introduces the company's new database for blockchain use cases.
XRP Price Continues to Decline as Bitcoin and Ethereum Experience Bullish Trends
June 20 (Cointime) - XRP's price is still down by 2.1% despite bullish trends in Bitcoin and Ethereum. Ripple CEO Brad Garlinghouse is advocating for regulatory clarity in the US and criticizing the SEC's enforcement approach. XRP investors are hoping for a recovery, but the lower ascending trendline must be defended if declines continue.
Ripple General Counsel Reminds SEC Officials of Impartiality Obligations Under the Law
June 20 (Cointime) - Ripple's General Counsel, Stuart Alderoty, reminded SEC officials of their obligation to act impartially under the law, citing 5 CFR 2635.101(b)(14). This section requires federal employees, including SEC staff, to avoid any actions that create the appearance of violating the law or ethical standards.
Bitcoin Whales Accumulate $3.5 Billion Amidst Price Volatility
June 20 (Cointime) - Bitcoin whales, or wallets holding between 1,000 and 10,000 BTC, have accumulated a total of $3.5 billion worth of the cryptocurrency since early April, according to market intelligence platform Santiment. This accumulation comes amidst recent price declines and is seen as a positive sign as these investors tend to have a long-term perspective.
Uncertain Industry and Economic News Cast Doubt on BTC's Future Price Increase, FT Examines Potential Conflicts of Interest on Crypto Exchanges
June 20 (Cointime) - Bitcoin and Ethereum have seen slight price increases, with concerns about their future due to uncertain industry and economic news. The Financial Times has raised questions about the transparency and fairness of market makers on various cryptocurrency exchanges, including Crypto.com.
SEC Rroposal to Redefine "Exchange" could impact DeFi Industry and face increased Congressional Scrutiny
June 20 (Cointime) - The SEC is proposing a change to the definition of an "exchange," which could have a significant impact on the DeFi industry. The proposed rule aims to broaden the definition of a securities "exchange" to include digital asset industry participants that haven't been included before, potentially subjecting even unassociated individuals to securities regulation. The SEC's initiative has raised concerns about regulatory overreach, and crypto advocates must closely monitor and hold them accountable if their efforts are not based in law and commonsense. The proposed crypto regulation has caught the attention of Congress, providing an opportunity for advocates to make their case and raise concerns about potential regulatory overreach. The opinions expressed in Fortune.com commentary pieces are solely those of the authors and do not necessarily reflect the views of Fortune on various topics.
Bitcoin's Price Pullback and Institutional Interest in Bitcoin-based Products
June 19 (Cointime) - Bitcoin's price has fallen by over 16% since reaching a high of $31,000 two months ago, disappointing directional traders who had bet on its rise. However, the cryptocurrency is still up almost 60% year-to-date, outperforming the Nasdaq's 38% increase. The weakening of the dollar and the decreasing volatility of the bond market may be positive for Bitcoin, as any decline in the dollar is beneficial for the cryptocurrency. Despite the SEC's anti-crypto stance, BlackRock's application for a spot-based Bitcoin ETF indicates that institutional demand for Bitcoin-based products remains strong.
What Does the Crypto Turf War between SEC and CFTC Mean to Real-world Assets?
June 19 (Cointime) - “What Does the Crypto Turf War between #SEC and #CFTC Mean to Real-world Assets (#RWA)?”
