Grayscale may be acquired, SEC will not delay again in Ethereum ETF approval

2024/01/24 00:08

Headlines

▌Bloomberg analyst: Grayscale’s acquisition is possible, or it may be completed over a longer period of time

Bloomberg analyst James Seyffart said: "Theoretically, an acquisition of Grayscale is possible and may even be completed within a long enough time, especially considering that current issues surrounding its parent company.” Grayscale is owned by DCG. DCG, its Genesis subsidiary and former business partner Gemini Trust were indicted by the state of New York in October for allegedly defrauding investors of more than $1 billion. In addition, since GBTC was converted to an ETF, more than $2 billion worth of GBTC has been sold.

Some experts say that if newcomers want to participate in the crypto market, they can consider acquiring established companies in the Bitcoin investment field, such as Grayscale.

▌SEC Commissioner: SEC will not repeat its past delays in Ethereum ETF approval

< p>SEC Commissioner Hester Peirce said in an interview that the SEC will not repeat the mistake of delaying the Ethereum ETF. She said: "This is not the way we review and approve. We should not wait for the court to accuse us of being 'arbitrary and capricious'. The SEC should be able to make the right decision."

Quotes

As of press time, according to coinmarketcap data:

The recent transaction price of BTC was US$39,935.5, with fluctuations during the day. Frame+1.86%;

ETH Recent The transaction price was US$2243.79, and the intraday increase or decrease+1.10%;< /p>

BNB’s recent transaction price was US$298.4, with an intraday increase or decrease of +0.51% strong>;

The recent transaction price of strong>%;

The recent transaction price of DOGE was US$0.0781, with intraday changes +0.08%;

ADA’s recent transaction price was US$0.4777, with intraday gains and losses+2.16%;

SOL’s recent transaction price was US$84.14, with intraday changes< span style="color: rgb(0, 176, 80);">+1.72%.

Policy

▌Source: US SEC forcibly rejects the idea of Ethereum spot ETF “Internal resistance”

According to Fox Business reporter Eleanor Terrett, ETF issuers, investment management companies and sources close to the SEC have various opinions on the potential Ethereum spot ETF approval timetable. view. One source said the SEC's position at this moment is a "hard no" but that there is currently "some internal resistance" to the idea.

A BTC spot ETF issuer who applied for an ETH spot ETF expressed confidence that the approval and smooth launch of the Bitcoin spot ETF will force the SEC to approve the Ethereum spot ETF. Others said the listing of an ETH futures ETF and BlackRock’s track record of getting ETF approvals lead them to believe an Ethereum spot ETF could launch in late summer. Additionally, the CFTC’s view that ETH is a commodity, coupled with Ripple’s partial court victory over secondary market trading of XRP that is not a security, will give “Gensler an uphill battle.”

SEC Commissioner Hester Peirce said that the agency does not want to repeat the same delay mistake with the ETH ETF.

Eleanor Terrett concluded that if SEC staff delve into the S-1 file, they will see some progress in the next few months.

▌U.S. court ordered Crowd Machine and Metavine to return more than $19.67 million in illegal crypto ICO funds

The U.S. District Court for the Northern District of California issued an amended final judgment ordering defendants Crowd Machine and Metavine to return $19,676,401.27 raised by investors in an unregistered fraudulent crypto-asset securities offering, plus $3,358,147.75 of prejudgment interest.

The U.S. SEC indictment charges defendants Crowd Machine and Metavine, as well as founder Craig Sproule, with making materially false and misleading statements in connection with the unregistered offering and sale of crypto-asset securities, which they referred to as Crowd Machine Computing Token (CMCT). The court found the defendants and their affiliate Metavine Pty jointly and severally liable with the defendants for a forfeiture penalty of $5 million and ordered each defendant to pay a civil penalty of $600,000.

▌US FINRA says 70% of cryptocurrency communications it reviews violate regulations

According to a report released by the U.S. Financial Industry Regulatory Authority (FINRA), 70% of communications about cryptocurrencies may violate its rules on fairness and balance to the public, such as including cryptocurrency functionality similar to Misrepresentation of cash or cash equivalents.

FINRA, which is regulated by the U.S. Securities and Exchange Commission, began the investigation in November and is tasked with examining member firms’ communications with retail customers related to cryptocurrencies and crypto services. FINRA said it analyzed 500 retail communications to see whether the firms were complying with its rules, which require broker-dealers' communications to the public to be "fair and balanced" and prohibit "exaggerated, promising, unfounded or misleading" statements. The majority of potential violations occurred at a handful of companies inspected.

Blockchain Applications

▌0x Labs launches " Gas-free” exchange API

DeFi software company 0x Labs has launched an application programming interface (API) “Tx Relay” that allows exchanges to collect gas fees from users. The Tx Relay software has been used in beta by platforms such as Robinhood and Coinbase to enable "gasless swaps." Claudia Haddad, Coinbase wallet production manager, said: "Gasless swaps help us create a simpler trading experience where users can trade more Focus on transactions, not network fees."

Cryptocurrency

▌Bitcoin Miner Core Scientific Will relist on Nasdaq on Wednesday

Bitcoin miner Core Scientific has completed the restructuring process and will relist on Nasdaq. Trading is scheduled to resume on Wednesday morning New York time .

Core operates in five U.S. states (Texas, North Dakota, North Carolina, Georgia, and Kentucky) by equipping data centers with specialized computers to mine Bitcoin and Other cryptocurrencies. It is reported that its restructuring plan has cut $400 million in debt from Core's balance sheet, and the company is deploying tens of thousands of mining machines with the goal of increasing its capacity by more than 50% in the next four years.

▌Franklin Templeton: Spot Bitcoin ETFs as financial advisors become more familiar with product Will gain traction

Roger Bayston, head of digital assets at Franklin Templeton, said in an interview that despite a slow start, its spot Bitcoin ETF will gain traction as financial advisors become more familiar with the product. Gain traction. Bayston said Franklin Templeton’s core business is working with financial advisors and wealth platforms to provide solutions, products and services to clients. He believes that as the investment community becomes more diverse, Franklin Templeton will become the “digital asset provider of choice.”

▌BitMEX Research: Bitcoin Spot ETF Day 8 The total net outflow was US$515.3 million

According to data from BitMEX Research, the total net outflow of the Bitcoin spot ETF on the 8th day was US$515.3 million, with a total outflow of US$3.9 billion within 8 days.

▌Bloomberg Analyst : GBTC’s asset outflow rate is expected to be between 20% and 35%

Bloomberg analyst James Seyffart said on the X platform that GBTC has lost 13% of its outstanding shares, and GBTC’s assets are expected to The outflow rate will be higher than 20%, but not more than 35%.

▌Edward Snowden backs Tornado Cash founder’s fundraising effort

Edward Snowden on social The media is calling on the community to support the fundraising campaign of Tornado Cash founder Roman Storm. Storm is launching a campaign in the form of a decentralized autonomous organization (DAO) to raise funds to hire a lawyer. Last year, the US Department of Justice arrested Storm and charged him with Participate in the creation of Tornado Cash money laundering operation. Snowden said: "If you can help, please help, privacy is not a crime."

▌Fidelity Global Macro Director: Bitcoin price has recovered To what I think is a fair value range

Jurrien Timmer, global macro director at Fidelity, shared his views on Bitcoin prices on the social media platform. He said: “The price of Bitcoin has returned to what I consider the fair value range ($39,025-$78,337). The slope of the curve is based on the Internet adoption curve from decades ago, and the width is based on -2% (top $78,337) and + Actual rate range of 2.5% (bottom $39,025)”.

Important economic developments

▌Brad: If the Fed is too slow, it will have to cut interest rates 50BP

Former Fed official Bullard said he expects the Fed to start cutting interest rates before inflation reaches 2%. Bullard forecasts that core inflation, which excludes food and energy prices, will slow to around 2% by October, with PCE falling to 2.6% in November. Bullard said in an interview that the Fed does not want to enter the second half of the year and inflation has reached 2% and they have not changed policy. If inflation is between 2% and 2.5% but the Fed has not yet moved policy rates, they may have to do something drastic, such as cutting interest rates by 50 basis points in one meeting, which would be difficult.

Golden Encyclopedia

▌What is a cryptocurrency hedge fund?

Cryptocurrency hedge funds were created in response to the complexities of cryptocurrency investing by pooling funds from different investors to strategically trade digital assets with the aim of generating Positive returns.

Unlike their traditional counterparts, cryptocurrency hedge funds focus on cryptocurrency fund management, investing in cryptocurrencies and employing various strategies to generate good returns for investors. This includes buying and selling cryptocurrencies, as well as engaging in cryptocurrency derivatives and futures trading. In particular, cryptocurrency hedge funds act as intermediaries between contributing investors and originating traders for investors looking to gain exposure to digital assets.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.