Four members of the House Financial Services Committee, including Rep. Tom Emmer, have written a bipartisan letter to SEC Chair Gary Gensler, calling for the immediate approval of spot Bitcoin exchange-traded funds (ETFs). They argue that spot Bitcoin ETFs are similar to crypto futures ETFs that the SEC has already approved and that the agency should not block their regulatory approval. This appeal follows a recent court decision instructing the SEC to reconsider its stance on such applications. The House lawmakers have requested the SEC to approve outstanding applications promptly and will have the opportunity to question Gensler on this matter during an upcoming SEC oversight hearing. Approval of Bitcoin ETFs would provide investors with a simpler way to access the cryptocurrency market.
Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), confirmed that buying a physical Pokémon card does not qualify as a security transaction. However, Gensler faced challenges when questioned about the purchase of a tokeniSed Pokémon card, highlighting potential regulatory uncertainties in the realm of digital collectibles.
BREAKING: GARY GENSLER CONFIRMS THAT THE PURCHASE OF A @Pokemon CARD DOES NOT CONSTITUTE A SECURITY TRANSACTION, BUT STUMBLES WHEN ASKED ABOUT THE PURCHASE OF A TOKENIZED @Pokemon CARD pic.twitter.com/KLJZf4o1yv
The US Securities and Exchange Commission (SEC) has announced additional proceedings to determine whether proposed spot bitcoin exchange-traded funds (ETFs) from BlackRock, Invesco, Valkyrie, and Bitwise should be approved or disapproved, indicating further delays in the review process. The SEC clarified that instituting proceedings doesn't imply conclusions on the issues involved. Commentators have been invited to provide input on various aspects, including fraud prevention and market liquidity, and this additional comment period suggests that the approval process will extend for several more months. The SEC previously delayed these proposed spot bitcoin funds in late August, along with other bitcoin trusts, and has postponed the decision on the proposed ARK 21Shares Bitcoin ETF until next year.
A judge has ruled that Sam Bankman-Fried (SBF) and his legal team cannot use an "advice of counsel" defense in the opening remarks of his upcoming criminal trial related to FTX. The judge's decision follows a prosecution request to block this defense strategy, arguing that it could prejudice the jury. SBF had considered blaming FTX company lawyers for decisions he made as CEO. With this defense option restricted, SBF's trial defense choices have become more limited, as he faces charges of wire fraud, money laundering, and illegal political donations.
Coinbase, after experiencing significant institutional futures trading volume, has gained approval to introduce perpetual futures trading services to retail customers located outside the United States. This regulatory approval comes from the Bermuda Monetary Authority (BMA). Coinbase's international division, Coinbase International Exchange, has already witnessed over $5.5 billion in notional futures trading volume from institutions in the second quarter of this year. Coinbase aims to establish a strong presence in 24 countries, focusing on high-bar global regulatory partnerships, and is actively engaged in advocating for international crypto regulations, with an eye on next year's G20 forum. The move comes as Coinbase continues to grapple with regulatory challenges in the United States.
Cryptocurrency exchange Kraken is set to diversify its offerings by introducing trading services for US-listed stocks and exchange-traded funds (ETFs), marking its first step outside the crypto domain. Initially catering to customers in the US and UK through a newly established division called Kraken Securities, the company has obtained necessary regulatory approvals in the UK and is currently in the process of seeking a broker-dealer license from the Financial Industry Regulatory Authority (FINRA) in the US. Kraken aims to launch this new service in 2024. This expansion comes as Kraken has steadily gained market share in the cryptocurrency sector, particularly at the expense of Binance, despite a decline in crypto trading volumes, with its share of global spot trading reaching 3.5%, the highest since 2018, according to CCData.
Pudgy Penguins, known for their NFT figures and physical toys, have expanded their reach by securing placement in 2,000 Walmart stores, just in time for the upcoming holiday season. Shoppers can now find these collectible penguins, including customizable outfits and Giraffe-skinned variants, both online and in physical Walmart locations. Pudgy Penguins CEO Luca Netz expressed excitement about this collaboration with Walmart, noting the evolution of consumer engagement in the digital age. The move follows the successful launch of Pudgy Penguin toys on Amazon earlier this year, which garnered $500,000 in sales within the first few days. The brand has achieved an impressive $400 million in digital collectible sales since 2021, setting it apart in the NFT market, where many holdings are deemed worthless. Pudgy Penguins' toys offer a unique birth certificate feature, allowing users to claim special traits for their digital Forever Pudgy character in Pudgy World by scanning a QR code, merging physical and digital experiences. Additionally, NFT holders will receive licensing royalties for corresponding toys sold at Walmart.
MoneyGram, the global payments platform, has revealed the launch of a non-custodial wallet designed to facilitate fund transfers between fiat currency and USDC, a stablecoin pegged to the U.S. dollar. Partnering with Stellar blockchain, MoneyGram aims to redefine the movement of money between fiat currencies. Unlike typical remittance services, this innovative wallet allows users to hold funds digitally in USDC, providing flexibility and control over transfers. The wallet's unique approach involves full "know-your-customer" requirements and restricts compatibility to other MoneyGram wallets, providing regulatory compliance and shielding from decentralized finance uncertainties. This move signifies MoneyGram's significant leap into the digital asset realm, addressing real-world financial challenges while ensuring users' control and security.
Chainlink, the blockchain oracle platform, has extended its cross-chain capabilities to Base, an Ethereum layer-2 network incubated by Coinbase. The integration enables the use of the Cross-Chain Interoperability Protocol (CCIP) on Base, facilitating communication between different blockchains and traditional Web2 applications like SWIFT's payment system. CCIP allows for the development of cross-chain applications, enabling the transfer of messages, tokens, and actions across multiple blockchains. Chainlink serves as the primary oracle for the Base network, and several projects, including Raft, Nuon, Folks Finance, and Polychain Monsters, are already integrating CCIP on Base. Chainlink introduced CCIP in July and has integrated it with Ethereum, Avalanche, Polygon, Arbitrum, and Optimism, with Base being the latest addition.
Cameron and Tyler Winklevoss discreetly withdrew over $280 million from their cryptocurrency company's bank just months before the firm's collapse, preventing their customers from accessing their deposits, according to sources. The twins, founders of Gemini, pulled these funds from Genesis, the lender for the Earn program, in August 2022, raising questions about what they knew at the time. The move could impact their claims in a pending lawsuit against billionaire Barry Silbert's Digital Currency Group (DCG), alleging that Silbert provided false information about Genesis's financial health. Gemini's market share has dwindled to 1%, down from 26% in 2017, amid layoffs and turmoil.
Valkyrie, a crypto-focused investment firm, has successfully amended its Bitcoin Strategy ETF to include exposure to ether futures contracts, making it the first ETF to offer ether futures exposure. The change in investment strategy is set to become effective on October 3, and the ETF's name will be changed to the Valkyrie Bitcoin and Ether Strategy ETF (BTF). This development comes as the SEC appears to be more open to ether futures funds while the fate of US spot bitcoin ETFs remains uncertain. Other firms are expected to launch ether futures ETFs shortly, with Volatility Shares planning to launch its Ether Strategy ETF (ETHU) on October 12 and VanEck teasing the "upcoming launch" of its Ethereum Strategy ETF.
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