The CEO of CF Benchmarks, a unit of cryptocurrency exchange Kraken, predicts that despite an inauspicious beginning, crypto exchange-traded funds (ETFs) in Hong Kong will reach $1 billion in assets under management (AUM) by the end of 2024, Bloomberg reported on Friday. Source
Australia gears up for a crypto boom as the country’s largest securities exchange is poised to list its first spot-Bitcoin ETFs by the end of 2024. Australian Securities Exchange (ASX) is anticipated to greenlight the first spot Bitcoin exchange-traded funds (ETFs) for the main board by the end of 2024, following the previous approvals of such financial products in the U.S. and Hong Kong. According to a Bloomberg report, at least several issuers are already working on launching their products on ASX, including BetaShares, VanEck, and DigitalX. However, a specific…
Earlier this month, Australia-based Monochrome Asset Management applied for a spot bitcoin ETF with the global listing exchange, Cboe Australia, CoinDesk reported. Cboe Australia is a smaller rival of ASX. At the time of the announcement, Monochrome said it selected Cboe Australia because of its expertise across Asia and broader investor access, among other aspects. Source
Congressional movement, both in the Senate and the House, on stablecoin legislation picked up pace in the past few weeks. Waters said that the U.S. Federal Reserve, the Treasury Department and the White House have all had input in crafting the bill, the report said. Source
Michael Welsh, a former lead attorney on the Debt Box case, and Joseph Watkins, an investigative attorney whose declaration served as the foundation for the SEC’s case against Debt Box, were reportedly forced to step down or else be terminated, according to the report, which cited people familiar with the situation. Source
Bloomberg analyst Eric Balchunas assessed the prospects for spot cryptocurrency ETFs in Hong Kong. According to the Balchunas, his asset estimate is currently $1 billion for the first two years. The ETF analyst noted this is positive but still far from the $25 billion estimate cited by some analysts. Now for some good news re HK, our asset estimate is now $1b in first two years (which is healthy IMO but still nowhere near the $25b that some have said) but a lot depends on infrastructure improvement. We also think…
Congress has for years struggled to get any new laws passed for cryptocurrencies, providing greater clarity sought by both critics and proponents of digital assets. Stablecoin legislation may, nonetheless, be the lowest-hanging fruit given that stablecoins strongly resemble other regulated products like money-market funds, and there’s a strong incentive to create guardrails since they own important conventional assets like U.S. Treasuries. Source
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The VC is looking to raise between $750 million and $850 million, Bloomberg reported citing source familiar. Source
Demand for access to cryptocurrency trading accounts has climbed alongside the gains in bitcoin (BTC), which has advanced 57% this year while the CoinDesk 20 Index, a measure of the broader crypto market, added 49%. Last month, the number of active accounts in the country reached the highest level since September 2022, Bloomberg said, citing data from the country’s Securities and Exchange Commission (SEC). Source