Tag: SEC

SEC Posts Memorandum Exploring BlackRock and Grayscale ETF Proposals

The SEC website showed one memorandum with details of a discussion with BlackRock, and another one on a discussion with Grayscale. The US Securities and Exchange Commission (SEC) on Sunday revealed on its website one memorandum detailing discussions with financial giant BlackRock (NYSE: BLK), and another with crypto asset manager Grayscale Investments. These memos involved proposed rule changes concerning the listing and trading of spot Bitcoin exchange-traded funds (ETFs) by both companies. SEC Memorandum May Indicate Progress with BlackRock and Grayscale ETF One memorandum from the SEC showed that on…

Binance’s CZ falls, Grayscale and BlackRock meet with SEC, and more

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Imagine building a company from a $15 million initial coin offering to an impressive $60 billion empire. That’s exactly what Changpeng “CZ” Zhao has done with Binance since he founded the crypto exchange in 2017 before resigning on Nov. 21 as part of a settlement with the United States Department of Justice (DOJ).  However, CZ wasn’t just the brain behind Binance — he might be the most important player in the whole crypto game. As such, his downfall represents more than just a personal setback; it’s another blow to the…

Ripple CEO Offers Perspective On Legal Fallout With The SEC

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Brad Garlinghouse, the CEO of Ripple, expressed his views on the aftermath of their legal battle with the US Securities and Exchange Commission (SEC). Ripple CEO Insights On The SEC’s Stand In The Legal Battle The Ripple CEO spoke about the case between the crypto company and the SEC in an interview at the 2023 DC Tech Week. Garlinghouse highlighted the SEC’s several setbacks since the case started. According to the CEO, “the SEC has lost on everything that matters” when he was asked if the case is “done and…

Crypto analyst remains bullish on Cardano despite recent SEC pressure

Analyst Crypto Capital Venture says he remains bullish on Cardano, despite recent regulatory lawsuits that named the asset. In a video posted to YouTube on Nov. 23, the analyst explained that the price of Cardano (ADA) has barely reacted to major legal actions from the Securities and Exchange Commission (SEC) against leading cryptocurrency exchanges Binance and Kraken. This Cardano chart is absolutely mind-boggling to me because the last 48 hours of crypto news headlines should have this chart absolutely capitulating, and that is not happening. Crypto Capital Venture The analyst…

Grayscales Files Updated Spot Bitcoin ETF Application with US SEC after Binance’s Forced Exit

Grayscale officials had previously met with the US SEC representatives to the division of trading and markets to discuss the proposed rule to list and trade GBTC under NYSE Arca. After the United States Department of Treasury purged Binance Holdings Ltd’s operations in the country, the pathway for spot Bitcoin exchange-traded funds (ETFs) was clear. Around the same time, Grayscale Investments, a digital asset management company owned by Digital Currency Group (DCG), was preparing to update its application with the US SEC.  According to a memo from the US SEC,…

Grayscale updates spot Bitcoin ETF application after meeting with SEC

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Crypto asset manager Grayscale recently unveiled an updated version of its spot Bitcoin exchange-traded fund (ETF) following discussions with the US Securities and Exchange Commission (SEC). According to Bloomberg researcher James Seyffart, the updated documentation contains a plan to change GBTC’s ticker to BTC. After carefully reviewing the revised documentation, Seyffart noted that it is unlikely to contain significant changes compared to the previous version. However, the current version has significant changes from the original submission, as he stated:“in this amendment, the shades of gray have changed a lot from…

BlackRock Meets SEC over Spot Bitcoin ETF and Redemption Requirements

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In the filing BlackRock proposed In-kind redemptions could also offer tax efficiency, avoiding the need to sell securities for redemptions, which might trigger capital gains taxes. Representatives from BlackRock and the Nasdaq engaged in discussions with the United States Securities and Exchange Commission (SEC) regarding the proposed rule permitting the listing of a spot Bitcoin (BTC) exchange-traded fund (ETF). A November 20 SEC memo revealed that BlackRock presented a plan outlining the potential use of either an in-kind or in-cash redemption model for its iShares Bitcoin Trust. The SEC’s response…

SEC Commissioner on spot Bitcoin ETFs: “No reason to block”

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SEC’s Hester Peirce supports spot Bitcoin ETF and hopes for less litigation in establishing crypto regulation. In the latest interview with Bloomberg, Commissioner of the U.S. Securities and Exchange Commission (SEC), Hester Peirce, hinted at support and approval for a spot Bitcoin ETF. Peirce said the SEC has no reason to stand in the way of a Bitcoin ETF, with the commissioner adding that her stance on this matter has been the same for years.  Peirce confirmed that every application is being judged on its own specific set of facts…

BlackRock met with SEC officials to discuss spot Bitcoin ETF

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Representatives from BlackRock and the Nasdaq met with the United States Securities and Exchange Commission to discuss the proposed rule allowing the listing of a spot Bitcoin (BTC) exchange-traded fund, or ETF. According to a Nov. 20 SEC memo, BlackRock provided a presentation detailing how the firm could use an in-kind or in-cash redemption model for its iShares Bitcoin Trust. It’s unclear how SEC officials responded to the two proposed models or if they intend to approve a spot BTC ETF after numerous delays and rejections. Looks like @BlackRock also…

BlackRock and Grayscale meeting with SEC about Bitcoin ETF issuance

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Bloomberg Intelligence ETF research analyst James Seyffart reports that BlackRock and Grayscale, two major investment major companies with plans to issue a Bitcoin ETF, have recently met with the SEC. Based on slides that have become public knowledge, Seyffart shows that BlackRock likely prefers in-kind for their offering. In-kind vs. cash In highlighting this announcement, the analyst suggests that this decision makes sense as it is likely the cleanest structure for the company and its investors. The news came alongside a consecutive report that Grayscale, another prominent investment management firm,…