Tag: SEC

BlackRock and Bitwise Update Spot Bitcoin ETF Applications with SEC

Market analysts interpret these recent filings as indications of the ongoing collaborative efforts between the SEC and major issuers to navigate the regulatory landscape. In a recent development, asset managers BlackRock Inc (NYSE: BLK) and Bitwise have submitted amended filings to the US Securities and Exchange Commission (SEC) for their proposed spot Bitcoin (BTC) Exchange-Traded Funds (ETFs). BlackRock Inc’s Bitcoin ETF Strategic Moves The revised documents, now accessible on the SEC website, point to ongoing discussions between the SEC and major market players regarding the approval of a spot Bitcoin…

BlackRock received $100K seed funds for Bitcoin ETF — SEC filing

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The world’s largest asset manager, BlackRock, received $100,000 in seed funding from an unknown investor for its spot Bitcoin (BTC) exchange-traded fund (ETF) in October 2023, according to its latest United States Securities and Exchange Commission (SEC) filing. The SEC filing revealed that the investor agreed to purchase $100,000 in shares on October 27, 2023, in exchange for 4,000 shares at $25.00 per share price. The seed funding allows an ETF to fund the creation of underlying shares that can be offered and traded in the open market. The latest filing…

SEC likely to prioritize ‘cash create’ spot Bitcoin ETFs

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A Senior Bloomberg ETF analyst speculated that the Securities and Exchange Commission favors a particular redemption model and that could be a factor for which applications get approved. The U.S. Securities and Exchange Commission (SEC) may choose to first approve spot Bitcoin ETFs with a cash create redemption structure, according to ETF expert Eric Balchunas who said that such a decision remained unconfirmed by America’s securities regulator. Cash create differs from the alternative “in-kind” option since it requires issuers to hold the dollar equivalent of every Bitcoin (BTC) offered in…

SEC in Discussion with Grayscale and Seven Other Spot Bitcoin ETF Applicants

SEC’s discussion with top applicants of spot Bitcoin ETF continue as BTC price has rallied past $41,532 in a fresh surge. The US Securities and Exchange Commission (SEC) has revealed recent meetings with various asset managers to discuss their proposed spot Bitcoin exchange-traded funds (ETFs). On November 29, the SEC’s Division of Trading and Markets members engaged in discussions with several Grayscale employees, including CEO Michael Sonnenshein, and representatives from the law firm Davis Polk. This meeting followed three previous sessions with Grayscale, dating back to 2022, with the latest…

SEC faces sanctions threat as Judge questions DEBT Box case accuracy

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United States District Judge Robert Shelby has cautioned the Securities and Exchange Commission (SEC) lawyers, hinting at possible sanctions due to purportedly deceptive statements in a legal action against Digital Licensing Inc., also recognized as DEBT Box, a crypto company. Lodged in the federal court of Utah, the SEC’s legal action alleged that DEBT Box deceived investors by around $50 million via the vending of unregistered securities known as “node licenses.” Judge Shelby’s decision revealed notable discrepancies in the SEC’s case. Initially, the SEC, led by attorney Michael Welsh, had…

The SEC is facing another defeat in its recycled lawsuit against Kraken

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The legal duel between the United States Securities and Exchange Commission (SEC) and Kraken, a leading cryptocurrency exchange, looks like another misguided attempt by the SEC to exert control over an industry that fundamentally challenges an outdated regulatory playbook. The agency’s lawsuit, filed in November, accuses Kraken of operating as an unregistered securities exchange. The lawsuit isn’t just a repeat of the SEC’s past failures. It’s also a glaring example of regulatory overreach that fails to grasp the essence of cryptocurrency. It mirrors the agency’s actions against Coinbase, which mark…

U.S. Securities and Exchange Commission (SEC) Seeks Public’s Thoughts on Fidelity’s Potential Spot Ethereum ETF

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The U.S. Securities and Exchange Commission (SEC) is asking the public what they think about financial services giant Fidelity’s potential spot market Ethereum (ETH) exchange-traded fund (ETF). In a new notice, the regulatory agency is asking the public for their opinion on Fidelity filing a bid to create an Ethereum-based ETF on the Chicago Board Options Exchange (CBOE). “Given that on November 17, 2023, Cboe BZX Exchange, Inc. filed with the Securities and Exchange Commission (SEC) the proposed rule change as described in Items I, II, and III below, which…

Terraform Labs and SEC lawyers spar over whistleblower in court: Report

Lawyers representing the United States Securities and Exchange Commission and Terraform Labs and co-founder Do Kwon sparred in court over information provided by a whistleblower in the securities lawsuit. According to a transcript of court events provided by Inner City Press on Nov. 30, the SEC reiterated its claims that Terra and Kwon “committed fraud” using the LUNA token, citing sealed evidence provided by an unnamed whistleblower. Kwon’s and Terra’s legal team reportedly argued the SEC was “flip-flopping” on the issue of TerraUSD (UST) depegging from the U.S. dollar. “The…

Bitcoin ETF Approval Date Hinted By Expert: SEC Decision Expected January 5th

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Anticipation is building as major asset managers’ predicted approval date for Bitcoin ETF applications approaches 2024. Experts have now issued bold predictions, with Bloomberg exchange-traded fund (ETF) expert James Seyffart pinpointing the potential approval window from January 5th to January 10th.  The significance of this timeframe has sparked excitement within the cryptocurrency community, as the approval could mark a major milestone for the industry. However, experts emphasize that failure to approve during this window could have significant implications for the SEC and potential ETF applicants. Bitcoin ETF Approval Expected On…