Approval Tomorrow, Trading on Thursday? 😮
In today’s edition: 📝 SEC's ETF feedback, 🔥 ETF fee battle intensifies, ⚠️ Gensler's crypto caution, 📈 Big week for Bitcoin inflows, 💸 $1.2M to Satoshi's wallet, and more!
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What’s Poppin’?
by Sage Young, Juan Aranovich and Sam Sriram
SEC Issues Additional Comments on Spot Bitcoin ETF Applications
The SEC sent comments to a number of Bitcoin ETF applicants just hours after they documented their expected fees in filings on Monday.
Fee Competition Heats Up Among BlackRock and Other Spot Bitcoin ETF Applicants
As the crypto industry prepares for the U.S. Securities and Exchange Commission’s decision on spot bitcoin ETFs, major financial players have revealed extremely competitive fee structures to attract early market share.
With SEC Approval of ETFs Seemingly Imminent, Gensler Warns of Crypto Risks and Frauds
U.S. Securities and Exchange Commission Chairman Gary Gensler cautions about scams and regulatory non-compliance in an X thread, as the SEC appears ready to begin approvals for spot bitcoin ETFs.
Investors Deployed $151M Into Crypto Assets in First Week of 2024: CoinShares
Bitcoin received the lion’s share of inflows with $113 million, while Ethereum had the second-largest inflows at $29 million.
Satoshi Nakamoto’s Genesis Wallet Receives $1.2 Million Bitcoin
An anonymous user sent the Bitcoin creator’s wallet address more than a million dollars’ worth of the cryptocurrency after the network’s 15-year anniversary.
It’s set to be a historic week in crypto, with the SEC widely expected to finally approve a spot Bitcoin ETF, although it’s not a 100% certainty. Two Bloomberg analysts who have followed all the developments closely since the beginning, James Seyffart and Eric Balchunas, join Unchained to discuss the final filings, the likely schedule, and whether all the applications are likely to be approved on the same day. Then they dive into the real action: the cutthroat wars that have already begun, why Grayscale might be keeping its fees on the Grayscale Bitcoin Trust so high, and who the likely winners in what has traditionally been a “winner take most” category will be.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Daily Bits…✍️✍️✍️
🏦 Jane Street was designated as an authorized participant by all 11 bitcoin ETF aspirants, playing a crucial role in the creation and redemption of ETF shares.
💹 VanEck seeded its prospective spot bitcoin ETF with $72.5 million, leading the investments among contenders.
💻 North Korean hacker group Lazarus transferred $1.2 million worth of bitcoin from a coin mixer to a holding wallet, part of their estimated $3 billion in stolen cryptocurrencies over three years.
💸 DCG claimed full repayment of Genesis loans, but creditors are disputing this, alleging outstanding debts and fees.
📜 The Blockchain Association responded to Sen. Warren's concerns, defending its hiring of former defense and law enforcement officials amid allegations of undermining crypto regulations related to terrorism financing.
📊 The CFTC's Technology Advisory Committee recommended a proactive approach to decentralized finance (DeFi), highlighting the need for enhanced understanding and effective regulation in the first substantial government advisory report on DeFi.
📜 New York State Comptroller criticized the BitLicense program, urging for improved oversight and financial stability checks for applicants.
📊 Starknet community approved the Alpha v.13 update, introducing transaction fees in its native token STRK alongside ether on the Ethereum Layer 2 network.
🇬🇧 Bitfinex will restrict certain products and services for UK customers to comply with local regulatory requirements.
🌐 PayPal's PYUSD stablecoin is seeking expansion in DeFi via Aave to boost liquidity options.
🚨 A charity worker in Arkansas accused of stealing $150K claimed he was forced to do so due to a bitcoin scam involving identity theft and blackmail.
🔒 Iranian crypto exchange Bit24 reportedly exposed the personal and financial KYC data of 230,000 users due to a security flaw in its cloud software.
Today in Crypto Adoption...
📈 Honduras' Special Economic Zone in Próspera recognized Bitcoin as a unit of account, aiming to boost financial freedom and align with Latin American Bitcoin adoption trends.
🏦 South Korean cryptocurrency exchange Upbit obtained a Major Payment Institution (MPI) license from Singapore’s Monetary Authority, enabling regulated digital payment token services in the city-state.
What Do You Meme?
Recommended Reads
CoinDesk: If SEC Approves Spot Bitcoin (BTC) ETF, Here’s What May Happen
The Block: What the SEC's lawsuit with Coinbase means for the exchange's pivotal role in spot bitcoin ETFs
DL News: Bitcoin gets boring — and why that’s a good thing for Wall Street
📈 Your Market Update 📉
BTC is up 4%, trading at $46,711
ETH is down 1.8%, trading at $2,298
BTC dominance: 50.91%
Crypto market cap: $1.8T
*All data as of today, 07:30 am ET. Source: CoinGecko
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