Bitcoin News and Finance: What You Need to Know

The U.S. Securities and Exchange Commission (SEC) could make a decision regarding the approval of spot bitcoin exchange-traded funds (ETFs) on Tuesday or Wednesday, according to a report. Anticipation for the first-ever U.S. spot bitcoin ETFs intensified last week as prominent asset managers updated their filings with the SEC. Green Light Imminent? SEC Could Make a Decision by Tuesday/Wednesday Market participants are buzzing with anticipation as major asset management firms scramble to secure regulatory approval for the first-ever spot bitcoin exchange-traded funds (ETFs) in the U.S. Applicants, including Blackrock, Vaneck, Valkyrie, Bitwise, Invesco, Fidelity, Wisdomtree, and the Ark Invest/21shares joint venture all submitted revised filings with the U.S. Securities and Exchange Commission (SEC) on Friday. The first deadline is Jan. 10 for the proposed spot bitcoin ETF by Ark Invest/21shares. Many people are expecting the securities regulator to approve multiple spot bitcoin ET...

Crypto exchange Coinbase says that it has “extensively prepared” for spot bitcoin exchange-traded fund (ETF) approvals by the U.S. Securities and Exchange Commission (SEC). Most spot bitcoin ETF applicants have named the Nasdaq-listed crypto platform as the custodian for their bitcoin. Coinbase Gets Ready for Spot Bitcoin ETF Launches As the deadline approaches for the U.S. Securities and Exchange Commission (SEC) to decide whether to approve a spot bitcoin exchange-traded fund (ETF), Coinbase (Nasdaq: COIN) says it has extensively prepared its systems to custody BTC for spot bitcoin ETF issuers. Most spot bitcoin ETF applicants have named the Nasdaq-listed crypto platform as the custodian of their bitcoin, including Blackrock, the world’s largest asset manager, Ark Invest, Bitwise, Wisdomtree, and Invesco. A Coinbase spokesperson told Bloomberg Friday: We have extensively prepared for ETF approval … Our systems have been designed and tested to handle added trading volume, incre...

The Avalanche Foundation, an institution that funds avalanche initiatives, has recently announced that it will start investing in meme coins. These purchases will be made using funds from the $100 million Culture Catalyst fund launched in 2022, and the tokens will be selected based on their number of holders, liquidity thresholds, and project maturity, among other elements. Avalanche to Invest in Meme Coins Using $100 Million Culture Catalyst Fund The Avalanche Foundation has announced that it is taking a position in meme coins. In a recent X post, the foundation revealed that it will invest in selected meme coins, broadening its portfolio as part of a comprehensive move to embrace “a more complete spectrum of possibilities.” This investment will be made using Culture Catalyst, a fund launched in 2022 during the Avalanche Summit in Barcelona. The institution will use part of the $100 million fund, initially focused on “helping to cultivate and support the many new forms of creati...

Arthur Hayes, CIO of Maelstrom and former CEO of Bitmex, discussed the eventual demise of Tether and other stablecoin companies. Hayes explained that Tether’s business model, which consists of taking dollars and investing in treasuries, will eventually be cannibalized by big banks like JPMorgan when they get allowed to issue fiat-backed stablecoins. Arthur Hayes Warns About Banks Replacing Tether and Other Stablecoin Companies Arthur Hayes, the former CEO of Bitmex and CIO of Malestrom, a crypto-focused early-stage investment fund, has stated that he expects big banks to take over the stablecoin business, now dominated by Tether, the company behind USDT . At Laura Shin’s Unchained podcast, Hayes explained that while Tether has configured itself to be a great product in the crypto market, it has only achieved its status due to the refusal of the U.S. banking system to offer a similar product. On Tether’s business model, Hayes declared: The people who own Tether make something li...

Mark Cuban, a Shark Tank star and the billionaire owner of the NBA team Dallas Mavericks, says the U.S. Securities and Exchange Commission (SEC) doesn’t protect anyone, calling the regulator “the Quickbooks of financial regulation.” He stressed that the Howey Test isn’t enough to cover every crypto situation. Mark Cuban Slams SEC: They Don’t Protect Anyone Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, slammed the U.S. Securities and Exchange Commission (SEC) in a post on social media platform X Thursday. Regarding whether the current securities law is sufficient to regulate crypto, Cuban said: “All you need to know is that Howey was not enough to cover every situation, so Reves came along.” Reves v. Ernst & Young is a Supreme Court case related to the definition of an “investment contract” under the Securities Act of 1933. The billionaire added: Now there’s a need for a crypto complement to Howey and Reves. The owner of the Dallas Mavericks op...

Bitwise has revealed in an amended filing with the U.S. Securities and Exchange Commission (SEC) a plan to seed its spot bitcoin exchange-traded fund (ETF) with $200 million. This significantly exceeds Blackrock’s $10 million seed commitment for its spot Bitcoin ETF that’s planned for Jan. 3. Bitwise’s $200 Million Plan to Seed Spot Bitcoin ETF Bitwise is one of the spot bitcoin exchange-traded fund (ETF) applicants that submitted an amended filing (S-1) to the U.S. Securities and Exchange Commission (SEC) on Friday. Once launched, Bitwise’s spot bitcoin ETF will trade under the ticker symbol BITB. According to the firm’s filing with the SEC, an unnamed entity “has indicated an interest in purchasing an aggregate of up to $200 million of shares in this offering from authorized participants or in the marketplace through broker-dealers.” Commenting on the asset manager’s filing, Bloomberg ETF analyst Eric Balchunas pointed out on social media platform X: Bitwise S-1 has been file...

Blackrock, the world’s largest asset manager, has named JPMorgan as a lead authorized participant for its spot bitcoin exchange-traded fund (ETF). This followed JPMorgan CEO Jamie Dimon stating in a congressional hearing that bitcoin and cryptocurrency are used primarily for criminal purposes and that he would close down crypto if he were the government. JPMorgan Named Authorized Participant by Blackrock for Spot Bitcoin ETF On the final day of the U.S. Securities and Exchange Commission (SEC)’s deadline , Blackrock, the world’s largest asset manager, submitted an updated filing for its spot bitcoin exchange-traded fund (ETF). The SEC gave spot bitcoin ETF applicants until Friday to submit their amended filings in order to be included in the first batch of decisions in early January. Moreover, the securities regulator reportedly said it wants authorized participants (APs) named in amended filings. Blackrock’s latest amended filing shows that it has named JPMorgan and Jane Street as...

The decision by the U.S. Department of Justice (DOJ) not to pursue a second trial against disgraced FTX founder Sam Bankman-Fried (SBF) has outraged the crypto industry. Crypto exchange Coinbase calls the decision a “miscarriage of justice.” One lawyer opined, “Ask yourself why is this case being dropped in an election year,” noting that SBF gave the Biden administration $10 million and had personal meetings with U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler and SEC staff. DOJ’s Decision on SBF Trial Outrages Crypto Industry The U.S. Department of Justice (DOJ) has decided not to pursue a second trial against former FTX CEO Sam Bankman-Fried (SBF). The second trial, which had been slated to start in March, addresses an additional set of criminal counts against Bankman-Fried, including campaign finance charges. Sharing his thoughts in a series of posts on social media platform X Friday regarding “the DOJ’s decision not to pursue campaign finance charges again...

Two U.S. lawmakers have joined forces in an effort to fire Securities and Exchange Commission (SEC) Chairman Gary Gensler. “2024 would be a great time to fire Gary Gensler, pass the SEC Stabilization Act, [and] hold the SEC accountable for its corruption,” Congressman Warren Davidson announced. ‘2024 Would Be a Great Time to Fire Gary Gensler’ Representatives Warren Davidson (R-OH) and Tom Emmer (R-MN) are seeking to remove Gary Gensler as the chairman of the U.S. Securities and Exchange Commission (SEC). Congressman Davidson wrote on social media platform X Thursday: 2024 would be a great time to fire Gary Gensler, pass the SEC Stabilization Act, hold the SEC accountable for its corruption, and end the accredited investor rule that protects deal flow for the donor class. Davidson introduced the SEC Stabilization Act earlier in June to fire Gensler as the chair of the securities regulator. He previously explained that the bill would “remove the role of chairman,” noting: “It w...

On Dec. 29, 2023, past 6 p.m. Eastern Time (ET), the Department of Justice (DOJ) conveyed in a letter to Judge Lewis Kaplan its decision to not move forward with a subsequent trial against Sam Bankman-Fried, the ex-CEO of FTX. FTX’s Bankman Fried Avoids Second Trial According to several reports on Friday evening, prosecutors have decided against pursuing a second trial against Sam Bankman-Fried (SBF). Matthew Russell Lee of the Inner City Press disclosed the update on X, posting a snapshot of the DOJ’s letter and also distributing it on his Patreon . “So no evidence and cross examination about the campaign finance and China bribe counts, no getting to the bottom of who took the money,” Russell Lee wrote on Friday. “It is known that officials in the Bahamas, whose request to drop these charges DOJ cited in severing them, took SBF’s and FTX customers’ money.” Following the announcement, the X user known as ‘amuse’ weighed in on the development. “Shock: SBF won’t force Biden to ...

The CEO of the Chamber of Digital Commerce says the Senate Ethics Committee should launch a full investigation on Senator Elizabeth Warren for making false and misleading statements about crypto. “Senator Elizabeth Warren has misled the American people as well as the U.S. Congress on multiple fronts,” she stressed. ‘Senate Ethics Committee Should Launch a Full Investigation’ Chamber of Digital Commerce founder and CEO Perianne Boring slammed U.S. Senator Elizabeth Warren (D-MA) for making false and misleading statements regarding cryptocurrency in an interview with Fox Business on Thursday. “Senator Elizabeth Warren has misled the American people as well as the U.S. Congress on multiple fronts,” the Chamber of Digital Commerce chief began. “First, she’s misled us to believe that crypto has an AML [anti-money laundering] problem,” she continued, emphasizing: It does not have an AML problem. The vast majority of illicit finance go through the traditional financial system and legacy...

In recent years, attention has centered on bitcoin mining, particularly its energy usage in securing the network and validating transactions through proof-of-work (PoW). As generative artificial intelligence (AI) emerges as a major force in technology, it’s encountering similar environmental concerns. Moreover, advocates of bitcoin are drawing parallels between the criticisms of AI’s energy demands and those directed at cryptocurrency mining. Eco-Impact of AI: Facing the Environmental Challenges of Innovation Although AI has generally received acclaim in the press, its consumption of electricity and water has recently sparked considerable debate. Numerous online articles decry the significant resources AI utilizes, including a Rolling Stone piece alleging that “Microsoft’s global water consumption spiked in a year to nearly 1.7 billion gallons.” The article oversimplifies the intricate issue by comparing AI’s water usage to that of 2,500 Olympic-sized swimming pools. The digital ...

Cathie Wood, CEO of Ark Investment Management, foresees widespread institutional involvement in spot bitcoin exchange-traded funds (ETFs) following anticipated approval by the U.S. Securities and Exchange Commission (SEC). “All we need is for the trillions of dollars in institutional assets out there to allocate maybe 0.1% or 0.2% to an ETF, which will be one of the easiest ways to gain exposure and one of the most efficient ways to gain exposure to bitcoin,” she explained, adding: “That will move the price significantly.” Ark Invest CEO Cathie Wood on Spot Bitcoin ETF Approval The CEO of Ark Investment Management (Ark Invest), Cathie Wood, shared her perspective regarding spot bitcoin exchange-traded funds (ETFs) in an interview with Yahoo Finance on Tuesday. Ark Invest is among the applicants seeking approval from the U.S. Securities and Exchange Commission (SEC) to launch a spot bitcoin ETF. The deadline for the securities regulator to make a decision on whether to approve or den...

Economist Peter Schiff has shared some predictions for 2024. “The big surprise in 2024 will not only be that the economy crashes into recession, but that high inflation returns with a vengeance,” he described. The technicals are breaking down for the U.S. Dollar Index, he added, emphasizing: “This couldn’t come at a worse time. The Fed is planning interest rate cuts, which will not only accelerate the decline, but put renewed upward pressure on inflation.” Peter Schiff’s 2024 Economic Predictions Gold bug and economist Peter Schiff shared his predictions for 2024 in a series of posts on social media platform X Wednesday. “Investors are convinced the Fed has succeeded in restoring price stability without causing a recession, pulling off a miraculous soft landing,” Schiff described, warning: The big surprise in 2024 will not only be that the economy crashes into recession, but that high inflation returns with a vengeance. “The U.S. Dollar Index is below 101 for the first time sin...

An analysis by crypto intelligence firm Arkham indicates that Donald Trump, the 45th President of the United States, is selling millions of dollars in ether acquired from selling his non-fungible token (NFT) collections. The analytics firm also revealed that Trump’s highest crypto balance reached $4 million. Based on deposit analysis to date, the former U.S. president has sold 1,325 ETH , totaling over $3 million. Donald Trump Selling Ether, Analysis Suggests Crypto intelligence firm Arkham shared an analysis on social media platform X on Thursday, revealing the amount of ether former U.S. President Donald Trump appears to have sold. “Looks like Donald Trump is selling his ETH ,” the firm wrote, adding that three weeks ago, the former U.S. president started sending his cryptocurrencies to Coinbase after months of accumulating from the sale of non-fungible tokens (NFTs). “His peak balance was $4 million,” the firm added, noting that based on the deposits, Trump has sold 1,075 ETH ...

Elon Musk, the chairman of X, has referred to non-fungible tokens (NFTs) and the defects of their implementation, indirectly making the case for inscriptions. Answering a post on X on the topic of NFTs, Musk suggested saving the jpeg (an image format) of the NFT on the blockchain, like inscriptions are currently saved on Bitcoin. Elon Musk Indirectly Nods at Ordinal Inscriptions Elon Musk has given indirect support to Ordinal inscriptions, a series of images and other data saved on the BTC blockchain. In an X post commenting on the issue of non-fungible token (NFT) data, and how it can be linked to content not owned by the issuers, that can be removed, Musk declared : Yeah, at least encode the jpeg on the blockchain! Musk’s complaints about how standard NFTs work are not new. On the Joe Rogan Experience podcast, Musk stated : The funny thing is the NFT is not even on the blockchain — it’s just a URL to the JPEG. As Musk explained, earlier NFT implementations featured a link...

Hong Kong’s financial regulator has published rules for spot bitcoin exchange-traded fund (ETF) issuers, allowing the use of both cash and in-kind creation models. This approach contrasts with the U.S. Securities and Exchange Commission (SEC), which insists on the exclusive use of the cash creation model for spot bitcoin ETFs. Hong Kong Publishes Spot Bitcoin ETF Rules The Hong Kong Securities and Futures Commission (SFC) published a circular on Dec. 22 for “authorized funds with exposure to virtual assets.” The regulator explained that the circular sets out the requirements under which the SFC would consider authorizing investment funds with exposure to virtual assets (VAs) of more than 10% of their net asset value (NAV) for public offerings in Hong Kong. “Globally, the VA landscape has been evolving rapidly,” the SFC stated, noting that a broader range and a larger number of investment products providing crypto exposure, including crypto exchange-traded funds (ETFs), are now avai...

Grayscale Investments has adopted the cash creation model, instead of the in-kind model, for its proposed spot bitcoin exchange-traded fund (ETF). However, the crypto asset manager warned of adverse consequences. “A spot commodity exchange-traded product that only employs cash creations and redemptions and does not permit in-kind creations and redemptions is a novel product that has not been tested, and could be impacted by any resulting operational inefficiencies,” the firm’s filing with the U.S. Securities and Exchange Commission (SEC) details. Grayscale’s Spot Bitcoin ETF Filing Amendment Grayscale Investments filed the second amendment to its registration statement (Form S-3) for Grayscale Bitcoin Trust with the U.S. Securities and Exchange Commission (SEC) on Dec. 26. The crypto asset manager outlined how its proposed spot bitcoin exchange-traded fund (ETF) will use the cash creation method, instead of the in-kind method. “The trust is currently able to accept cash orders,” t...

The U.S. Securities and Exchange Commission’s former head of internet enforcement has warned that spot bitcoin exchange-traded funds (ETFs) “will create yet another Wall Street fee-sucking investor scam of epic proportions.” In addition, he stressed that it will likely be the most centralized crypto contraption conceivable. Ex-SEC Official’s Spot Bitcoin ETF Warnings Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark issued some warnings about spot bitcoin exchange-traded funds (ETFs) in a post on social media platform X Monday. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. Expressing his skepticism about spot bitcoin ETFs, Stark wrote: “As to whether the approval of a spot bitcoin ETF is a good thing, my view is that it is not.” He cautioned: The very idea of a bitcoin spot ETF rem...

In a recent statement by Sergey Lavrov, Russia’s Foreign Affairs Minister, he noted that the BRICS bloc is set to expand in 2024 with new members including the United Arab Emirates (UAE), Iran, and Saudi Arabia. He revealed that approximately “30 countries would like to establish partner ties with BRICS.” Additionally, as November drew to a close, China and Saudi Arabia forged a currency swap agreement valued at 50 billion yuan ($6.93 billion), which some interpret as Xi Jinping’s move to contest the supremacy of the U.S. dollar. Lavrov: ‘30 Nations Aspire to Collaborate With BRICS’ This year, the BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, garnered significant attention as an intergovernmental organization. During the 15th BRICS summit in Johannesburg, South Africa, the world observed as the alliance extended invitations to join the bloc to the UAE, Saudi Arabia, Argentina, Egypt, Ethiopia, and Iran. According to Russia’s TASS news agency, Lavrov ann...

Worldcoin, the biometric ID and digital wallet project, will now allow Minecraft server integration through one of its apps. A plugin called Luckperms, a Minecraft server mod, lets server admins tackle the bot problem by only giving access to the server to World ID-verified users. Minecraft to Integrate Worldcoin for ID Verification Purposes Worldcoin, the iris-scanning ID and digital wallet program, can now be integrated with Minecraft, the award-winning Microsoft-owned game, through one of its apps. Worldcoin’s inclusion in the game is focused on dealing with the “griefing” problem, which happens when a bot user joins a server to ruin the gaming experience. Through Luckperms, a Worldcoin app, server admins can leverage World ID to establish a set of permissible actions that only verified users can perform, leaving unverified users unable to access these features until they verify with World ID. The feature would be available by installing a plugin in the Minecraft server, and us...

The U.S. Securities and Exchange Commission (SEC) has reportedly set a deadline of Dec. 29 for spot bitcoin ETF applicants to finalize their filing amendments. According to reports, the SEC has told spot bitcoin ETF issuers that applications that are fully updated and filed by this Friday will be considered in the first wave of its spot bitcoin ETF decision. SEC’s Spot Bitcoin ETF Deadline The U.S. Securities and Exchange Commission (SEC) reportedly instructed spot bitcoin exchange-traded fund (ETF) applicants during their meetings last week to finalize the amendments to their registration statements (S-1s) by Dec. 29 to be considered in the first wave of spot bitcoin ETF decision. Fox Business journalist Eleanor Terrett shared on social media platform X on Dec. 24: Confirming the date for final amendments to all S-1s by Friday the 29th. The SEC has told issuers that applications that are fully finished and filed by Friday will be considered in the first wave. Anyone who is not...

The famous author of Rich Dad Poor Dad, Robert Kiyosaki, has shared how he made most of his money. He stressed that the future of stock and bond markets will depend on startups in resources, not Silicon Valley technology startups, predicting that resources will be “the coming boom in the investment world.” How Robert Kiyosaki Made Most of His Money Rich Dad Poor Dad author Robert Kiyosaki has revealed on social media platform X how he made most of his money. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. The renowned author shared on Dec. 24 that the Vancouver Resource Investment Conference (VRIC) is coming up on Jan. 20-21, where he will be one of the keynote speakers, as per the event’s website. Explaining why he believes this event is the “most important investor conference...