Bitcoin News and Finance: What You Need to Know

A group of former Citigroup executives has introduced a new product called bitcoin depository receipts. They explained that this crypto product does not need to be registered with the U.S. Securities and Exchange Commission (SEC). The new offering aims to be a “complementary” product to spot bitcoin exchange-traded funds (ETFs) that the securities regulator is expected to approve early next week. ‘The First-Ever Bitcoin Depositary Receipt’ Launches A startup called Receipts Depositary Corporation (RDC), formed by a group of former Citigroup executives, announced the launch of “the first-ever bitcoin depositary receipt ( BTC DR)” on Thursday. Bitcoin depositary receipts are similar to American Depositary Receipts (ADRs) for foreign stocks, RDC explained, adding that they operate within U.S.-regulated market infrastructure and are cleared through the Depository Trust Company (DTC). The announcement details: RDC expects to issue the first BTC DRs in transactions exempt from regi

The possibility of the U.S. Securities and Exchange Commission (SEC) rejecting spot bitcoin exchange-traded funds (ETFs) became a concern after financial watchdog group Better Markets called on the securities regulator to reject spot bitcoin ETFs, warning that approvals will lead to “financial carnage” and “massive investor harm.” The SEC is expected to make a decision on spot bitcoin ETFs early next week, and trading could begin as soon as Jan. 11. Will SEC Reject Spot Bitcoin ETF Applications? Concerns gripped the crypto community following Friday’s letter from Better Markets, a financial watchdog group, urging the U.S. Securities and Exchange Commission (SEC) to reject spot bitcoin exchange-traded funds (ETFs). The group argued that the SEC has a legal obligation to deny these applications, warning of potential “financial carnage” and “massive investor harm” if spot bitcoin ETFs are approved. The group features Senator Elizabeth Warren (D-MA) as a top testimonial on its website

Blackrock, the world’s largest asset manager, has reportedly lined up more than $2 billion for its spot bitcoin exchange-traded fund (ETF) within days of launch. Vaneck’s head of digital assets research and a Bloomberg ETF analyst have independently verified with their sources that Blackrock has a “big day one” capital lined up for its spot bitcoin ETF. Blackrock Prepares for ‘Big Day One’ of Spot Bitcoin ETF Launch The world’s largest asset manager has reportedly lined up $2 billion in capital for its upcoming spot bitcoin exchange-traded fund (ETF) launch, according to Vaneck’s head of digital assets research, Matthew Sigel. Vaneck is among the asset managers that have filed to launch a spot bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). Blackrock, Vaneck, and nine other spot bitcoin ETF applicants are waiting for the green light from the SEC to launch spot bitcoin ETFs. Sigel revealed during an X Space discussion hosted by The Block on Friday: I heard from

Financial watchdog group Better Markets has called on the U.S. Securities and Exchange Commission (SEC) to reject spot bitcoin exchange-traded funds (ETFs), warning that they “will inflict massive investor harm.” The organization features U.S. Senator Elizabeth Warren’s testimonial on its website. Its president, who is reportedly close to SEC Chairman Gary Gensler, warned the securities regulator that it “must not facilitate the financial carnage that will follow.” SEC Must ‘Follow the Law and Reject’ Spot Bitcoin ETFs On Friday, Better Markets filed a supplemental comment letter with the U.S. Securities and Exchange Commission (SEC) detailing why the securities regulator should reject applications to launch spot bitcoin exchange-traded products (ETPs), which include bitcoin exchange-traded funds (ETFs). Better Markets is a non-profit, non-partisan, independent organization based in Washington, D.C. It is dedicated to promoting the public interest in financial reform, financial m

Asset management firm Vaneck has pledged to donate 5% of its spot bitcoin exchange-traded fund (ETF) profits to support Bitcoin Core developers for at least 10 years. The company is currently awaiting approval from the U.S. Securities and Exchange Commission (SEC) to launch its spot bitcoin ETF. The securities regulator is expected to approve multiple applications early next week. Vaneck to Donate 5% of Spot Bitcoin ETF Profits Asset manager Vaneck pledged financial support for Bitcoin Core developers on Friday, ahead of the U.S. Securities and Exchange Commission (SEC)’s decision on its spot bitcoin exchange-traded fund (ETF) application. Vaneck is one of 11 companies vying to launch the first U.S. spot bitcoin ETFs. “We’re not Bitcoin tourists at Vaneck. We’re in it for the long haul,” Vaneck wrote on social media platform X Friday. The asset manager added: That’s why we made an initial $10k donation and signed a pledge to donate 5% of our bitcoin ETF profits (if approved) to s

Bitcoin’s network difficulty experienced its first increase of 2024 on Jan. 5, at block height 824,544, rising 1.65% to an unprecedented network peak of 73.2 trillion. This inaugural adjustment of the year succeeds the 27 dynamic shifts witnessed in 2023, including a total of 20 increases. Bitcoin’s Difficulty Hits 73.2 Trillion On Jan. 5, 2024, Bitcoin once again broke another record in terms of how difficult it is to discover a bitcoin ( BTC ) block reward. The network’s difficulty rose to 73.2 trillion after a 1.65% uptick on Friday evening Eastern Time (ET). The change occurred at precisely 7:41 p.m. (ET) at block height 824,544 and it follows the 6.98% increase that took place nearly two weeks ago at block height 822,528. Fundamentally, Bitcoin’s difficulty represents a metric reflecting the challenge involved in identifying a block subsidy to append a fresh block to the blockchain. The difficulty level changes every two weeks, give or take, to maintain a consistent block t

The Blockchain Basics Act, introduced recently into the Missouri State House, seeks to guarantee crypto-related rights, including self-custody, transacting, mining, and staking, to the state’s people. Proposed by Rep. Phil Christofanelli, the bill aims to take the crypto legislation fight to the state level, according to Dennis Porter, CEO and co-founder of the Satoshi Action Fund. ‘Blockchain Basics Act’ Proposes to Guarantee Crypto Rights at a State Level in Missouri The fight for crypto legislation clarity is changing. A new bill, the “Blockchain Basics Act” ( HB2107 ), introduced in Missouri’s State House, seeks to guarantee a series of cryptocurrency rights to the people of Missouri. Introduced by Rep. Phil Christofanelli on December 27, the bill protects the right of Missouri’s citizens to the custody of their cryptocurrency assets, the right to exert cryptocurrency mining activities without restrictions, the right to transact and make payments with crypto, and eliminates sta

The bankrupt cryptocurrency lender Celsius Network announced its plan to unstake significant holdings of ethereum to facilitate asset distribution to its creditors. This move is part of the firm’s ongoing efforts to restructure and resolve outstanding liabilities. Crypto Lender Celsius to Unstake Ether Celsius Network’s decision to unstake ethereum ( ETH ) reflects a broader strategy to manage its assets amidst a challenging phase. After filing for Chapter 11 bankruptcy protection in July 2022, the company faced a liquidity crisis following the downward spiral of the crypto market. The unstaking process is intended to provide necessary liquidity to offset costs incurred during the restructuring process and ensure timely distributions to creditors. “Celsius will unstake existing ETH holdings, which have provided valuable staking rewards income to the estate, to offset certain costs incurred throughout the restructuring process,” the company announced on Friday. The company added:

Robert Kiyosaki, the author of Rich Dad Poor Dad, has advised investors to closely monitor Bitcoin’s upcoming halving, emphasizing that the event is fast approaching. The famous author recently revealed that he is $1 billion in debt but does not see it as his problem. He further shared that he uses debt as money to buy assets, including bitcoin, emphasizing that he does not trust the U.S. dollar. Robert Kiyosaki Urges Investors to Pay Attention to Bitcoin Halving The author of Rich Dad Poor Dad, Robert Kiyosaki, has highlighted the upcoming Bitcoin halving in April as a key event for investors to watch. 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. In a post on social media platform X Wednesday, the famous author explained that one contributing factor to the financial status

Shark Tank investor Kevin O’Leary, also known as Mr. Wonderful, has emphasized that institutional interest in crypto and bitcoin will remain high regardless of the U.S. Securities and Exchange Commission (SEC)’s decision on spot bitcoin exchange-traded funds (ETFs). “Even a no decision will not change the long-term potential,” he stressed. Kevin O’Leary Discusses Impact of Spot Bitcoin ETFs on Institutional Demand for Crypto Kevin O’Leary, the chairman of O’Leary Ventures, has weighed in on the potential impact of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs) on institutional interest in crypto. He shared on social media platform X Wednesday: “Bitcoin has a spectacular appreciation. Why? The anticipation of the SEC approving the first bitcoin ETF before Jan 10th. I’m not so sure. Gary Gensler at the SEC has never confirmed any timetable for a bitcoin ETF.” However, Mr. Wonderful noted: Even a no decision will not change the

Five spot bitcoin exchange-traded fund (ETF) applicants have filed to register their funds as securities with the U.S. Securities and Exchange Commission (SEC) as the approval deadline draws near. While some interpret this development as approval confirmation of spot bitcoin ETFs by the SEC, experts clarify that several steps remain before these ETFs are greenlighted to launch. Vaneck, Valkyrie, Fidelity, Bitwise, and Grayscale File to Register Spot Bitcoin ETFs as Securities With SEC Several asset managers have filed to register their spot bitcoin exchange-traded funds (ETFs) as securities with the U.S. Securities and Exchange Commission (SEC). The first deadline for a spot bitcoin ETF decision is Jan. 10. However, many expect the SEC to make a decision before that date. Vaneck , Valkyrie , and Grayscale Investments filed on Thursday. Fidelity filed on Wednesday, and Bitwise filed last week. Grayscale’s and Bitwise’s spot bitcoin ETFs plan to list on the NYSE Arca exchange. Van

The U.S. Securities and Exchange Commission (SEC) has met with officials from major exchanges to discuss spot bitcoin exchange-traded funds (ETFs). Sources close to the proceedings say the securities regulator could begin notifying issuers of spot bitcoin ETF approval on Friday and trading could begin as early as next week. “SEC is giving final comments as we speak,” a Bloomberg analyst described, adding that this is “as close to ‘done’ as we’ve been.” SEC Meeting With Exchanges to Discuss Spot Bitcoin ETFs The U.S. Securities and Exchange Commission (SEC)’s staff attorneys from the Division of Trading and Markets reportedly held meetings with officials from major exchanges, including the New York Stock Exchange (NYSE), Nasdaq, and Chicago Board Options Exchange (CBOE), on Wednesday. Fox Business reporter Eleanor Terrett shared on social media platform X: The SEC is holding meetings today with the exchanges (Nasdaq, CBOE, NYSE) to finalize comments on the 19b-4s submitted by the B

Investment bank TD Cowen predicts the U.S. Securities and Exchange Commission (SEC) will approve a spot bitcoin exchange-traded funds (ETFs) by the Jan. 10 deadline as a “political necessity.” The bank’s analyst believes that the SEC needs to “cement its role as a crypto regulator before Congress consider broader crypto legislation.” ‘This Is a Political Necessity’ Investment bank TD Cowen’s research team expects the U.S. Securities and Exchange Commission (SEC) to approve a spot bitcoin exchange-traded fund (ETF) by the Jan. 10 deadline, viewing it as a “political necessity.” This date marks the first decision deadline this year; it’s for a spot bitcoin ETF proposal submitted by Cathie Wood’s Ark Invest and 21shares. In a note published on Tuesday, TD Cowen Washington Research Group, led by financial analyst Jaret Seiberg, explained: To us, this is a political necessity as the agency needs to cement its role as a crypto regulator before Congress consider broader crypto legislat

Rich Dad Poor Dad author Robert Kiyosaki has warned that our leaders will drive the U.S. economy into an economic depression and a war. The famous author has reiterated his recommendation to buy bitcoin amid high anticipation of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs). Robert Kiyosaki on Depression and War The author of Rich Dad Poor Dad, Robert Kiyosaki, has warned that our leaders will drive us into an economic depression and a war. 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. He explained on social media platform X Saturday that the “Definition of insanity is doing the same thing over and over again and expecting things to change.” He emphasized, “Our leaders, the 3 Stooges Biden as President, Yellen as Treasur

Economist and gold bug Peter Schiff expects the approval of spot bi tcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) to be a nonevent. The crypto skeptic explained that there is “really no need for a bitcoin ETF, as you can buy and store bitcoin yourself for free.” He predicted: “There will be minimal investor demand and the speculators who bought on the news will likely sell on the fact.” Schiff Throws Cold Water on Spot Bitcoin ETF Peter Schiff, chief economist at Euro Pacific Asset Management and founder of Schiff Gold, expressed his view on the expected approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in a series of posts on social media platform X this week. The first deadline this year for the SEC to approve a spot bitcoin ETF is Jan. 10 for a joint proposal from Cathie Wood’s Ark Invest and 21shares. “Be careful what you wish for,” Schiff wrote on X Tuesday. “The promise of a U.S

Microstrategy’s executive chairman, Michael Saylor, is selling $216 million of his company’s shares, according to a filing with the U.S. Securities and Exchange Commission (SEC). The pro-bitcoin executive intends to use some of the proceeds to acquire additional bitcoin for his personal holdings. Michael Saylor Plans to Buy More Bitcoin for Himself Microstrategy (Nasdaq: MSTR)’s executive chairman, Michael Saylor, plans to sell 315,000 shares of his company’s common stock worth $216 million, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Jan. 2. Microstrategy previously disclosed Saylor’s plan to sell up to 400,000 shares of company stock over four months. In its November 10-Q filing with the SEC, the Nasdaq-listed firm explained that the pre-arranged 10b5-1 trading plan, triggered by a stock option that expires on April 30, 2024, involves daily sales of 5,000 shares contingent on a minimum price condition. During Microstrategy’s Q3 2023 earnings

A new tax reporting law has entered into force in the U.S. Starting on Jan. 1, all Americans receiving $10,000 or more in crypto in the course of their trade or business must file a report with the Internal Revenue Service (IRS) within 15 days. “If you don’t file a report within 15 days of receiving the transaction, you could be found guilty of a felony offense,” Coin Center warned. New Crypto Tax Law Takes Effect on Jan. 1 Effective Jan. 1, 2024, the Infrastructure Investment and Jobs Act, which passed in November 2021, requires “anyone who receives $10,000 or more in cryptocurrency in the course of their trade or business to make a report to the IRS about that transaction,” crypto policy advocate Coin Center explained in a blog post on Tuesday. “The report must include, among other things, the name, address, and social security number of the person from whom the funds were received, the amount received, and the date and nature of the transaction,” Coin Center executive director

Anticipation of spot bitcoin exchange-traded fund (ETF) approvals by the U.S. Securities and Exchange Commission (SEC) remains high, but the securities regulator reportedly still has a lot of paperwork to go through. While some speculate on a late-week announcement, others expect it early next week as the Jan. 10 deadline approaches. SEC Still Has Lots of Spot Bitcoin ETF Paperwork to Sort Through Anticipation of an imminent decision by the U.S. Securities and Exchange Commission (SEC) that could finally unlock the U.S. spot bitcoin exchange-traded fund (ETF) market drove the price of bitcoin above $45,000 on Tuesday. Bloomberg analyst James Seyffart shared on social media platform X details of spot bitcoin ETFs that the SEC is currently considering. “Here’s a view of the Cointucky Derby starting gate as of this morning. We’re focused on these 11 spot bitcoin ETF filers. Expecting most of these N/A’s to be filled over the next ~week.” He added that he is expecting the SEC to appr

Crypto asset management firm Grayscale Investments has updated its spot bitcoin ETF filing in hope of being included in the initial round of decisions by the U.S. Securities and Exchange Commission (SEC). However, the firm has omitted some key information that the SEC reportedly wants included in the filing, which several other asset managers have disclosed, including details relating to authorized participants. Grayscale Files 3rd Amendment to Spot Bitcoin ETF Filing Most asset managers seeking to launch a spot bitcoin exchange-traded fund (ETF) updated their applications with the U.S. Securities and Exchange Commission (SEC) on Friday, which was the deadline given by the regulator for amended filings. Grayscale filed the third amendment to its S-3 filing to convert its bitcoin trust (GBTC) into a spot bitcoin ETF on Friday. Commenting on Grayscale’s amended filing, Bloomberg ETF analyst Eric Balchunas shared on social media platform X Tuesday: New Grayscale amendment just dr

The expected approval of spot bitcoin exchange-traded funds (ETFs) applications by the U.S. Securities and Exchange Commission will see the top crypto asset’s price jumping to $50,000 in January, the latest market preview by Matrixport has predicted. The crypto financial services platform said the approval of ETFs, combined with bitcoin halving, will likely see the price of BTC rising to $125,000. BTC Poised to Break out in Early 2024 Following its now common mid-to-end December consolidation, the USD price of bitcoin is “poised to break out on a robust beginning-of-the-year buying flow.” According to the latest Matrixport market preview , the crypto financial services platform foresees the top crypto asset’s price jumping to $50,000 in January. Matrixport, like many of its peers, said it sees the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) as one key event that it expects to fuel bitcoin’s rally. The crypto financial

Congressman Tom Emmer’s CBDC Anti-Surveillance State Act now has 75 cosponsors. “A central bank digital currency is government-controlled programmable money that, if not designed to emulate cash, could give the federal government the ability to surveil and restrict Americans’ transactions,” the lawmaker cautioned. CBDC Anti-Surveillance Bill Gains Support in Congress Seventy-five U.S. lawmakers now support the CBDC (central bank digital currency) Anti-Surveillance State Act. Congressman Tom Emmer (R-MN), who introduced the bill, shared on social media platform X Saturday: My bill to protect Americans’ right to financial privacy, the CBDC Anti-Surveillance State Act, is up to 75 cosponsors, and we will keep growing support. This bill limits the Fed’s ability to provide direct services to individuals and use a central bank digital currency. “Specifically, the bill prohibits the Federal Reserve and the Federal Open Market Committee from using any central bank digital currency to i

Vaneck’s director of digital assets strategy has explained why people tend to underestimate the long-term impact of spot bitcoin exchange-traded funds (ETFs). He believes that upon the approval of a U.S. spot bitcoin ETF by the Securities and Exchange Commission (SEC), “bitcoin’s price trajectory could follow gold’s blueprint from 2004 and the years after, just much faster.” Market Impact of Spot Bitcoin ETFs Vaneck’s director of digital assets strategy, Gabor Gurbacs, shared his predictions regarding the long-term impact of U.S. spot bitcoin exchange-traded funds (ETFs) on social media platform X Sunday. Vaneck is among the asset management firms that have applied to launch a spot bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). While noting that in his view, “people tend to overestimate the initial impact of U.S. bitcoin ETFs,” which he expects to be only a few hundred million dollars in mainly recycled funds, the Vaneck director said: Long term, people tend