Student Coin holders on STC Wallet should hurry up to get their tokens redeemed. The team behind the project keeps informing users about the developments in the redemption process and available options. The clock is ticking for Student Coin holders. The STC Wallet users have less than three months to redeem their tokens. The redemption […]
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Deadline Looms for Biden to Veto Congressional Overturn of SEC’s Crypto Rules
The deadline for President Joe Biden to decide whether to veto or sign a resolution overturning the U.S. Securities and Exchange Commission (SEC)’s controversial crypto rules is approaching. The resolution passed both the House of Representatives and Senate despite a prior White House veto threat. Biden Faces Veto Deadline The resolution to overturn the U.S. […]
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Global Banking Authorities Extend Crypto Regulatory Framework Deadline
The Group of Central Bank Governors and Heads of Supervision (GHOS) has reviewed the implementation of Basel III reforms and postponed the crypto asset standard implementation date to January 1, 2026. Basel III, finalized in 2017, continues to see widespread adoption, with two-thirds of member jurisdictions expected to implement the reforms fully or partially by […]
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SEC Sees Surge in Spot Bitcoin ETF Securities Registrations as Approval Deadline Approaches
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. Vaneck’s and Fidelity’s spot bitcoin ETFs will be listed on the Cboe BZX Exchange, and Valkyrie is seeking to list on Nasdaq.
Fidelity’s filing details: “The securities to be registered hereunder are shares … of the Fidelity Wise Origin Bitcoin Fund … An application for listing of the shares of the trust has been filed with and approved by Cboe BZX Exchange, Inc.”
More Steps Remain Before Spot Bitcoin ETFs Can Launch
Some people on social media took securities registration filings as confirmation that the SEC has approved these spot bitcoin ETFs.
Bloomberg analyst James Seyffart explained that to his understanding for an ETF to launch, Form S-1 (registration statement) has to be completed and Form 19b-4, used for a proposed rule change by a self-regulatory organization (SRO), has to also be approved. “In order to list, the ETF still needs a 19b-4 approval and they need an effective/approved/completed S-1 document. No 19b-4 yet. And S-1 is still preliminary,” Seyffart wrote.
While noting that securities registration needs to be done before a spot bitcoin ETF can launch, the analyst emphasized: “But they don’t mean they’re approved or anything — yet.”
Vaneck’s director of digital assets strategy, Gabor Gurbacs, explained the process of launching a spot bitcoin ETF or any exchange-traded products (ETPs) on X Wednesdat:
An issuer can register a security, but approved 19b-4 and effective S-1 still needed to be in place to launch an ETF/ETP … it’s clear that people know very little about the ETF process and hype up everything. Stay calm and enjoy the show.
What do you think about spot bitcoin ETF applicants filing for securities registrations for their spot bitcoin ETFs with the SEC ahead of potential approval? Let us know in the comments section below.
Spot Bitcoin ETF Applicants Flood SEC With Filing Updates Before Deadline
Major asset managers, including Blackrock, Fidelity, Bitwise, and Wisdomtree, submitted their revised spot bitcoin exchange-traded fund (ETF) filings shortly before the deadline set by the U.S. Securities and Exchange Commission (SEC) on Friday afternoon. The securities regulator reportedly wants authorized participants named in the filings.
The Race Is on for Spot Bitcoin ETFs
Spot bitcoin exchange-traded fund (ETF) applicants rushed to meet the U.S. Securities and Exchange Commission (SEC)’s deadline for registration statement (S-1) updates on Friday. The securities regulator reportedly told them to update their filings by Friday to be included in the first wave of spot bitcoin ETF decisions in early January.
Major asset managers, including Blackrock, Vaneck, Valkyrie, Bitwise, Invesco/Galaxy, Fidelity, Wisdomtree, and the Ark Investments and 21shares joint filing, submitted updated documents to the securities regulator Friday afternoon. According to reports, the SEC wants authorized participants (APs) — financial institutions that dynamically manage the creation and redemption of ETF shares in the primary market — named in amended spot bitcoin ETF filings.
Bloomberg ETF analyst Eric Balchunas wrote on social media platform X Friday:
Blackrock just dropped its updated S-1 and it DOES name the APs: Jane Street and JPMorgan … Looks we have our first horse that at the starting gate.
The analyst added: “Just to be clear: the AP names weren’t due in S-1s, so Blackrock adding them in there is a bit of a flex in that regard. So if we see other S-1s not naming AP doesn’t mean they don’t have one lined up. But this does make Blackrock the first horse officially ready imo.”
Valkyrie named two authorized participants, Jane Street and Cantor Fitzgerald, in its fresh filing with the SEC. “They join Blackrock as the two horses officially at [the] starting gate,” Balchunas described, noting that Bitwise did not name an AP in its amended filing.
The Bloomberg analyst continued, “Fidelity’s S-1 filing included its fee which will be 0.39%,” emphasizing that currently, this fee is “by far” the lowest. The financial services giant named Jane Street as its spot bitcoin ETF’s authorized participant.
Wisdomtree also named Jane Street as its spot bitcoin ETF’s AP. “Another horse makes it to [the] starting gate,” Balchunas noted, adding:
Invesco/Galaxy is in and here’s a whopper: it will be waiving fee for first six months AND for first b in assets, APs named as well, Virtu and JPMorgan … Another horse in.
The analyst clarified: “What makes this AP thing tricky — and could keep some from starting gate — is not only does SEC want the AP named in docs but it wants them to be the underwriter of the ETF too, which may make them nervous re lawsuits/risk given how brand new the asset class is.”
What do you think about the spot bitcoin ETF race? Do you think the SEC will approve all applications in early January? Let us know in the comments section below.
Record Crypto Options Volume Expires Pre-Bitcoin ETF Deadline: Analyzing BTC And ETH Reactions
The recovery of the overall crypto market this year has spurred a surge in the digital-asset derivatives market as institutional investors seek exposure to the crypto space.
According to a recent Bloomberg report, the deadline for US regulators to approve or reject Bitcoin (BTC) exchange-traded funds (ETFs) has prompted traditional investors to turn to crypto options and futures, leading to unprecedented trading volumes.
Crypto Options Trading Hits Record High
Before the options expiry on Friday morning, crypto options trading volume reached a new all-time high, with options worth a notional value of billion, as highlighted by Bloomberg. Of this total, Bitcoin contracts accounted for .7 billion, while Ethereum (ETH) options represented .5 billion.
Despite the expiration of many options, the impact on the major cryptocurrencies has been limited. With its strong support floor at ,000, Bitcoin has maintained its position for a potential uptrend once bullish momentum returns and buying pressure increases.
Over the past 24 hours, Bitcoin has traded within the same range as the previous day, at ,200, experiencing only a 0.4% decline. Nevertheless, Bitcoin has yet to fully recover from its 3.4% drop over the past seven days.
In contrast, ETH was hit by the expiration of options contracts. Ethereum, the second-largest cryptocurrency on the market, fell more than 2%. EHT dropped to ,316 after hitting an annual high of ,445 on Thursday.
However, while heightened trading activity may accompany the expiration of options, it is unlikely to impact spot market prices, according to Luuk Strijers significantly, Deribit’s chief commercial officer.
Strijers notes that clients are rolling their positions to 2024 expiries, and additional activity is anticipated after the expiry. The focus of attention and trading activity will primarily be on the impending ETF decision, Bloomberg notes.
Surge From Traditional Asset Managers
The cryptocurrency market has undergone a strong rally this year, with Bitcoin surging nearly 160% following a turbulent 2022 marked by industry scandals and price declines.
The recovery has been fueled partly by the optimism surrounding the potential approval of spot Bitcoin ETFs, which would attract a broader range of investors to the asset class.
Ryan Kim, head of derivatives at digital-asset prime brokerage FalconX, highlights the growing participation from crossover macro accounts, referring to large traditional asset managers allocating a small percentage of their portfolios to cryptocurrencies and crypto-focused hedge funds.
In addition, according to Bloomberg, perpetual futures, a favored tool for leveraging crypto trades, are trading at a significant premium compared to spot prices, indicating rising demand for such products.
Overall, the surge in the cryptocurrency derivatives market, driven by options expiry and the pending decision on Bitcoin ETFs, reflects the growing interest of institutional investors in the crypto space.
The record-breaking trading volumes and increased participation from traditional asset managers highlight the evolving landscape of digital assets.
As the market awaits the regulatory verdict on Bitcoin ETFs, it remains to be seen how these developments will shape the future trajectory of the crypto market and its integration with traditional financial systems.
Featured image from Shutterstock, chart from TradingView.com
SEC Sets Deadline for Spot Bitcoin ETF Applicants — 3 Days Left to Update Filings for Early January Decision
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 will not be considered.
Moreover, she noted that the SEC has emphasized to the applicants that their spot bitcoin ETF filings cannot mention the in-kind creation method or the applications will not be considered. The regulator has pushed for the use of the cash creation method. “The filings cannot mention in-kind creation or they will be rejected,” Terrett wrote.
Blackrock, the world’s largest asset manager, and several other spot bitcoin ETF applications have argued for the use of the in-kind model. However, failing to convince the SEC with its revised in-kind model, Blackrock adopted the cash creation model in its latest amendment.
SEC officials held meetings last Thursday with representatives from at least seven companies seeking to launch a spot bitcoin ETF early next year, Reuters reported, citing public memos and insiders. Key participants in these discussions included Blackrock, Grayscale Investments, ARK Invest, and 21shares, the news outlet conveyed, adding that the meetings also included representatives from exchanges where the spot bitcoin ETFs could be traded, such as Nasdaq and Cboe.
Executives from two companies who engaged with the SEC on Thursday told the publication that the regulator suggested during the meeting that approval for the proposed ETFs could come in the first few business days of 2024. They noted that the issuers would be directly notified of the effective date for their ETF launch requests. The first deadline for a spot bitcoin ETF decision next year is Jan. 10 for a joint spot bitcoin ETF proposal from Ark and 21shares.
There are currently 13 spot bitcoin ETF applications pending at the SEC. Many expect the regulator to approve multiple spot bitcoin ETFs at once. Blackrock recently revealed its plan to seed its spot bitcoin ETF with million on Jan. 3. Former SEC internet enforcement chief John Reed Stark said approving spot bitcoin ETFs could be SEC Chair Gary Gensler’s legacy. Gensler issued a warning about investing in crypto last week amid soaring anticipation of spot bitcoin ETF approval.
What do you think about the SEC setting Dec. 29 as the deadline for spot bitcoin ETF applicants? Do you think the regulator is preparing to approve multiple spot bitcoin ETFs in early January? Let us know in the comments section below.
Nigerian Supreme Court Extends Old Banknote Demonetization Deadline Again
The Supreme Court of Nigeria has again extended the lifespan of the N1000, N500, and N200 naira notes. The Central Bank of Nigeria (CBN) also reiterated that all banknotes, including the previously demonetized naira, remain legal tender “ad infinitum, even beyond the initial 31 December 2023, deadline”
Demonetization Deadline Extended Again
The Supreme Court of Nigeria has reportedly granted the Federal Government’s request to extend the lifespan of the N1000, N500, and N200 naira notes for the second time. With the previous deadline of December 31, 2023, set by the same court nearing, the Nigerian government was forced to seek an extension of the validity of the notes.
Before the latest ruling, the Supreme Court had previously invalidated a demonetization directive issued by then-President Muhammadu Buhari. At the time, the court blasted the Buhari government and then Central Bank of Nigeria (CBN) governor Godwin Emefiele for proceeding with the process without seeking the public’s views.
As reported by Bitcoin.com News, the CBN’s controversial old naira banknote demonetization was initially set to be completed by the end of 2022. However, many Nigerians were unable to return the old banknotes before the deadline and this eventually forced the central bank to move the cut-off day. Despite the deadline extensions, the cash shortages persisted.
To ameliorate Nigerians’ woes, many Nigerian state governors sued the federal government and urged the Supreme Court to reverse the monetary policy.
Consulting the Public
The Supreme Court panel led by John Okoro reportedly directed that the old naira banknotes should remain legal tender until they are replaced with the redesigned notes. This decision means the old notes will co-exist as legal tender with the redesigned ones.
Explaining the reasoning behind the judgment, Okoro said:
“The old versions of 200, 500, 1000 naira notes/currency shall continue to be legal tenders alongside the new or designed versions until the government decides to bring the circulation of the old versions to an end after it consults with critical stakeholders and after putting all required structures in place.”
Just weeks before the Supreme Court made its latest ruling, the Central Bank of Nigeria (CBN), which is now led by Olayemi Michael Cardoso, reiterated that all banknotes including the previously demonetized naira, remain legal tender “ad infinitum, even beyond the initial 31 December 2023, deadline.”
What are your thoughts on this story? Let us know what you think in the comments section below.
Antpool Offers Refund for $3 Million BTC Transaction Fee, Sets Verification Deadline for Claimant
Following a claim from an individual asserting they had lost 139 bitcoin in a hack, where 83.65 BTC was utilized as a heightened fee to expedite its mining, Antpool has disclosed its readiness to reimburse the mistakenly paid fee. Antpool specified on November 30 that the individual has a deadline of December 10, 2023, to reclaim the fee from the mining pool.
Deadline Announced by Antpool for Refunding Massive Bitcoin Transaction Fee in Suspected Hack Case
Recently, the cryptocurrency community observed an exceptionally large transaction fee, where 83.65 BTC, valued at over million, was remitted to miners. This transaction, confirmed in block 818,087, was processed by Antpool, today’s most dominant mining pool by hashrate. Following this event, an unidentified user on the social media platform X disclosed that this fee originated from their bitcoin holdings, which were allegedly compromised by hackers.
The user also provided a signature, verifying their claim by signing a message with the private keys of the address. On November 30, Antpool issued a statement regarding the erroneously paid fee, declaring its readiness to refund the owner of the address. “On November 23rd, some user submitted 83 BTC as a gas fee,” Antpool disclosed. “The risk control system of Antpool temporarily froze the fee when packaging the transaction.”
Please contact us before 00:00 (UTC+8) on December 10, 2023 and verify personal identity in the following way. After verification, Antpool will refund the fee.
Confirming the user’s identity could be crucial for Antpool, as there’s a prevailing notion that the hacker might still possess the key, and the alleged victim might actually be the perpetrator. The user is required to sign the address and forward it to Antpool’s email for verification purposes.
What do you think about Antpool detailing that it would refund the massive fee it mined? Share your thoughts and opinions about this subject in the comments section below.
Floki Inu (FLOKI) Claps Back: Counters Bitget’s Claim Of Breaching 7-Day Listing Deadline
Recently, the cryptocurrency community has witnessed a heated dispute between the protocol Floki Inu (FLOKI) and the crypto exchange Bitget.
The controversy arose following Bitget’s listing of TokenFi (TOKEN) and subsequent accusations of market manipulation, unauthorized listing, and insufficient solvency.
Bitget Faces Allegations Of Market Manipulation
On October 27, 2023, Bitget announced the listing of TokenFi (TOKEN) in the Innovation Zone of its Spot market. Shortly after the trading service for TokenFi commenced, significant price fluctuations were observed, prompting suspicions of market manipulation.
Concerns were further raised when it was discovered that TokenFi’s project team had contributed less than ,000 worth of tokens to the liquidity pool of decentralized exchanges (DEXes), suggesting potential manipulation of initial liquidity.
Moreover, an investigation of the TokenFi project uncovered additional issues, including an “opaque” token economy and an unclear vesting schedule.
In light of these findings and to safeguard their users, Bitget decided to delist TokenFi (TOKEN) and initiated a buyback plan for users who held the token on its platform.
Floki Inu, responded strongly to the exchange’s actions, alleging that Bitget had violated their agreement not to list TOKEN until seven days after its launch.
The meme coin protocol claimed to have had conversations with “several Tier 1 exchanges” and respected parties in the cryptocurrency industry. While these exchanges had expressed interest in listing TOKEN earlier, they agreed to honor Floki Inu’s request to wait for the stipulated period.
However, Bitget, which, according to Floki Inu, was “the smallest exchange” among those involved, allegedly announced the listing of a fake version of the TOKEN token just 12 minutes before the official launch on the blockchain.
Floki Inu further asserted that Bitget had engaged in “deceptive trading practices,” manipulating TOKEN’s volume without evidence of holding the actual tokens.
The protocol alleges that Bitget’s initial announcement had even stated that withdrawals would open 24 hours after trading began, potentially indicating an attempt to manipulate the token’s price. However, the market response did not align with Bitget’s expectations, resulting in a significant financial loss.
The situation escalated when users began reporting difficulties in withdrawing TOKEN from Bitget’s platform, with some users allegedly being banned for complaints. Floki Inu claimed to have contacted Bitget to address the issue, but the response was unsatisfactory, including a request to report liquidity issues to Bitget’s support team.
Floki Inu Alleges Bad Faith
Following subsequent discussions between Floki Inu and Bitget, it was revealed that Bitget required up to 1 billion TokenFi tokens to meet user withdrawal demands and cover their financial deficit. According to Floki’s response, this amounted to approximately 10% of TokenFi’s total supply, equivalent to around million at the time of Bidget’s statement.
Furthermore, the protocol accused Bitget of acting in “bad faith” and attempting to resolve the situation through an over-the-counter (OTC) deal at a deeply discounted rate.
The proposed discount of 90% from the market price raised concerns, as it was argued that Bitget should bear the responsibility for its actions and the resulting financial shortfall.
In response to Bitget’s announcement of delisting TokenFi and accusations of market manipulation, Floki Inu disputed the claims made by Bitget. They asserted that Bitget had listed the token against their explicit instructions and falsely accused the Floki Inu team of price manipulation.
Floki also challenged Bitget to provide verifiable evidence of their TOKEN and FLOKI holdings, expressing concerns about Bitget’s overall solvency and risk management practices.
Ultimately, the protocol cautioned its users against trading or holding FLOKI on Bitget, citing the “troubling patterns” witnessed during the TokenFi incident. As the situation develops, the cryptocurrency community awaits further clarification and resolution regarding the allegations and the impact on affected users.
Given these developments, FLOKI has experienced a retracement of over 9% in the past 24 hours and is currently trading at .00003250. Nonetheless, the token has seen an impressive 85% increase over the past fourteen days.
Featured image from Shutterstock, chart from TradingView.com