Grayscale secures victory
– Grayscale received the green light to introduce a spot-based BTC ETF in the US after a federal court decision overturned the SEC’s previous denial of their proposal.
– Bitcoin critic Peter Schiff voiced concerns about potential repercussions when Grayscale transitions its GBTC fund into a spot Bitcoin ETF.
– Schiff explained that once the transition happens, the discount in relation to its net asset value would cease to exist, resulting in moves that could pump more BTC into the market.
SEC comes under fire
– US Congressman Warren Davidson called for the dismissal of SEC Chair Gary Gensler, citing inconsistency in Gensler’s actions.
– Republican candidate Vivek Ramaswamy endorsed the judicial decision that favored Grayscale and criticized overextension of regulatory authority.
– Ramaswamy committed to assessing federal regulations to foster innovation in the US.
Enhanced optimism
– ETF experts at Bloomberg believe the chances of the SEC approving a Bitcoin spot ETF have increased to 75% for 2023 and 95% for 2024.
– Eric Balchunas and James Seyffart anticipate a highly favorable SEC endorsement in the future.
SEC sustains enforcement
– The SEC initiated legal proceedings against Impact Theory over its participation in an unregistered NFT offering.
– New regulations targeting the private funds industry were implemented, affecting private equity, hedge funds, and some venture capital funds.
– Smaller crypto fund managers may face increased costs due to these regulations.
A case of indecisiveness
– The SEC postponed its verdict on several pending spot Bitcoin ETF applications, extending the evaluation period by 45 days.
– Bitwise’s application remains unaffected, with an update expected by Sep. 1.
– Industry observers remain skeptical about imminent approvals.
Bitwise withdraws ETF application
– Bitwise retracted its application for a Bitcoin and Ethereum Market Cap Weight Strategy ETF.
– CEO of Bitwise believes it is now opportune to advance the discourse surrounding a Bitcoin ETF.
Ronaldinho embroiled in crypto scam
– Ronaldinho faces potential arrest over his alleged connection to a cryptocurrency scam resembling a pyramid scheme.
– Ronaldinho denied ties to the firm 18kRonaldinho and stated that the company exploited his popularity without his consent.
Hot Take:
Grayscale’s legal victory and the optimistic outlook for Bitcoin spot ETF approval have brought excitement to the crypto community. However, concerns about potential market effects and the ongoing scrutiny of the SEC’s actions highlight the complexities of regulatory developments in the industry. Additionally, high-profile figures like Ronaldinho facing scam allegations serve as a reminder of the risks and challenges associated with cryptocurrencies. Overall, the crypto landscape continues to evolve, generating both opportunities and controversies.
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