SEC Chair Gary Gensler Warns of Crypto Non-Compliance as Speculation on Bitcoin ETF Approval Grows
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has reiterated his concerns about non-compliance within the cryptocurrency space. He emphasized the negative impact of this non-compliance, stating that it undermines confidence and harms investors. Gensler’s warnings come at a time when the market is anticipating the approval of spot bitcoin exchange-traded funds (ETFs).
Grayscale Adopts Cash Model for Spot Bitcoin ETF
Grayscale Investments, a crypto asset manager, has chosen the cash creation model for its proposed spot bitcoin ETF, instead of the in-kind model. However, the firm has highlighted potential adverse consequences of this decision, such as operational inefficiencies. The adoption of a cash-only approach for a spot commodity ETF is a new and untested concept.
Latam Insights: El Salvador’s Bitcoin Citizenship Law and Argentina’s Crypto Contracts
In Latin America, El Salvador has passed a law allowing citizenship through Bitcoin donations, while Argentina will permit the settlement of crypto-denominated contracts. Additionally, President Milei is pushing for deregulation in Argentina.
Blackrock to Invest $10 Million in Spot Bitcoin ETF
Blackrock, the world’s largest asset manager, has revealed its plan to seed its spot bitcoin ETF with $10 million on January 3. The firm has engaged in discussions with the SEC to address concerns and has opted for the cash creation model for the ETF. This decision marks a departure from Blackrock’s initial preference for the in-kind model.
Hot Take: SEC Chair Warns of Crypto Non-Compliance Amid Bitcoin ETF Excitement
SEC Chair Gary Gensler’s repeated warnings about non-compliance in the crypto industry serve as a reminder of the challenges and risks associated with investing in cryptocurrencies. As anticipation for the approval of spot bitcoin ETFs grows, it is crucial to address these compliance issues for the long-term sustainability and trust within the market. While the launch of a spot bitcoin ETF could open up new investment opportunities, it is imperative to ensure robust regulatory frameworks to protect investors and mitigate potential risks.
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