In this week’s recap, we’ll take a look at the latest updates in the U.S. ETF race, including amendments to filings by BlackRock, Bitwise, and VanEck. We’ll also discuss the extradition appeal of Terra’s founder, Do Kwon, and the sustained regulatory developments in the crypto scene.
BlackRock, Bitwise, VanEck amend ETF filings
Leading asset managers like BlackRock and Bitwise have made changes to their ETF filings to align with the U.S. SEC’s demands. These updates indicate that the SEC is actively discussing the potential launch of a spot Bitcoin ETF. VanEck has also submitted a modified filing with its first amendment.
Pando joins ETF race, BlackRock welcomes seed investor
Pando Asset AG has joined the race for a spot Bitcoin ETF by becoming the thirteenth asset manager to file for the product with the SEC. Meanwhile, BlackRock has welcomed a seed investor who invested $100,000 into its potential Bitcoin ETF vehicle.
Sustained anticipation
Grayscale’s spot Ethereum ETF approval has been delayed by the U.S. SEC until January 25, 2024. However, progress has been made in discussions between the SEC and firms awaiting approval for their Bitcoin ETF applications. Additionally, new ETF filings have emerged for MicroStrategy shares.
Do Kwon appeals extradition decision
Terra founder Do Kwon is appealing a ruling approving his extradition from Montenegro to either South Korea or the U.S. Speculations suggest he may be heading to the U.S., and the SEC seeks a legal classification of crypto assets in its case against him.
Crypto faces aggression in the US
JPMorgan CEO Jamie Dimon expressed his animosity toward crypto, stating he would shut it all down if given the chance. Senator Elizabeth Warren claimed that cryptocurrencies are being leveraged for terror financing and drug trafficking. However, U.S. presidential candidate Vivek Ramaswamy defended Bitcoin’s utility during a Republican presidential debate.
Kazakhstan bans Coinbase, UK warns against Poloniex
Kazakhstan has restricted Coinbase for its citizens due to regulation violations and potential money laundering practices. The UK’s Financial Conduct Authority (FCA) has included Poloniex in its warning list, stating that the exchange does not have permission to offer services in the country.
Hot Take: The U.S. ETF Race Heats Up Amid Regulatory Developments
The race for a spot Bitcoin ETF in the U.S. continues with amendments to filings and new entrants joining the competition. While asset managers like BlackRock, Bitwise, and VanEck make changes to align with SEC demands, Pando Asset AG files for its own ETF product. Meanwhile, regulatory developments surrounding Terra founder Do Kwon’s extradition appeal and aggressive remarks from JPMorgan CEO Jamie Dimon and Senator Elizabeth Warren highlight the challenges faced by the crypto industry. Despite this, there are defenders of Bitcoin’s utility, such as U.S. presidential candidate Vivek Ramaswamy. Additionally, global regulatory actions in Kazakhstan and the UK impact exchanges like Coinbase and Poloniex.
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