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  • US lawmakers cancel vote to renominate SEC Commissioner Caroline Crenshaw

    US lawmakers cancel vote to renominate SEC Commissioner Caroline Crenshaw

    former sec chair bitcoin etf approval is inevitable
    • The original vote was scheduled for December 11, but was postponed by Sherrod Brown, the Senate Banking Committee Chair
    • Congress is due to stop on December 20, so it’s unlikely that Crenshaw will be renominated before President-elect Donald Trump enters the White House
    • The crypto industry has openly opposed the renomination of Crenshaw

    A US Senate vote to renominate Democrat Caroline Crenshaw for a second term at the US Securities and Exchange Commission (SEC) has been canceled.

    In an update, the US Senate Committee on Banking, Housing, and Urban Affairs said the scheduled vote on the nomination of Crenshaw to the SEC and Gordon Ito to the Financial Stability Oversight Council had been canceled.

    The original vote was scheduled for December 11; however, Sherrod Brown, the Senate Banking Committee Chair, postponed it within minutes of starting, due to issues between the Democrats and Republicans.

    At the time, Brown later released a statement saying that corporate special interests are running a “disgusting smear campaign against Caroline Crenshaw.”

    Yet, with Congress due to stop on December 20 for the holidays, it means Crenshaw is unlikely to be renominated before President-elect Donald Trump’s administration re-enters the White House in January.

    Crenshaw’s term officially ended in June.

    Opposition to Crenshaw

    The crypto industry has been openly opposed to the reappointment of Crenshaw.

    In a letter to Brown and Senate Banking Committee Ranking Member Tim Scott, the Blockchain Association and the DeFi Education Fund argued that Crenshaw’s actions have undermined Congress’s mandate to establish clear regulatory policies for the crypto industry.

    Following the news of Crenshaw’s reappointment, Brian Armstrong, CEO of Coinbase, took to X to say: “She tried to block the Bitcoin ETFs, and was worse than Gensler on some issues (which I didn’t think was possible).”

    With Crenshaw’s renomination vote canceled, the SEC could have a Republican majority leading it for the time being.

    The SEC can make up to five commissioners, but no more than three can form the same political party. Current SEC chair Gary Gensler, a Democrat, is stepping down on January 20, and SEC Commissioner Jaime Lizárraga, also a Democrat, will step down on January 17.

    Last week, Trump nominated pro-crypto Paul Atkins, a Republican, as chair of the SEC.

    Including Gensler and Lizárraga, the three remaining SEC commissioners are Republicans Hester Peirce and Mark Uyeda.

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  • US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under SEC rules

    US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under SEC rules

    US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under SEC rules
    • US SEC Chair Gensler reaffirms Bitcoin (BTC) is not a security under current regulations.
    • SEC plans new regulations for DeFi and trading systems to protect investors.
    • Crypto firms, including Coinbase, push back against expanding regulatory scope.

    In recent statements, SEC Chairman Gary Gensler has firmly reiterated that Bitcoin is classified as a non-security under existing SEC regulations. His comments came during an interview on CNBC’s “Squawk Box.”

    Gensler emphasized the importance of regulatory clarity, insisting that while many firms have benefitted from the public’s growing interest in cryptocurrencies, they often resist the regulations designed to ensure market integrity.

    In the interview, Gensler noted that the SEC’s role is to foster trust in the market, stating, “Innovations do not develop in the long term unless they also build trust.” He referenced the significant losses and bankruptcies that have occurred in the crypto space, underscoring the necessity of having regulations in place to protect investors.

    Gensler’s remarks also follow the recent eToro settlement, which confirmed that Bitcoin (BTC), along with Bitcoin Cash (BCH) and Ethereum (ETH), are not considered securities.

    Despite Gensler’s reaffirmation regarding Bitcoin, he acknowledged the discontent among crypto firms concerning regulatory frameworks. He highlighted that many industry stakeholders argue against the existence of such regulations, which he attributes to their discomfort with the enforcement actions taken by the SEC.

    Gensler indicated that the SEC is working on new regulations for decentralized finance (DeFi), suggesting a potential shift in oversight for various trading platforms.

    SEC’s trading systems proposal

    Earlier Gary Gensler while testifying before the US House Financial Services Committee discussed the SEC’s ongoing proposal to mandate that alternative trading systems register as brokers. This proposal aims to close regulatory gaps among trading platforms, ensuring compliance with rules intended to prevent unfair trading practices.

    However, the proposed regulations have met significant push-back from digital-asset firms, including Coinbase, which argue that the definition of an exchange could inadvertently include DeFi platforms, complicating their compliance.

    As the SEC continues to navigate the complex landscape of cryptocurrency regulation, Gensler reiterated the agency’s commitment to fostering a transparent market.

    With no timeline set for final decisions on the trading systems proposal, the SEC remains open to considering applications from exchanges seeking to offer central clearing for the US Treasury market, which is projected to expand significantly under new rules.

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  • SEC delays decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF

    SEC delays decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF

    SEC delays decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF
    • SEC postpones decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF to June 24, 2024.
    • The ETF plans to invest 80% in Bitcoin and 20% in Carbon Credit Futures-linked financial instruments.
    • Gemini has been named custodian for the ETF.

    The United States Securities and Exchange Commission (SEC) has announced a delay in its decision regarding the 7RCC Spot Bitcoin and Carbon Credit Futures ETF, a proposed exchange-traded fund focused on carbon credit futures contracts and Bitcoin (BTC).

    The delay was announced in a filing made on Thursday and it extends the timeline for the U.S. SEC to evaluate the proposed exchange-traded fund until June 24, 2024.

    During the extended timeline, the SEC aims to thoroughly review the proposal before making a final determination, citing the need for sufficient time to consider the potential impacts of the proposed rule change.

    The 7RCC Spot Bitcoin and Carbon Credit Futures ETF

    The 7RCC Spot Bitcoin and Carbon Credit Futures ETF plans to allocate 80% of its assets to Bitcoin and the remaining 20% to financial instruments linked to Carbon Credit Futures. This unique investment strategy aims to provide investors with a diversified portfolio that encompasses both digital assets and environmental sustainability.

    The ETF’s approach is aligned with the evolving landscape of finance, offering a single-trade solution for those seeking exposure to both innovative technologies and progressive environmental initiatives. Gemini, a leading crypto exchange, has been named as the custodian for the ETF, signalling a significant partnership in the burgeoning digital asset space.

    The postponement news reflects the ongoing scrutiny and evaluation by regulatory bodies like the SEC in navigating the intersection of traditional finance and emerging technologies.

    As the deadline approaches, stakeholders eagerly await the SEC’s decision, which will have implications for the future of investment opportunities in both the digital asset and environmental sectors.

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  • SEC Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M

    SEC Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M

    SEC Bitcoin miner Geosyn Mining for fraud
    • SEC sues Geosyn Mining and co-founders for misappropriated funds and misleading investors.
    • Bitbot revolutionizes crypto trading with a non-custodial Telegram bot.
    • The $BITBOT presale nears $3M presale with the token poised to rise from the current $0.0171 to $0.018.

    The Securities and Exchange Commission (SEC) has filed charges against Bitcoin miner Geosyn Mining, LLC, and its co-founders, Caleb Joseph Ward and Jeremy George McNutt, for allegedly defrauding investors out of $5.6 million.

    Meanwhile, Bitbot, a non-custodial Telegram trading bot, is on the verge of hitting $3 million in its presale.

    Let’s delve into the details of these developments.

    SEC’s charges against Geosyn Mining and its co-founders

    According to the SEC’s complaint, filed in a federal court in Texas, Geosyn raised approximately $5.6 million from over 60 investors between November 2021 and December 2022.

    According to the U.S. SEC, the company allegedly misled investors by falsely claiming to purchase, maintain, and operate crypto mining machines, promising to distribute mined assets, such as Bitcoin, to investors for a fee. The SEC alleges that Geosyn made false claims about its contracts with electricity providers, failed to disclose that it never purchased some mining machines, and did not provide the services as promised.

    Moreover, Ward and McNutt are accused of misappropriating about $1.2 million for personal use.

    The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against Ward and McNutt.

    Bitbot: a Telegram bot revolutionizing crypto trading

    While the U.S. SEC goes after Geosyn Mining LLC,  Bitbot, an innovative non-custodial Telegram trading bot that aims to democratize crypto trading is making waves with its token presale.

    Besides its token presale, Bitbot offers users institutional-grade tools in a secure and easy-to-use package, allowing them to trade directly from Telegram while maintaining control of their assets. It integrates with self-custodial wallets, ensuring users retain complete control over their keys and assets.

    The platform employs KnightSafe, a decentralized security system, to safeguard trading activities. It provides a range of trading tools, including automated sniping, limit orders, copy trading, and yield optimization, accessible to users of all trading experience levels.

    Bitbot presale nears $3 million

    In recent developments, Bitbot’s presale is rapidly approaching the $3 million mark. The presale, which offers investors the opportunity to acquire $BITBOT tokens, Bitbot’s native utility coin, has garnered significant interest from the crypto community raising a total of $2,900,178 by the time of writing.

    Investors can purchase the $BITBOT token at the current price of $0.0171 per token before the price increases to $0.018 in the next stage.

    Investors can participate in the presale by importing or creating a smart contract wallet directly via Telegram and once the presale period concludes, investors can claim their $BITBOT tokens via Bitbot’s official website.

    $BITBOT token holders stand to benefit from revenue sharing, exclusive presale access, unique perks, a say in Bitbot’s strategic direction through governance, and more.

    Conclusion

    SEC’s legal action against Geosyn Mining highlights the importance of regulatory compliance in the crypto industry, while Bitbot’s presale success underscores the growing demand for innovative trading solutions in the crypto market.

    As Bitbot continues to revolutionize crypto trading, investors eagerly anticipate the platform’s future developments and expansion.

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  • SEC sues Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M

    SEC sues Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M

    SEC Bitcoin miner Geosyn Mining for fraud
    • SEC sues Geosyn Mining and co-founders for misappropriated funds and misleading investors.
    • Bitbot revolutionizes crypto trading with a non-custodial Telegram bot.
    • The $BITBOT presale nears $3M presale with the token poised to rise from the current $0.0171 to $0.018.

    The Securities and Exchange Commission (SEC) has filed charges against Bitcoin miner Geosyn Mining, LLC, and its co-founders, Caleb Joseph Ward and Jeremy George McNutt, for allegedly defrauding investors out of $5.6 million.

    Meanwhile, Bitbot, a non-custodial Telegram trading bot, is on the verge of hitting $3 million in its presale.

    Let’s delve into the details of these developments.

    SEC’s charges against Geosyn Mining and its co-founders

    According to the SEC’s complaint, filed in a federal court in Texas, Geosyn raised approximately $5.6 million from over 60 investors between November 2021 and December 2022.

    According to the U.S. SEC, the company allegedly misled investors by falsely claiming to purchase, maintain, and operate crypto mining machines, promising to distribute mined assets, such as Bitcoin, to investors for a fee. The SEC alleges that Geosyn made false claims about its contracts with electricity providers, failed to disclose that it never purchased some mining machines, and did not provide the services as promised.

    Moreover, Ward and McNutt are accused of misappropriating about $1.2 million for personal use.

    The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against Ward and McNutt.

    Bitbot: a Telegram bot revolutionizing crypto trading

    While the U.S. SEC goes after Geosyn Mining LLC,  Bitbot, an innovative non-custodial Telegram trading bot that aims to democratize crypto trading is making waves with its token presale.

    Besides its token presale, Bitbot offers users institutional-grade tools in a secure and easy-to-use package, allowing them to trade directly from Telegram while maintaining control of their assets. It integrates with self-custodial wallets, ensuring users retain complete control over their keys and assets.

    The platform employs KnightSafe, a decentralized security system, to safeguard trading activities. It provides a range of trading tools, including automated sniping, limit orders, copy trading, and yield optimization, accessible to users of all trading experience levels.

    Bitbot presale nears $3 million

    In recent developments, Bitbot’s presale is rapidly approaching the $3 million mark. The presale, which offers investors the opportunity to acquire $BITBOT tokens, Bitbot’s native utility coin, has garnered significant interest from the crypto community raising a total of $2,900,178 by the time of writing.

    Investors can purchase the $BITBOT token at the current price of $0.0171 per token before the price increases to $0.018 in the next stage.

    Investors can participate in the presale by importing or creating a smart contract wallet directly via Telegram and once the presale period concludes, investors can claim their $BITBOT tokens via Bitbot’s official website.

    $BITBOT token holders stand to benefit from revenue sharing, exclusive presale access, unique perks, a say in Bitbot’s strategic direction through governance, and more.

    Conclusion

    SEC’s legal action against Geosyn Mining highlights the importance of regulatory compliance in the crypto industry, while Bitbot’s presale success underscores the growing demand for innovative trading solutions in the crypto market.

    As Bitbot continues to revolutionize crypto trading, investors eagerly anticipate the platform’s future developments and expansion.

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  • Goldman Sachs joins major players in talks for Bitcoin ETFs amid SEC anticipation

    Goldman Sachs joins major players in talks for Bitcoin ETFs amid SEC anticipation

    • Goldman Sachs eyes a pivotal role in collaboration with BlackRock and Grayscale.
    • The regulatory landscape faces challenges, but SEC discussions with major exchanges signal a potential shift.
    • The inclusion of reputable institutions like Goldman Sachs suggests increased confidence in addressing regulatory concerns.

    In a potential game-changer for cryptocurrency investments, Goldman Sachs is actively engaging in talks to play a pivotal role in the launch of Bitcoin ETFs by BlackRock and Grayscale.

    As regulatory anticipation builds, recent reports suggesting SEC approval signals a turning point in the financial industry. Despite conflicting predictions, the SEC might approve Bitcoin ETF applications, reshaping the landscape for digital assets.

    Regulatory optimism amid challenges

    With 14 asset managers seeking SEC approval for spot Bitcoin ETFs, the regulatory landscape poses a formidable challenge. Historically, the SEC has been cautious, expressing concerns about market manipulation and investor protection, leading to past rejections. It recently asked for final changes to spot Bitcoin ETF filings and all the market is waiting for now is a final decision.

    Despite these challenges, discussions between SEC staff attorneys and major stock exchanges, including the NYSE, Nasdaq, and CBOE, indicate a shift. Reports from insiders hint at positive outcomes, with the SEC signalling potential approvals. The involvement of reputable financial institutions like Goldman Sachs suggests increased confidence in addressing regulatory concerns and facilitating mainstream adoption.

    Role of Goldman Sachs and authorized participants

    Goldman Sachs aims to be an authorized participant (AP) for Bitcoin ETFs, a role crucial in the creation and redemption process within the primary market. As an AP, Goldman Sachs would ensure that the ETF’s market price aligns with the underlying asset’s value, promoting market efficiency.

    The participation of major banks, including JPMorgan Chase and Cantor Fitzgerald, underscores a broader trend. Traditional financial institutions, initially cautious about cryptocurrencies, are now actively embracing opportunities in the digital asset space. Goldman Sachs, as a potential AP, signals a significant step towards institutionalizing Bitcoin investments and integrating them into established financial systems.

    In conclusion, the talks between Goldman Sachs, BlackRock, and Grayscale represent a convergence of financial giants exploring regulated Bitcoin ETFs. While regulatory challenges persist, the industry’s optimism and the involvement of reputable institutions indicate a potential breakthrough. If approved, Bitcoin ETFs could usher in a new era of accessibility and legitimacy for cryptocurrency investments, bridging the gap between traditional finance and the digital asset landscape.

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  • First Trust seeks SEC approval for Bitcoin ‘Buffer ETF’ to safeguard investors

    First Trust seeks SEC approval for Bitcoin ‘Buffer ETF’ to safeguard investors

    • First Trust files for Bitcoin Buffer ETF with SEC, aiming to mitigate risk via options.
    • Buffer ETFs gaining momentum, 139 trading on US markets, $32.54B AUM.
    • Buffer ETFs don’t guarantee complete protection, or assess risks.

    Financial services firm First Trust has recently submitted a filing with the US Securities and Exchange Commission (SEC) to launch a groundbreaking investment product – the First Trust Bitcoin Buffer ETF.

    Unlike traditional spot Bitcoin ETFs, this innovative fund aims to provide investors with a unique risk mitigation strategy, utilizing options to safeguard against potential market downturns. Let’s delve into the details of this latest development in the cryptocurrency investment space.

    First Trust’s Bitcoin Buffer ETF filing

    First Trust’s move to file for the Bitcoin Buffer ETF signals a shift in the cryptocurrency investment landscape. This ETF is distinct from spot Bitcoin offerings, as it utilizes options to pursue a defined investment outcome. Acting as a buffer, it imposes a limit on potential losses during market drops.

    First Trust’s ETF is structured to participate in the positive price returns of the Grayscale Bitcoin Trust or other Bitcoin-related exchange-traded products (ETPs), providing investors with a unique approach to risk management.

    Rise of Buffer ETFs in the market

    Buffer ETFs have been gaining traction globally, with 139 such funds currently trading on U.S. markets, amassing a total asset under management of $32.54 billion.

    BlackRock, a major player in the ETF space, introduced its iShares buffer ETFs earlier this year. These funds offer investors a specified level of downside protection while capping potential upside gains. Analysts anticipate more entrants in this space with diverse strategies, contributing to the growing trend of innovative investment products aimed at addressing market uncertainties.

    While the concept of buffer ETFs provides a novel approach to risk management, investors must understand that these funds do not guarantee complete protection.

    First Trust’s filing emphasizes potential risks, including the risk of losing some or all invested capital. Investors should carefully evaluate the suitability of buffer ETFs for their portfolios, recognizing that these products may not be suitable for everyone, and success in providing downside protection is not guaranteed.

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  • U.S. lawmakers want SEC to ‘immediately’ approve Bitcoin ETFs

    U.S. lawmakers want SEC to ‘immediately’ approve Bitcoin ETFs

    us lawmakers sec immediately approve spot bitcoin etf
    • Members of the House Financial Services Committee wrote a letter to SEC today.
    • They argued that a Spot Bitcoin ETF is not much different from a Crypto Futures ETF.
    • Bitcoin is still trading around the $26,000 level only at writing on Wednesday.

    All eyes are on Bitcoin today after the U.S. lawmakers urged the Securities & Exchange Commission to “immediately” approve applications it has received for a Spot Bitcoin ETF.

    House Reps. wrote a letter to Gary Gensler today

    On Wednesday, four members of the House Financial Services Committee wrote a letter to Gary Gensler in which they argued that a Spot Bitcoin ETF is not particularly different from a Crypto Futures ETF that the regulator has already approved.

    And so, they urged Chair of the SEC in their letter to allow the likes of BlackRock, Fidelity and several others to list a Spot Bitcoin ETF.

    SEC’s current posture is untenable moving forward … there is no reason to continue to deny such applications under inconsistent and discriminatory standards.

    Chair Gary Gensler is scheduled to testify before the U.S. Congress today.

    Grayscale recently secured a victory against the SEC

    Last month, the U.S Court of Appeals for the DC Circuit ruled that the Securities & Exchange Commission did not have an adequate reason to not let Grayscale convert its flagship bitcoin trust into an exchange-traded fund (find out more).

    That ruling, as per the lawmakers, should be sufficient for Chair Gensler to get onboard with a Spot Bitcoin ETF. Their letter also read:

    A regulated spot bitcoin ETP would provide increased protection for investors by making access to bitcoin safer and more transparent.

    Members that wrote the letter on Wednesday include Reps. Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres. Bitcoin is still trading around the $26,000 level at writing.

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  • BREAKING: Bitcoin hits $28k after Grayscale win against SEC

    BREAKING: Bitcoin hits $28k after Grayscale win against SEC

    • Bitcoin price rose to highs of $28,142 on crypto exchange Bitstamp on Tuesday.
    • The gains came as the crypto market reacted to news of Grayscale’s win against the SEC.

    Bitcoin price saw a huge spike in volatility on Tuesday afternoon as prices across the crypto market rose. The world’s largest cryptocurrency by market cap jumped 7% to trade to highs of $28,142 at 1:05 pm ET, with the crypto market cap rising 6% to $1.15 trillion.

    Bitcoin price chart

    Elsewhere in the market, Ethereum traded to highs of $1,740, with its value up 5% in the past 24 hours. All the top 10 altcoins were in the green on the day at the time of writing, with BNB up 4%, XRP +3.8%, Cardano +4% and Dogecoin +6%.

    Why is Bitcoin and crypto surging?

    Bitcoin’s sharp price action to the new multi-week high came as the market reacted to news that Grayscale Investments had won in its lawsuit against the US Securities and Exchange Commission (SEC).

    As CoinJournal reported earlier today, the DC Circuit court ruled that the SEC had wrongfully denied Grayscale’s proposal to convert its Bitcoin Trust fund (GBTC) to a spot Bitcoin ETF.

    The court vacated the SEC’s order disapproving the application and granted the petition to have SEC review the proposal.

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  • Grayscale secures a big win against SEC in Bitcoin ETF case

    Grayscale secures a big win against SEC in Bitcoin ETF case

    grayscale win against sec in bitcoin etf case
    • U.S. court rules in favour of Grayscale in its lawsuit against SEC.
    • Today’s ruling paves the way for the first U.S. Bitcoin ETF.
    • Bitcoin and Ethereum jumped over 5.0% following the news.

    The U.S. Court of Appeals for the DC Circuit just ruled in favour of Grayscale in its long-running lawsuit against the Securities & Exchange Commission.

    First U.S. Bitcoin ETF is now expected soon

    SEC had blocked the asset manager’s effort to convert its flagship Grayscale Bitcoin Trust to an exchange-traded fund last year.

    But the ruling this morning paves the way for a Bitcoin ETF not just for Grayscale but also for others that have applied for one, including BlackRock and Fidelity. A Grayscale spokeswoman said today:

    [Ruling] is a monumental step forward for investors, Bitcoin ecosystem, and those who have been advocating for Bitcoin exposure through added protections of ETF wrapper.

    Bitcoin as well as Ethereum jumped more than 5.0% following the announcement on Tuesday.

    Why does a Bitcoin ETF attract all the hype?

    Note that a Spot Bitcoin ETF is a big deal as several experts are convinced that it would help boost institutional interest in the cryptocurrency and potentially unlock its next leg up.

    Shares of Coinbase Global – the listed custodian partner in a bunch of applications for such an exchange-traded fund are also up nearly 15% at writing. According to Dave Weisberger – the Chie Executive of CoinRoutes:

    It virtually guarantees they will approve BlackRock and Fidelity. Grayscale may need to refile, but they will almost certainty be approved as well.

    The Grayscale Bitcoin Trust currently manages assets worth about $16 billion. The aforementioned lawsuit against the U.S. Securities & Exchange Commission started in June of 2022.

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