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☆ Grayscale moves to expand ETF business as legal fight over spot bitcoin fund continues
▼ + stars: | 2023-05-09 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The expansion comes as Grayscale is embroiled in a lawsuit with the Securities and Exchange Commission over the company's attempt to convert its $17 billion Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF. The SEC has repeatedly declined to approve spot bitcoin products, citing concerns about manipulation in the underlying crypto market. One of the new ETFs that Grayscale filed for on Tuesday could be seen as something of a substitute for a spot bitcoin fund. The Grayscale Global Bitcoin Composite ETF, which would have the ticker "BTC" upon launch, would invest in spot bitcoin products outside the U.S. as well as the equities of bitcoin mining companies. The other prospective funds are the Grayscale Ethereum Futures ETF (ETHG) and the Grayscale Privacy ETF (PRVC).

☆ Institutional interest in crypto is 'maturing,' says Cantor Fitzgerald's Han
▼ + stars: | 2023-05-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

It may look and feel like crypto has lost its shine for institutional investors, but their interest is still there to stay and may even be maturing, according to Cantor Fitzgerald's Elliot Han. Han, who leads the firm's crypto, blockchain and digital assets investment banking, told CNBC's "Crypto World" that those who have remained in crypto are exploring its different use cases. "There was all this crypto, blockchain hype and euphoria. Now, "we're seeing a lot more maturity," Han said, attributing it to regulation "slowly coming into place" and "more institutional players coming into the space." Most of the large banks like JPMorgan and Goldman Sachs that began experimenting seven years ago are still in the market, Han said.

☆ Watch CNBC's full interview with Elliot Han of Cantor Fitzgerald at Digital Assets Week
▼ + stars: | 2023-05-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Elliot Han of Cantor Fitzgerald at Digital Assets WeekElliot Han of Cantor Fitzgerald discusses the firm's blockchain technology initiatives and investor sentiment around crypto.

☆ Bitcoin could rally 40% by the end of the year, according to a top blockchain founder
▼ + stars: | 2023-05-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

A pile of Bitcoin slugs sit in a box ready to be minted on April 26, 2013 in Sandy, Utah. And bitcoin is front-running this scenario, pointing to a future that is effectively a return to relatively low rates. A big reason why bitcoin has performed so well was that it was just really oversold during the collapse of FTX. In such a scenario, all assets would have a correlation of one with each other, including bitcoin and even gold. Big gold buyers like HSBC and JPMorgan have shunned business with Moscow — leaving billions of dollars worth of gold in need of new landing spots.

☆ New York Attorney General Seeks Broader Authority to Police Crypto
▼ + stars: | 2023-05-05 | by ( Mengqi Sun | ) www.wsj.com time to read: 1 min

New York Attorney General Letitia James will propose a bill that would broaden her office’s enforcement authority over crypto firms. Photo: Seth Wenig/Associated PressNew York Attorney General Letitia James is proposing new legislation that would give her office more authority to regulate the increasingly tumultuous cryptocurrency industry. The bill would give the attorney general’s office broader enforcement authority over crypto firms that have operations in the state, while codifying the New York State Department of Financial Services’ authority to license participants in the sector and oversee the state’s digital asset licensing regime.

☆ Coinbase Tries Novel Defense in SEC Fight
▼ + stars: | 2023-05-05 | by ( Dave Michaels | ) www.wsj.com time to read: +1 min

Crypto imploded in 2022, as investors lost faith in digital assets and the industry was plagued with crisis. Illustration: Mallory BranganWith the Securities and Exchange Commission preparing an enforcement action that threatens much of its business, crypto exchange Coinbase is trying a novel defense. Coinbase went public in April 2021 after clearing a six-month review. SEC staff bored into its financial reporting and disclosures as well as the company’s belief that its menu of cryptocurrencies shouldn’t be treated as securities, which the SEC regulates. Coinbase’s lawyers argue that by clearing the review, regulators signaled that they “did not think Coinbase’s core business was unlawful.”

☆ Crypto Exchange Coinbase Posts Loss, But Beats Expectations
▼ + stars: | 2023-05-05 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Crypto imploded in 2022, as investors lost faith in digital assets and the industry was plagued with crisis. But unlike other collapses, it has largely avoided rippling into other markets. WSJ explains how crypto became so interconnected. Illustration: Mallory BranganCoinbase Global reported a fifth consecutive quarter of losses as retail investor enthusiasm for crypto trading on the platform remained stagnant. The biggest cryptocurrency exchange in the U.S. posted a loss of $79 million in the first quarter, narrowing its loss of $430 million a year ago.

☆ Consumers in China are dining at nicer restaurants — even if it costs $500 a person
▼ + stars: | 2023-05-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Despite the Covid-19 pandemic, a brand called Lu Style opened four new restaurants in the last three years in Beijing and Shanghai. Since Lu Style launched in 2016, more people no longer focus on just being able to eat, said Tian Junfeng, director of operations. Tian said Lu Style will be focused on improving customer service in the coming months. The 2023 rankings selected 304 restaurants — most of which were in China, including Lu Style. Two Lu Style locations have one Michelin star each, and the France-based guide includes more than 400 restaurants in mainland China.

☆ Crypto-silence is precious for Gensler's SEC
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

But he has taken several enforcement actions against crypto firms alleging that they are selling unregistered securities, and the SEC is considering suing Coinbase. Think from Gensler's perspective, though, and there's little upside in breaking the silence. Accept that digital assets are not securities after all, and he would look foolish for not saying so sooner. Yet state definitively that they are securities, and Gensler would have to show his reasoning, opening the SEC up to more costly legal battles that it could lose. Complain as they may, Gensler's foes may just have to accept that sometimes, no answer is an answer.

☆ De-dollarization fears are overblown, but rising debt and US brinkmanship are top threats to the greenback, Bank of America says
▼ + stars: | 2023-05-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

De-dollarization fears are overblown, and the greenback remains strong globally, BofA said. But the main risks to the dollar are rising US debt and "fiscal brinkmanship," according to a note. "Therefore, the key threats to the USD's dominant role seem largely domestic, as opposed to competition from other currencies." "Therefore, the key threats to the USD's dominant role seem largely domestic, as opposed to competition from other currencies." Amid the looming risk of default, BofA said there are no real alternative currencies, even as others have also pointed to a rise in non-dollar arrangements as evidence of de-dollarization.

☆ Crypto has ‘lost its shine’ for institutional investors, says Northern Trust executive
▼ + stars: | 2023-05-04 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Institutional investors lost interest in crypto after 2022 and even with this year's uptrend, their appetite for it hasn't come back yet, according to Northern Trust's head of digital assets and financial markets. "Just after March the crypto market went off a cliff… the client interest has definitely gone off the same cliff in terms of institutional interest in in cryptocurrencies," he said. The "evolution of the technology" is moving into a "better place" in terms of support from market participants, Chapman said. Specifically, Northern Trust partnered with Standard Chartered in 2020 to launch Zodia, a crypto custodian for institutional investors. But it's certainly lost its shine from the institutional perspective."

☆ Watch CNBC's full interview with Northern Trust's Justin Chapman on blockchain adoption
▼ + stars: | 2023-05-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Northern Trust's Justin Chapman on blockchain adoptionJustin Chapman, global head of digital assets and financial markets at Northern Trust, joins "CNBC Crypto World" to discuss how Wall Street is embracing blockchain technology.

☆ US Treasury's top international official heads to Europe, Asia for talks on economy
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 4 (Reuters) - The U.S. Treasury Department's top international official is heading to Europe and Asia this week for talks on current macroeconomic trends and events, and a G7 finance officials meeting, Treasury said in a statement on Thursday. Treasury Undersecretary for International Affairs Jay Shambaugh will attend meetings of the Organization for Economic Cooperation and Development in Paris on Friday, before traveling on to Singapore and Japan, Treasury said. The meeting takes place a month after the International Monetary Fund trimmed its 2023 global growth outlook slightly and warned that a severe flare-up of financial system turmoil could slash output to near recessionary levels. Shambaugh will join U.S. Treasury Secretary Janet Yellen at the G7 meeting in Niigata, Treasury said. Reporting by Andrea Shalal; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin rises, and ex-OpenSea manager found guilty in NFT insider trading case: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Ryan Rugg, the head of digital assets for Citibank's TTS business, discusses blockchain technology and tokenization from Digital Assets Week in San Fransisco.

The case could have broader implications for assets that do not fit in to existing regulations preventing investment advisers, brokers and others from trading on material nonpublic information, legal experts have said. "You can't hold Nate to a standard that didn't exist," his lawyer Daniel Filor told jurors in his closing argument on Monday. "Nobody told Nate that he couldn't use or share that information." Prosecutor Allison Nichols said Chastain used anonymous OpenSea accounts to make the illegal trades, showing he knew what he was doing was wrong. "He hid what he was doing," Nichols told the jury in her rebuttal argument.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEther rises after Fed raises rates, and the White House pushes crypto mining tax: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Justin Chapman, global head of digital assets and financial markets at Northern Trust and Elliot Han, head of crypto, blockchain and digital assets investment banking at Cantor Fitzgerald, discuss the future of tokenization on Wall Street from Digital Assets Week in San Francisco.

☆ Crypto Exchange Poloniex to Pay $7.6 Million to Settle Probe Into Sanctions Violations
▼ + stars: | 2023-05-02 | by ( Mengqi Sun | ) www.wsj.com time to read: 1 min

The settlement agreement alleged that Poloniex processed digital assets transactions worth a total of more than $15.3 million for customers in sanctioned regions between 2014 and 2019. Photo: Patrick Semansky/Associated PressCryptocurrency exchange Poloniex LLC has agreed to pay about $7.59 million to settle allegations it allowed users in sanctioned regions to trade digital assets on its platform, the U.S. Treasury Department said. The settlement agreement, which became public Monday, alleged that Poloniex processed digital assets transactions worth a total of more than $15.3 million for customers in sanctioned regions between 2014 and 2019, despite the platform having know-your-customer information and internet protocol address data that told them otherwise, according to the Treasury’s Office of Foreign Assets Control, which enforces U.S. economic sanctions.

☆ Coinbase launches international crypto derivatives exchange
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

May 2 (Reuters) - Coinbase Global Inc (COIN.O) launched an international exchange for cryptocurrency derivatives on Tuesday, as the company looks to expand its global footprint amid escalating tensions between the crypto sector and regulators in the United States. The exchange will let institutional users in eligible jurisdictions outside the U.S. to trade in perpetual futures, Coinbase said. The digital assets industry is recovering from several blow-ups last year, including the bankruptcy of Sam Bankman-Fried's crypto exchange FTX. "We would like to see the U.S. take a similar approach instead of regulation by enforcement, which has led to a disappointing trend for crypto development in the U.S.," the crypto exchange said. Separately, another crypto exchange Gemini on Tuesday launched a derivatives platform for trading perpetual futures, outside the U.S. jurisdiction.

☆ Bitcoin's 72% rally to start 2023 helps push Michael Saylor's MicroStrategy to its first profitable quarter in over 2 years
▼ + stars: | 2023-05-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Michael Saylor's MicroStrategy posted its first profit in nine quarters to start 2023. The largest holder of bitcoin added 7,500 tokens in the quarter as it rallied over 70%. MicroStrategy added 7,500 bitcoin tokens in the first quarter, bringing its total to 140,000 tokens. But with the token's rally this year, MicroStrategy reported an impairment loss of $18.9 million for the quarter, down from the prior quarter's $197.6 million impairment. And after tapping a tax benefit of $453.4 million, MicroStrategy posted net income of $461 million in the first quarter, reversing from a net loss of $249.7 million in the fourth quarter.

☆ Robinhood Crypto's general manager explains new web3 wallet feature
▼ + stars: | 2023-05-02 | by ( Talia Kaplan | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRobinhood Crypto's general manager explains new web3 wallet featureCrypto World speaks with Johann Kerbrat, Robinhood Crypto's general manager, from Consensus 2023 about how the platform makes money on digital assets and the new feature available to help fund web3 wallets.

☆ GC Agenda: May 2023
▼ + stars: | 2023-05-01 | by ( Practical Law The Journal | ) www.reuters.com time to read: +23 min

Clawback Listing StandardsPublic companies should be aware that proposed NYSE and Nasdaq clawback listing standards may be in place earlier than expected. Organizations may use biometric data in a variety of ways, including when:tracking employee time; restricting access to physical and digital assets; monitoring consumer shopping behavior; and integrating biometric data into consumer products and services. Consider whether the organization’s current policies and procedures meet applicable biometric data handling requirements, including notice, consent, retention, storage, and security obligations. Review applicable laws and obligations when contracting with service providers that handle biometric data and continuously monitor their performance. In February 2023, the NYSE and Nasdaq filed proposed new listing standards, which contemplated that they could become effective as early as April 27, 2023.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRobinhood Crypto reveals new wallet feature, and Google announces web3 tools: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Robinhood Crypto GM Johann Kerbrat explains the new feature to help fund digital asset wallets and Richard Widmann, global head of strategy for web3 at Google Cloud, reveals the new tools for web3 developers.

Companies Ozone Networks Inc FollowNEW YORK, May 1 (Reuters) - A former employee of OpenSea, the world's largest marketplace for non-fungible tokens (NFTs), used inside knowledge of which assets would be featured on its homepage to make "free money," a prosecutor said on Monday as an insider trading trial wound to a close. Prosecutors have called it the first criminal insider trading case involving such assets. Prosecutor Thomas Burnett said in his closing argument that Chastain chose which NFTs to feature, and then profited illegally by selling his tokens shortly thereafter. They have said that his actions were not insider trading, and that the information he accessed was not OpenSea's property and had no inherent value to the company. Reporting by Luc Cohen in New York; Editing by Noeleen Walder and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

☆ Coinbase, crypto industry hope new Supreme Court doctrine is silver bullet
▼ + stars: | 2023-05-01 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

But the agency will have to provide a more detailed response if Ripple, Coinbase or crypto groups that have filed friend-of-the-court briefs pushing major questions doctrine arguments manage to pique a judge’s interest. Former Coinbase manager Ishan Wahi expanded on the major questions theory last February in his motion to dismiss the SEC’s insider trading case. Under the major questions doctrine, they said, the SEC does not have the requisite Congressional authority to regulate digital assets. Coinbase’s contention in that paper, released last Thursday, is all-encompassing: The major questions doctrine, according to Coinbase counsel at Sullivan & Cromwell, “forecloses” regulation of the trillion-dollar crypto industry. But if the SEC moves ahead with a case against Coinbase, the major questions doctrine could turn out to be, well, a major question.

☆ Factbox: Highlights from US regulators' reviews of SVB, Signature failures
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +4 min

Below are key details from the government's post-mortems, which underscore management failings at Silicon Valley Bank and Signature Bank and too-slow, too-soft responses from regulators. * In 2022, SVB failed to test its capacity to borrow at the discount window and did not have appropriate collateral and operational arrangements in place to obtain contingency funding, the U.S. central bank said. The New York-based bank's board of directors and management pursued "rapid, unrestrained growth" without adequate risk management. * The Fed's judgments of SVB were "not always appropriate" given that bank's weaknesses. A single examiner was responsible for reviewing the bank's interest-rate risk and investment portfolio, and in some cases, would also review liquidity and model risk management during a two-to-three-week timeframe.

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