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☆ Larry Fink just kicked off the last chapter of his BlackRock reign
▼ + stars: | 2024-01-12 | by ( Michelle Abrego | Rebecca Ungarino | ) www.businessinsider.com time to read: +6 min

This all comes as Larry Fink, 71, is entering what is likely the last chapter of a successful career as cofounder and chief executive of $10 trillion BlackRock. Here's everything you need to know:BlackRock is set to buy Global Infrastructure Partners in its biggest deal in 15 yearsThroughout 2023, Fink signaled that a "transformational deal" was on the cards. He found his target in private equity firm and infrastructure investor Global Infrastructure Partners, the firm announced on Friday. Jessica Tan, head of BlackRocks' sustainability and transitions strategy, will head the global product solutions team in the Americas. Charles Hatami, global head of the financial and strategic investor group that focuses on relationships with large investors like insurers and sovereign wealth funds, will join BlackRock's global executive committee.

Persons: Larry Fink, Fink, Rob Kapito, BlackRock iShares, GIP, Kapito, Goldman Sachs, Goldman, David Solomon's, Ogunlesi, Wells, Mike Mayo, Larry, Stephen Cohen, Salim Ramji, Jessica Tan, Jane Sloan, GIP's, Edwin Conway, Conway, Rachel Lord, Lord, Charles Hatami Organizations: Business, BlackRock, Global Infrastructure Partners, GIP, London Gatwick, Wall Street, Asia Pacific, Securities, Exchange Commission Locations: Sydney, Bayo, Ogunlesi, BlackRock, Americas, Europe, East, India, Asia, Pacific

☆ Dollar pares gains on soft U.S. inflation data
▼ + stars: | 2024-01-12 | by ( ) www.cnbc.com time to read: +3 min

The dollar index pared gains on Friday after U.S. producer prices unexpectedly fell in December, raising expectations of an early U.S. rate cut. That led traders to add to bets for a rate cut in the coming months. Fed funds futures now imply a 79% chance of a March rate cut, up from 73% on Thursday, according to the CME Group's FedWatch Tool. Traders maintained their view that a March rate cut is likely even after consumer price inflation data on Thursday came in above economists' expectations. The dollar index was last up 0.19% at 102.40.

Persons: Steve Englander, Englander, Martin Luther King Jr, Sterling, bitcoin Organizations: U.S, British, Global, Research, Standard Chartered Bank, Branch, Traders, U.S . Securities, Exchange Commission, Wednesday Locations: Yichang, Hubei province, U.S, Yemen, America, Zealand, Iran, Red, Gaza

☆ Bitcoin ETFs have a key difference from their stock fund counterparts
▼ + stars: | 2024-01-12 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The U.S. Securities and Exchange Commission pushed for bitcoin exchange-traded funds to have a key difference from major stock funds, and that decision's effect on how the funds trade will only become clear over time. The bitcoin funds that launched Thursday are using a share redemption process that turns the underlying crypto into cash. Most ETFs primarily use an in-kind redemption process, where the underlying asset does not have to be actually sold. There is some concern that using the cash-only redemption model could make the plumbing of the ETFs less efficient. Using cash-only redemption could result in ETFs that have weaker liquidity and wider bid-ask spreads, Grayscale argued.

Persons: Bryan Armour, Steven McClurg, McClurg, Jeremy Senderowicz, Vedder Price, Gary Gensler, Senderowicz Organizations: U.S . Securities, Exchange Commission, North America, Morningstar, SEC, APs, CNBC PRO Locations: bitcoin

☆ Morgan Stanley to Pay $249 Million in Block Trading Investigation
▼ + stars: | 2024-01-12 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Morgan Stanley agreed to pay $249 million in penalties to resolve investigations by federal prosecutors and securities regulators into the firm’s practices in handling some large stock trades, authorities and the bank said on Friday. As part of the settlement, Morgan Stanley entered into a nonprosecution agreement with the government and will not be charged with any criminal wrongdoing. The conduct took place from 2018 to 2021, the authorities said. Federal prosecutors said in a statement that Morgan Stanley had not uncovered the deceptive trading on its own nor did it report it to the authorities. But prosecutors said they had decided not to file criminal charges against Morgan Stanley because the bank had cooperated with the investigation and because there was no evidence that the bank’s corporate management had knowledge of any wrongdoing.

Persons: Morgan Stanley Organizations: Securities and Exchange Commission Locations: Manhattan

☆ SEC chair gives in to a bitcoin ETF, but the hostility against cryptocurrency is still there
▼ + stars: | 2024-01-11 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), during an interview in Washington, DC, US, on Thursday, July 27, 2023. Gensler was faced with the difficult task of explaining why the SEC has reversed its position on bitcoin ETFs. Circuit held that the commission failed to adequately explain its reasoning when it turned down Grayscale's proposed bitcoin ETF. In large part, the conflicts are based on his claim that most crypto assets are securities that come under the purview of the SEC. While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin."

Persons: Gary Gensler, Gary Gensler's, Gensler, Grayscale's, I've, —, bitcoin Organizations: US Securities and Exchange Commission, SEC, Securities, Exchange, U.S, Appeals, Investment Locations: Washington , DC

☆ Dollar down on day, but off lows after hotter than expected inflation
▼ + stars: | 2024-01-11 | by ( ) www.cnbc.com time to read: +3 min

The headline U.S. Consumer Price Index (CPI) rose 0.3% last month, for an annual gain of 3.4%, against expectations of 0.2% and 3.2%, respectively. Traders are pricing in aggressive expectations for rate cuts this year, with the Fed seen as beginning to cut rates in March. But "today's CPI report suggests that the Fed's initial rate cut may be later than the market is hoping for," said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina. "The question everyone is struggling with is what kind of inflation regime we are in - are we still in a 2010s era of low growth, low inflation and we're still just working through the end of the pandemic adjustment and then we're back into that?" The dollar index was last down 0.05% on the day at 102.29.

Persons: Bitcoin, Adam Button, Quincy Krosby, Button, it's, Loretta Mester, Thomas Barkin, Sterling Organizations: Federal Reserve, Consumer, Index, Fed, ForexLive, Traders, Financial, Cleveland Fed, Richmond Fed, U.S . Securities, Exchange Commission, Wednesday Locations: Toronto, Charlotte , North Carolina, U.S

☆ Cathie Wood says bitcoin ETF approval makes her $1.5 million bull case more likely
▼ + stars: | 2024-01-11 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Ark Invest's Cathie Wood said the approval of bitcoin exchange-traded funds in the U.S. made her more convinced that the world's largest cryptocurrency could hit her wildly bullish target. For her bull case, the Ark Invest chief sees bitcoin hitting $1.5 million by 2030. "We think the probability of the bull case has increased with this SEC approval. The Ark Invest CEO and chief investment officer has been a longtime crypto bull. Ark Invest has partnered with 21Shares on a proposed bitcoin fund — the Ark21Shares Bitcoin ETF (ARKB).

Persons: Cathie Wood, Wood, Bitcoin, 21Shares Organizations: Ark Invest, SEC, U.S . Securities, Exchange Commission, Invest Locations: U.S

☆ Ark Invest president says bitcoin is now a 'public good' that all investors should have access to
▼ + stars: | 2024-01-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Brendan McDermid | ReutersArk Invest President and COO Tom Staudt believes bitcoin is now a "public good" to which all investors should have access, as the company launches its first bitcoin exchange-traded fund. watch nowThe ARK 21Shares Bitcoin ETF is one of six initially waiving fees, alongside the Bitwise Bitcoin ETF, the Fidelity Wise Origin Bitcoin Trust, the WisdomTree Bitcoin Fund, the Invesco Galaxy Bitcoin ETF and the Valkyrie Bitcoin Fund. "This is a new asset class. We haven't had a new asset class for financial portfolio allocation in quite some time, and with a new asset class comes lower correlation to the other asset classes previously allocated to." Bitcoin was trading at around $47,300 on Thursday morning , according to Coin Metrics, and the SEC's decision has many analysts bullish about newly unlocked potential for massive gains.

Persons: Cathie Wood, Brendan McDermid, Tom Staudt, bitcoin, BlackRock's, Staudt, CNBC's, 21Shares, Bitcoin, haven't, bullish Organizations: Ark Invest, CNBC, New York Stock Exchange, Reuters, Invest, U.S . Securities, Exchange Commission, Fidelity, Bitcoin, Galaxy, U.S, Metrics Locations: New York City, U.S

☆ Circle confidentially files for IPO following banner year for crypto stocks
▼ + stars: | 2024-01-11 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

The public listing is expected to take place once the SEC finishes its review, "subject to market and other conditions," Circle said in the two-paragraph press release Thursday. Founded in 2013, Circle is best known as the issuer of USD Coin, the world's second-biggest U.S. dollar pegged stablecoin, which was launched in 2018. But the SPAC market collapsed in 2022, and Circle ended that agreement in December of that year, just after crypto exchange FTX spiraled into bankruptcy. Coinbase , which took a stake in Circle in August, jumped almost 400% in value in 2023, and other crypto stocks such as MicroStrategy and bitcoin miner Marathon Digital enjoyed hefty rallies. WATCH: SEC approves spot bitcoin ETFs

Persons: USDC, Bitcoin, — CNBC's Rohan Goswami Organizations: U.S . Securities, Exchange Commission, SEC, U.S, Concord, Corp, Marathon Digital

☆ China, debt and Disney: Three economic themes that will dominate the Republican primaries
▼ + stars: | 2024-01-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Republican presidential candidates Nikki Haley and Ron DeSantis sparred on a wide range of economic issues during the CNN GOP presidential debate on Wednesday evening. But as Haley and DeSantis duked it out to crown themselves the most fiscally prudent candidate, some clear economic themes began to emerge that will likely have a big influence on the upcoming Republican primaries and beyond: China, debt levels and the government’s role in business. ChinaBoth Haley and DeSantis sought to prove how tough they could be on China. But as my colleague Elisabeth Buchwald points out, the US and China are the first- and second-largest economies in the world. President Joe Biden has also made reducing economic dependence on China a platform in both his 2020 and 2024 campaigns.

Persons: Nikki Haley, Ron DeSantis sparred, Nancy Pelosi’s, ”, “, Ron, you’re, Haley, Haley, DeSantis, Donald Trump, Elisabeth Buchwald, Joe Biden, DeSantis didn’t, Trump, wouldn’t, ” DeSantis, Gary Gensler, “ I’m, ” Sen, Sherrod Brown, Brown, Nick Smart, It’s Taylor, Taylor, Swift, Ramishah Maruf, “ Taylor Swift, Pollstar Organizations: CNN Business, Bell, New York CNN, Republican, CNN, Social Security, Walt Disney Company, FBI, SEC, Securities, Exchange, SEC’s, ”, Banking Committee, Spotify, AMC, Bloomberg Locations: New York, China, Iowa, Beijing, United States, South Carolina, Florida, DeSantis

☆ What to know before buying the first bitcoin ETFs. FOMO ‘is a poor investment strategy,’ expert says
▼ + stars: | 2024-01-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

The agency signed off on 11 bitcoin ETF applications, including funds from BlackRock , Fidelity, Ark Invest, WisdomTree and Grayscale. But there are things to consider before rushing to purchase bitcoin ETFs. 'Better than anything else on the market'While bitcoin carries risk, if you want to add exposure, experts say the new bitcoin ETFs could be worth considering compared to owning bitcoin directly or bitcoin futures ETFs. "These spot bitcoin ETFs are better than anything else on the market," said Armour, referring to other bitcoin investing options. The Grayscale Bitcoin Trust (GBTC) charged 2.0% before converting to a spot bitcoin ETF, and now has fees of 1.5%.

Persons: Bryan Armour, Armour, I'm, Ivory Johnson, Gary Gensler Organizations: . Securities, Exchange Commission, Fidelity, Ark Invest, North America, Morningstar, SEC, Delancey Wealth Management, CNBC's Locations: U.S, BlackRock, bitcoin, Washington ,

☆ Here's what a bitcoin ETF actually means for investors
▼ + stars: | 2024-01-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

A false statement saying the regulator had approved a bitcoin ETF was published Tuesday on the SEC's social media account on X, formerly known as Twitter. CNBC runs through everything you need to know about the bitcoin ETF milestone. As crypto investors look to assess what the market impact of a bitcoin ETF might be, many are comparing Wednesday's news to the greenlighting of the SPDR Gold Shares ETF — the first-ever spot gold ETF — in 2004. A bitcoin ETF opens up the audience of people and institutions that can buy and sell bitcoin to those with little experience trading cryptocurrency. "There is now a U.S. bitcoin spot ETF, and bitcoin is no longer considered shady or infamous.

Persons: Vijay Ayyar, Ayyar, Kevin de Patoul Organizations: . Securities, Exchange, U.S, Ark, Twitter, CNBC, — Locations: BlackRock, Invesco, U.S

☆ You can now invest in bitcoin ETFs. But should you?
▼ + stars: | 2024-01-11 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

The Securities and Exchange Commission on Wednesday gave the green light to the listing and trading of 11 bitcoin exchange-traded funds, or ETFs. Understand what bitcoin is … and what it isn’tIt’s important to grasp what kind of asset bitcoin is. Plus, bitcoin ETFs will make it easier for financial advisers to access the cryptocurrency for their clients who can afford to invest in alternative asset classes. Deciding if a bitcoin ETF makes sense for youThe investment firms that have received approval to offer bitcoin ETFs are competing fiercely for investor dollars. And if you normally invest on a platform that automatically rebalances your portfolio for you, make sure the system does not rebalance your holdings based on your bitcoin investment.

Persons: New York CNN —, Bitcoin, bitcoin, Fidelity, Chainanalysis, Sam Bankman, ” Alex Michalka, Wealthfront, ”, Bryan Armour, … It’s, It’s, ” Armour, Alex Lozano, Lozano, “, Trent D, Porter, ” Porter Organizations: New, New York CNN, New York CNN — It’s, The Securities, Exchange Commission, Wednesday, SEC, US, Fidelity, New York Times, Securities Investor Protection Corporation, NASDAQ, NYSE, Morningstar, Better, ” Locations: New York, bitcoin, United States

☆ Dollar gains on yen, bitcoin edges up before expected SEC decision
▼ + stars: | 2024-01-10 | by ( ) www.cnbc.com time to read: +3 min

The SEC was expected to announce later in the day whether it will approve applications from asset managers Ark Investments and 21Shares (ABTC.S) to launch a spot bitcoin ETF. More than a dozen bitcoin ETF applications - including from BlackRock (BLK.N), Fidelity and VanEck - are also pending with the agency. The Consumer Price Index (CPI) due out on Thursday is the next likely driver of dollar direction. It is expected to show that headline inflation rose 0.2% in the month and by 3.2% on an annual basis. Anticipation of a positive SEC decision on ETFs, which is likely to draw billions of dollars in new investments, has boosted bitcoin prices in the past two months.

Persons: Exchange Commission's, Marc Chandler, Chandler, bitcoin, Chris Weston, Ethereum Organizations: Federal Reserve, U.S . Securities, Exchange, SEC, Ark Investments, BlackRock, Fidelity, Institute for Supply Management, Index, Fed, Bank of Japan Locations: U.S, Bannockburn, New York, Japan

☆ Jeffrey Epstein accuser Virginia Giuffre said she was trafficked to billionaire Glenn Dubin when his pregnant wife was asleep in the next room
▼ + stars: | 2024-01-10 | by ( Lauren Steussy | Michelle Mark | ) www.businessinsider.com time to read: +4 min

Epstein accuser Virginia Giuffre said Dubin had sex with her while his wife was sleeping nearby. A 2016 deposition in a Florida case involving attorney Alan Dershowitz was unsealed Tuesday, including questioning of Epstein accuser Virginia Giuffre. In the 2016 deposition, Dershowitz's attorney asked Giuffre whether Dubin was "the powerful business executive whose pregnant wife was asleep in the next room," to which Giuffre responded "Yes." Related storiesGiuffre was also asked whether she'd ever been trafficked to Glenn Dubin's wife Eva Andersson Dubin. The couple also have a daughter, Celina Dubin, whom Epstein previously joked about marrying, a source close to Epstein told Business Insider in 2019.

Persons: Glenn Dubin's, Jeffrey Epstein, Epstein, Virginia Giuffre, Dubin, —, Glenn Dubin, Alan Dershowitz, Ghislaine Maxwell, Giuffre, she'd, Eva Andersson Dubin, Eva Dubin, Johanna Sjoberg, Glenn, Sjoberg, Business Insider's, Celina Dubin, Jeff Organizations: Giuffre, Service, Business, Securities and Exchange Commission Locations: Dubin, Florida

☆ FBI is investigating the SEC hack after its fake bitcoin post
▼ + stars: | 2024-01-10 | by ( Matt Egan | Nicole Goodkind | ) edition.cnn.com time to read: +3 min

New York CNN —The Securities and Exchange Commission said Wednesday the FBI is investigating the hack of the agency’s social media account that rocked the bitcoin world earlier this week ahead of the regulator’s approval of a bitcoin exchange-traded fund late Wednesday. One crypto exchange, Coinbase, even posted a celebratory message on social media Tuesday. However, 15 minutes later SEC Chair Gary Gensler said the agency’s account was “compromised,” allowing for an “unauthorized” tweet to get posted. A spokesperson for X later said that the SEC’s social media account lacked the basic security measure of two-factor authentication, raising serious questions about the agency’s cybersecurity protocols. That alleged lack of security is particularly befuddling, given the SEC’s previous ruling that social media posts could serve as public announcements for investors.

Persons: “, ”, bitcoin, Gary Gensler, “ I’m, ” Sen, Sherrod Brown, Brown, JD Vance, Thom Tillis, Gensler, Nick Smart, X, Nicole Goodkind Organizations: New, New York CNN, Securities, Exchange Commission, FBI, SEC, SEC’s, ”, Banking Committee, Republican Sens Locations: New York

☆ The spot bitcoin ETF: Here's what happens when it starts trading
▼ + stars: | 2024-01-10 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

Spot bitcoin ETF feesBitwise (BITB) 0.0% (after first six months: 0.2%)ARK Invest/21Shares (ARKB): 0.0% (after first six months: 0.21%)Invesco Galaxy Bitcoin ETF (BTCO) 0.0% (after first six months: 0.39%)iShares Bitcoin Trust (IBIT) 0.12% (after first 12 months: 0.25%)VanEck Bitcoin Trust (HODL) 0.25%Franklin Bitcoin ETF (EZBC) 0.29%Fidelity Wise Origin Bitcoin Trust (FBTC) 0% (after July 31, 2024, 0.25%)WisdomTree Bitcoin Trust (BTCW) 0.0% (after first six months 0.3%)Valkyrie Bitcoin Fund (BRRR) 0.0% (after three months 0.49%)Grayscale Bitcoin Trust (GBTC) 1.5%Hashdex Bitcoin (DEFI) 0.9%Invesco's Galaxy Bitcoin ETF has set its expense ratio at 0.0% for the initial six months and the first $5 billion in assets, and goes to 0.39% after. Source: Bloomberg/SEC.govHow will a spot bitcoin trade relative to bitcoin and bitcoin futures? One of the main questions is how well a spot bitcoin ETF will track bitcoin and bitcoin futures. Simeon Hyman, ProShares' global investment strategist who manages the largest bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO) that launched in October 2021, noted that bitcoin futures ETFs have tracked bitcoin "fairly well." Some are concerned that the creation and redemption process that was agreed upon to create spot bitcoin ETFs could result in a bitcoin ETF trading at a premium to its NAV.

Persons: 21Shares, iShares, VanEck, WisdomTree, Bitcoin, Simeon Hyman, ProShares Organizations: Securities and Exchange Commission, Bitcoin, Franklin Bitcoin, Galaxy, Bloomberg Locations: bitcoin

☆ Spot ETFs offer an easier and cheaper way to invest in bitcoin
▼ + stars: | 2024-01-10 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Though approval of multiple spot bitcoin ETFs translates to increased fee competition and a way out for current GBTC investors, many traders would take a capital gains tax hit if they exited their GBTC position to purchase another ETF. watch nowWhether the appetite for spot bitcoin ETFs is overblown is another key concern among investors. "Gold ETFs are currently 1.4% of above ground (investible) gold," the JPMorgan analysts wrote. "We believe that the cryptocurrency markets are pricing in an optimistic impact from Bitcoin ETFs that is likely to fall short of expectations." WATCH: SEC approves 11 bitcoin spot ETFs

Persons: Omar Marques, Emilie Choi, GBTC, Bryan Armour, Bernstein, CNBC's Jordan Smith Organizations: Lightrocket, Getty, U.S . Securities, Exchange Commission, BlackRock, Fidelity, North America, Morningstar, Research, JPMorgan, Mizuho, SEC Locations: U.S

☆ SEC approves bitcoin ETFs for some investment firms
▼ + stars: | 2024-01-10 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. The SEC had a deadline of January 10 to offer a decision for just one of the 11 firms that applied to offer bitcoin ETFs. Bitcoin ETFs, like bitcoin, carry risks for investorsFor those considering jumping on the bitcoin bandwagon, it’s important to note that the price of a bitcoin will be just as volatile whether you invest in it directly yourself or through an ETF. Those sentiments have been echoed by many financial advisers and the investor watchdog group Better Markets, which strongly opposed the SEC’s approval of bitcoin ETFs. The full list of companies that got SEC approval to launch bitcoin ETFs are: Ark Invest together with 21 Shares; Bitwise, BlackRock, Fidelity, Franklin Templeton, Grayscale, Hashdex, Invesco, WisdomTree, Valkyrie and VanEck.

Persons: Gary Gensler, bitcoin, ”, Gensler, Dennis Kelleher, “, Sheila Warren, Franklin Templeton Organizations: New, New York CNN, Securities and Exchange Commission, SEC, FBI, Investments, Better, Street, Crypto, Innovation, Fidelity Locations: New York, BlackRock

☆ Dollar gains before inflation data, bitcoin slips
▼ + stars: | 2024-01-09 | by ( ) www.cnbc.com time to read: +3 min

The dollar rose against the euro and yen on Tuesday as traders awaited inflation data on Thursday for clues on when the Federal Reserve is likely to cut rates. But Fed expectations are likely to continue to drive dollar moves. The release on Thursday of the consumer price inflation report for December will be the main piece of economic data this week. If the data confirms that inflation is continuing to moderate it could boost expectations for a March rate cut, though if it comes in above expectations it could also reverse some of that pricing. The U.S. dollar index , which measures the greenback against a basket of six currencies, was last up 0.33% at 102.55.

Persons: Bipan Rai, Kamal Sharma, steepening, Sharma Organizations: Federal Reserve, Securities and Exchange, CIBC Capital Markets, Bank of America, Fed, U.S, Bank of Japan, Investment Locations: North American, Toronto, U.S, Asia, Bitcoin

☆ Cryptocurrency investors eagerly awaiting SEC ruling on bitcoin ETFs
▼ + stars: | 2024-01-05 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

Crypto investors are eagerly awaiting an imminent ruling from the U.S. Securities and Exchange Commission that will likely approve the trading of a spot bitcoin exchange-traded fund, more than a decade after initial attempts were rejected. 13 companies have filed for a spot bitcoin ETF:Grayscale Bitcoin TrustArk/21Shares Bitcoin TrustBitwise Bitcoin ETF TrustBlackRock Bitcoin ETF TrustVanEck Bitcoin TrustWisdomTree Bitcoin TrustValkyrie Bitcoin FundInvesco Galaxy Bitcoin ETFFidelity Wise Origin Bitcoin TrustGlobal X Bitcoin TrustHashdex Bitcoin ETFFranklin Templeton Digital Holdings TrustPando Asset Spot Bitcoin TrustHow the SEC will proceedThere are two components to the applications:1) A 19b-4 filing, which is a form used by exchanges to inform the SEC of a proposed rule change. In this case, each company filing for the spot bitcoin ETF has differences in the way the product might be structured. Invesco's Galaxy Bitcoin ETF has set its expense ratio at 59 basis points, which are waived for the initial six months and the first $5 billion in assets. Grayscale Bitcoin Trust currently charges 2% but has said it's committed to lowering the fee once its application to convert to a bitcoin ETF is approved.

Persons: Fidelity's, it's, Gary Gensler's, Gensler, Bitcoin, Coinbase, Binance, Changpeng Zhao, Zhao, Wood Organizations: U.S . Securities, Exchange Commission, BlackRock, Fidelity, Bitcoin, Franklin Templeton Digital Holdings Trust, SEC, Securities, NYSE, Nasdaq, Galaxy, U.S ., Appeals, U.S . Department of Justice, Binance

☆ Xerox to cut 15% of its workforce
▼ + stars: | 2024-01-03 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

Xerox on Wednesday announced it will cut 15% of its workforce as part of a plan to implement a new organizational structure and operating model. Xerox, which offers digital printing and document management technologies, had about 20,500 employees as of Dec. 31, 2022, according to a filing with the U.S. Securities and Exchange Commission. The company's restructuring plan involves simplifying its products within its core print business, increasing efficiency across its global business services and boosting focus on IT and other digital services, according to a release. Xerox said it also redesigned its executive team to help carry out the new model. Xerox will carry out the cuts this quarter, according to the release.

Persons: Steven Bandrowczak Organizations: Xerox, Wednesday, U.S . Securities, Exchange Commission, CNBC PRO

☆ CNBC Daily Open: 2023’s winners and losers
▼ + stars: | 2024-01-02 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

NEW YORK, NEW YORK - DECEMBER 29: Traders work on the floor of the New York Stock Exchange (NYSE) on the last day of trading for the year on December 29, 2023 in New York City. The Dow was up slightly in morning trading in what has been a strong year for the stock market despite many economists predictions that the American economy would experience a recession. (Photo by Spencer Platt/Getty Images)This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Interest in alternative assets — which include anything outside public market assets like stocks, bonds, commodities and cash — looks to be growing.

Persons: Dow, Spencer Platt, Australia's, Bullish, bitcoin Bitcoin, Bitcoin, BYD, Tesla BYD, Tesla Organizations: NEW, New York Stock Exchange, Getty, CNBC, Pinebridge Investments, International Monetary Fund, Tesla, U.S . Securities, Exchange Commission, Elon Musk's EV Locations: New York City, Asia, Pacific, Shanghai, China, India, U.S

Meanwhile, there is growing excitement that the U.S. Securities and Exchange Commission will approve the first ever bitcoin ETF, after years of opposition. With all of this excitement comes some quite bold predictions about bitcoin's price. "No rationale for that prediction," Mobius said, except that a bitcoin ETF looks likely and "that has heightened interest" in the cryptocurrency. Yang attributes the anticipated price rise to a bitcoin ETF being approved, leading to higher institutional investment in bitcoin, as well as May 2024's bitcoin halving, which would result in the bitcoin supply being constrained. Alexander told CNBC that during the first quarter of 2024, bitcoin will trade within the $40,000 to $55,000 range, owing to "professional traders creating volatility."

Persons: Filip Radwanski, Bitcoin, bitcoin, FTX, Sam Bankman, Fried, Binance's Changpeng Zhao, Mark Mobius, Mobius, Yang, Luna, James Butterfill, Butterfill, Antoni Trenchev, Trenchev, Carol Alexander, Alexander, Coinbase, Matrixport Organizations: Getty, CNBC, Department of Justice, U.S, U.S . Securities, Exchange, Chartered, University of Sussex, Exchange Commission, SEC, Fidelity, Blackrock, Federal Reserve Locations: U.S, bitcoin, Blackrock

Here's the state of play globally for crypto regulation and enforcement in 2023 — and a look at what to expect in 2024. "However, much of their work has involved providing guidance to the industry through enforcement actions," continued Levin. Crypto market participants nevertheless hope that the spate of legal challenges brought to crypto companies in 2023 will bring clarity in the form of new regulations. The U.S.'s dominant role in global finance and its focus on consumer protection plays a crucial role in its leading position in crypto regulation enforcement. The region has been increasingly warming to crypto assets, despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021.

Persons: Al Drago, Binance, Sam Bankman, Renato Mariotti, Mariotti, Richard Levin, Nelson Mullins Riley, Levin, ada, Changpeng Zhao, Damian Williams, Brian Armstrong, Armstrong, Alyse Killeen, Scarborough's Levin, FinCEN, Killeen, Diem, USDC, Braden Perry, it's, Kennyhertz Perry, Perry, Bafin Organizations: U.S . Securities, Exchange Commission, Bloomberg, Getty, Regulators, Securities and Exchange Commission, U.S, Alameda Research, U.S . Justice Department's Securities, Commodities, CNBC, Capitol, SEC, Futures Trading Commission, Department of Justice, Scarborough, CFTC, Protocol Labs, Southern, of, Stillmark, Meta, Visa, Mastercard, U.S ., European, IRS, European Union, EU, France's Financial Markets Authority, AMF, Treasury, Monetary Authority of, Three Arrows, Terra Labs, Terra, Hong Kong Securities, Futures Commission, SFC, OSL Locations: Washington, Europe, Asia, U.S, Alameda, of New York, European, Crypto, Ireland, Germany, France, Italy, Netherlands, Singapore, Dubai, Hong Kong, Monetary Authority of Singapore, China, East, Africa

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