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☆ 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

☆ 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 ,

☆ 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

☆ 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

☆ 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

☆ 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

☆ 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

☆ Binance Copped a $4 Billion Plea but Is Still Fighting the SEC
▼ + stars: | 2023-12-04 | by ( Dave Michaels | ) www.wsj.com time to read: 1 min

WASHINGTON—When top Biden administration officials gathered last month at the Justice Department to announce a $4.3 billion legal resolution with Binance , one powerful regulator was absent. Attorney General Merrick Garland was there. So was Treasury Secretary Janet Yellen . But Securities and Exchange Commission Chair Gary Gensler wasn’t, even though he has his own legal beef with Binance. The SEC sued the world’s largest cryptocurrency exchange in June and has been the regulatory scourge of the crypto world.

Persons: WASHINGTON, General Merrick Garland, Janet Yellen, Gary Gensler wasn’t Organizations: Biden, Justice Department, Securities, Exchange, SEC

☆ SEC meets with Grayscale, BlackRock about potential bitcoin ETFs
▼ + stars: | 2023-11-30 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

The regulator said in a memo that it met with Grayscale on Thursday about the potential conversion of the Grayscale Bitcoin Trust into an ETF. SEC officials also met with representatives from BlackRock and the Nasdaq on Wednesday, according to a separate memo. BlackRock filed for a bitcoin ETF in June, followed shortly by a handful of other asset management firms. SEC Chair Gary Gensler has been a vocal critic of crypto but has said in recent public appearances that he would listen to his staff's input on a potential bitcoin ETF. The growing confidence in the market that a bitcoin ETF will eventually be approved appears to have boosted the price of bitcoin.

Persons: Gary Gensler, John Hoffman, Hoffman Organizations: U.S . Securities, Exchange Commission, SEC, BlackRock, Nasdaq, CNBC PRO Locations: U.S

☆ Cristiano Ronaldo faces $1 billion class-action lawsuit for endorsing worthless NFTs
▼ + stars: | 2023-11-30 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —Soccer superstar Cristiano Ronaldo is facing a $1 billion class action lawsuit for his promotion of Binance, the world’s biggest crypto exchange. Ronaldo and Binance didn’t immediately respond to CNN’s request for comment. Notably, Ronaldo is still promoting the company, including posting a Binance ad as recently as November 28 on his X account, which has 110 million followers. Celebrities suedOther celebrities have also been the target of similar lawsuits. He also agreed to pay a $50 million criminal fine and a $150 million civil penalty.

Persons: Cristiano Ronaldo, Ronaldo “, Ronaldo, Binance didn’t, Binance, “, Gary Gensler, Kim Kardashian, Celebrities, Tom Brady, Gisele Bundchen, Brady, Bundchen, Kardashian, Floyd Mayweather, Jr, cryptocurrency, Charles Whitehead, ” Whitehead, ”, Changpeng Zhao, ” Zhao, – CNN’s Jennifer Korn, Allison Morrow Organizations: New, New York CNN — Soccer, ” Securities, Exchange, SEC, Cornell Law School, CNN Locations: New York, Florida

☆ In spot bitcoin ETF race, some pioneers stick to the sidelines
▼ + stars: | 2023-11-28 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +6 min

The SEC has long rejected spot bitcoin ETF applications on the grounds they do meet its investor protection requirements. Industry hopes that position would shift surged in June when BlackRock (BLK.N), which has an almost unbroken record of SEC ETF approvals, filed for a spot bitcoin ETF. The only prospective issuer to disclose proposed investor fees so far is Ark Investment, which last week announced its spot bitcoin ETF would charge a fee of 0.8%. To be sure, issuers hoping to launch spot bitcoin ETFs have a more bullish outlook than those sticking to the sidelines. Magoon hopes the buzz surrounding a spot bitcoin ETF will draw more assets to Amplify's BLOK ETF.

Persons: Marco Bello, it's, Dave Mazza, Gary Gensler, Michael Sapir, ProShares, Sapir, Roxanna Islam, Aisha Hunt, Kelley, Christian Magoon, Roundhill, Mazza, Magoon, Tom Staudt, Staudt, Suzanne McGee, Michelle Price, Deepa Babington Organizations: REUTERS, Roundhill Investments, SEC, Industry, BlackRock, Ark Investment, Amplify's, Ark Investments, Thomson Locations: Miami Beach , Florida, U.S, BlackRock, Invesco, Amplify's BLOK

☆ Elon Musk's Neuralink raises more cash ahead of human trials next year
▼ + stars: | 2023-11-27 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Neuralink has raised another $43 million, per an SEC filing, as it faces mounting scrutiny. Billionaire investor Peter Thiel's Founders Fund led the latest round, TechCrunch reported. AdvertisementElon Musk's controversial brain implant company Neuralink has raised more funding as it gears up to start human trials. The latest round was led by billionaire investor Peter Thiel's Founders Fund, TechCrunch reported. The latest funding round comes as Elon Musk faces further criticism over the deaths of monkeys that Neuralink used to test its chips.

Persons: Neuralink, Peter Thiel's, —, Elon, Elon Musk, Gary Gensler, Musk, Luke, Optimus, Neuralink didn't Organizations: SEC, Fund, TechCrunch, Service, Elon, Responsible Medicine, Business

☆ Wall St regulator adopts Dodd Frank rule against trader conflicts
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. The SEC move is mandated by the Dodd Frank law, aimed at eradicating behavior seen in the 2008 global financial crisis. The rule is among the last to be adopted under 2010's Dodd Frank Wall Street reform legislation and faced a winding road to completion. Parties covered by the rule include underwriters, placement agents and sponsors for asset-backed securities. The SEC says it will require compliance with the rule for asset-backed securities with closing dates falling 18 months after the rule appears in the Federal Register.

Persons: Andrew Kelly, Dodd Frank, Dodd Frank Wall, Gary Gensler, Hester Peirce, Goldman Sachs, Douglas Gillison, David Gregorio, Marguerita Choy Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, SEC, Republican, Senate, Federal Register, Thomson Locations: Washington ,

☆ Ark Investments sets 0.80% fee for proposed spot bitcoin ETF
▼ + stars: | 2023-11-24 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +1 min

Since 2021, the SEC has rejected multiple applications to issue spot bitcoin ETFs, arguing that the cryptocurrency market is vulnerable to manipulation. In August, a federal court ruled that the SEC wrongly rejected Grayscale Investments' application to convert its Bitcoin Trust into a spot bitcoin ETF. SEC chair Gary Gensler said last month that the SEC is evaluating as many as 10 spot bitcoin ETF proposals. The average fee levied on U.S. ETFs currently hovers around 0.54%, but Ark's proposed fee of 0.80% is significantly lower than the 2% that Grayscale currently charges investors on its spot bitcoin trust. If the SEC does approve some or all of the pending spot bitcoin ETF applications in early January, industry participants and analysts expect a fierce battle for market share to follow.

Persons: Cathie Wood, 21Shares, Gary Gensler, Ark's, It's, Suzanne McGee, Elaine Hardcastle Organizations: ARK Investment Management, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Swiss

☆ Elon Musk should face an SEC probe over his claims that no monkeys died as a result of Neuralink implants, lawmakers say
▼ + stars: | 2023-11-23 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Elon Musk is facing scrutiny over his comments related to the Neuralink monkeys, per a Wired report. Lawmakers are calling for an investigation after he said no monkeys had died due to the brain chip. AdvertisementElon Musk is facing renewed scrutiny over the deaths of Neuralink's test monkeys as the company prepares to begin human trials. The news comes after reports that a dozen monkeys experienced a range of health issues after having the implant installed, before they were eventually euthanized. Musk has long faced intense controversy over claims that the monkeys Neuralink tested its brain interface technology on had experienced "extreme suffering."

Persons: Elon Musk, —, Elon, Gary Gensler, Musk, Earl Blumenauer, Barbara Lee, James McGovern, Tony Cárdenas, Neuralink, quadriplegia Organizations: Service, SEC, Wired, Medicine, FDA, Business

Industry practice suggests that a large share of hedge funds trading in repo markets put up zero collateral, meaning they are fuelling activity using enormous amounts of cheap debt. A looming rule by the U.S. Securities and Exchange Commission would expand the use of central clearing in the cash Treasury and repo market. SEC chair Gary Gensler recently promoted the benefits of central clearing and pointed to data showing high levels of repo trades transacted at zero haircuts. James Tabacchi, CEO of South Street Securities, called zero haircuts a "race to the bottom" and not healthy for markets. However, some market participants have voiced concerns that some of the proposed reforms could be a hurdle for some investors, potentially undermining the goal to improve liquidity and resilience in the Treasury market.

Persons: Rick Wilking, Christopher Clarke, Gary Gensler, James Tabacchi, Richard Chambers, Goldman Sachs, Davide Barbuscia, Megan Davies, Paritosh Bansal, Sonali Paul Organizations: REUTERS, U.S, Industry, repo, North America Sovereign Financing, Morgan Securities, Treasury, Federal Reserve Bank of New, U.S . Securities, Exchange, Corporation, SEC, . Federal Reserve, South Street Securities, Goldman, Thomson Locations: Westminster , Colorado, Treasuries, Federal Reserve Bank of New York, Carolina

Zhao Changpeng, founder and chief executive officer of Binance, speaks at the Blockchain Week Summit in Paris, France, on Wednesday, April 13, 2022. Binance chief Changpeng Zhao will plead guilty to criminal charges and step down as the company's CEO as part of a $4.3 billion settlement with the Department of Justice, according to court documents. The plea arrangement with the government resolves a multi-year investigation into the world's largest crypto exchange. The Securities and Exchange Commission targeted the company with an expansive lawsuit in June, alleging that Binance was running an illegal securities exchange and mishandling customer funds. To this day, Binance remains the world's largest crypto exchange globally, processing billions of dollars in trading volume every year.

Persons: Zhao Changpeng, Changpeng Zhao, Zhao, Brian Tsuchida, Binance, Kraken, Gary Gensler, wasn't, Samuel Lim, —, ada, Kevin Breuninger Organizations: Department of Justice, Justice Department, DOJ, Emergency Economic, U.S, CNBC, Securities and Exchange Commission, Commodity Futures Trading Commission, Securities, Exchange Commission, SEC, Binance, Authority Locations: Paris, France, U.S, Seattle, Iran, Cayman Islands

☆ US SEC sues Kraken crypto exchange over failure to register
▼ + stars: | 2023-11-20 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Kraken cryptocurrency exchange logo is seen in this illustration taken July 28, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 20 (Reuters) - Kraken, one of the world's largest cryptocurrency exchanges, was sued on Monday by the U.S. Securities and Exchange Commission, which accused it of illegally operating as a securities exchange without first registering with the regulator. In June, the SEC filed similar lawsuits against Binance, the world's largest cryptocurrency exchange, and Coinbase, the largest in the United States. Monday's lawsuit seeks a civil fine, disgorgement of ill-gotten gains, and a halt to acting as a crypto exchange without registering. The case is SEC v Payward Inc et al, U.S. District Court, Northern District of California, No.

Persons: Dado Ruvic, Gary Gensler's, Kraken, Gurbir Grewal, Binance, Jonathan Stempel, Chris Prentice, David Gregorio, Stephen Coates Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Binance, Payward Inc, Payward Ventures Inc, Blockchain, Digital Currency Group, Hummingbird Ventures, Tribe Capital, Payward, Court, Northern District of, Thomson Locations: San Francisco federal, United States, San Francisco, U.S, Northern District, Northern District of California, New York

This raised doubts over whether SEC rules would survive a court challenge. An SEC spokesperson declined to comment on Scope 3 emissions and when the climate disclosure rules will be finalized. Even some advocates of climate action have expressed concerns about the logistical challenges of accurately calculating Scope 3 emissions. For many businesses, however, Scope 3 emissions represent more than 70% of their carbon footprint, according to consulting firm Deloitte. Some voluntary initiatives such as the International Sustainability Standards Board already specify that it is best practice to disclose Scope 3 emissions.

Persons: Rebecca Cook, Gary Gensler, Joe Biden's, Biden, Gensler, Jarrett Renshaw, Douglas Gillison, Isla Binnie, Chris Prentice, Ross Kerber, Simon Jessop, Michelle Price, Greg Roumeliotis, David Gregorio Our Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Union, Republican, Commission, Democrat, Deloitte, Gensler, Republican SEC, Sustainability, U.S . Chamber, Commerce, Thomson Locations: Detroit , Michigan, U.S, CALIFORNIA, California, Washington, New York, Boston, London

☆ Bitcoin is back (sort of)
▼ + stars: | 2023-11-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

The big storyCrypto comebackSOPA Images / GettyThe ink is barely dry on Sam Bankman-Fried's conviction, and bitcoin is already rising like a fresh divorcee. It marked the highest price for the cryptocurrency since early May 2022, adding to what has quietly been a strong year for bitcoin, writes Insider's Phil Rosen. After a dreadful 2022 culminating in the downfall of FTX and the aforementioned SBF, bitcoin has been on the up. While there was plenty of fallout from FTX's bankruptcy, the price of bitcoin has steadily climbed this year. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: —, NYU Langone, Sam Bankman, Bitcoin, bitcoin, Phil Rosen, FTX, hasn't, It's, Roubini, Doom, Noah Sheildlower, Gary Gensler, it's, Ken Griffin, Goldman Sachs, Paul Sakuma Andreessen Horowitz, Maryna, Peter Thiel, Trump, couldn't, Thiel, he's, Diplo —, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, NYU, BlackRock, Atlas, SEC, JPMorgan, Hudson Global, Today Locations: Delaware, India, Japan, Soho, New York City, San Diego, London, New York

☆ Ether tops $2,000 for the first time since April, bitcoin climbs to an 18-month high
▼ + stars: | 2023-11-09 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

A similar notice for the iShares Bitcoin Trust came on June 8, one week before BlackRock's filing for a bitcoin ETF. The price of ether jumped Thursday, topping the key $2,000 level for the first time since April, after BlackRock took initial steps toward filing for a spot ether ETF. Other crypto assets as well as crypto equities rode the bitcoin price wave Thursday. Meanwhile, shares of bitcoin miners rode the bitcoin wave too. Don't miss these stories from CNBC PRO:Correction: The price of bitcoin topped $37,000 for the first time since May 2022.

Persons: Clara Medalie, Ether, bitcoin, Solana, Darius Tabatabai, Gary Gensler, Microstrategy, CleanSpark, —, Jesse Pound Organizations: Delaware's Division, Corporations, BlackRock, Metrics, Cardano, SEC, CNBC, Marathon, Iris Energy Locations: Coinbase

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSEC chair Gary Gensler says an FTX reboot could happen if it follows the law: 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, SEC chair Gary Gensler reacts to the conviction of Sam Bankman-Fried, the potential for spot bitcoin ETFs, and calls for U.S. crypto regulation.

Persons: Gary Gensler, explainers, Sam Bankman Organizations: SEC, CNBC Crypto, CNBC

☆ BlackRock plans for ethereum trust fuel speculation about ETF filing
▼ + stars: | 2023-11-09 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +1 min

BlackRock registered the iShares Ethereum Trust as a Delaware statutory trust on Thursday. Earlier this year, BlackRock registered a bitcoin trust in the same manner and a week later filed an application with the SEC to launch a spot bitcoin ETF. BlackRock declined to comment on the trust's creation or on any plans for an ETF filing. To date, roughly a dozen ETF providers have filed to create spot bitcoin ETFs, or convert existing products into spot ETFs, helping fuel the recent rally in the cryptocurrency. Several other ETF providers that have applied for spot bitcoin ETFs also have sought SEC approval for spot ether ETFs, including Ark Investment Management, Invesco and VanEck.

Persons: Brendan McDermid, Bitcoin, Gary Gensler, Suzanne McGee, Ira Iosebashvili, David Evans Organizations: BlackRock, New York Stock Exchange, REUTERS, SEC, U.S . Securities, Exchange Commission, Ark Investment Management, Thomson Locations: New York City, U.S, Delaware

☆ SEC Chair Gensler says rebooted FTX run by ex-NYSE chief is possible if done 'within the law'
▼ + stars: | 2023-11-08 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

WASHINGTON — A revived FTX could work if new leadership does so with a clear understanding of the law, SEC chair Gary Gensler told CNBC on the sidelines of DC Fintech Week. "If Tom or anybody else wanted to be in this field, I would say, 'Do it within the law,'" Gensler said on Wednesday. Alameda was a market maker for the FTX exchange, and was given privileges, such as a $65 billion line of credit requiring no collateral. "We would never let the New York Stock Exchange also operate a hedge fund and trade against their members or trade against customers in the market," said Gensler. "FTX and Alameda had an extremely problematic relationship," Castle Island Venture's Nic Carter told CNBC.

Persons: Gary Gensler, Emanuel Cleaver, WASHINGTON —, Gensler, Tom Farley, Farley, FTX, Sam Bankman, Fried, Nic Carter Organizations: Financial, Securities and Exchange Commission, SEC, CNBC, DC, New York Stock Exchange, Alameda Research Locations: Rayburn, Alameda, FTX

☆ Sam Bankman-Fried and the SEC
▼ + stars: | 2023-11-05 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week’s best and worst from Kim Strassel, Bill McGurn and Dan Henninger. Images: AP/Reuters Composite: Mark KellySam Bankman-Fried charmed investors and politicians, but he wasn’t so fortunate with a federal jury. On Thursday the former FTX crypto-exchange kingpin was convicted of seven counts of fraud and money-laundering. Note to Chairman Gary Gensler : The Securities and Exchange Commission doesn’t need to regulate crypto markets to police malfeasance. Prosecutors showed that Mr. Bankman-Fried used the money to fund risky investment bets and cover losses at his Alameda Research trading house, buy influence in Washington, and acquire real estate in the Bahamas.

Persons: Kim Strassel, Bill McGurn, Dan Henninger, Mark Kelly Sam Bankman, Fried, Gary Gensler, FTX Organizations: Reuters, Securities, Exchange, Prosecutors, Alameda Research Locations: Washington, Bahamas

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