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☆ Thom Browne on the inspiration behind his first ever couture show
▼ + stars: | 2023-07-04 | by ( Leah Dolan | ) edition.cnn.com time to read: +7 min

Editor’s Note: CNN Style is one of the official media partners of Paris Fashion Week and Haute Couture Week. Paris CNN —On Monday evening in Paris, American designer and Council of Fashion Designers of America (CFDA) chairman Thom Browne debuted his first haute couture collection in front of an audience of 2,300. The scene was meticulously staged by Browne’s team, many of whom worked overnight. “I wanted to turn the tables (of a traditional couture show) and make everybody sit on the stage along with the show,” Browne told CNN. “We all want to be respectful to what’s going on here in France and in Paris,” Browne said.

Persons: Paris CNN —, Thom Browne, Browne, ” grinned Browne, Palais Garner, Thom Browne's, Stephen Jaffe, Diane Keaton, Cardi, Anna Wintour, Baz Luhrmann, Pierre Suu, Baz Luhrman, Ayo, “, ” Browne, it’s, ”, Lizzo, I’m, Grey ”, Visage, tortoiseshell brogues, Hector, Corey Tenold, Marc Jacobs, ” It’s, Merzouk, Hedi Slimane, Celine, David Bowie, Browne’s, Bowie Organizations: CNN, Paris Fashion, Couture, Paris CNN, of Fashion Designers of America, Palais Garnier, Browne’s Locations: Paris, Paris , American, Paris ’, British, New York, France, Parisian, Nanterre, “ Couture

☆ Fidelity joins the rush for a bitcoin ETF, following BlackRock, Ark Invest and others
▼ + stars: | 2023-06-29 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Asset management giant Fidelity Investments is again trying to launch a spot bitcoin exchange-traded fund, according to a Thursday filing. The move comes two weeks after BlackRock filed for a spot bitcoin ETF, which has long been opposed by the U.S. Securities and Exchange Commission. Cathie Wood's Ark Invest filed for changes to its proposed bitcoin fund Wednesday that brought it closer in line with BlackRock's application. One of the SEC's key concerns about a spot bitcoin product is transparency in the market and the potential for manipulation. The digital currency was trading near $30,500 Thursday afternoon, up from below $26,000 prior to the BlackRock filing.

Persons: Fidelity's Organizations: Fidelity Investments, BlackRock, U.S . Securities, Exchange Commission, Invest, Bitcoin, SEC Locations: BlackRock

☆ The first leveraged bitcoin futures ETF is hitting the market as crypto gains new momentum
▼ + stars: | 2023-06-27 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Traders will soon have a new way to bet on bitcoin while Wall Street waits to see if the long-awaited spot bitcoin funds are approved by federal regulators. The Volatility Shares 2x Bitcoin Strategy ETF (BITX) is set to launch on Tuesday. There are already several bitcoin futures funds on the market, including the $1 billion ProShares Bitcoin Strategy ETF (BITO) , but BITX will be the first leveraged ETF in the space. The launch comes shortly after BlackRock's application for a spot bitcoin ETF has renewed interest in crypto funds. Kim said the Volatility Shares fund and the proposed spot bitcoin ETF are "completely different products" with different use cases.

Persons: Chang Kim, bitcoin, Kim Organizations: Securities, Exchange Commission, BlackRock

BlackRock filed for a prospective spot bitcoin ETF on June 15, undeterred by the Securities and Exchange Commission's (SEC) past record of rejecting every such application. Bitcoin's market value has grown to comprise nearly half of the $1.1 trillion overall crypto market, its highest share in over two years, according to data tracker CoinMarketCap.com. Since the BlackRock filing, Invesco and WisdomTree have also reapplied for spot bitcoin ETFs after they had previous applications rejected by the regulator. Bryan Armour, director of passive strategies research for North America at Morningstar, said a spot bitcoin ETF could be a more cost-effective way for investors to trade. "It doesn't appear that most crypto ETF holders are institutional – assets are pretty spread out," he added.

Persons: Satoshi, Exchange Commission's, Satoshi Nakamoto's, Mikkel Morch, hasn't, Andrew Bond, Rick Meckler, Bryan Armour, I'd, David Wells, Medha Singh, Lisa Pauline Mattackal, Pravin Organizations: BlackRock, Securities, Exchange, SEC, Rosenblatt Securities, U.S, Cherry Lane Investments, Reuters Graphics Reuters, North America, Morningstar, MorningStar, TrackInsight, Morgan Asset Management, State, Enclave Markets, Pravin Char, Thomson, Reuters Locations: United States, U.S, New Vernon , New Jersey, J.P, BlackRock, Bengaluru

☆ Fidelity preparing to submit spot bitcoin ETF filing - The Block
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

June 27 (Reuters) - Asset management giant Fidelity is close to submitting its filing for a spot bitcoin exchange-traded fund (ETF), the Block reported on Tuesday citing a source familiar with the matter. The filing, expected as soon as Tuesday according to the report, will make Fidelity the second major asset manager in recent days to submit an ETF application. A spot bitcoin ETF is a publicly-traded investment vehicle that tracks the price of bitcoin and offers investors exposure to the asset class. Fidelity had previously dipped its toes in the crypto ETF space. It applied for a spot bitcoin ETF in 2021, but its proposal was rejected by the SEC, which said it did not meet the standards to prevent fraudulent and manipulative practices.

Persons: Gary Gensler's, Niket, Krishna Chandra Organizations: Fidelity, BlackRock, Coinbase, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Bengaluru

If approved, a bitcoin ETF from the world's biggest asset manager could attract investors reluctant to buy the high-risk cryptocurrency directly. Digital asset manager Grayscale had its proposal for a spot bitcoin ETF rejected last year. LESS CAPITAL OVERALLAfter surprise rate hikes in Australia and Canada, and as the Federal Reserve forecasts two more hikes, investors are now betting that interest rates will remain higher for longer. Bitcoin had benefited from ultra-low interest rates, which incentivised investors to take riskier bets in search of returns. "Albeit - there are likely to be further challenges with interest rates continuing to increase," he said.

Persons: Mike Caldwell's, Jim Urquhart, Bitcoin, Charles Schwab, Youwei Yang, BTCM, Wes Hansen, Gordon Grant, Grant, Strijers, he'd, Riyad Carey, Genesis Trading's Gordon Grant, There's, bitcoin, Usman Ahmad, Elizabeth Howcroft, Tom Wilson, Louise Heavens Organizations: REUTERS, BlackRock, U.S . Securities, Exchange Commission, Citadel Securities, Fidelity Investments, Reuters Graphics, Silicon Valley Bank, SEC, Fidelity, Cboe, Kaiko, Federal Reserve, Blackrock, Zodia, Chartered, Technology, Thomson Locations: Sandy , Utah, Silicon, United States, Australia, Canada, Hong Kong

☆ BlackRock applied to launch a bitcoin fund. Then came the conspiracy theories.
▼ + stars: | 2023-06-21 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +5 min

Crypto influencers seized on BlackRock's application to launch a bitcoin exchange-traded fund. Some said it sends a bullish sign to the wider crypto market; others spread conspiracy theories. The attention underscores the relatively new scrutiny BlackRock faces in the mainstream. "So BlackRock, Citadel, Deutsche Bank and NASDAQ have all started to enter the crypto space in the last week. Citadel, BlackRock, Schwab JPMorgan…" (These tweets refer to Citadel, the hedge fund founded and led by billionaire Ken Griffin.

Persons: Crypto influencers, BlackRock, Matt Hougan, Michael Novogratz, Brian Armstrong, Morgan Chittum, permissioned blockchains, Fink, bitcoin, Crypto, They've, Schwab JPMorgan …, Ken Griffin, Griffin, That's, Rich Latour, Latour Organizations: BlackRock, Morning, US Securities and Exchange Commission, Coinbase, Bitwise Asset Management, Galaxy Digital, SEC, Citadel, Deutsche Bank, NASDAQ, Citadel Securities Locations: bitcoin, BlackRock, cryptoland

☆ The Grayscale Bitcoin Trust is getting a boost from BlackRock. Here's what you need to know
▼ + stars: | 2023-06-20 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

The Grayscale Bitcoin Trust (GBTC) , which has long traded at a steep discount to its net asset value, rose 12.8% on Friday after BlackRock filed to launch a spot bitcoin ETF. GBTC 5D mountain The Grayscale Bitcoin Trust has rallied more than bitcoin in recent days. The proposed BlackRock fund would also use Coinbase as a custodian for cryptocurrency, even though Coinbase was recently sued by the SEC . "If BlackRock is getting an ETF, I would want to own the BlackRock ETF. Wilshire Phoenix's wShares has a pending registration filing for its own bitcoin trust, but that product is not an ETF.

Persons: bitcoin, Bryan Armour, Armour, Coinbase, Gary Gensler, Pat Tschosik, Ned Davis, Tschosik, GBTC, William Cai, Cai Organizations: BlackRock, Securities, Exchange Commission, SEC, North America, Morningstar, Ned, Ned Davis Research, NDR, wouldn't, Wilshire Locations: BlackRock, bitcoin, Wilshire Phoenix, GBTC

☆ BlackRock files for bitcoin ETF in push into crypto
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

BlackRock's iShares Bitcoin Trust will use Coinbase Custody as its custodian, according to a filing with the U.S. Securities and Exchange Commission (SEC). Last year, BlackRock launched a spot bitcoin private trust for institutional clients in the United States. A spot bitcoin ETF would track bitcoin's underlying market price. The SEC rejected Grayscale Investment LLC’s application last year to convert its flagship spot Grayscale Bitcoin Trust (GBTC.PK) into an ETF. The SEC has also rejected proposals for spot bitcoin ETFs from firms including Fidelity, Cboe Global Markets and NYDIG.

Persons: Brendan McDermid, Joshua Chu, CoinDesk, Manya Saini, Niket, Ankur Banerjee, Rae Wee, Devika Syamnath, Pooja Desai Organizations: BlackRock, New York Stock Exchange, REUTERS, U.S . Securities, Exchange Commission, SEC, Fidelity, Cboe, Thomson Locations: New York City, U.S, BlackRock, United States, Bengaluru, Singapore

☆ BlackRock files for spot bitcoin ETF, with Coinbase as a crypto custodian
▼ + stars: | 2023-06-15 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The SEC has so far resisted allowing the launch of a spot bitcoin ETF in the U.S. Several other firms have filed and later pulled applications to launch spot bitcoin funds. Coinbase is listed as the bitcoin custodian for the proposed BlackRock ETF. The companies announced last year that Aladdin, BlackRock's institutional investment platform, would be connected to Coinbase Prime for crypto trading and custody. The entrance of BlackRock into the bitcoin ETF space could be a boost to a sector that has had a rocky start over the past two years.

Persons: Bitcoin, Aisha Hunt, Kelley Hunt, Charles, BlackRock's, Coinbase, Binance, Aladdin, BITO Organizations: BlackRock, U.S . Securities, Exchange Commission, SEC, U.S, Washington , D.C, Coinbase Locations: Wall, bitcoin, BlackRock, Washington ,

☆ Bitcoin just hit a 2-month low and posted its worst week of the year. Here's what analysts say happens next.
▼ + stars: | 2023-05-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The largest crypto asset by market cap lost 11.25% for the week, its worst since November, according to Coin Metrics. Coin Metrics measures a week in crypto, which trades 24 hours a day, from the 4:00 p.m. "Bitcoin has switched between the narrative of a risk asset and the narrative of a flight to safety asset. BTC.CM= 5D mountain Bitcoin (BTC) this week For the past few days, bitcoin has ended down to flat. Bitcoin is still up 59% for the year, but down about 7% for the quarter so far, according to Coin Metrics.

☆ Bitcoin mining stocks rally as network congestion stirs hopes for higher fees ahead
▼ + stars: | 2023-05-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin's price action has been relatively tame lately, but bitcoin-related stocks are on the rise this week as miners benefit from recent congestion on the network. Transaction fees spiked to at least $40, compared with their normal fees of between $1 and $5. Here's what investors need to know The revenue of bitcoin miners spiked to a one-year high of $41.6 million on Monday, according to CryptoQuant. "The transaction fees that are paid to miners have grown and that's healthy for the long-term viability of security of Bitcoin." On Wednesday, publicly traded bitcoin miners Riot Platform and Marathon Digital gained 6% and 9%, respectively.

☆ 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).

☆ Legislation or lawsuits? The spot bitcoin ETF debate forges ahead
▼ + stars: | 2023-04-19 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +3 min

"However, I don't think that means that we all of a sudden get a bitcoin ETF," he added. "I suspect that even if Grayscale wins, Gensler is going to back even further away from crypto," Nadig said. "Put some constraints around the futures-based products while we wait for comprehensive crypto regulation and legislation someday." "The point is, we need legislation," Nadig said. "I think we have to have legislation that realizes digital assets are different and need different sets of rules."

☆ DCG-owned crypto exchange Luno replaces CEO, seeks outside investment after layoffs
▼ + stars: | 2023-03-22 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

DCG, Luno's parent company, has been grappling with the ongoing fallout from last year's plunge in token prices and the collapse of FTX. LONDON — The CEO of cryptocurrency exchange Luno is stepping aside and handing the reins to its head of operations, the company announced Wednesday. It comes as Luno's parent company, crypto-focused venture capital firm Digital Currency Group, continues to reel from turmoil in the crypto market. Luno said it has also hired investment banking firm Canaccord Genuity Group to help it raise new investment from outside investors. A DCG spokesperson insisted Swanepoel's job move was unrelated to the difficulties faced by Luno's parent company and had been in the works for 12 months.

☆ Grayscale CEO breaks down current SEC lawsuit
▼ + stars: | 2023-03-08 | 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 EmailGrayscale CEO breaks down current SEC lawsuitMichael Sonnenshein, Grayscale CEO, joins 'Squawk Box' to discuss the company's lawsuit against the SEC, the arguments both the SEC and Grayscale make for and against Bitcoin and Sonnenshein's thoughts on the FTX lawsuit against Grayscale.

Bitcoin futures ETFs track bitcoin futures contracts, or agreements to purchase or sell bitcoin at a certain price on a specified date. A spot bitcoin ETF would track bitcoin's underlying market price. Proponents say a spot bitcoin ETF would give investors exposure to bitcoin without directly buying it. He told Reuters in January that Grayscale would appeal the case if the court backed the SEC's decision to reject its bitcoin ETF proposal. Grayscale Bitcoin Trust, launched in 2013, has $14 billion in assets under management, according to Grayscale’s website.

☆ FTX's lawyers and advisers cost $38 million for a month of work - and the bankrupt crypto exchange's new CEO charged $305,000 for February
▼ + stars: | 2023-03-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The army of professionals working with FTX billed $38 million in expenses for January. FTX CEO John Ray III submitted a bill for $305,565 for the month of February. Those three firms have over 180 lawyers and over 50 other staffers working on the FTX case, per the CoinDesk report. Sullivan & Cromwell billed 14,569 hours of work in January for a total of $16.8 million. Meanwhile, FTX's trading arm sued Grayscale this week in a bid to claw back $250 million to repay customers.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin falls after Fed chair testimony, and Grayscale takes SEC to court over ETF: 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, Morgan McKenney of Provenance Blockchain Foundation discusses financial services adoption of blockchain technology.

Bitcoin futures ETFs track bitcoin futures contracts, or agreements to purchase or sell bitcoin at a certain price on a specified date. A spot bitcoin ETF would track bitcoin's underlying market price. Proponents say a spot bitcoin ETF would enable investors to gain exposure to bitcoin without directly buying it. The agency has denied more than a dozen spot bitcoin ETF applications, all of which it said lacked surveillance-sharing agreements to detect potential manipulation. Grayscale Bitcoin Trust, launched in 2013, has $14 billion in assets under management, according to Grayscale’s website.

☆ More pain for the crypto industry means a chance for startups to pivot
▼ + stars: | 2023-03-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

After an awful 2022 that saw one of the industry's high-profile figures implode, the crypto market is looking for a bounceback. McDermott laid out to Insider's Bianca Chan and Dakin Campbell how tough times for crypto startups mean more realistic valuations and, in some cases, a reevaluation of the business model. Once of the most common critiques I hear about crypto is "It's a solution looking for a problem." The most recent crypto winter could force startups to be a bit more pragmatic about the specific problem they are looking to address. "If you can solve fraud in crypto, you can solve fraud in basically any part of finance," Meier told Insider.

Companies Grayscale Investments LLC FollowMarch 6 (Reuters) - FTX said on Monday its affiliate Alameda Research had sued asset manager Grayscale Investments for imposing a "redemption ban" that "could realize over a quarter billion dollars" of asset value for the bankrupt cryptocurrency exchange's customers. If Grayscale had reduced its fees and did not implement redemption prevention measures, which the cryptocurrency exchange alleges are improper, FTX's shares would be worth nearly 90% more than the current value of those locked up with the asset manager, FTX said. FTX also accused Grayscale owner Digital Currency Group of breaching trust agreements and fiduciary duties. Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ The push for a bitcoin ETF is going to court. Here's what you need to know
▼ + stars: | 2023-03-06 | by ( Jesse Pound | ) www.cnbc.com time to read: +6 min

The years-long push for an exchange traded fund that tracks bitcoin will finally get its day in court this week. Several different firms tried to bring a spot bitcoin ETF to market in the U.S. without success, but Grayscale Investments is taking it a step further for the future of its Grayscale Bitcoin Trust (GBTC) . The largest of those funds, the ProShares Bitcoin Strategy ETF (BITO) , now has nearly $800 million in assets under management. Over the past year, the market price of a GBTC share has fallen by roughly 60%, according to Grayscale's website. Crypto winter The excitement around a bitcoin ETF has cooled considerably along with the prices for crypto markets in general.

The proposed amendments to federal custody rules would "expand the scope" to include any client assets under the custody of an investment advisor. The move poses a fresh threat to crypto exchange custody programs, as other federal regulators actively discourage custodians like banks from holding customer crypto assets. "Make no mistake: Today's rule, the 2009 rule, covers a significant amount of crypto assets," Gensler said in a statement. "As the release states, 'most crypto assets are likely to be funds or crypto asset securities covered by the current rule.' In its most recent earnings report, the exchange specified that it keeps customer crypto assets "bankruptcy remote" from hypothetical general creditors, but noted that the "novelty" of crypto assets meant it was uncertain how courts would treat them.

☆ Coinbase CEO Brian Armstrong is sounding the alarm on a potential 'staking' crackdown. Here's what it says about crypto
▼ + stars: | 2023-02-09 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

"We're hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers," he said in his tweet . Staking is not just a yield-generating opportunity for crypto investors, it's also essential to the way proof-of-stake protocols like Ethereum operate. If there was some kind of chokehold on staking or staking services, the outcome for Ethereum could be "disastrous," according to Owen Lau, an analyst at Oppenheimer. That opportunity is widely seen as a catalyst for mainstream adoption of crypto and a revenue opportunity for exchanges like Coinbase. Armstrong's latest comments came a day before Kraken, one of Coinbase's main exchange competitors, agreed to shutter its crypto staking operations to settle charges with the SEC, according to CoinDesk.

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