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The crypto advocacy group Chamber of Digital Commerce known as on the Securities and Exchange Commission, or SEC, to approve functions for Bitcoin exchange-traded funds (ETFs) within the pursuits of United States-based traders.In a Monday report titled “The Crypto Conundrum,” the Chamber of Digital Commerce mentioned the U.S. has fallen behind different international locations whose residents have entry to crypto funding autos together with Bitcoin (BTC) ETFs. The crypto advocacy group added there have been “no reported instances of hacking or theft and no indications of market manipulation” associated to Bitcoin ETFs launched overseas, suggesting the SEC’s reasoning in beforehand rejecting functions was “misguided and counterproductive.”“As the SEC continues to stonewall, the United States continues to fall further behind other countries as capital that would have been invested in the United States, which would be managed by U.S. firms employing U.S. persons, is instead deployed in other, more innovation-friendly countries,” mentioned the Chamber of Digital Commerce — naming Canada, Germany, Sweden, Switzerland and Australia.The time has come for US traders to have entry to an ETF that straight holds #bitcoin. Download The Crypto Conundrum to learn the complete saga.https://t.co/jJwWcAW8IT pic.twitter.com/UPT6V2AlJ6— Chamber of Digital Commerce (@DigitalChamber) September 12, 2022

The crypto advocacy group pushed again towards the SEC citing its obligation to guard traders in denying the approval of a Bitcoin ETF, saying its actions inspired traders “to acquire their exposure [to crypto] in a less regulated and/or foreign environment where they are much more susceptible to unscrupulous actors and the risks of self-custody.” “The SEC has now positioned itself as a merit regulator on this matter. It has determined that the American public cannot yet handle the responsibility of familiar, cost-effective, liquid, transparent and regulated access to the Bitcoin markets. Unfortunately, the cost of this position has fallen, and will continue to fall, on U.S. investors and the U.S. capital markets.”“We can’t deny the huge demand for exposure to this new and innovative asset class,” mentioned Chamber of Digital Commerce founder and CEO Perianne Boring in a Monday interview on Fox Business. “You would think that our regulators would be working with the industry to bring regulated products to the market for retail investors, but they’ve been stopped at every attempt over the past decade.”According to the report, a part of the motivation behind the SEC persevering with to disclaim BTC ETF functions could also be political. The CDC mentioned SEC Chair Gary Gensler’s efforts to increase the authority of the regulatory physique to incorporate many crypto merchandise was successfully a “jurisdictional land grab.” The group claimed his positions additionally reduce off the engagement between regulators and token issuers. Related: SEC may approve spot Bitcoin ETFs as early as 2023 — Bloomberg analystsTo date, the U.S. monetary regulator has turned down spot Bitcoin ETF functions from 16 firms, usually stating the proposed rule modifications permitting exchanges to listing funding autos weren’t “designed to prevent fraudulent and manipulative acts and practice.” The CDC report claimed that advocacy teams had made “little, if any, progress” in convincing the SEC to vary its place on the matter, saying “the United States is no closer to having a Bitcoin ETF than when Cameron and Tyler Winklevoss filed the first registration statement for a Bitcoin ETF in 2013.” However, the SEC has given the inexperienced gentle to a number of ETFs linked to BTC futures.

The crypto advocacy group Chamber of Digital Commerce known as on the Securities and Exchange Commission, or SEC, to approve functions for Bitcoin exchange-traded funds (ETFs) within the pursuits of United States-based traders.In a Monday report titled “The Crypto Conundrum,” the Chamber of Digital Commerce mentioned the U.S. has fallen behind different international locations whose residents have entry to crypto funding autos together with Bitcoin (BTC) ETFs. The crypto advocacy group added there have been “no reported instances of hacking or theft and no indications of market manipulation” associated to Bitcoin ETFs launched overseas, suggesting the SEC’s reasoning in beforehand rejecting functions was “misguided and counterproductive.”“As the SEC continues to stonewall, the United States continues to fall further behind other countries as capital that would have been invested in the United States, which would be managed by U.S. firms employing U.S. persons, is instead deployed in other, more innovation-friendly countries,” mentioned the Chamber of Digital Commerce — naming Canada, Germany, Sweden, Switzerland and Australia.The time has come for US traders to have entry to an ETF that straight holds #bitcoin. Download The Crypto Conundrum to learn the complete saga.https://t.co/jJwWcAW8IT pic.twitter.com/UPT6V2AlJ6— Chamber of Digital Commerce (@DigitalChamber) September 12, 2022 The crypto advocacy group pushed again towards the SEC citing its obligation to guard traders in denying the approval of a Bitcoin ETF, saying its actions inspired traders “to acquire their exposure [to crypto] in a less regulated and/or foreign environment where they are much more susceptible to unscrupulous actors and the risks of self-custody.” “The SEC has now positioned itself as a merit regulator on this matter. It has determined that the American public cannot yet handle the responsibility of familiar, cost-effective, liquid, transparent and regulated access to the Bitcoin markets. Unfortunately, the cost of this position has fallen, and will continue to fall, on U.S. investors and the U.S. capital markets.”“We can’t deny the huge demand for exposure to this new and innovative asset class,” mentioned Chamber of Digital Commerce founder and CEO Perianne Boring in a Monday interview on Fox Business. “You would think that our regulators would be working with the industry to bring regulated products to the market for retail investors, but they’ve been stopped at every attempt over the past decade.”According to the report, a part of the motivation behind the SEC persevering with to disclaim BTC ETF functions could also be political. The CDC mentioned SEC Chair Gary Gensler’s efforts to increase the authority of the regulatory physique to incorporate many crypto merchandise was successfully a “jurisdictional land grab.” The group claimed his positions additionally reduce off the engagement between regulators and token issuers. Related: SEC may approve spot Bitcoin ETFs as early as 2023 — Bloomberg analystsTo date, the U.S. monetary regulator has turned down spot Bitcoin ETF functions from 16 firms, usually stating the proposed rule modifications permitting exchanges to listing funding autos weren’t “designed to prevent fraudulent and manipulative acts and practice.” The CDC report claimed that advocacy teams had made “little, if any, progress” in convincing the SEC to vary its place on the matter, saying “the United States is no closer to having a Bitcoin ETF than when Cameron and Tyler Winklevoss filed the first registration statement for a Bitcoin ETF in 2013.” However, the SEC has given the inexperienced gentle to a number of ETFs linked to BTC futures.

The crypto advocacy group Chamber of Digital Commerce known as on the Securities and Exchange Commission, or SEC, to approve functions for Bitcoin exchange-traded funds (ETFs) within the pursuits of United States-based traders. In a…

Crypto funding product agency 21.co raises $25M to succeed in $2B valuation

Crypto funding product agency 21.co raises $25M to succeed in $2B valuation

21.co, the brand new guardian agency of exchange-traded merchandise (ETP) supplier 21Shares, has turn into “Switzerland’s largest crypto unicorn,“ the firm announced on Tuesday. It raised $25 million in a funding round led by London-based…

SEC delays VanEck’s third Bitcoin spot ETF software

SEC delays VanEck’s third Bitcoin spot ETF software

The United States Securities and Exchange Commission (SEC) has pushed again a choice on the newest software for a Bitcoin (BTC) spot exchange-traded fund (ETF) by international funding agency VanEck. The firm has lengthy been…

Australian asset supervisor Monochrome Asset Management has landed the nation’s first Australian monetary companies license (AFSL) for a spot crypto exchange-traded fund (ETF). Speaking to Cointelegraph, Jeff Yew, CEO of Monochrome Asset Management stated the AFSL approval is important, as till this level, permitted crypto ETFs in Australia solely function underneath basic monetary asset authorization, and solely not directly maintain crypto-assets. Yew famous that Monochrome’s crypto ETFs then again, will instantly maintain the underlying crypto-assets and is particularly licensed by the Australian Securities & Investments Commission (ASIC) to take action.The Monochrome govt stated the approval represents a major step ahead for each the recommendation trade and retail buyers.”We see alternative being an excellent factor for buyers, notably when dealing within the regulated house, as not all choices are equal.””Investors investing in Monochrome’s ETFs will know that their funds are investing instantly in Bitcoin (BTC) and Ethereum (ETH), and importantly throughout the regulatory rails established by ASIC particularly for crypto-assets,” he stated. At this stage, there isn’t any agency date when the Monochrome Bitcoin ETF (IBTC) can be made accessible, nevertheless it’s anticipated in September 2022, as soon as the PDS and TMD have been issued, and topic to regulatory approvals.When the ETFs are made accessible, Yew says “Monochrome will deal with BTC and ETH as a result of they’re the one two crypto-assets presently recognized by ASIC as being appropriate for retail ETF publicity.””Over time, and because the market matures, we’ll take an open-minded strategy to make new merchandise accessible.”A primary for a crypto ETFOperating underneath an Australian Financial Services Licence (AFSL) with a direct crypto-asset authorization ensures that the fund and the issuer are topic to sturdy oversight from ASIC, stated Yew. AFSL authorization opens new regulated funding alternatives for direct retail buyers and thru licensed monetary advisers.Approval of the Australian Financial Services Licence variation signifies that ASIC has thought-about and confirmed that the licensee has the related expertise in crypto-assets to function ETFs that instantly maintain Bitcoin and Ethereum.This provides buyers better protections constructed round ASIC’s Report 705 reminiscent of appropriate benchmarking in opposition to the spot value and Australian-compliant custody options.Cointelegraph beforehand reported a warning from Australia’s monetary regulator about utilizing unregistered cryptocurrency companies.Road to approvalMonochrome Asset Management was launched in early 2021 by former Binance Australia CEO Jeff Yew to push for institutional adoption of crypto belongings in Australia.Related: Digital asset supervisor Monochrome valued at $15M following Series A Their ETF plan has been within the works since February 2022. Generally, the method for a monetary companies licence variation usually takes six to 12 months, which was the timeline on this case.

Australian asset supervisor Monochrome Asset Management has landed the nation’s first Australian monetary companies license (AFSL) for a spot crypto exchange-traded fund (ETF). Speaking to Cointelegraph, Jeff Yew, CEO of Monochrome Asset Management stated the AFSL approval is important, as till this level, permitted crypto ETFs in Australia solely function underneath basic monetary asset authorization, and solely not directly maintain crypto-assets. Yew famous that Monochrome’s crypto ETFs then again, will instantly maintain the underlying crypto-assets and is particularly licensed by the Australian Securities & Investments Commission (ASIC) to take action.The Monochrome govt stated the approval represents a major step ahead for each the recommendation trade and retail buyers.”We see alternative being an excellent factor for buyers, notably when dealing within the regulated house, as not all choices are equal.””Investors investing in Monochrome’s ETFs will know that their funds are investing instantly in Bitcoin (BTC) and Ethereum (ETH), and importantly throughout the regulatory rails established by ASIC particularly for crypto-assets,” he stated. At this stage, there isn’t any agency date when the Monochrome Bitcoin ETF (IBTC) can be made accessible, nevertheless it’s anticipated in September 2022, as soon as the PDS and TMD have been issued, and topic to regulatory approvals.When the ETFs are made accessible, Yew says “Monochrome will deal with BTC and ETH as a result of they’re the one two crypto-assets presently recognized by ASIC as being appropriate for retail ETF publicity.””Over time, and because the market matures, we’ll take an open-minded strategy to make new merchandise accessible.”A primary for a crypto ETFOperating underneath an Australian Financial Services Licence (AFSL) with a direct crypto-asset authorization ensures that the fund and the issuer are topic to sturdy oversight from ASIC, stated Yew. AFSL authorization opens new regulated funding alternatives for direct retail buyers and thru licensed monetary advisers.Approval of the Australian Financial Services Licence variation signifies that ASIC has thought-about and confirmed that the licensee has the related expertise in crypto-assets to function ETFs that instantly maintain Bitcoin and Ethereum.This provides buyers better protections constructed round ASIC’s Report 705 reminiscent of appropriate benchmarking in opposition to the spot value and Australian-compliant custody options.Cointelegraph beforehand reported a warning from Australia’s monetary regulator about utilizing unregistered cryptocurrency companies.Road to approvalMonochrome Asset Management was launched in early 2021 by former Binance Australia CEO Jeff Yew to push for institutional adoption of crypto belongings in Australia.Related: Digital asset supervisor Monochrome valued at $15M following Series A Their ETF plan has been within the works since February 2022. Generally, the method for a monetary companies licence variation usually takes six to 12 months, which was the timeline on this case.

Australian asset supervisor Monochrome Asset Management has landed the nation’s first Australian monetary companies license (AFSL) for a spot crypto exchange-traded fund (ETF).  Speaking to Cointelegraph, Jeff Yew, CEO of Monochrome Asset Management stated the…

Former JPMorgan, Barclays execs on why crypto jobs enticing even in bear market

Former JPMorgan, Barclays execs on why crypto jobs enticing even in bear market

Despite the continued cryptocurrency market decline and related pressured layoffs in main crypto corporations, a profession in crypto doesn’t flip much less enticing to many conventional finance executives. European crypto exchange-traded fund (ETF) supplier 21Shares introduced…

KuCoin crypto alternate debuts USDT-dominated NFT ETF

KuCoin crypto alternate debuts USDT-dominated NFT ETF

Seychelles-headquartered cryptocurrency alternate KuCoin has launched an exchange-traded fund (ETF) tied to main nonfungible token (NFT) belongings like Bored Ape Yacht Club (BAYC). KuCoin’s NFT ETF Trading Zone went stay on Friday, the agency introduced.…

Charles Schwab’s asset administration arm launches crypto-linked ETF

Charles Schwab’s asset administration arm launches crypto-linked ETF

Schwab Asset Management, the asset administration arm of economic big Charles Schwab, has launched an exchange-traded fund (ETF) with publicity to corporations linked to cryptocurrencies.  In a Friday announcement, Schwab mentioned its Crypto Thematic ETF…

SEC extends window to determine on ARK 21Shares spot Bitcoin ETF to August

SEC extends window to determine on ARK 21Shares spot Bitcoin ETF to August

The United States Securities and Exchange Commission has pushed the deadline to approve or disapprove ARK 21Shares’ Bitcoin exchange-traded fund to August 30. According to a Tuesday submitting from the SEC, the regulatory physique prolonged…

Asset administration corporations proceed to combat for a spot Bitcoin (BTC) exchange-traded fund (ETF) within the United States as regulators stay skeptical of the concept.Craig Salm, chief authorized officer at asset supervisor Grayscale, mentioned the agency’s lawsuit with the United States Securities and Exchanges Commission (SEC) concerning the conversion of the Grayscale Bitcoin Trust (GBTC) right into a spot Bitcoin ETF. Salm defined the premise for Grayscale’s argument in opposition to the SEC whereas answering the most-asked questions concerning the lawsuit. According to the authorized officer, the SEC’s denial of the spot Bitcoin ETF separates futures and spot buying and selling for Bitcoin ETFs and attracts a distinction between the 2. However, Grayscale argues that the variations haven’t any correlation with Bitcoin ETF approvals as each futures and spot Bitcoin ETF costs are primarily based on the identical spot Bitcoin markets. Thus, the Grayscale authorized staff believes that the disapproval of spot Bitcoin ETFs amid the approval of Bitcoin futures ETFs could be thought of “unfair discrimination.” Salm claimed that this violates a number of legal guidelines together with the Administrative Procedure Act and the Securities Exchange Act of 1934.After explaining Grayscale’s arguments, Salm  additionally answered the most typical query amongst these following the lawsuit’s developments: When will a spot Bitcoin ETF lastly be authorised? According to Salm, whereas there isn’t any certainty concerning the actual timing — because of many elements — heestimates that it may take from one to 2 years.Despite the potential size of the lawsuit, Salm stated that Grayscale firmly believes in its arguments and is constructive that the courts will rule in its favor. Related: Grayscale reviews 99% of SEC remark letters assist spot Bitcoin ETFWhen Grayscale launched its authorized problem to the SEC, neighborhood members rallied behind the agency. Many have been dissatisfied with the choice to disapprove the spot Bitcoin ETF whereas approving an ETF that shorts Bitcoin. A Twitter consumer alleged that the SEC’s transfer goals to “suppress the price of Bitcoin.”

Asset administration corporations proceed to combat for a spot Bitcoin (BTC) exchange-traded fund (ETF) within the United States as regulators stay skeptical of the concept.Craig Salm, chief authorized officer at asset supervisor Grayscale, mentioned the agency’s lawsuit with the United States Securities and Exchanges Commission (SEC) concerning the conversion of the Grayscale Bitcoin Trust (GBTC) right into a spot Bitcoin ETF. Salm defined the premise for Grayscale’s argument in opposition to the SEC whereas answering the most-asked questions concerning the lawsuit. According to the authorized officer, the SEC’s denial of the spot Bitcoin ETF separates futures and spot buying and selling for Bitcoin ETFs and attracts a distinction between the 2. However, Grayscale argues that the variations haven’t any correlation with Bitcoin ETF approvals as each futures and spot Bitcoin ETF costs are primarily based on the identical spot Bitcoin markets. Thus, the Grayscale authorized staff believes that the disapproval of spot Bitcoin ETFs amid the approval of Bitcoin futures ETFs could be thought of “unfair discrimination.” Salm claimed that this violates a number of legal guidelines together with the Administrative Procedure Act and the Securities Exchange Act of 1934.After explaining Grayscale’s arguments, Salm additionally answered the most typical query amongst these following the lawsuit’s developments: When will a spot Bitcoin ETF lastly be authorised? According to Salm, whereas there isn’t any certainty concerning the actual timing — because of many elements — heestimates that it may take from one to 2 years.Despite the potential size of the lawsuit, Salm stated that Grayscale firmly believes in its arguments and is constructive that the courts will rule in its favor. Related: Grayscale reviews 99% of SEC remark letters assist spot Bitcoin ETFWhen Grayscale launched its authorized problem to the SEC, neighborhood members rallied behind the agency. Many have been dissatisfied with the choice to disapprove the spot Bitcoin ETF whereas approving an ETF that shorts Bitcoin. A Twitter consumer alleged that the SEC’s transfer goals to “suppress the price of Bitcoin.”

Asset administration corporations proceed to combat for a spot Bitcoin (BTC) exchange-traded fund (ETF) within the United States as regulators stay skeptical of the concept. Craig Salm, chief authorized officer at asset supervisor Grayscale, mentioned the agency’s…

Institutional buyers loaded up on a report $51.4 million price of funding merchandise providing publicity to shorting the value of Bitcoin (BTC) final week. According to knowledge from the most recent version of CoinShares’ weekly “Digital Asset Fund Flows” report, there was $64 million price of inflows for digital asset merchandise between June 27 and July 1, with quick BTC funds representing 80% of that determine. U.S.-based buyers accounted for the lion’s share of inflows at $46.2 million, with short-BTC funding merchandise in stable demand after ProShares launched the first-ever U.S.-based quick Bitcoin exchange-traded fund (ETF) on June 22. The ETF trades underneath the ticker BITI and gives shorting publicity by way of futures contracts. “This highlights investors are adding to long positions at current prices, with the inflows into short-Bitcoin possibly due to first-time accessibility in the US rather than renewed negative sentiment.”CoinShares additionally famous that institutional buyers from Brazil, Canada, Germany, and Switzerland snapped up a mixed $20 million price of crypto funding merchandise. Sweden partially offset that determine with $1.8 million price of outflows. Short BTC merchandise have now seen year-to-date inflows totaling $77.2 million, with that determine putting it behind solely multi-asset merchandise and Solana (SOL) merchandise, which have posted $213.5 million and $110.3 price of inflows up to now in 2022. Looking on the inflows for different digital asset merchandise, these providing publicity to Ether (ETH) generated $4.9 million, marking the second consecutive week of inflows after a prolonged 11-week development of shedding. However, year-to-date ETH funds are nonetheless down with $450.9 million price of outflows. The the rest of the inflows was unfold throughout multi-asset funds at $4.4 million, whereas SOL, Polkadot (DOT), Cardano (ADA), and BTC merchandise additionally posted minor inflows of $1 million, $700,000, $600,000, and $600,000 respectively. Related: CoinShares acquires French crypto asset supervisor Napoleon AMThe surge briefly BTC fund inflows final week additionally follows from the prior week when there was $423 million price of outflows for digital asset merchandise, the best quantity ever on CoinShares’ information. Notably, quick BTC funds escaped the carnage that week, posting $15.3 million price of inflows, whereas BTC merchandise noticed important outflows of $453 million.

Institutional buyers loaded up on a report $51.4 million price of funding merchandise providing publicity to shorting the value of Bitcoin (BTC) final week. According to knowledge from the most recent version of CoinShares’ weekly “Digital Asset Fund Flows” report, there was $64 million price of inflows for digital asset merchandise between June 27 and July 1, with quick BTC funds representing 80% of that determine. U.S.-based buyers accounted for the lion’s share of inflows at $46.2 million, with short-BTC funding merchandise in stable demand after ProShares launched the first-ever U.S.-based quick Bitcoin exchange-traded fund (ETF) on June 22. The ETF trades underneath the ticker BITI and gives shorting publicity by way of futures contracts. “This highlights investors are adding to long positions at current prices, with the inflows into short-Bitcoin possibly due to first-time accessibility in the US rather than renewed negative sentiment.”CoinShares additionally famous that institutional buyers from Brazil, Canada, Germany, and Switzerland snapped up a mixed $20 million price of crypto funding merchandise. Sweden partially offset that determine with $1.8 million price of outflows. Short BTC merchandise have now seen year-to-date inflows totaling $77.2 million, with that determine putting it behind solely multi-asset merchandise and Solana (SOL) merchandise, which have posted $213.5 million and $110.3 price of inflows up to now in 2022. Looking on the inflows for different digital asset merchandise, these providing publicity to Ether (ETH) generated $4.9 million, marking the second consecutive week of inflows after a prolonged 11-week development of shedding. However, year-to-date ETH funds are nonetheless down with $450.9 million price of outflows. The the rest of the inflows was unfold throughout multi-asset funds at $4.4 million, whereas SOL, Polkadot (DOT), Cardano (ADA), and BTC merchandise additionally posted minor inflows of $1 million, $700,000, $600,000, and $600,000 respectively. Related: CoinShares acquires French crypto asset supervisor Napoleon AMThe surge briefly BTC fund inflows final week additionally follows from the prior week when there was $423 million price of outflows for digital asset merchandise, the best quantity ever on CoinShares’ information. Notably, quick BTC funds escaped the carnage that week, posting $15.3 million price of inflows, whereas BTC merchandise noticed important outflows of $453 million.

Institutional buyers loaded up on a report $51.4 million price of funding merchandise providing publicity to shorting the value of Bitcoin (BTC) final week. According to knowledge from the most recent version of CoinShares’ weekly…