Crypto exchange Kraken's lawyers argue in their latest court filing that the Securities and Exchange Commission's arguments don't hold weight as both sides are gearing up for a hearing in June. Kraken also argued that the agency failed to satisfy elements of the Howey Test, a 1946 U.S. Supreme Court case frequently cited by the SEC, to determine if an asset qualifies as an investment contract and, therefore, a security.
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A spot ether exchange-traded fund proposal from Cathie Wood's ARK Invest and 21Shares will not include staking. In a previous filing, ArkInvest/21 Shares included a staking component that said that the "sponsor may, from time to time, stake a portion of the Trust’s assets through one or more trusted Staking Providers." That specific language was not included in the updated filing on Friday.
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🇺🇸 SEC Rebuts 🏦 Coinbase's Attempt to Get Appeals Court to Answer Key Crypto Question
U.S. regulators said an appeals court shouldn't heed Coinbase's request to review how – or if – conventional securities rules apply to cryptocurrencies. Coinbase, the largest U.S. crypto exchange, filed for permission to ask the Second Circuit Court of Appeals if the Howey Test, a longstanding Supreme Court assessment for securities, should apply to digital assets. Coinbase hopes it doesn't. Coinbase hasn't successfully argued this is needed, the U.S. Securities and Exchange Commission said Friday.
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U.S. regulators said an appeals court shouldn't heed Coinbase's request to review how – or if – conventional securities rules apply to cryptocurrencies. Coinbase, the largest U.S. crypto exchange, filed for permission to ask the Second Circuit Court of Appeals if the Howey Test, a longstanding Supreme Court assessment for securities, should apply to digital assets. Coinbase hopes it doesn't. Coinbase hasn't successfully argued this is needed, the U.S. Securities and Exchange Commission said Friday.
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📣 Franklin Templeton CEO says all ETFs and mutual funds will be on blockchain
Jenny Johnson, the president and CEO of Franklin Templeton, a financial firm with $1.6 trillion in assets under management, recently reiterated her pro-blockchain stance during an interview with Bloomberg anchor David Westland during the 27th Annual Milken Institute Global Conference in California. Among the hot topics discussed by the two, Johnson had plenty to say on tokenization and generative artificial intelligence.
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Jenny Johnson, the president and CEO of Franklin Templeton, a financial firm with $1.6 trillion in assets under management, recently reiterated her pro-blockchain stance during an interview with Bloomberg anchor David Westland during the 27th Annual Milken Institute Global Conference in California. Among the hot topics discussed by the two, Johnson had plenty to say on tokenization and generative artificial intelligence.
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🇸🇻 El Salvador reveals Bitcoin treasury holdings, totaling over 5,700 BTC worth roughly $360 million
El Salvador has taken a significant step towards transparency in its Bitcoin adoption journey. The National Bitcoin Office (ONBTC) of El Salvador has unveiled its Bitcoin treasury holdings. This milestone in proof of reserves reveals that El Salvador’s Bitcoin treasury holdings currently stand at 5,748.76 BTC, which translates to a staggering $360,021,592 in US dollar value. The data further shows that in the past seven days, El Salvador has purchased 7 BTC, and in the past 30 days, it has acquired 30 BTC.
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El Salvador has taken a significant step towards transparency in its Bitcoin adoption journey. The National Bitcoin Office (ONBTC) of El Salvador has unveiled its Bitcoin treasury holdings. This milestone in proof of reserves reveals that El Salvador’s Bitcoin treasury holdings currently stand at 5,748.76 BTC, which translates to a staggering $360,021,592 in US dollar value. The data further shows that in the past seven days, El Salvador has purchased 7 BTC, and in the past 30 days, it has acquired 30 BTC.
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🇭🇰 Hong Kong Bitcoin and Ether ETFs See $39M Outflows on Monday: Farside Investors
The Hong Kong-listed spot bitcoin and ether exchange-traded funds (ETFs) saw heavy outflows on Monday following bitcoin’s drop below $61,000 on Friday. The spot bitcoin ETFs from issuers ChinaAMC, Harvest Global, as well as Bosera and Hashkey, saw a combined $32.7 million outflows on Monday, according to data from Farside Investors. This number is significantly higher than previous outflows, which hovered around the $6 million mark.
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The Hong Kong-listed spot bitcoin and ether exchange-traded funds (ETFs) saw heavy outflows on Monday following bitcoin’s drop below $61,000 on Friday. The spot bitcoin ETFs from issuers ChinaAMC, Harvest Global, as well as Bosera and Hashkey, saw a combined $32.7 million outflows on Monday, according to data from Farside Investors. This number is significantly higher than previous outflows, which hovered around the $6 million mark.
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OKX has officially launched its spot and derivatives crypto trading platform in Australia, the company announced on Tuesday. OKX said in a statement that it will offer spot trading services to all Australian users, while derivatives trading will only be available for verified wholesale clients. Its users in Australia can also deposit and withdraw AUD through most Australian banks to gain access to a total of 85 crypto tokens, or 170 crypto spot pairs.
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Worldcoin Foundation has released an open-source system that it claims can improve the protection of sensitive information, including the data generated when people sign up for the Worldcoin project. "The system, available now in a Github repository for any organization to use, aims to set a new standard for data protection, including the protection of biometric data," according to a statement. Worldcoin said the new open-sourced system is based on secure multi-party computation.
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Salim Ramji, set to take the reins at Vanguard from outgoing CEO Tim Buckley on July 8, quickly poured cold water on the idea that he has intentions for the asset management giant to offer its own spot bitcoin ETF. "I think it’s important for firms to have consistency in terms of what they stand for and the products and services they offer," Salim Ramji told Barron's.
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Despite yesterday's softer U.S. CPI inflation report, investors are still ready to pay a premium for short-term downside protection, according to CF Benchmarks' analysis of Chicago Mercantile Exchange (CME) options on bitcoin futures. The CF Benchmark analysts said that although bitcoin saw a breakout above the $66,000 mark after yesterday's softer inflation print, there is still "higher implied volatility for OTM puts compared to calls."
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On May 15, the cryptocurrency markets saw a 5.5% increase in total capitalization following the release of inflation and retail sales data from the United States. However, Ether failed to fully capitalize on this bullish momentum. Ether last closed above $3,000 over five days ago and has underperformed the leading cryptocurrency, Bitcoin, by 22% since the start of 2024.
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Inflows from spot bitcoin exchange-traded funds (ETFs) in May have made up for last month's outflows, according to an ETF analyst. "The bitcoin ETFs have put together a solid two weeks with $1.3 billion in inflows, which offsets the entirety of the negative flows in April — putting them back around high water mark of +$12.3 billion net since launch," wrote Bloomberg's senior ETF analyst Eric Balchunas on the social media platform X.
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📣 Court Approves Crypto Lender Genesis' $3 Billion Payout to Customers
Crypto lender Genesis Global obtained court approval Friday to return approximately $3 billion to its customers as part of its bankruptcy liquidation. U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 plan, overruling an objection from its equity owner, Digital Currency Group (DCG), which argued that repayments should be based on January 2023 cryptocurrency values.
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Crypto lender Genesis Global obtained court approval Friday to return approximately $3 billion to its customers as part of its bankruptcy liquidation. U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 plan, overruling an objection from its equity owner, Digital Currency Group (DCG), which argued that repayments should be based on January 2023 cryptocurrency values.
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🇭🇰 Hong Kong Police Arrest Crypto Exchange Shop Employees on Suspicion of Fraud
Hong Kong police have taken into custody three employees of a currency exchange shop who are suspected of engaging in fraudulent activities. On Wednesday, Hong Kong’s technology crime division apprehended three individuals aged between 31 and 34. The authorities seized 3,000 hell banknotes, a safe, and a note-counting machine from a store in Tsim Sha Tsui. Hell banknotes, used in traditional Chinese rituals as offerings to ancestors or deities, were among the confiscated items.
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@TradeCryptoNow
Hong Kong police have taken into custody three employees of a currency exchange shop who are suspected of engaging in fraudulent activities. On Wednesday, Hong Kong’s technology crime division apprehended three individuals aged between 31 and 34. The authorities seized 3,000 hell banknotes, a safe, and a note-counting machine from a store in Tsim Sha Tsui. Hell banknotes, used in traditional Chinese rituals as offerings to ancestors or deities, were among the confiscated items.
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Bitcoin (BTC) investors looking to generate extra income in addition to their spot market holdings should consider setting a "covered strangle" options strategy, research firm 10X, which has an impeccable record of predicting market trends, said Monday. The premium received for selling/shorting the call option, or protecting the counterparty from price rallies, and selling the put or insurance against downtrends, represents the extra yield.
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Recent underlying buying activity in the bitcoin market is pushing prices up, with traders willing to pay a premium for buying bitcoin in the future, suggesting they expect the price to rise, analysts say. The Zerocap report's observations align with those from Velo Data charts, which show that since last Wednesday's release of softer U.S. Consumer Price Index (CPI) data for April, bitcoin’s basis rate has increased, now sitting in the 9-12% range.
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The Grayscale Ethereum Trust (ETHE) discount has narrowed to its lowest level in more than two months as investors anticipate spot ether ETF approvals in the U.S. The narrowing comes as investors expect regulators to approve spot ether ETF approvals in the U.S., where the Securities Exchange Commission requested firms looking to launch such funds update and refile documents needed for their approval.
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