LIVE๐ฐ Crypto Weekly Wrap: 1st December 2023
๐ BlackRock's Revised Bitcoin ETF Model: A Strategic Compromise with the SEC
BlackRock, a global asset manager, has adjusted its Bitcoin spot ETF blueprint in talks with the SEC. The revised model addresses SEC concerns, introducing an intermediary step in the "in-kind" redemption process to mitigate balance sheet risks.
๐ฌ๐ง Tokenized Funds Gain Approval in the UK: A Paradigm Shift in Asset Trading
The UK's Financial Conduct Authority approves tokenized funds, revolutionizing asset management. Tokenization enables efficient, transparent trading, providing investors broader asset access. CEO Michelle Scrimgeour highlights potential gains in efficiency, liquidity, risk management, and bespoke portfolio creation.
๐ SEC's Ongoing Investigation into Binance US: Seeking Proof of Potential Fraud
The SEC intensifies its investigation into Binance US, seeking evidence of potential fraud following charges against Binance and former CEO Changpeng Zhao. The scrutiny aims to ensure compliance with legal standards in operating cryptocurrency exchanges.
๐ Grayscale Bitcoin Trust (GBTC) Adapts for the Future: Anticipating a Shift to a Spot Bitcoin ETF
GBTC implements strategic changes in preparation for a shift to a spot Bitcoin ETF. Adjustments include fee payment frequency, aligning with Grayscale's commitment to fee reduction and adapting to regulatory shifts.
๐ Bloomberg Foresees Potential BTC ETF Approvals
Bloomberg analysts express optimism, predicting potential Bitcoin ETF approvals as early as January 2024. The SEC's expedited decision-making process raises expectations for spot Bitcoin ETF approvals around January 10, 2024, instilling positive sentiment in the market.
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