Australian securities exchange approves its first spot Bitcoin ETF🔥🔥

Australia's largest stock exchange - the Australian Securities Exchange (ASX) - has approved its first spot Bitcoin exchange-traded fund (ETF), set to commence trading on June 20.

Investment firm VanEck will be the issuer of the spot Bitcoin ETF - the VanEck Bitcoin ETF (VBTC) according to a VanEck press release shared with Cointelegraph. It comes only months after the firm was approved to start trading spot Bitcoin ETFs, the VanEck Bitcoin Trust (HODL) in the United States on Jan. 11.

Chief executive officer for VanEck in the Asia-Pacific region, Arian Neiron, reiterated that the demand is growing for Bitcoin exposure in Australia, especially through a "regulated, transparent and familiar investment vehicle."

"We recognize Bitcoin is an emerging asset class that many advisers and investors want to access," Neiron said.

"VBTC also makes bitcoin more accessible by managing all the back-end complexity. Understanding the technical aspects of acquiring, storing and securing digital assets is no longer necessary," he added.

Although this is the first time a spot #BitcoinETF💰💰💰 has been approved by the ASX, there have been two other instances when Bitcoin ETFs have launched in Australia over the past two years.

Recently, the Monochrome Bitcoin ETF (IBTC) was approved and started trading on Australia's second largest stock exchange, the Cboe Australia exchange.

The Monochrome Bitcoin ETF started trading when the markets opened on the Cboe Australia exchange on June 4.

Monochrome said IBTC's holdings are stored offline in a device not connected to the internet and with a crypto custody solution that meets "Australian institutional custody regulatory standards."

In April 2022, the Global X 21 Shares Bitcoin ETF (EBTC) became the very first Bitcoin ETF product to debut in Australia.
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#Xrp🔥🔥 Ripple invokes SEC v. Terraform case, argues for smaller civil penalty

XRPUSDT

Lawyers for blockchain firm Ripple have asked a court to consider an "appropriate" civil penalty in its case against the United States Securities and Exchange Commission (SEC) following a settlement between the regulator and Terraform Labs.

In a June 13 filing in the U.S. District Court for the Southern District of New York, Ripple's legal team submitted a notice of supplemental authority alleging the "unreasonableness" of the SEC's civil penalty, citing a settlement in the Terraform case. Before Ripple's filing, a federal judge approved a $4.5-billion deal between the SEC and Terraform Labs and its co-founder Do Kwon.

On June 12, 2024, the SEC sought approval for a final

The SEC has requested that Ripple pay roughly $2 billion in disgorgement, prejudgement interest and civil penalties, while the blockchain firm has argued for no more than a $10-million penalty. Ripple lawyers made similar arguments in penalties imposed in the SEC's respective cases against Block.one, Genesis Global Capital and Telegram, but the filing redacted information regarding the firm's gross revenue.

"As Ripple's opposition explained, in comparable (and even in more egregious) cases, the SEC has agreed to civil penalties ranging from 0.6% to 1.8% of the defendant's gross revenues," said lawyers for Ripple. "Terraform fits that pattern. Here, by contrast, the SEC seeks a civil penalty far exceeding that range, even though there are no allegations of fraud in this case and Institutional Buyers did not suffer substantial losses. Terraform thus confirms that the Court should reject the SEC's disproportionate and unprecedented request and that an appropriate civil penalty would be no more than $10 million."

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Hedge Funds Increase Short Positions on Bitcoin

Moreover, this week has witnessed a remarkable increase in hedge funds' short positions on Bitcoin. Data from the Chicago Mercantile Exchange (CME) Group's Commitments of Traders report shows these positions have hit a record high.

This suggests a bearish stance on Bitcoin among institutional investors. As a result, Bitcoin's price has fallen by nearly 6% this week, adding to the speculative nature of the market.

Moreover, this week, there have been net outflows from the spot Bitcoin ETFs. They recorded a net outflow of $390.7 million, following a 19-day streak of inflows into Bitcoin ETFs.

Ripple CEO names most important date for XRP holders

During his recent appearance at XRP Apex 2024, together with his colleague David Schwartz, Ripple CEO Brad Garlinghouse commented on the company's ongoing legal battle with the SEC. When asked about whether Ripple's position from a regulatory perspective is improving, Garlinghouse claimed that his company is getting close to the end of its lawsuit with the regulating agency. "You know, in some ways, you look at that now and you say we're almost at the very very end of that journey," the CEO stated. Garlinghoused then added that in his estimation, even though no one can control when the judge makes her decision, the case is going to be resolved at "the end of summer." "Somebody asked me if it would be by the end of August. I pointed out that Sept. 21 is the end of summer, so I don't know," Garlinghouse said.#BTCFOMCWatch #ETHETFsApproved #XRPGoal #bitcoin

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#MyFirstFeedPost After a small dump btc will bounce back to 80k