1. SEC delays approval of Bitcoin spot ETF options trading decision
2024/04/25 The U.S. Securities and Exchange Commission (SEC) has again delayed its proposal to allow options trading on Bitcoin spot exchange-traded funds (ETFs) and requested public comments. Several exchanges, including Cboe Exchange, BOX Exchange LLC, MIAX International Securities Exchange LLC, Nasdaq ISE LLC and NYSE American LLC, have submitted applications to allow options trading on the newly approved Bitcoin spot ETF.
The SEC mentioned the exchanges in its filing Thursday, noting that the public comment period is 21 days and the rebuttal submission period is 35 days. The SEC raised a series of questions, including whether Bitcoin ETF options should be treated the same as stock options and whether the available supply in the Bitcoin market should be considered when setting position limits for Bitcoin ETF options.
Previously, the SEC had postponed further decisions on options trading earlier this month. According to SEC documents, the previous proposal has received some comments in the past few months. Some commentators said that options trading for Bitcoin spot ETFs will help investors hedge their positions and manage risks.
The SEC approved 11 bitcoin spot ETFs in January, and the products have attracted a total of $12.38 billion in net inflows since approval, as previously reported by The Block. Grayscale CEO Michael Sonnenshein mentioned in a February comment letter that approving options trading for these products was a “natural next step.”
Sonnenshein noted that now that Bitcoin spot ETPs have been approved for trading on NYSE Arca under Rule 19b-4, it should be a natural progression to approve options trading on these products, just as options trading on gold spot ETPs was previously approved.
https://www.theblock.co/post/290907/sec-delays-decision-on-listing-and-trading-spot-bitcoin-etf-options-asks-for-public-comments
2. The new stablecoin bill may reshape the market position of banks and Tether
2024/04/25 According to the latest analysis of S&P Global Ratings, a stablecoin bill recently proposed by the U.S. Senate, if passed, may encourage banks to enter the stablecoin market. The bill, called the Lummis-Gillibrand Payment Stablecoin Act, was jointly proposed by Republican Cynthia Lummis and Democrat Kirsten Gillibrand and aims to provide clear guidance on the regulation of the stablecoin market.
S&P pointed out that the bill would require stablecoin issuers to hold a one-to-one cash or equivalent reserve equal to the value of their tokens. At the same time, the bill prohibits algorithmic stablecoins and stipulates that issuers and users cannot use stablecoins for illegal or unauthorized purposes such as money laundering.
Of particular note is that according to the proposal, Tether, as a non-U.S.-based stablecoin, will not be allowed under the new bill, which may reduce the demand for Tether. In addition, if the bill is passed, banks will gain a competitive advantage by limiting the maximum issuance of non-bank licensed entities to $10 billion, which may slow down Tether's dominance in the global stablecoin market.
S&P also noted that the passage of the bill would accelerate institutional blockchain innovation, especially in tokenization or the issuance of digital bonds involving on-chain payments. This would create new business opportunities for banks as stablecoin issuers and could reduce Tether’s dominance in the global stablecoin market.
Senator Sherrod Brown, D-Ohio, who chairs the Senate Banking Committee, will play a key role in pushing for a stablecoin bill. He told Bloomberg last week that he is willing to advance stablecoin legislation in a package that also includes other measures such as allowing banks to do business with marijuana businesses. The House of Representatives is also working on its version of a stablecoin bill.
https://www.theblock.co/post/290706/banks-are-in-and-tether-could-fade-if-latest-stablecoin-bill-passes-sp-global
3. Türkiye’s stablecoin market sees explosive growth and regulatory expectations
2024/04/25 In 2023, Turkey accelerated its blockchain and stablecoin regulations. With the widespread attention and regulation of cryptocurrencies, especially stablecoins, around the world, Turkey is no exception. Vidal Arditi, COO of BiLira, said that the Turkish government is expected to announce a new blockchain regulatory framework in the near future to protect investors and promote the healthy development of the industry. In addition, BiLira, as a stablecoin of the Turkish lira, has been listed on multiple international trading platforms such as Bittrex Global, providing Turkish residents with more financial options and opportunities to connect with the global economy.
The Turkish government's investment in blockchain is not only reflected in the formulation of regulations. From the government-supported blockchain association to the university's blockchain club, Turkey has shown its positive attitude towards the application and promotion of blockchain technology. In addition, the Turkish Central Bank has even expressed its desire to use currencies based on distributed ledger technology for transactions, which may indicate that Turkey will take more active measures in the field of digital currency.
As BiLira rapidly grows in the Turkish stablecoin market, Turkey’s position in the global blockchain and cryptocurrency space is gradually rising. Arditi expressed his expectation for the expansion and cooperation of blockchain technology and network types in the coming months and years. This rapid development and the upcoming new regulations may push Turkey to a new peak in the development of blockchain and cryptocurrency.
The above content shows how Turkey seeks its own position in the global cryptocurrency and blockchain revolution, and is expected to become an important promoter of stablecoins and blockchain technology in the coming years. This is not only an investment in economy and technology, but also an exploration of a new way of global financial participation.
https://cointelegraph.com/news/stablecoin-buys-turkey-4-percent-gdp
4. The story behind the Bitcoin slogan: a million-dollar auction
2024/04/25 In 2017, a young man named Christian Langalis held up a sign that read "Buy Bitcoin" during the testimony of Janet Yellen, the chairwoman of the Federal Reserve. This sign not only attracted widespread attention at the time, but also triggered a small cultural phenomenon in the Bitcoin community later. Langalis held up the sign during Yellen's speech. Although his behavior was stopped by security personnel, this scene was widely circulated and became an iconic moment in the cryptocurrency community.
The slogan board was later kept by Langalis for several years and was finally auctioned in 2023 for 16 bitcoins, equivalent to more than $1 million. The auction was held on a bitcoin auction platform called Scarce City and lasted for a week. This event not only demonstrated the unique charm of Bitcoin culture, but also reflected the cultural value and influence of digital currency that is becoming more and more popular.
Christian Langalis plans to use part of the proceeds from the auction to fund his Bitcoin software project, showing how members of the cryptocurrency community can use their resources and influence to promote the development of the industry. This auction is not only a review of Bitcoin culture, but also a prospect of possible future development, highlighting the growing importance of cryptocurrency in the global financial and cultural fields.
This event is a profound commentary on Bitcoin and cryptocurrency culture, showing how a simple act can be transformed into a cultural symbol with far-reaching consequences and be recognized with significant market value years later.
https://cointelegraph.com/news/buy-bitcoin-sign-behind-janet-yellen-auction-1-million
5. BlackRock Bitcoin ETF has zero inflows for the first time
2024/04/25 BlackRock's Bitcoin ETF (IBIT) has been a popular product in the market since its launch on January 11, 2023, quickly attracting hundreds of millions of dollars in inflows. However, on April 24, 2024, the ETF saw zero inflows for the first time in the fund's history. This change may mark a turning point in market sentiment and Bitcoin investment dynamics.
Since its launch, IBIT has accumulated nearly $1.55 billion in assets under management thanks to its stable performance and traction. However, despite this, it and several other major Bitcoin ETFs saw no net inflows on the same day, suggesting that demand for these financial products may be slowing at some stage. In the U.S. in particular, while the Bitcoin ETF market overall remains active, certain products such as Grayscale Bitcoin Trust (GBTC) have also experienced significant outflows.
It is worth noting that on this day, FBTC and ARK 21Shares were the only two Bitcoin ETFs that recorded small inflows, attracting $5.6 million and $4.2 million respectively. This change may reflect investors' cautious attitude in choosing Bitcoin investment channels and the market's different reactions to the performance of various Bitcoin ETFs.
Despite recent market volatility, BlackRock's Bitcoin ETF has maintained its leading position in the overall market, and its rapidly accumulated large amount of assets under management demonstrates its important position in the cryptocurrency ETF field. However, this inflow event reminds investors that even the most successful financial products will experience growth fluctuations and challenges.
https://cointelegraph.com/news/blackrock-bitcoin-etf-no-inflow-first-time-since-launch
6. Samourai Wallet founder arrested for money laundering
2024/04/25 The founder of the crypto wallet Samourai Wallet was arrested and prosecuted for suspected money laundering. This incident has attracted widespread attention in the cryptocurrency community and raised new questions about the security of Bitcoin storage and transactions.
The arrest of the founder of Samourai Wallet, a bitcoin wallet that promotes enhanced user privacy and security, highlights the challenges the cryptocurrency industry faces in complying with global anti-money laundering regulations. The money laundering involved reportedly involved a large number of suspicious transactions conducted through the wallet platform.
The incident highlights the responsibility that cryptocurrency service providers have in preventing their platforms from being used for illegal activities. While cryptocurrencies are hailed as offering financial freedom and privacy protection, incidents like this remind all participants that compliance and transparency are equally important.
In addition, the arrest may also prompt regulators to strengthen supervision of the cryptocurrency industry, especially those services that provide anonymity or enhanced privacy features. For the cryptocurrency community, this is a discussion point about how to balance privacy protection with preventing illegal activities.
As the case progresses, cryptocurrency market participants may need to reassess their trust in wallet services and consider incorporating more security and compliance considerations when selecting service providers.
https://www.nobsbitcoin.com/samourai-wallet-founders-arrested-and-charged-with-money-laundering/
7. Bitcoin Improvement Proposal welcomes five new editors
2024/04/25 The Bitcoin Improvement Proposal (BIPs) team recently welcomed five new editors to join, a change aimed at strengthening its development of technical standards and guidelines in the field of cryptocurrency. As an important technical document in the Bitcoin network, the content of BIPs has a decisive influence on the update and amendment of the Bitcoin protocol.
The main task of the new editors is to review the proposals submitted to BIPs to ensure the accuracy of the content and the feasibility of implementation. They are also responsible for communicating with the community and collecting feedback to better understand the needs and expectations of the community.
The addition of these five editors is seen as an important step in the Bitcoin community's efforts to adapt to the evolving needs of blockchain technology. As Bitcoin and its underlying technology continue to evolve, more and more expertise is needed to guide and drive the development of technical proposals.
The decision to add new editors also reflects the Bitcoin community's commitment to ensuring transparency and openness of the network. By expanding the editorial team, BIPs can more effectively handle the increasing number of proposals while maintaining efficient and fair community governance.
The newly added editorial team members come from diverse sources, including senior blockchain technology experts and active community contributors. Their expertise and perspectives are expected to bring new vitality to the future development of Bitcoin.
https://www.nobsbitcoin.com/five-new-editors-added-to-bitcoin-improvement-proposals/
8. KPMG report: About 40% of institutional investors in Canada are involved in cryptocurrencies
2024/04/25 In recent years, the cryptocurrency market has attracted a lot of attention from institutional investors. According to the latest report from KPMG, nearly 40% of Canadian institutional investors have invested in the cryptocurrency field, showing a positive attitude towards this emerging asset class. This data reflects the gradual rise of cryptocurrency as a mature asset class.
The report pointed out that although the overall transaction volume and transaction value declined in 2023, cryptocurrency investment still ranked first in Canadian fintech investment. In addition, Canada launched a number of regulatory actions against crypto exchanges in 2022, further providing institutional investors with a clear legal and regulatory framework and increasing the attractiveness of the market.
KPMG’s analysis also revealed that despite the industry downturn known as “crypto winter,” institutional investors’ cryptocurrency allocations have increased over the past year, suggesting that investors remain optimistic about the long-term value of crypto assets despite short-term market volatility.
These institutional investors are not only interested in Bitcoin and Ethereum, they are also exploring investment opportunities in emerging areas such as non-fungible tokens (NFTs) and the metaverse. As these technologies mature and their use cases increase, more institutional investors are expected to join this market.
Overall, Canada’s cryptocurrency market is maturing, attracting the attention and participation of large audit and consulting firms, including KPMG. The participation of these institutions not only brings funds to the market, but also promotes the transformation of cryptocurrency from a marginal market to a mainstream financial market.
