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Gary Gensler's Statement on Bitcoin ETF Approvals
U.S. Securities and Exchange Commission Chair Gary Gensler released this statement after the regulator approved spot bitcoin ETFs:
Jan. 10, 2024
Today, the Commission approved the listing and trading of a number of spot bitcoin exchange-traded product (ETP) shares.
I have often said that the Commission acts within the law and how the courts interpret the law. Beginning under Chair Jay Clayton in 2018 and through March 2023, the Commission disapproved more than 20 exchange rule filings for spot bitcoin ETPs. One of those filings, made by Grayscale, contemplated the conversion of the Grayscale Bitcoin Trust into an ETP.
We are now faced with a new set of filings similar to those we have disapproved in the past. Circumstances, however, have changed. The U.S. Court of Appeals for the District of Columbia held that the Commission failed to adequately explain its reasoning in disapproving the listing and trading of Grayscaleâs proposed ETP (the Grayscale Order). The court therefore vacated the Grayscale Order and remanded the matter to the Commission. Based on these circumstances and those discussed more fully in the approval order, I feel the most sustainable path forward is to approve the listing and trading of these spot bitcoin ETP shares.
The Commission evaluates any rule filing by a national securities exchange based upon whether it is consistent with the Exchange Act and regulations thereunder, including whether it is designed to protect investors and the public interest. The Commission is merit neutral and does not take a view on particular companies, investments, or the assets underlying an ETP. If the issuer of a security and the listing exchange comply with the Securities Act, the Exchange Act, and the Commissionâs rules, that issuer must be provided the same access to our regulated markets as anyone else.
Importantly, todayâs Commission action is cabined to ETPs holding one non-security commodity, bitcoin. It should in no way signal the Commissionâs willingness to approve listing standards for crypto asset securities. Nor does the approval signal anything about the Commissionâs views as to the status of other crypto assets under the federal securities laws or about the current state of non-compliance of certain crypto asset market participants with the federal securities laws. As Iâve said in the past, and without prejudging any one crypto asset, the vast majority of crypto assets are investment contracts and thus subject to the federal securities laws.
Investors today can already buy and sell or otherwise gain exposure to bitcoin at a number of brokerage houses, through mutual funds, on national securities exchanges, through peer-to peer payment apps, on non-compliant crypto trading platforms, and, of course, through the Grayscale Bitcoin Trust. Todayâs action will include certain protections for investors:
First, sponsors of bitcoin ETPs will be required to provide full, fair, and truthful disclosure about the products. Investors in any bitcoin ETP that is listed and traded will benefit from the disclosure included in public registration statements and required periodic filings. While these disclosures are required, it is important to note that todayâs action does not endorse the disclosed ETP arrangements, such as custody arrangements.
Second, these products will be listed and traded on registered national securities exchanges. Such regulated exchanges are required to have rules designed to prevent fraud and manipulation, and we will monitor them closely to ensure that they are enforcing those rules. Furthermore, the Commission will fully investigate any fraud or manipulation in the securities markets, including schemes that use social media platforms. Such regulated exchanges also have rules designed to address certain conflicts of interest as well as to protect investors and the public interest.
Further, existing rules and standards of conduct will apply to the purchase and sale of the approved ETPs. This includes, for example, Regulation Best Interest when broker-dealers recommend ETPs to retail investors, as well as a fiduciary duty under the Investment Advisers Act for investment advisers. Todayâs action does not approve or endorse crypto trading platforms or intermediaries, which, for the most part, are non-compliant with the federal securities laws and often have conflicts of interest.
Third, Commission staff is separately completing the review of registration statements for 10 spot bitcoin ETPs simultaneously, which will help create a level playing field for issuers and promote fairness and competition, benefiting investors and the broader market.
Since 2004, this agency has had experience overseeing spot non-security commodity ETPs, such as those holding certain precious metals. That experience will be valuable in our oversight of spot bitcoin ETP trading.
Though weâre merit neutral, Iâd note that the underlying assets in the metals ETPs have consumer and industrial uses, while in contrast bitcoin is primarily a speculative, volatile asset thatâs also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing.
While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.
L1s typically live as đïž islands connected to other chains via bridges ONLY.
On đïž @Polkadot, Moonbeam is part of a đ« shared structure with built-in interoperability (XCMP) & integrated GMP protocols to reach users outside the eco!
According to Foresight News, Polkadot founder Gavin Wood has announced the upcoming launch of Agile Coretime, On-Demand Parachains, Ethereum Snowbridge, and Kusama Bridge. In addition, Elastic Scaling is expected to be implemented by 2024. Furthermore, the new forkless block generation consensus algorithm, Sassafras, has taken shape and is anticipated to be available on testnets by 2024.
Greetings Karus! The formula you see is the one that you end up learning over time after letting yourself be carried away by hunches or impossible dreams.
Don't believe those stories about Pepito getting rich with so little by doing so little, most of the time it is due to luck and a few due to information that other people were not able to see.
Here I leave you the advice for December, since Christmas is coming đ accumulate in a balanced way and if there is a crypto that leads the portfolio, try to balance it more with the profits to earn more daily performance and not expect miracles.
NFA - This is an opinion not investment advice #JTO #BTC #DOT
đ LUNC Community Update: The Journey is Just Beginning! đ
Hey Karus and LUNC enthusiasts! đ
Letâs get real for a sec. Weâre still 55% down compared to last year. But hey, this is just the start of something bigger and better. đâĄïžđ
Why Stay Optimistic? đ€
Firstly, donât sweat the small stuff. Market fluctuations? Theyâre part of the game. The real deal is whatâs brewing on the horizon. đ
Big News: USTC and LUNC â A Dynamic Duo! đ„
Hereâs the scoop: USTC is about to become the gas for LUNC transactions. Yeah, you heard that right! This is not just a small update; itâs a game changer. đźđ Prop.: 14217
Whatâs in it for You? đ
This integration means more utility, more demand, and yes â potentially more value for our beloved LUNC. Itâs like hitting a gold mine in the crypto universe. đ°đ
A Call to the Community: đą
Stay engaged, spread the word, and keep the faith. Weâre in this together, and the journey ahead is filled with possibilities. Letâs show the world what LUNC is all about! đ€đȘ
To Infinity and Beyond! đđ
Keep hodling, keep believing. LUNCâs journey has just begun, and the future looks bright. Letâs ride this wave together! đđââïž
This post aims to acknowledge the current situation while highlighting the exciting future prospects and encouraging the community to stay optimistic and engaged. NFA
This is my 4th post on Square here at Binance, and I want to make it clear that I talk about LUNC or USTC because I am passionate about the project and generally about everything related to Cosmos, not because someone paid me to spout nonsense about cryptocurrencies.
If you follow and read me, it should be because you resonate with my way of thinking, not because you think I'm a fan of something.
So here are my thoughts on the top promises of the Cosmos ecosystem:
LUNC and USTC stand out with their unique approaches and potential for growth. The recent advancements in blockchain technology and strategic partnerships are set to propel these digital assets to new heights.
Both are poised to benefit from the increasing adoption of cryptocurrencies in various sectors, heralding a new era of digital finance. As developers continue to innovate and improve these platforms, the future looks bright for both LUNC and USTC.
Their journey symbolizes a blend of technical brilliance and community-driven progress, leading us towards a more interconnected and financially empowered world.
If you've experienced a loss with USTC, it's crucial to remember that it might be because you sold it thinking it was a stablecoin.
However, it's important to be aware that the community is still working on stabilizing it. Currently, USTC is not stable, and the wisest move might be to HOLD.
This serves as a reminder to stay informed and patient with your investments.
The recent surge in Terra Classic USTC's price can be attributed to increased network activity, positive technical signals, community efforts to restore values, and the pivotal decision to stop USTC minting. User transactions hit new highs, indicating renewed interest and confidence in the project.
Additionally, the staking ratio trended upwards, showcasing enhanced user engagement. Technical analysis revealed a bullish divergence with the breaking of the 200-day moving average.
Crucially, the Terra Luna Classic community's proposal to halt USTC minting by raising the Tobin tax to 100% significantly contributed to the price rally, aiming to stabilize and revitalize the USTC and the entire Terra Luna Classic chain.