WWW.BLOCKCAST.CCCoinbase (NASDAQ: COIN) shares spiked more than 11.6% on Wednesday and were trading around $37.50 at 11:30 am ET. COIN’s gains followed the latest crypto-related news for the leading US-based cryptocurrency exchange, with the gains also happening as stocks looked to stage an upside move amid multiple sets of economic news. Are you looking for […]
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The New York Department of Financial Services (NYDFS) has published a formal guidance for stablecoins in the state, laying out strict demands for issuers around asset reserves. The new rules, released on Wednesday, are targeted at licensed crypto firms that issue stablecoins. According to NYDFS, all stablecoins – most of which are pegged to the […]
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North America’s second Bitcoin (BTC) exchange-traded fund received regulatory approval on Tuesday, offering another potential entry point for institutional investors to access digital assets.
Less than three weeks after filing a preliminary prospectus for a Bitcoin ETF, Evolve Funds Group Inc announced Tuesday that its fund has been approved by the Ontario Securities Commission, or OSC.
The ETF has two ticker symbols: EBIT for Canadian-denominated units and EBIT.U for U.S.-denominated units. EBIT is said to provide “unhedged exposure to the daily price movement” of Bitcoin in Canadian dollars, whereas EBIT.U provides exposure to the daily price movements in U.S. dollars.
Notably, the fund will track price data using CF Benchmarks’ Bitcoin Reference Rate, which aggregates data from several BTC/USD markets into a one-a-day benchmark index.
An updated prospectus submitted to the OSC on Frida outlines the fund’s investment objective:
“The Evolve Fund’s investment objective is to provide holders of Units with exposure to the daily price movements of the U.S. dollar price of bitcoin while experiencing minimal tracking error by utilizing the benefits of the creation and redemption processes.”
To achieve this goal, the Evolve fund will invest in long-term holdings of BTC purchased through Gemini NuSTAR LLC and other platforms.
The prospectus was filed under a passport system, which allows the fund to be accessed in all of Canada’s 10 provinces and three territories.
Sui Chung, CEO of CF Benchmarks, told Cointelegraph that the Evolve ETF has “developed a true first — giving investors an easy-to-understand product that is available through their existing brokers and advisors that gives ownership of Bitcoin.”
Chung continued:
“By using the regulated Bitcoin Reference Rate from CF Benchmarks, the ETF tracks the value of the Bitcoin and because its structure allows daily creation and redemption of ETF shares investors aren’t forced to pay soaring premiums in the secondary market.”
The Evolve fund is the second Bitcoin ETF to be approved by Canadian securities regulators this month. The Purpose Bitcoin ETF received approval last week, becoming the first physically settled North American ETF.
An ETF-style product from 3iQ was approved in Canada last year and is currently listed on the Toronto Stock Exchange. However, unlike the Evolve ETF, the EiQ fund doesn’t continually issue new shares.
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Author: Refer to Source Cointelegraph By Sam Bourgi
Per an announcement on Friday, the Office of the Comptroller of the Currency, or OCC, is looking for public comments on rule-making that would stop banks from denying services to businesses based on sector.
In the words of Comptroller Brian Brooks, “Blanket boycotts of entire industry sectors have to stop.”
The OCC’s announcement points to political hot-button issues that banks have systematically denied services to, including oil and gas companies in Alaska as well as Planned Parenthood.
Speaking to the media, Brooks noted the bipartisan nature of many of these bans: “These things are not politically partisan, but there are all kinds of attempts that we’ve seen to politically weaponize the banking system.” He continued: “There is a creeping politicization of the banking industry that has the potential to be very dangerous.”
Brooks told Cointelegraph:
“There is no place within the United States where crypto is illegal, but there are different licensing requirements for companies involved with businesses so obviously if a bank was banking one of those businesses, one of the things that bank would look at as part of its diligence is whether that exchange or other business had the relevant approvals in that state.”
Which is to say, banks would not be able to disqualify potential crypto clients on the basis of their industry. A combination of uncertain regulation and reputational risk has led banks to cut off services to crypto businesses all over the world.
Brooks, who formerly ran Coinbase’s legal team and took the helm at the OCC in May, has spearheaded a number of initiatives to reconcile crypto with the banking industry. Indeed, several members of the House Financial Services Committee saw fit to criticize Brooks for his focus on crypto during the pandemic. Given the prominent role of oil and gas businesses in today’s proposed rule-making, Brooks may well take additional heat from the same characters.
The proposed rule-making is available under docket number OCC-2020-0042. The OCC invites commentary through Jan. 4.
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Author: Refer to Source Cointelegraph By Kollen Post
One of the crypto industry’s earliest supporters and the man who predicted Bitcoin would reach $1 million by the end of this year, was just arrested in Spain for tax evasion.
That man is John McAfee, who was hit with a number of charges from the US government. Among the accusations, is a very incorrect understanding of what the term “scalping” means, as written by a top dog regulator that should know the space inside and out.
John McAfee isn’t just a crypto pioneer, he’s an internet pioneer, who first founded one of the most well-known antivirus brands in the world. The man knows technology inside and out, so when he began sharing his thoughts and becoming active in the emerging tech industry of cryptocurrencies and blockchain, people listened.
McAfee has been on the run from the IRS for failing to file taxes for several years, despite making ample earnings from his cryptocurrency project promotions. Back at the peak of the cryptocurrency bubble, rumors claimed that McAfee was paid millions for pushing ICOs via social media.
Related Reading | Bitcoin’s Black Swan: What Happens If The CFTC Targets Tether Next?
Also at the peak exuberance, McAfee famously predicted that Bitcoin would reach a price of $1,000,000 per BTC by the end of 2020, or else he would eat his own penis on for the world to see. Since then, however, Bitcoin price has remained under $20,000, let alone one million, and McAfee has been on the run from the IRS – who eventually caught up with him in Spain.
The SEC has also set its sights on McAfee for his involvement in promoting these early crypto projects, but have made a big blunder in their accusations.
BTCUSD Monthly Versus John McAfee "Dickline Target" | Source: TradingView
The United States Securities and Exchange Commission is the regulatory body setting the rules at which all assets deemed securities, the companies that offer them and exchange them, must abide by.
The SEC warns investors of scams and works to keep markets free of fraud, manipulation, and bad actors. The SEC says that McAfee had misled investors by promoting early crypto projects.
The regulatory entity also incorrectly claims that McAfee had been “scalping” which involves buying a cryptocurrency, promoting it heavily with an intent to sell it, and failing to disclose that plan to sell.
Related Reading | Held Accountable: Russia Wants Bitcoin Investors Jailed For Non-Compliance
What the SEC is referencing, sounds a lot more like a pump and dump scheme. “Scalping” in trading, is typically a strategy for fast profits where traders jump in, then jump out avoiding volatility by just a hair.
Given that the SEC is responsible for educating consumers, the regulatory body should revisit its internal glossary and use of certain terms to get with the times.
Featured image from DepositPhotos, Chart from TradingView
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Author: Refer to Source Tony Spilotro
Authorities in Russia appear to be going after Binance — the world’s largest cryptocurrency exchange — as its domain is now in the list of prohibited websites in the country. On Sept. 24, Binance officially announced on its Russian Telegram channel that Russian telecom regulator Roskomnadzor has added the website to the register of platforms disseminating prohibited information.
According to the announcement, Binance has been placed in the list due to distribution of data related to the acquisition of digital currencies like Bitcoin (BTC). Gleb Kostarev, Binance’s head of operations for Russia and the CIS, told Cointelegraph that the exchange announced the news immediately after the exchange received a notification from Roskomnadzor.
Despite the domain being placed on the list of prohibited websites, Russians can still access it without any additional tools like a VPN. As of press time, the URL can be found on the official register of blacklisted sites of Roskomnadzor. According to the data, the website was listed on June 2, 2020, while the access to the website “is not limited.”
In the public announcement, Binance executives emphasized that they haven’t received any information about the restriction prior to Sept. 24, stating:
“We were not previously notified of any claims by law enforcement agencies, civil government services or courts prior to receiving the above notification. We have now engaged our legal counsels for further advice and would like to assure all of our Russian users that there will be no disruption to their services in the interim and that their funds are safe.”
As Binance’s website was purportedly blacklisted by Roskomnadzor in June 2020, the action appears to be unrelated to Binance’s plans to launch its crypto debit card in Russia since the plans for it were announced slightly later, in September 2020.
In late August, Roskomnadzor also blocked BestChange.ru, a major cryptocurrency website in Russia that provides an aggregator service of about 400 local crypto exchange websites.
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Author: Refer to Source Cointelegraph By Helen Partz
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