RoboFi News Insights: Top Crypto News of the Week
This week’s news roundup is presented below:
Coinbase surges after Cboe names crypto exchange in bitcoin ETF application
Coinbase (COIN.O), the leading cryptocurrency platform in the United States, experienced a 13% surge in its shares on Monday following an announcement by exchange operator Cboe (CBOE.Z) about its collaboration with the crypto company. Cboe revealed its intention to launch a spot bitcoin exchange-traded fund and stated that Coinbase would assist in preventing market manipulation within the ETF. In pursuit of this goal, Cboe recently resubmitted an application to the U.S. Securities and Exchange Commission (SEC) for a bitcoin exchange-traded fund, with Fidelity as the asset manager mentioned in the filing.
Nasdaq refiles BlackRock’s bitcoin ETF application with SEC
On Monday, it was revealed through a publicly available filing that Nasdaq (NDAQ.O) had resubmitted an application to the U.S. Securities and Exchange Commission (SEC) in order to list an exchange-traded fund offered by BlackRock Inc (BLK.N). The ETF aims to mirror the price movements of bitcoin. The updated filing, submitted on Thursday, disclosed that Coinbase Global Inc (COIN.O) would be responsible for market surveillance to ensure the integrity of the proposed ETF. It is worth noting that BlackRock Inc is the largest asset manager globally.
SEC takes aim at crypto platforms as unregistered exchanges
In recent times, the United States Securities and Exchange Commission (SEC) has intensified its enforcement actions within the cryptocurrency platform sector, specifically targeting unregistered national securities exchanges. This heightened regulatory activity has raised concerns among critics who argue that the SEC’s approach poses a significant threat to the cryptocurrency industry in the United States. If the SEC succeeds in its actions, it could potentially impede the buying and selling of cryptocurrencies in the country, even without having established formal regulations. This has led to apprehensions regarding the future of the industry and its operations within the U.S. market. Read More.
Binance market share takes regulatory hit, its US affiliate shrinks
Binance, recognized as the largest cryptocurrency exchange globally, and its U.S. affiliate have experienced a decline in market share throughout this year due to increased regulatory actions imposed upon them. In the previous month, Binance faced a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), accusing the exchange of violating regulatory rules. As a consequence, Binance’s global market share dropped from 60% at the beginning of the year to 52%, as reported by data firm Kaiko. The regulatory scrutiny and legal challenges have impacted Binance’s position in the market, leading to a reduction in its market dominance.
Deadline set by crypto’s Winklevoss looms for Genesis repayment deal
Digital Currency Group (DCG) is facing a looming deadline to reach a deal for restructuring its bankrupt crypto lending subsidiary, Genesis. Gemini, the prominent crypto company founded by the Winklevoss twins, has set Thursday afternoon as the final deadline for an agreement. If no resolution is reached by then, Gemini intends to pursue litigation. Genesis’ lending unit filed for bankruptcy in January following the collapse of crucial counterparties, including FTX. This event led to the suspension of customer redemptions in November. Genesis is a subsidiary of Digital Currency Group, a venture capital firm operating in the cryptocurrency space. The outcome of the negotiations and potential litigation will determine the future course of action for Genesis and its affiliation with DCG. Read More
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