BITCOIN: ETF Ruling

Posted on August 30, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

***


***

Bitcoin gets a boost from landmark ETF ruling

An appeals court said the SEC was wrong to reject an application from crypto investment firm Grayscale to create a spot bitcoin exchange-traded fund (ETF), sending the price of bitcoin up about 6.5%.

The slumbering crypto industry has been eagerly anticipating a spot bitcoin ETF (as opposed to existing crypto ETFs based on futures) because it could attract a torrent of cash and interest from individual investors. The SEC said it was reviewing the decision.

COMMENTS APPRECIATED

Thank You
***

***

Filed under: "Ask-an-Advisor", Breaking News, iMBA, Inc., Information Technology, Investing | Tagged: , , , , | Leave a comment »

UPDATE: The Markets, Ruja Ignatova, and the Grayscale ETF Bitcoin SEC Challenge

Posted on July 1, 2022 by Dr. David Edward Marcinko MBA MEd CMP™

***

By Staff Reporters

***

***

Markets: The S&P’s drop of more than 21% was its biggest H1 plunge since 1970. Its second quarter was the worst since Q1 of 2020. And while the S&P is floundering in the bear market, the NASDAQ, which is loaded with tech stocks, has taken an even bigger licking: It’s plunged more than 30% since its peak last November. For example:

Netflix: down 71% YTD (the worst performer in the S&P)

Coinbase: down 81%

Even megacaps like Meta (-52%), Amazon (-38%), and Apple (-25%) haven’t been spared.

Ruja Ignatova promised her cryptocurrency, OneCoin, would become the next Bitcoin. The only problem: It didn’t exist. The FBI today added the Bulgarian-born Ignatova—accused of defrauding investors out of approximately $4.1 billion in a fake cryptocurrency scheme—to its most-wanted list. The 41-year-old has been on outstanding since October 2017, just days after a warrant was issued for her arrest in the U.S. In a press release, the FBI called OneCoin a “massive fraud scheme” and offered up to $100,000 for information leading to Ignatova’s arrest.

The U.S. Securities and Exchange Commission rejected a proposal from Grayscale to list a spot Bitcoin ETF on the NYSE Arca exchange, setting up a potential legal battle with the country’s biggest digital asset manager. The SEC said Grayscale’s request for an ETF listing, which it proposed as a conversion of its popular Grayscale Bitcoin Trust GBTC, didn’t meet the regulator’s standard of being “designed to prevent fraudulent and manipulative acts and practices” and “to protect investors and the public interest.” Grayscale said it would challenge the SEC’s decision in court, arguing that its approval of ETF’s that hold Bitcoin futures should “logically (make it) comfortable with ETFs that hold that same asset.”

***

***

COMMENTS APPRECIATED

Thank You

***

Filed under: Ethics, Investing | Tagged: , , , , , , , , , | Leave a comment »