As a seasoned crypto investor with over a decade of experience navigating the volatile and dynamic landscape of digital currencies, I find myself both intrigued and cautiously optimistic about these recent developments. The U.S. SEC’s apology and subsequent action against Binance seems to be a step in the right direction towards clarifying regulatory frameworks for the industry. However, the steep increase in fines imposed on crypto companies by the SEC in the past year is concerning, suggesting that the regulatory environment may still be hostile at times.
The U.S. Securities and Exchange Commission (SEC) expresses regret over labeling crypto assets as securities in the Binance case; Bitcoin Exchange-Traded Funds (ETFs) recoup lost funds; Harris gains ground on Trump; MicroStrategy increases its crypto holdings; Grayscale introduces a XRP Trust.
- Interestingly, this development occurred just a day after the securities regulator reached an agreement with eToro, requiring the trading platform to restrict its crypto offerings to Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH), while also imposing a $1.5 million fine.
- A report from last week revealed that SEC fines imposed on crypto companies skyrocketed by 3,018% in the past year. Notably, in 2024 alone, the agency has collected $4.68 billion in fines from crypto firms, accounting for 68% of the total fines since its establishment.
- The investment products saw intraday outflows of $43.9 million on Sept. 11, but rebounded the next day. Overall, spot Bitcoin ETFs witnessed four green days last week, with total cumulative net inflows sitting at $403.9 million.
- Shortly after the debate, Harris’ election odds were tied with Trump’s, but have since shifted. At last check on Sunday, crypto bettors have Harris’ odds at 51% to Trump’s 49%.
- About 70% of the so-called World Liberty Financial token will be available only to “insiders,” including Trump.
- That “raises alarms,” Adam O’Neill, Chief Marketing Officer at Bitrue, says. “It feels more like an attempt to cash in on hype rather than a serious venture into the crypto world.”
- This purchase brought MicroStrategy’s Bitcoin holdings to 244,800 tokens procured with about $9.45 billion. With the assets now worth $14.725 billion, MicroStrategy currently boasts a profit of $5.27 billion on its Bitcoin bet.
- The launch of the trust was the first of four phases an investment product would go through before being a full-fledged ETF.
- Notably, Grayscale took the same steps for its Bitcoin and Ethereum ETFs.
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2024-09-15 13:39