Bitcoin
Grayscale urges SEC to approve all Bitcoin ETFs simultaneously
Published
12 months agoon
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Crypto fund manager Grayscale is urging the Securities and Exchange Commission (SEC) to approve all proposed spot Bitcoin (BTC) exchange-traded funds (ETFs) at the same time to avoid one having an advantage.
A July 27 post by Grayscale chief legal officer Craig Salm said its legal team submitted a letter regarding eight spot Bitcoin ETF filings — including its own — arguing the SEC shouldn’t pick “winners and losers” and instead make a fair and orderly decision.
The letter claimed the SEC could approve the spot ETFs based on its approvals for Bitcoin futures ETFs saying the two fund types are “inextricably linked.”
Grayscale added recent surveillance sharing agreements (SSAs) between Coinbase and the spot ETF providers are “not a new idea” and claimed they would not meet the SEC’s standards.
The SEC should approve spot #bitcoin ETFs to trade in the US.
What’s more, their previous approval of bitcoin futures ETFs shows that they are already in a position to do so.
Read more about the latest from our legal team: https://t.co/UC8ksqNcwy $GBTC $BTC— Grayscale (@Grayscale) July 27, 2023
ETF filings from Invesco, BlackRock, Valkyrie, VanEck, Wisdom, Fidelity and ARK Invest were recently updated to include SSAs with Coinbase.
Coinbase would share information on its trading books and other information so the SEC can monitor any possible market manipulation or irregular trading activity.
In late June SEC pushed back on the ETFs due to there being no SSAs, saying they were needed due to what it claimed was the potential for crypto markets to be manipulated.
Grayscale claimed, however, that the SSA’s “would neither satisfy nor be necessary” under the SEC’s standards as Coinbase isn’t registered with the SEC as a securities exchange or broker-dealer nor with the Commodity Futures Trading Commission (CFTC) as a futures exchange.
It added approving the ETFs would be “a positive but sudden and significant change” in the SEC’s application of its standard and would “improperly grant an unfairly discriminatory and prejudicial first-mover advantage to these proposals.”
The Grayscale Bitcoin Trust (GBTC), which aims to track Bitcoin’s price, has nearly 1 million investors, Salm claimed.
Related: Grayscale CEO: BlackRock ETF filing a ‘moment of validation’ for Bitcoin
He said if it’s converted to an ETF it would return billions in value to investors, adding there’s “simply no reason” the SEC should keep GBTC investors from a spot Bitcoin ETF.
The SEC denied Grayscale’s application to convert the GBTC to a spot Bitcoin ETF last June.
In response, Grayscale sued the regulator saying it was acting arbitrarily by “failing to apply consistent treatment to similar investment vehicles.
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Republican National Committee Endorses Pro-Bitcoin Platform in Party Draft
Published
2 hours agoon
July 8, 2024By
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Today, a Republican National Committee panel approved a draft of its 2024 party platform, that strongly supports Bitcoin.
On page nine, the draft explicitly states, “We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their digital assets, and transact free from Government Surveillance and Control.”
JUST IN: 🇺🇸 Republican National Committee panel passes draft of party platform, pledging to "defend the right to mine #Bitcoin" and protect self custody. pic.twitter.com/CnH8nMOuUO
— Bitcoin Magazine (@BitcoinMagazine) July 8, 2024
Additionally, it promises to end what it calls the Democrats’ “unlawful and unAmerican Crypto crackdown” and opposes the creation of a Central Bank Digital Currency (CBDC). According to The Hill, the platform committee overwhelmingly approved the new draft and it will face a final vote on Tuesday.
This decision further marks a clear stance by the Republican party in favor of Bitcoin and cryptocurrency innovation, positioning itself against the current unwelcoming stance by the Biden Administration and Democrats.
The draft reflects the growing interest and advocacy for protecting and supporting Bitcoin within the party, aligning with broader trends of Bitcoin adoption and support among various Republican politicians. In May, Donald Trump said he “will ensure that the future of crypto and Bitcoin will be made in the USA.”
The full approved draft can be read here:
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Bitcoin
Bitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months, What Happens Next?
Published
4 hours agoon
July 8, 2024By
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Recent data shows that the Bitcoin mining difficulty is on the decline and has hit its lowest since May. This is significant considering what this could mean for the Bitcoin ecosystem, specifically Bitcoin’s price.
Bitcoin Mining Difficulty Drops To 79.5 T
Data from CoinWarz shows that Bitcoin mining difficulty has dropped to 79.5 T at block 851,204 and hasn’t changed in the last 24 hours. This mining difficulty has continued to fall for a while, with further data from CoinWarz showing that it is down 5% in the last seven and 30 days.
Bitcoin mining difficulty refers to how hard it is for miners to mine a new block on the Bitcoin network. The difficulty usually reduces when there is less computational power on the power and increases when miners are mining faster than the block average time of ten minutes. The recent drop in mining difficulty suggests that more miners are leaving the Bitcoin network.
This is most likely due to the effects of the Bitcoin halving, which cut miners’ rewards in half. This has reduced the revenue from their mining operations, with many miners struggling to stay afloat, especially with increased competition. Bitcoin’s price action since the halving has also not helped, as the drop in the flagship crypto’s price has also affected their income.
Bitcoin miner f2pool recently highlighted the profitability of various categories of miners at Bitcoin’s current price. The mining firm noted that only ASICs with a Unit Power of 26 W/T or less can make a profit at Bitcoin’s current price range.
Crypto analyst James Van Straten also recently highlighted how “weak and inefficient miners” continue to be purged from the Bitcoin network. He claimed that the recent drop in mining difficulty shows that miner capitulation is closer to ending. Due to the low profitability that miners have faced since the halving, some have had to offload a significant amount of their Bitcoin reserves to meet operational costs, and others have had to exit the Bitcoin ecosystem entirely.
What This Means For Bitcoin’s Price
The decline in mining difficulty suggests that miner capitulation might be ending soon, which is a positive for Bitcoin’s price considering the selling pressure these miners have put on it. Bitcoinist reported that Bitcoin miners sold over 30,000 BTC ($2 billion) last month, which ultimately caused the flagship crypto to experience significant price crashes.
Crypto expert Willy Woo also attributed Bitcoin’s tepid price action to these miners and mentioned that the flagship crypto will only recover when the “weak miners die and hash rate recovers.” He stated that Bitcoin would have to shed weak hands for this to happen, with inefficient miners going into bankruptcy while other mines are forced to buy more efficient hardware.
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