The countdown is on for the United States Securities and Exchange Commission (SEC) to decide on approving the first spot Bitcoin exchange-traded fund (ETF) in the United States. After several delays, the regulator’s deadline is approaching, with market participants expecting a decision as early as January 2024.
In another sign that the green light may be on the way, companies awaiting approval have been meeting regularly with SEC officials over the past weeks, discussing their proposals and making adjustments as requested.
If approved, the largest cryptocurrency will be traded on the spot market of Wall Street’s major exchanges, opening up Bitcoin (B T c) to a wider audience of investors, this time as a product backed by the world’s most prominent investment firms. If denied, the investment manager will likely appeal the decision, increasing the waiting period for investors and Bitcoiners in the United States.
there is anticipation Open interest in Bitcoin futures reaches $5.2 billion The global derivatives giant is just $200 million shy of its all-time high reached in late October 2021 during a bull market on December 6 on the Chicago Mercantile Exchange (CME). With BTC open interest surging, markets are bracing for another turning point and more volatility in prices in 2024.
In this week’s Crypto Biz, we look at BlackRock’s raising seed capital for its Spot Bitcoin ETF, Hashkey’s expansion of its market maker approach, and Societe Generale’s bond issuance on Ethereum.
Hashkey exchange to bring on board market makers to boost liquidity
Hong Kong’s Hashkey exchange will soon allow individual and enterprise market makers Providing liquidity on the exchange, According to an announcement, Hashkey will enable individuals and institutions to apply to become market makers if they trade at least $5 million of cryptocurrency per month on the exchange. Depending on monthly ranking or trading volume, users and firms will receive between 0.005% and 0.015% of the transaction value as commission. All market makers are exempt from paying commission fees on trades. The exchange is expanding its service offerings. In November, Hashkey launched insurance coverage for users and enterprise assets stored in its digital wallet.
Market makers will join soon @hashkeyexchange, Aiming at high liquidity, the exchange opens doors to individual and enterprise participants. https://t.co/2RfbGwUujy
– Cointelegraph (@Cointelegraph) 5 December 2023
BlackRock receives $100,000 seed fund for Bitcoin ETF – SEC filing
black Rock Received $100,000 in seed funding from an undisclosed investor for a spot Bitcoin ETF due in October 2023, according to its latest US SEC filing. The investor agreed to purchase 4,000 shares at $25.00 per share for $100,000 on October 27, 2023, with the investor “acting as a statutory underwriter in connection with the seed creation basket.” According to BlackRock’s latest filing, it plans to borrow bitcoin or cash in the form of trade credit from the trade credit lender on a short-term basis to pay sponsor fees. BlackRock can “recoup its fees” through loans rather than selling BTC (the ETF asset). This way, they “don’t affect the price of BTC that much.”
Societe Generale issues its first green bond on Ethereum
France’s third largest bank, Societe Generale, issued its first digital green bond As a security token on the Ethereum public blockchain. The bond, registered by Forge, a subsidiary of Societe Generale, went public on November 30 with a value of 10 million euros (about $11 million) and a maturity of three years. Its “Green” status means that its net income will be used to finance or refinance products and companies classified under the category of eligible green activities. The bond’s digital infrastructure provides 24/7 open access to data on its carbon footprint through the bond’s smart contract. Another innovation of the bond is a technical option for investors to settle on-chain securities through EUR Coinconvertible, a euro-pegged stablecoin issued by Forge in April 2023.
Societe Generale issued its first digital green bond as a security token registered directly by Societe Generale-Forge. #Ethereum Public Blockchain.
– Société Générale Group (@Société Générale) 4 December 2023
US crypto firms to spend more on lobbying in 2023 than before FTX collapse: report
Companies reportedly involved in the crypto and blockchain industry in the US Spent nearly $3 million more on lobbying in the first three quarters of 2023 compared to the same period in 2022. According to data from government transparency group Open Secrets, crypto firms spent nearly $19 million on lobbying from January to September 2023, which is about 19% more than the same period. In 2022. Coinbase reportedly led the way in lobbying spending at more than $2 million, followed by Crypto.com, the Blockchain Association, and Binance. Before its collapse in November 2022, FTX was one of the biggest spenders in the crypto sector on donations to US lawmakers’ campaigns and marketing efforts.
Crypto Biz is your weekly pulse on blockchain and the business behind crypto, delivered straight to your inbox every Thursday.
magazine: Lawmakers’ fear and doubt drive proposed crypto regulations in the US
