Blockchain
Bitwise Comments On The SEC’s Order Regarding The Bitwise Bitcoin ETF Trust
Bitwise Asset Management, the leading provider of cryptoasset index and beta funds, issued the following comment today regarding the Security and Exchange Commission’s “Order Disapproving a Proposed Rule Change, as Modified by Amendment No. 1, Relating to the Listing and Trading of Shares of the Bitwise Bitcoin ETF Trust Under NYSE Arca Rule 8.201-E.”
The comment is attributable to Matt Hougan, Global Head of Research, Bitwise Asset Management.
Earlier today, the SEC issued a 112-page order disapproving NYSE Arca’s proposed rule change to list and trade shares of the Bitwise Bitcoin ETF Trust.
We deeply appreciate the SEC’s careful review. The detailed feedback they have provided in the Order provides critical context and a clear pathway for ETF applicants to continue moving forward on efforts to list a bitcoin ETF.
We look forward to continuing to productively engage with the SEC to resolve their remaining concerns, and intend to re-file as soon as appropriate.
Historically, the approval of novel exchange-traded products that open up new asset classes has required multiple years of regulatory engagement. What matters is continued progress and the investment of time from regulators, and that’s what we see here.
As background: Since the initial filing of our S-1 for the Bitwise Bitcoin ETF Trust on January 9, 2019, we have engaged in a deep analysis of and response to the critical questions the SEC has raised regarding our application, NYSE Arca’s proposed rule change and the nature of the bitcoin market in general. This has included:
- Multiple in-person meetings with the Staff of the SEC, including with representatives from the divisions of Trading & Markets, Investment Management, Corporate Finance, Enforcement and the Offices of multiple SEC Commissioners.
- The submission by Bitwise of 561 pages of supporting research, including work on the separation of real and fake volume in the crypto markets, a detailed analysis of the Winklevoss Order, an examination of the rapid growth and importance of the CME bitcoin futures market, and more.
- The submission of nine detailed Comment Letters in support of our application from senior representatives from across the crypto and wealth management industries, including from the New York Stock Exchange, Omniex Holdings, the Blockchain Association, Collaborative Fund, Coinbase Custody, Cole-Frieman & Mallon, Donostia Ventures, Castle Island Ventures, Blockchain Capital and Tagomi Holdings.
In addition, the bitcoin market itself has evolved in important and positive ways in recent years. This important progress includes:
- The launch and growth of the regulated CME bitcoin futures market, which today regularly trades in excess of $200 million in daily volume;
- The development of a large number of regulated bitcoin custodians, many of which carry hundreds of millions of dollars of insurance through Lloyd’s of London and other leading insurance providers;
- Significant enhancements in the quality of trading in the spot bitcoin market, driven in part by the entry of large, institutional market makers like Jane Street, Susquehanna International Group and others into that market;
- The addition of market surveillance and reporting requirements for spot bitcoin exchanges under the New York Department of State’s BitLicense program, which covers six of the ten significant bitcoin exchanges in the world.
While we were not able to satisfy the SEC’s concerns inside the statutory 240-day review window afforded these filings, and while they have identified the need for additional data and context to interpret our key findings, we are pleased with the progress that the industry has made and believe that, with additional research and continued progress in the broader ecosystem, the remaining concerns and challenges raised in this order will ultimately be satisfied.
SOURCE Bitwise Asset Management
A recent warning from the FBI regarding a crypto money transmitter seems to be aimed at the Samourai Wallet. This development highlights the increasing scrutiny and regulatory challenges faced by privacy-focused cryptocurrency wallets and services.
The FBI warning raises concerns about the use of certain cryptocurrency wallets that prioritize user privacy and anonymity, potentially enabling illicit activities such as money laundering and terrorist financing. While the warning does not explicitly name any specific wallet or service, the language used suggests that the Samourai Wallet may be the target of the advisory.
Samourai Wallet is known for its focus on privacy and security features, including coin mixing and stealth addresses, which aim to enhance user privacy and protect against surveillance and tracking. However, these features have drawn the attention of law enforcement agencies and regulators, who are increasingly concerned about their potential misuse by criminals.
The FBI warning underscores the challenges faced by privacy-focused cryptocurrency wallets in navigating regulatory compliance and law enforcement scrutiny. While these wallets aim to empower users with greater control over their financial privacy, they must also address regulatory requirements and law enforcement concerns to avoid legal and reputational risks.
As the cryptocurrency industry continues to evolve, privacy-focused wallets like Samourai Wallet will need to strike a balance between privacy and compliance, ensuring that they can provide robust privacy features while also addressing regulatory concerns and maintaining transparency with authorities. This delicate balance is essential to foster trust and confidence among users and regulators alike, ultimately enabling the continued growth and adoption of privacy-enhancing technologies in the cryptocurrency space.
Source: cointelegraph.com
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Blockchain
Pantera Capital Plans to Raise $1 Billion for New Fund Offering Exposure to Crypto Assets
Pantera Capital is reportedly planning to raise $1 billion for a new fund that offers exposure to various crypto assets, as reported by Blockchain.News. This ambitious fundraising initiative underscores Pantera’s continued confidence in the potential of the cryptocurrency market and its commitment to providing investors with diversified investment opportunities in the digital asset space.
The new fund from Pantera Capital aims to capitalize on the growing demand for exposure to cryptocurrencies and blockchain-based assets among institutional and retail investors. By offering a comprehensive portfolio of crypto assets, the fund seeks to provide investors with access to a wide range of investment opportunities, spanning cryptocurrencies, tokens, and other digital assets.
Pantera’s decision to raise $1 billion for the new fund reflects its optimistic outlook on the long-term growth prospects of the cryptocurrency market. With increasing mainstream adoption and institutional interest in cryptocurrencies, Pantera sees significant potential for value creation and capital appreciation in the digital asset space.
As one of the leading blockchain-focused investment firms, Pantera Capital is well-positioned to attract capital from investors seeking exposure to the cryptocurrency market. The firm’s track record of successful investments and its experienced team of investment professionals are likely to bolster investor confidence and support for the new fund.
Pantera Capital’s plans to raise $1 billion for its new fund underscore its commitment to driving innovation and growth in the cryptocurrency market. As the fund attracts capital and deploys it into promising investment opportunities, it is poised to play a key role in shaping the future of the digital asset ecosystem.
Source: blockchain.news
The post Pantera Capital Plans to Raise $1 Billion for New Fund Offering Exposure to Crypto Assets appeared first on HIPTHER Alerts.
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