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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInBitcoin Price Plunge Is Cautionary Tale for Public Pension Funds – Bloomberg
The plunge in prices for Bitcoin and other cryptocurrencies in recent weeks provides a cautionary tale for the handful of public pension funds that have dipped their toes in the crypto pool over the past few years. Most have done it indirectly through stocks or investment funds that serve as proxies for the larger crypto […]
Gary Gensler’s Bitcoin Regulation Grab – WSJ
The SEC has told spot ETP sponsors they must demonstrate that a significant amount of bitcoin trading occurs on a regulated market or that the underlying market “inherently possesses a unique resistance to manipulation beyond the protections that are utilized by traditional commodity or securities markets” (our emphasis). Mr. Gensler knows the first criterion can’t […]
El Salvador’s Bitcoin Bet Isn’t Paying Off – The New York Times
But nearly a year after the country’s president, Nayib Bukele, shocked the financial world by making its most popular digital coin a national currency, his bet appears to be backfiring, highlighting the gap between the utopian promises of cryptocurrency’s proponents and economic realities. The government’s bitcoin holdings have lost about 60 percent of their presumed […]
SEC rejects Grayscale’s bid to convert GBTC to a Bitcoin ETF
The Securities and Exchange Commission (SEC) has denied Grayscale’s proposal to convert its flagship product into a spot-bitcoin exchange-traded fund (ETF). The securities regulator issued a rejection order for the conversion of Grayscale’s Bitcoin Trust (GBTC) today after repeated extensions on the application. The SEC has yet to allow a spot-bitcoin ETF to list, though […]
SEC’s Gensler Reiterates Bitcoin Alone Is a Commodity. Is He Right?
U.S. Securities and Exchange Commission Chair Gary Gensler has reiterated his claim that bitcoin (BTC) is a commodity. His interpretation is partially rooted in precedent and, one would hope, reality. “Some, like bitcoin, and that’s the only one, Jim, I’m going to say because I’m not going to talk about any one of these tokens […]
Don’t Believe the Obits for Bitcoin – WSJ
It may seem paradoxical to invest in a “predictable” money that loses 70% of its value, but early investors believe that in the long run the predictability of supply will be more important than demand-driven booms and busts. Bitcoin ownership is highly centralized in the hands of individuals who seldom move their coins. If you […]
Opinion | Wonking Out: Wasn’t Bitcoin Supposed to Be a Hedge Against Inflation? – The New York Times
So another crypto myth bites the dust. And it’s hard to avoid wondering what myths are left. Recently the legendary short-seller Jim Chanos gave Bloomberg a wide-ranging interview in which, speaking of cryptocurrency, he pointed out that “a lot of the concepts behind its adoption early on have proven to basically be, you know, not […]
First Short Bitcoin ETF to List on NYSE
Investment product provider ProShares is set to list the U.S.’s first exchange-traded fund (ETF) allowing investors to bet against the price of bitcoin. The ProShares Short Bitcoin Strategy (BITI), which is designed to deliver the inverse of bitcoin’s performance, will start trading on the New York Stock Exchange (NYSE) tomorrow, ProShares announced Monday. Source: First […]
Guggenheim CIO Scott Minerd Sees Bitcoin (BTC) Sinking to $8,000 – Bloomberg
Guggenheim Partners Chief Investment Officer Scott Minerd said he expects Bitcoin to fall to $8,000 and that cryptocurrency has become a market of “a bunch of yahoos.” “Bitcoin and any cryptocurrency at this point has not really established itself as a credible institutional investment,” Minerd said Wednesday during a Bloomberg Television interview from the World […]
Grayscale tells SEC that turning biggest bitcoin fund into ETF will unlock $8 billion for investors
Grayscale, the asset manager running the world’s largest bitcoin fund, met privately with the Securities and Exchange Commission last week in an effort to persuade the regulator to approve the conversion of its flagship fund into an ETF, CNBC has learned. Turning the Grayscale Bitcoin Trust into a NYSE-traded ETF would broaden access to bitcoin […]