{"id":538859,"date":"2023-06-21T02:30:12","date_gmt":"2023-06-21T02:30:12","guid":{"rendered":"https:\/\/uniquehot.com\/?p=538859"},"modified":"2024-06-11T08:16:49","modified_gmt":"2024-06-11T08:16:49","slug":"sec-sues-binance-coinbase-blackrock-bitcoin-etf-inside-job","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/sec-sues-binance-coinbase-blackrock-bitcoin-etf-inside-job\/","title":{"rendered":"SEC Sues Binance, Coinbase Then BlackRock Files For Bitcoin Spot ETF; Is This An Inside Job?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">While the cryptocurrency community is excited about the BlackRock Bitcoin exchange-traded fund (ETF) filing and the planned involvement of other prominent players in traditional finance, such as Fidelity and Deutsche Bank, one observer is skeptical. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On Twitter, he\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/PrestonPysh\/status\/47874820\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">notes<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that these Wall Street giants only became involved after the United States Securities and Exchange Commission (SEC) took legal action against Binance, the world\u2019s largest cryptocurrency exchange, and Coinbase, a popular exchange in the United States and Western Europe.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Is This An Inside Job?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">He claimed that the SEC could have colluded with specific players to provide them additional time to catch up. This statement has sparked considerable speculation within the industry. However, there is no evidence to suggest that government regulators, such as the Commodity Futures Trading Commission (CFTC), who have filed a lawsuit against Binance, have purposely targeted top cryptocurrency platforms in the United States to enable Wall Street firms to dominate the market.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/litecoin\/litecoin-sees-55-increase-in-new-daily-addresses-as-bullish-sentiment-grows\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Litecoin Sees 55% Increase In New Daily Addresses As Bullish Sentiment Grows<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">On June 5, the SEC sued Binance, alleging that the exchange was engaged in several illegal activities, including operating an unregistered securities exchange, failing to register as a broker-dealer, and misleading investors about its operations. They also claimed that some of the assets listed by the crypto trading platforms were unregistered securities. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The SEC leveled 13 charges against Binance, Changpeng Zhao, the exchange\u2019s CEO, and Binance.US. However, Binance has said it will defend itself against the lawsuit.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While the lawsuit is pending in a federal court, the SEC dropped its request for a temporary restraining order (TRO) against Binance.US on June 17, 2023. It means Binance.US clients are free to access their funds while also showing that the SEC could, after all, be willing to work with cryptocurrency exchanges.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">BlackRock Bitcoin Spot ETF Filing Good For Grayscale?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Notably, the TRO was less than two days when BlackRock, the world&#8217;s largest asset manager, with over $9 trillion in assets under management, applied for a Bitcoin Spot ETF on June 19. Their decision to file effectively legitimizes Bitcoin as an investment asset. If approved by the SEC, it will provide an avenue for institutional investors to get exposure to Bitcoin.\u00a0<\/span><\/p>\n<figure style=\"width: 1226px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/A5KJlQWs\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/A5KJlQWs\/\" alt=\"Bitcoin price on June 20| Source: BTCUSDT On Binance, TradingView\" width=\"1226\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price on June 20| Source: <a href=\"https:\/\/www.tradingview.com\/x\/A5KJlQWs\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Following BlackRock\u2019s Bitcoin spot ETF application, Grayscale\u2019s Bitcoin Trust (GBTC) soared over 12%. At the same time, the discount, which is the difference between GBTC share price and net asset value (NAV) of Grayscale\u2019s Bitcoin holdings, has been decreasing. After the discount fell to 44% on June 14, this value now stands at 36.6%, trackers on June 20\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/ycharts.com\/companies\/GBTC\/discount_or_premium_to_nav\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">show<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/stacks\/stacks-stx-registers-11-gains-as-broader-market-suffers-volatility\/\" target=\"_blank\" rel=\"noopener \">Stacks (STX) Registers 11% Gains As Broader Market Suffers Volatility<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">It remains to be seen whether the SEC will approve the first Bitcoin spot ETF in the country, following Canada, which approved the Purpose Bitcoin ETF in February 2021. In the meantime, Bitcoin prices are reaping higher, soaring 13% in 5 days.<\/span><\/p>\n<p>In that sense, the Grayscale Bitcoin Trust discount could continue to decrease. This outcome might be the first positive development for the cryptocurrency and the nascent industry.<\/p>\n<div class=\"disclaimer-shortcode\">Feature Image From Canva, Chart From TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>While the cryptocurrency community is excited about the BlackRock Bitcoin exchange-traded fund (ETF) filing and the planned involvement of other prominent players in traditional finance, such as Fidelity and Deutsche Bank, one observer is skeptical. On Twitter, he\u00a0notes\u00a0that these Wall Street giants only became involved after the United States Securities and Exchange Commission (SEC) took legal action against Binance, the world\u2019s largest cryptocurrency exchange, and Coinbase, a popular exchange in the United States and Western Europe. Is This An Inside Job? He claimed that the SEC could have colluded with specific players to provide them additional time to catch up. This statement has sparked considerable speculation within the industry. However, there is no evidence to suggest that government regulators, such as the Commodity Futures Trading Commission (CFTC), who have filed a lawsuit against Binance, have purposely targeted top cryptocurrency platforms in the United States to enable Wall Street firms to dominate the market. Related Reading: Litecoin Sees 55% Increase In New Daily Addresses As Bullish Sentiment Grows On June 5, the SEC sued Binance, alleging that the exchange was engaged in several illegal activities, including operating an unregistered securities exchange, failing to register as a broker-dealer, and misleading investors about its operations. They also claimed that some of the assets listed by the crypto trading platforms were unregistered securities. The SEC leveled 13 charges against Binance, Changpeng Zhao, the exchange\u2019s CEO, and Binance.US. However, Binance has said it will defend itself against the lawsuit. While the lawsuit is pending in a federal court, the SEC dropped its request for a temporary restraining order (TRO) against Binance.US on June 17, 2023. It means Binance.US clients are free to access their funds while also showing that the SEC could, after all, be willing to work with cryptocurrency exchanges.\u00a0 BlackRock Bitcoin Spot ETF Filing Good For Grayscale? Notably, the TRO was less than two days when BlackRock, the world&#8217;s largest asset manager, with over $9 trillion in assets under management, applied for a Bitcoin Spot ETF on June 19. Their decision to file effectively legitimizes Bitcoin as an investment asset. If approved by the SEC, it will provide an avenue for institutional investors to get exposure to Bitcoin.\u00a0 Following BlackRock\u2019s Bitcoin spot ETF application, Grayscale\u2019s Bitcoin Trust (GBTC) soared over 12%. At the same time, the discount, which is the difference between GBTC share price and net asset value (NAV) of Grayscale\u2019s Bitcoin holdings, has been decreasing. After the discount fell to 44% on June 14, this value now stands at 36.6%, trackers on June 20\u00a0show. Related Reading: Stacks (STX) Registers 11% Gains As Broader Market Suffers Volatility It remains to be seen whether the SEC will approve the first Bitcoin spot ETF in the country, following Canada, which approved the Purpose Bitcoin ETF in February 2021. In the meantime, Bitcoin prices are reaping higher, soaring 13% in 5 days. In that sense, the Grayscale Bitcoin Trust discount could continue to decrease. This outcome might be the first positive development for the cryptocurrency and the nascent industry. Feature Image From Canva, Chart From TradingView<\/p>\n","protected":false},"author":384,"featured_media":538861,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,428,14618,532,679,1393,7523,3799],"class_list":["post-538859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bitcoin","tag-bitcoin-bulls","tag-bitcoin-etf","tag-bitcoin-price","tag-coinbase","tag-grayscale","tag-sec"],"acf":[],"yoast_head":"\n<title>SEC Sues Binance, Coinbase Then BlackRock Files For Bitcoin Spot ETF; Is This An Inside Job?<\/title>\n<meta name=\"description\" content=\"SEC suing Binance and Coinbase is a few days before BlackRock filed for a Bitcoin Spot ETF. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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