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Most organizations the regulator mentions have little or no online presence and, with one exception, aren’t working with any major crypto platforms.

Transforming a ‘smoldering heap of wreckage’ can cost good money, Katherine Stadler said.

Bitcoin was trading near $29,000 Wednesday morning, riding the wave of flurry of new Bitcoin ETF applications.

The price of the largest cryptocurrency is now changing hands at $28,870, up from lows of $26,700 seen in the previous 24 hours, according to CoinGecko. It’s currently up 11% over the last week.

Other high market cap cryptocurrencies are also in the green, with ether up 4.7% and cardano — which had a recent software upgrade — up 7.6% over the last 24 hours. The market-wide price surge has pushed the global crypto market capitalization to $1.178 trillion.

A wave of Bitcoin ETF applications

The price momentum comes after investment giant BlockRock submitted its first ever filing for a bitcoin ETF on June 15. More recently, asset management firm WisdomTree and Invesco both filed new applications for Bitcoin ETFs, having previously done so in 2021.

The new ETF filings closely follows headlines tied to the Securities and Exchange Commission’s lawsuits against Coinbase and Binance, which were sued by the agency for allegedly operating as unregistered securities exchanges. The suits categorized a number of crypto assets as securities, with bitcoin as seemingly one of the only exceptions. The jury appears to still be out for ether.

Bitcoin’s price swung slightly yesterday due to confusion over a movement of Silk Road-tied bitcoin seized by the US government. The wallet from which the funds moved is not named in filings pertaining to the seizure of the Silk Road funds, but it is closely tied to one wallet that was named by the US government. Debate is still ongoing as to whether the funds were moved by the government.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

A plan to legislate for the central bank digital currency may still be on track for publication, but there is still significant political skepticism about the purpose.

Crypto market capitalization rose 5% likely as sentiment rose on the back of two institutional bitcoin plays in the past week.

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The race to launch a spot bitcoin exchange-traded fund (ETF) in the United States is heating up, with two issuers submitting new filings to the Securities and Exchange Commission for products tied to the cryptocurrency. 

Asset management firm WisdomTree submitted a filing for the Wisdom Tree Bitcoin Trust late on Tuesday for a fund that would trade on Cboe. $1.4 trillion asset manager Invesco also submitted an application for its own spot bitcoin ETF, dubbed the Invesco Galaxy Bitcoin ETF. Both firms have attempted to launch a bitcoin ETF in the past — previously having their efforts squashed by the SEC. 

Ivesco first filed for a spot bitcoin ETF with Mike Novogratz’s Galaxy Digital in 2021. Wisdom Tree also submitted a previous filing in 2021. 

Quickly following BlackRock

The two firms now join BlackRock, which surprised the market with its filing for a spot bitcoin ETF on June 15. 

Thus far, the SEC has only approved bitcoin ETFs that are tied to U.S.-traded futures and has cited the lack of proper cross-exchange market surveillance as one reason why it won’t approve a bitcoin spot ETF. 

In its filing, Ivesco said that the U.S. is an exception among major markets in not having a vehicle for spot exposure, noting “investors in many other countries, including Canada and Brazil, are able to use more traditional exchange list and traded products … to gain exposure to bitcoin.”

To mollify concerns of market manipulation, Cboe has entered into a “surveillance-sharing” relationship with a spot bitcoin platform. BlackRock has a similar arrangement with Nasdaq for its ETF, as CoinDesk first reported. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The Panama-based exchange will launch the June 2024 bitcoin futures and options contracts on Thursday at 08:00 UTC

Invesco first filed for a Bitcoin ETF in the fall of 2021, but has since re-applied in light of BlackRock’s application.