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johnd • Jun 4, 2024, 3:12 pm EDT

Australia Launches Its First Spot Bitcoin ETF

Australia is set to launch its first spot Bitcoin exchange-traded fund (ETF). Monochrome Asset Management is heading the project, offering the ETF as a regulated investment vehicle designed to provide investors direct exposure to Bitcoin. Bitcoin ETFs are a growing trend globally with other recent approvals in the EU and Hong Kong. Details of the New Bitcoin ETF The ETF, set to begin trading tomorrow, will be listed on Cboe, making it the first Australian exchange to host a Bitcoin ETF. Cboe is getting out ahead of the larger Australian Securities Exchange (ASX), which is also expected to approve its

2 minutes

carlp • Jun 3, 2024, 1:32 pm EDT

Biden Blocks Crypto Accounting Reform Despite Bipartisan Support

President Biden Vetoes Bill to Overturn SEC Crypto Accounting Standards In a significant move that underscores the ongoing regulatory tensions surrounding the cryptocurrency industry, U.S. President Joe Biden has vetoed H.J.Res. 109, a congressional resolution aimed at overturning the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121). This bulletin provides guidance on how banks should account for customers’ crypto assets, requiring these assets to be treated as liabilities. Details of the Veto President Biden justified his decision by emphasizing the need for appropriate consumer and investor “protections.” “Appropriate guardrails that protect consumers and investors are necessary to

3 minutes

carlp • May 24, 2024, 1:42 pm EDT

The Financial Innovation and Technology for the 21st Century Act

In a significant development for the cryptocurrency industry, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) on Wednesday. This landmark legislation aims to provide much-needed regulatory clarity for crypto businesses, a step the industry has long been advocating for. The bill passed with bipartisan support, 279-136, including 71 Democrats voting in favor. A Shift Towards Regulatory Certainty The FIT21 Act addresses a major concern for the cryptocurrency industry: the lack of clear regulatory guidelines. For years, crypto companies have struggled to navigate the murky waters of U.S. regulations, often facing the

3 minutes

arusso • May 24, 2024, 1:26 pm EDT

U.S. House Passes Bill to Ban Federal Reserve from Issuing CBDC

In a party line vote, the U.S. House of Representatives has passed a bill aimed at preventing the Federal Reserve from developing a central bank digital currency (CBDC). The legislation, known as the CBDC Anti-Surveillance State Act, was introduced by Majority Whip Tom Emmer (R-Minn.) and has sparked significant debate along party lines. Republicans, led by Emmer, argue that a U.S. CBDC could pave the way for government overreach and surveillance. Emmer has expressed fears that a digital dollar would allow the federal government to monitor Americans’ transactions closely, potentially stifling politically unpopular activities. The perspective aligns with that of

3 minutes

satoshin • May 14, 2024, 8:27 am EDT

The Bipartisan Effort to Safeguard Bitcoin Innovators from Biden Overreach

Bipartisan Senators Challenge DOJ’s New and Aggressive Interpretation of Bitcoin Regulations U.S. Senators Cynthia Lummis (R-WY) and Ron Wyden (D-OR) have expressed significant concerns to Attorney General Merrick Garland regarding the Justice Department’s reinterpretation of money transmission laws as they pertain to digital assets. A letter issued last week detailed critique of the DOJ’s recent policy shift, arguing that the new interpretation is not only a deviation from established definitions by the Financial Crimes Enforcement Network (FinCEN) but also a significant threat to the digital economy’s entrepreneurial spirit. Senator Lummis emphasized the necessity of protecting the ability for Americans to

2 minutes

arusso • May 9, 2024, 12:17 pm EDT

U.S. Politics Heat Up: Implications for Bitcoin and Crypto as 2024 Election Approaches

As the 2024 U.S. presidential election looms, the stakes are particularly high for the Bitcoin and cryptocurrency communities. The political arena is already witnessing significant developments that could shape the future of digital assets in the country. Biden Administration’s Stance on Crypto Legislation The Biden administration has continually expressed a hostile approach towards cryptocurrencies. President Joe Biden indicated he would veto any legislation allowing highly regulated financial firms to custody Bitcoin and other cryptocurrencies. This stance came into sharper focus following a resolution passed by the U.S. House of Representatives. The resolution aimed to reject the Securities and Exchange Commission

2 minutes

johnd • May 7, 2024, 1:16 pm EDT

SEC Issues Wells Notice to Robinhood Crypto, Signaling Potential Enforcement Action

Robinhood Crypto, a subsidiary of the popular trading platform Robinhood, received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) on May 4, according to a recent SEC filing. This notice indicates a preliminary decision by the SEC to pursue an enforcement action for alleged violations of federal securities laws. Robinhood Crypto now has an opportunity to respond to the allegations and possibly refute them before any formal action is taken. Nature of the Alleged Violations The SEC’s concerns stem from the assertion that certain digital currencies traded on the Robinhood platform may be classified as securities. This

2 minutes

arusso • May 1, 2024, 11:14 am EDT

Prominent Early Bitcoin Advocate Roger Ver Arrested on Charges of Alleged Tax Fraud

The SEC has recently lost a number of prominent cases in their crusade against the cryto industry and so it seems their friends at the IRS have stepped in to help continue the assault against innovators and freedom fighters globally. Roger Ver, an early Bitcoin investor often referred to as “Bitcoin Jesus,” has been arrested by the U.S. Department of Justice (DOJ) on charges including mail fraud, tax evasion, and filing false tax returns. The arrest occurred over the weekend in Spain, and the U.S. is currently seeking his extradition. Just months prior to the ten year IRS statue of

3 minutes

arusso • Apr 30, 2024, 11:04 am EDT

Hong Kong Launches Asia’s First Spot Bitcoin and Ether ETFs

In a strategic move that positions Hong Kong as a frontrunner in the global cryptocurrency market, the city-state launched six spot bitcoin and ether exchange-traded funds (ETFs) on Tuesday. This initiative marks Hong Kong as the first in Asia to offer retail investors the ability to trade these cryptocurrencies at spot prices. Strategic Launch Amidst Competitive Global Markets The introduction of these ETFs, managed by three of China’s largest asset managers—China Asset Management, Bosera Asset Management, and Harvest Global Investments—signifies a major shift for Hong Kong, which seeks to reclaim its status as a premier global financial center following years

3 minutes

arusso • Apr 25, 2024, 1:14 pm EDT

From Cash to Crypto: Australia’s Growing Bitcoin ATM Network

Australia now boasts over 1,000 active Bitcoin ATMs, ranking it third worldwide, following the U.S. and Canada in embracing the convenience of cryptocurrency transactions. A History of Crypto ATMs in Australia Australia’s market for cryptocurrency ATMs has been relatively dormant until a surge towards the end of 2022. The recent increase, driven largely by installations from private companies, including our own ByteFederal ATMs, indicates a significant shift. The growth is a testament to the burgeoning interest among Australians in cryptocurrencies as traditional fiat currencies begin to show limitations in today’s global economy. Bitcoin ATMs and a Decreasing Reliance on Cash

2 minutes