• BlackRock has filed for a spot Bitcoin ETF, with Coinbase serving as custodian for BTC holdings.
• Binance.US reportedly cut 50 staff following SEC charges and Do Kwon’s detention was extended six months by Montenegrin court.
• Prometheum, a SEC-registered broker-dealer, set Twitter ablaze with speculation about its ties to the Chinese Communist Party after Aaron Kaplan testified before the U.S. Financial Services House Committee on June 13.
BlackRock Files for Bitcoin ETF
BlackRock has filed for a spot Bitcoin Exchange Traded Fund (ETF), making it the latest firm to enter into this space and further signaling mainstream acceptance of cryptocurrency assets. Coinbase will serve as custodian for the fund’s BTC holdings.
SEC Charges Against Binance US
Binance US reportedly cut 50 staff following SEC charges against it regarding its violation of securities laws related to trading activities involving digital assets such as XRP and other tokens not registered with the commission or exempt from registration requirements. Meanwhile, Do Kwon’s detention in Montenegro was extended six months by a court there due to his alleged involvement in fraudulent activities related to cryptocurrencies and his alleged connections with North Korea.
Prometheum Sets Twitter Ablaze
Prometheum, a SEC-registered broker-dealer, set Twitter ablaze with speculation when Aaron Kaplan testified before the U.S. Financial Services House Committee on June 13th taking a pro-SEC stance and deeming existing rules sufficient in regards to crypto regulation that contradicted those of many industry leaders who had called for clearer regulations in this space previously.. The firm also faced rumors about its supposed ties to the Chinese Communist Party which they have denied vehemently .
Coinbase Custodial Role
Coinbase’s role as custodian of Blackrock’s Bitcoin ETF will solidify their role within institutional finance and could pave the way for more products geared towards institutional investors looking to gain exposure into cryptocurrency markets without having direct custody or management of crypto assets themselves . This could be seen as another major step forward for crypto adoption among traditional financial institutions and professionals alike .
Closing Thoughts
This week saw further deregulation efforts from both private actors like Blackrock filing an ETF application and public bodies like The US House Committee hearing testimony from industry leading executives like Aaron Kaplan from Prometheum , all while rumors around Prometheum’s connection with China proliferated online . These events highlight an overall trend toward greater acceptance of cryptocurrencies within traditional financial markets , while raising questions regarding proper oversight measures necessary going forward .
