Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting the Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Coinbase and Cboe have partnered up for surveillance-sharing agreements on five Bitcoin (BTC) ETFs. FTX was back in the headlines with reports that one of its former executives is under investigation for campaign finance violations. A United States blockchain group is urging regulators to investigate a “sweetheart deal” between the Securities and Exchange Commission (SEC) and crypto firm Prometheum.
US crypto advocacy group asks SEC to investigate Prometheum
The Blockchain Association, a D.C.-based advocacy group, has called on regulators to investigate Prometheum after the crypto company was controversially approved for a special purpose broker-dealer (SPBD) license.
In a July 12 letter, the Blockchain Association urged the SEC’s Inspector General to look into the Financial Industry Regulatory Authority’s SPBD approval of Prometheum. The letter also flagged concerns about how the company’s co-CEO Aaron Kaplan secured a seat in congressional testimony in June. The association described the developments as”concerning,” given the uncertainty around crypto securities regulation in the country.
1/ Today, @blockchainassn submitted a letter to the SEC Office of Inspector General requesting the OIG open an investigation into potential impropriety surrounding the approval of Prometheum as a first-of-its-kind Special Purpose Broker-Dealer.@KMSmithDC stated: pic.twitter.com/dVtTs0yMEg
— Blockchain Association (@BlockchainAssn) July 12, 2023
“We are concerned that the Commission granted Prometheum a ‘sweetheart’ deal in exchange for support of the Commission’s policy goals, or that Prometheum is leveraging personal connections with the Commission to gain an unfair advantage in the market,” the association said, adding:
“Most significantly, we are concerned that [SEC] Chair [Gary] Gensler is using Prometheum and the SPBD licensure process as a means to thwart congressional efforts toward legislation by continuing to spread the false narrative that the law is already clear with regard to digital asset securities.”
Cathie Wood’s ARK sells 135K Coinbase shares as price hits $90
Pro-Bitcoin BTC$30,744 Investment veteran Cathie Wood is taking some profits from ARK Invest’s large Coinbase holdings by selling a small portion of its stash.
On July 11, Wood’s investment firm ARK offloaded 135,152 Coinbase shares ($12 million) from one of its major exchange-traded funds (ETF), the ARK Innovation ETF. According to the trade notification seen by Cointelegraph, the amount sold made up 0.14% of the fund’s total holdings.
The sale comes as the Coinbase stock price has sharply increased. On July 11, the price briefly surpassed $90, surging from around $82 to as high as $90.9, according to data from TradingView. Following Wood’s sale, the stock closed at $89 on Tuesday.
According to TradingView data, Coinbase stock is up more than 60% over the past month, while the year-to-date increase is more than 140%.
Cboe and Coinbase ink surveillance agreements for 5 Bitcoin ETFs
Exchange operator Cboe amended five spot Bitcoin (BTC) ETF applications to include a surveillance-sharing agreement (SSA) with Coinbase.
Cboe said it had “reached an agreement on terms with Coinbase” to enter into the SSA’s. The initial ETF stated the parties were “expecting to enter” into the agreements.
The ETF bids from Invesco, VanEck, WisdomTree, Fidelity and the joint fund by ARK Invest and 21Shares were all amended to include the SSA’s and are before the Securities and Exchange Commission (SEC).
The agreements attempt to meet the SEC’s standards which are aimed at preventing fraudulent conduct and protecting investors.
Coinbase shares rallied on the news, gaining around 10% on the day and reached thier highest price since Aug. 16 according to Google Finance.
Coinbase’s share price jumped nearly 10% on June 11 in response to Cboe’s SSA-related filings. Source: Google Finance
The five applications follow a refiled application by Nasdaq on June 29 to list a potential spot Bitcoin ETF from BlackRock which also added an SSA with Coinbase.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
