Jamaica Becomes First Country to Make a CBDC Legal Tender
Jamaica: Central bank has officially recognized the "Jam-Dex" CBDC as legal tender, becoming the first country to do so.
beincrypto.com
Official BGOL Crypto Currency Thread ★★★★★
- Thread starter Matt Beesy
- Start date
beincrypto.com
July 6th.......
While I think the spot ETF will be denied there should be a pump
If it gets approved........................BOOOOOOOOOOOM
If not approved they will sue the SEC
“The SEC’s deadline to approve or deny the application to convert GBTC to an ETF is July 6.
No doubt, it should be approved. I don’t see how the SEC survives a legal challenge if not, especially one led by Don Verrilli" (Former Obama Administration Solicitor)
www.cnbc.com
Grayscale, the asset manager running the world’s largest bitcoin fund, met privately with the Securities and Exchange Commission last week in an effort to persuade the regulator to approve the conversion of its flagship fund into an ETF, CNBC has learned.
Turning the Grayscale Bitcoin Trust into a NYSE-traded ETF would broaden access to bitcoin and enhance protections while unlocking up to $8 billion in value for investors, according to a 24-page presentation obtained by CNBC.
That’s because the trust, known by its GBTC ticker, has traded at an average 25% discount to the price of its underlying asset since early 2021, a discount that should disappear upon conversion, the company said.
Led by CEO Michael Sonnenshein, Grayscale has engaged in a high-stakes campaign to pressure the U.S. regulator to approve the first spot-based bitcoin ETF. The asset manager has watched as competitors including ProShares win approval for futures-based bitcoin exchange-traded funds, showing that the SEC is more comfortable with products based on futures over those based on bitcoin.
A spot-based bitcoin ETF would be a significant milestone in the adoption of digital assets because it would open them up to ordinary investors in a familiar wrapper that trades like a stock. The goal has eluded the industry for more than five years. Grayscale’s first application for a spot bitcoin ETF was in early 2017.
GBTC holds roughly 3.4% of the world’s bitcoin and is owned by more than 850,000 U.S. accounts, according to Grayscale. The fund, which enabled institutional investors like Ark Invest’s Cathie Wood to bet on bitcoin, ballooned to more than $30 billion in size before the recent crypto retrenchment brought its assets to $20.1 billion.
The investment firm has helped coordinate a public letter-writing push, flooding the SEC with more than 3,000 letters in support of its application. The firm even hinted that it would sue the agency if its application was denied.
The deadline for the SEC to approve or reject Grayscale’s application is July 6.
Most analysts aren’t bullish on SEC approval after a half-dozen similar applications from competitors have been denied since November. The SEC is concerned with the potential for fraud and manipulation in bitcoin markets and has indicated it won’t approve a spot-based application until global exchanges are better regulated.
That may explain Grayscale’s approach, which seemed to alternate between flattering the agency (“The SEC is uniquely positioned to support the White House Executive Order to ensure America leads in digital asset innovation,” according to one slide) and criticizing it:
“The SEC is discriminating against issuers by approving bitcoin futures ETFs and denying bitcoin spot ETFs,” according to Grayscale.
Grayscale contended that a spot bitcoin ETF is “no riskier” than futures-based ETFs, because the two markets are both affected by the underlying price of bitcoin and track each other closely.
The firm also took pains to outline its increasing disclosures tied to GBTC and its network of partners, including BNY Mellon and Coinbase, who are ready to help its conversion process.
The SEC didn’t immediately return a request for comment.
While I think the spot ETF will be denied there should be a pump
If it gets approved........................BOOOOOOOOOOOM
If not approved they will sue the SEC
“The SEC’s deadline to approve or deny the application to convert GBTC to an ETF is July 6.
No doubt, it should be approved. I don’t see how the SEC survives a legal challenge if not, especially one led by Don Verrilli" (Former Obama Administration Solicitor)
Grayscale tells SEC that turning biggest bitcoin fund into ETF will unlock $8 billion for investors
A spot-based bitcoin ETF has eluded the industry for over five years. With an SEC deadline coming up, will Grayscale finally break through?
Grayscale, the asset manager running the world’s largest bitcoin fund, met privately with the Securities and Exchange Commission last week in an effort to persuade the regulator to approve the conversion of its flagship fund into an ETF, CNBC has learned.
Turning the Grayscale Bitcoin Trust into a NYSE-traded ETF would broaden access to bitcoin and enhance protections while unlocking up to $8 billion in value for investors, according to a 24-page presentation obtained by CNBC.
That’s because the trust, known by its GBTC ticker, has traded at an average 25% discount to the price of its underlying asset since early 2021, a discount that should disappear upon conversion, the company said.
Led by CEO Michael Sonnenshein, Grayscale has engaged in a high-stakes campaign to pressure the U.S. regulator to approve the first spot-based bitcoin ETF. The asset manager has watched as competitors including ProShares win approval for futures-based bitcoin exchange-traded funds, showing that the SEC is more comfortable with products based on futures over those based on bitcoin.
A spot-based bitcoin ETF would be a significant milestone in the adoption of digital assets because it would open them up to ordinary investors in a familiar wrapper that trades like a stock. The goal has eluded the industry for more than five years. Grayscale’s first application for a spot bitcoin ETF was in early 2017.
GBTC holds roughly 3.4% of the world’s bitcoin and is owned by more than 850,000 U.S. accounts, according to Grayscale. The fund, which enabled institutional investors like Ark Invest’s Cathie Wood to bet on bitcoin, ballooned to more than $30 billion in size before the recent crypto retrenchment brought its assets to $20.1 billion.
The investment firm has helped coordinate a public letter-writing push, flooding the SEC with more than 3,000 letters in support of its application. The firm even hinted that it would sue the agency if its application was denied.
The deadline for the SEC to approve or reject Grayscale’s application is July 6.
Most analysts aren’t bullish on SEC approval after a half-dozen similar applications from competitors have been denied since November. The SEC is concerned with the potential for fraud and manipulation in bitcoin markets and has indicated it won’t approve a spot-based application until global exchanges are better regulated.
That may explain Grayscale’s approach, which seemed to alternate between flattering the agency (“The SEC is uniquely positioned to support the White House Executive Order to ensure America leads in digital asset innovation,” according to one slide) and criticizing it:
“The SEC is discriminating against issuers by approving bitcoin futures ETFs and denying bitcoin spot ETFs,” according to Grayscale.
Grayscale contended that a spot bitcoin ETF is “no riskier” than futures-based ETFs, because the two markets are both affected by the underlying price of bitcoin and track each other closely.
The firm also took pains to outline its increasing disclosures tied to GBTC and its network of partners, including BNY Mellon and Coinbase, who are ready to help its conversion process.
The SEC didn’t immediately return a request for comment.
Damn right.
Lookin at the bigger economic picture, this winter could make last crypto winter look like a spring shower. CPI today was fucked up. Fed raising by basis points when everyone knows rates have to be higher than the CPlie. So if the Fed gets serious about raising rates, the pain will be legendary.
It's actually scary that most Americans don't know how inflation is fought. Those who understand and take the right actions have an unfair advantage over most the population. Those who understand, are into crypto, AND take action have an unfair advantage 10 times(or more) over.
A lot of money to be made for those who survive this shit. Rarely do people get multiple chances to make it. Exciting times for those who prepared and didn't listen to MSM and the transitory lies.
you are not going to see Lunas real numbers for another four years...
seventy percent of all holders funds are locked in... between that time any fuckin
thing is possible, including a hundred dollar luna..
If he wanted quick flips he shouldve went with luna classic.. LUNC..
Luna is set to blow in four plus years.. when the final air drops are released....
the fact that Luna is hanging strong while ethereum is getting killed out here...
Is saying a fuckin LOT..
I wont tell you what to do, but one thing this real knigga learned in life
is to always go with his first thought... never second guess yourself..
unless you are an untrustworthy bastard..
but something tells me you aint that dude!
#1 rule in crypto. Not your keys not your crypto!
Say that shit again LOUD bruh...
fuckin LBANK sittingON muthafuckas Airdropped Saitama, for days now blaming Saitama,
when they had the tokens all a fuckin long...
talkin bout be fuckin patient.. I wish they had to say that shit in my face..
muthafuckas halting trading, total freeze of your accont..
talkin bout be patient..
Love this shit. Washing out all the trash. Saving rate lowest in years. Diamond hand, meme newbies already bought dips. Spirits are about to be broken once shit really hits the fan.
Is the China Man trying to recover that loss he took from Luna
This entire shit stinks.
It feels very conspiratorial.
Yea if it breaks 24 to 23, it could be headed back to ten thousand...its all
a tactic so the whales can scoop bitcoin up for the pennies, they KNOW
bitcoins future and they want in on it..
wallstreets think tank, planned an attack on crypto, this is the attack...
Crypto world needs to get control of bitcoin away from govts and corporations...
the people must own the majority... which means buy what you can afford and just hold
OFF OF EXCHANGES IN YOUR OWN WALLET...
right now, too many buyers spread out over too many coins...
the minute we choose up and control the majority of coins,
this hedge fund planned govt enforced financial fuckery will
stop overnight...
everytime the whales sell, just buy and hold..
bitcoin or Ethereum
in due time as the greedy whales lose control,
they will self-destruct and inevitably attack each other...
exchanges are acting really fuckin weird right now bruh!!
there is definitely a war going on right now... and
its obvious its some premeditated shit being executed by some hedge funds think
tank..
No fuckin way wall street AND the crypto market crashing
is some organic event...
and they locking folks money up..
are their bitcoins totatlly frozen,
or can they still trade/swap then move??
Lawsuit from Luna... investors....
This must be the reason your bitcoins are frozen in binance..
cryptoslate.com
This must be the reason your bitcoins are frozen in binance..
Terra investors file a class action lawsuit against Binance.US
The lawsuit states that Binance.US failed to comply with federal and securities laws by advertising UST as a safe, fiat-backed stablecoin.
cryptoslate.com
bruh the capitalism you are living under
is one big ponzi scheme,
but it only becomes a problem when the little
fish get in on the deal..
What do you think the whole social security system is,
Its a collectively agreed upon generational
ponzi scheme bruh..
and it fuckin WORKS as long as you keep the parasites
from tappin into it....
which these clowns yall elect
are fuckin hopeless and pathetic at doing..
Kats need to seriously get educated and do real research before getting in the Crypto Currency game, greed has replaced caution and common sense with those who got scammed or lost the their life savings on a gamble they truly didn't understand from jump. Other thing there are way to many crypto currencies out there now some relying on other crypto currencies just to stay afloat.
Love this shit. Just proves all of us 'tin foil hat' folks right. Not your keys, not your coins. Folks have to learn the hard way. None of this shit is surprising.
Shit isn't surprising though. Big ass wealth transfer in 2020. Fucking meme stock bullshit followed by bitch ass Elon helping usher in meme coin crypto fuckery. Combine that with a completely fucked macro picture. This is what we get.
Folks that moved into cash win. And the elites been moved into cash while meme diamond handers propped shit up with dip buying bragging about it on reddit.
What could go wrong with regular people thinking making money was this easy? Macro picture is so fucked it's scary. As you know, most creatures just sleep. MSM got them worried about other shit. When the do mention markets and the economy, they fucking lie. Whales and those of us peasants hip to the macro picture are the only ones with cash to survive and play this shit. Market shitting the bed because of 'fears of drastic' rate hike.
No shit. Really? You don't say?Do you think the Fed can stop in September? I don't. Pump fakes ain't working. My feelings on that might change by September, but currently, hell no they can't stop. And that means more pain.
By the time the smoke clears, all the diamond hand, meme stock/coiners brought in during 20-21 will have some of the most severe PTSD ever. The elite and greedy whales ain't losing control of shit. Sadly, they will gain more because this shit is brutal and the pink slips haven't even started flying like that.
Love this shit. Just proves all of us 'tin foil hat' folks right. Not your keys, not your coins. Folks have to learn the hard way. None of this shit is surprising.
Shit isn't surprising though. Big ass wealth transfer in 2020. Fucking meme stock bullshit followed by bitch ass Elon helping usher in meme coin crypto fuckery. Combine that with a completely fucked macro picture. This is what we get.
Folks that moved into cash win. And the elites been moved into cash while meme diamond handers propped shit up with dip buying bragging about it on reddit.
Macro picture is so fucked it's scary. As you know, most creatures just sleep. MSM got them worried about other shit. When the do mention markets and the economy, they fucking lie. Whales and those of us peasants hip to the macro picture are the only ones with cash to survive and play this shit. Market shitting the bed because of 'fears of drastic' rate hike.
Do you think the Fed can stop in September? I don't. Pump fakes ain't working. My feelings on that might change by September, but currently, hell no they can't stop. And that means more pain.
By the time the smoke clears, all the diamond hand, meme stock/coiners brought in during 20-21 will have some of the most severe PTSD ever. The elite and greedy whales ain't losing control of shit. Sadly, they will gain more because this shit is brutal and the pink slips haven't even started flying like that.
well you have all kinds of whales bruh, some whales you WANT to succeed...and are great for the crypto community
in the longrun....
some whales are cancers and need to be stopped...
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