Tuesday, July 27

SEC

Bitcoin, Bitcoin ETF, Bitcoin ETF delay, bitcoin price, crypto, Crypto assets, Cryptocurrencies, Markets, MI Exclusive, SEC, SEC bitcoin

A bitcoin ETF may not be approved by the SEC until 2023 despite surging interest, according to a fund provider that’s already been through the process

Former Commodity Futures Trading Commission Chairman Gary Gensler testifying before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill on July 30, 2013. Photo by Chip Somodevilla/Getty Images The wait for an SEC approved bitcoin ETF might be longer than most think, according to one fund provider that's been through the approval process.William Cai of Wilshire Phoenix doesn't expect the SEC to approve a bitcoin ETF until 2022 or 2023. "A bitcoin ETF is not on his top priority list as far as we can see," Cai said, referring to SEC chief Gary Gensler.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.Anticipation for a SEC-approved bitcoin ETF is high, but investors shouldn't hold their breath as it may still be years away from becoming re...
Bitcoin, Bitcoin ETF, Bitcoin ETF delay, crypto, Gary Gensler, Markets, MI Exclusive, SEC

The SEC has delayed a decision on another bitcoin ETF, putting off approval of a fund from WisdomTree

Gary Gensler's SEC has increased its focus on cryptocurrencies Chip Somodevilla/Getty Images The SEC on Tuesday delayed WisdomTree's application for a bitcoin ETF, adding to a pile-up of applications sitting on the agency's docket. "There's nothing [in the SEC's order] that we're not saying ourselves as an ETF issuer," Ryan Louvar, general counsel at WisdomTree, told Insider. But the agency now may be warming up to the view, expressed by many bitcoin fund applicants, that not approving a regulated ETF could present its own risks. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The SEC on Tuesday delayed WisdomTree's application for a bitcoin ETF, adding to a pile-up of applications sitting on the agency's docket.In an order putting off approval, the SEC ...
"60 Days In", Markets, MI Exclusive, SEC, Securities and Exchange Commission, Securities Exchange Commission, SPAC, SPAC activity, SPAC boom, SPAC deal

The SEC is reportedly looking into conflicts of interest among major banks in the SPAC deal-making process

The headquarters of the US Securities and Exchange Commission are seen in Washington Thomson Reuters The SEC is investigating banks over conflicts of interest in the SPAC deal-making process, Reuters first reported. In particular, the regulator is looking into instances of banks acting as underwriter and adviser on the same deal. The SEC has requested information from top SPAC underwriters including Morgan Stanley and Goldman Sachs. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The US Securities and Exchange Commission is investigating major banks over conflicts of interest in the SPAC deal-making process that exploded in the past year, Reuters first reported. In particular, the regulator is looking into instances wherein the banks acted both as the ...
Bitcoin, Bitcoin ETF, crypto, Gary Gensler, Markets, MI Exclusive, Regulation, SEC

13 applications for a bitcoin ETF are in limbo as the SEC deliberates. Some fund managers see a double standard around how the regulator treats crypto.

Gary Gensler is working on Biden's financial regulatory plans. Chip Somodevilla/Getty Images If you invest in crypto, "ask questions and demand clear answers." That advice, from former SEC Chair Jay Clayton, is now being put to practice as his successor, Gary Gensler, grills the industry over pending approval of a bitcoin ETF.Yet as the seven-year quest to get the regulatory go-ahead drags on, some fund managers and crypto executives who spoke with Insider question whether Gensler's SEC has taken too hawkish an approach. These bitcoin ETF proponents say common concerns about crypto, like volatility and potential market manipulation, could be said of other asset classes, too. They note that Canada, Europe, and Brazil all have functioning bitcoin funds in circulation. And they argu...
Citadel, market maker, Markets, MI Exclusive, Robinhood, SEC, Vlad Tenev

Robinhood CEO backs SEC chief’s push to modernize the stock market and’level the playing field’ for retail investors

Noam Galai/Stringer/Getty Images Robinhood CEO Vlad Tenev endorsed an SEC push to refine stock pricing, writing that the move would "level the playing field" for retail investors. SEC chair Gary Gensler has suggested the agency might waive a rule requiring exchanges to price stocks in pennies. Allowing sub-penny pricing would put exchanges like Robinhood on equal footing with market makers like Citadel and Virtu Financial, Tenev wrote. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Robinhood CEO Vlad Tenev endorsed an SEC push to refine how stocks are priced, writing in a blog post that the move would "level the playing field" for retail investors.Tenev backed a suggestion by SEC Chair Gary Gensler that the agency might waive a rule requiring exchanges ...
Bitcoin, bitcoin regulation, China bitcoin, Crypto Regulation, Cryptocurrency Regulation, Markets, MI Exclusive, SEC, Weekend BI UK

Tighter regulation will boost cryptocurrencies by tackling’unholy’ activity, a finance law professor says

Regulation will boost crypto by weeding out "unholy" criminal activity, a law professor has said. Emilios Avgouleas said tougher rules may be bad for crypto prices in the short run, however. China is among the states cracking down on bitcoin, while the US's SEC is taking a close interest. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Tighter regulation of cryptocurrencies will benefit the industry in the long run by tackling "unholy" criminal activity and making digital tokens more legitimate, a finance law professor has said.Yet, regulations may hit the value of cryptocurrencies such as bitcoin in the s...
Lordstown Motors, Markets, Preorders, SEC, Transportation

Lordstown Motors now says it does not have’binding’ orders, reversing a statement by its president

Lordstown's president on Tuesday said the company had "binding" orders for all of its trucks until 2022. Days later, the company corrected those claims in filings with the Securities Exchange Commission. "We have no binding purchase orders or commitments from customers," the company said. See more stories on Insider's business page. It has been a tumultuous week for the electric vehicle startup Lordstown Motors.The company on Monday announced the resignation of its CEO and CFO, as well as the results of an internal investigation that found "issues regarding the accuracy of certain statements regarding the Company's pre-orders."Then...