Bitcoin Regulation

Bitcoin price correction hints start of altseason, trader suggests

BTC price momentum started in October and helped the world’s top cryptocurrency make significant strides, gaining nearly $10,000 in the past month.

The Bitcoin (BTC) price recorded a sharp correction on Dec. 11, dipping 7% and wiping out the gains of the past seven days. The strong price correction pushed BTC to a four-month low of $41,329.

A decline in prices of altcoins followed the Bitcoin price correction, many of which recorded double-digit drops. However, market pundits and analysts believe the recent price crash is a part of the ongoing price cycle, and after two months of bullish surge, a correction is no surprise.

Crypto analyst and co-founder of Reflexivity Research Will Clemente said that correction and market volatility shake out weak hands and cool the highly leveraged crypto markets.

VanEck files 5th amendment to spot Bitcoin ETF under ‘HODL’

Analysts say the ticker code could help avoid negative attention on adviser statements.

Asset manager VanEck filed a fifth amended application for a spot Bitcoin (BTC) exchange-traded fund (ETF) on Dec. 8.

According to the regulator’s database, the amended filing to the S-1 Form with the United States Securities and Exchange Commission (SEC) highlights updates to the VanEck Bitcoin Trust. A spot Bitcoin ETF is an investment vehicle that lets people buy shares in a fund that tracks the price of Bitcoin.

The VanEck ETF is now expected to be listed under “HODL,” which is a misspelling of “hold” or an acronym for “hold on for dear life.” Bitcoiners use the phrase to describe a strategy of buying and never selling the digital asset.

Bitcoin’s many deaths: Is crypto market past ‘point of no return?’

Bitcoin has been declared dead more times than you’d think amid downswings in the market, but it’s always managed to bounce back.

Bitcoin and the broader crypto market have been gleefully declared dead more than a few times during bear markets, but some experts say it would take a genuinely extreme set of events for it to truly die.

According to 99Bitcoins — a website that, among other things, tracks how many times Bitcoin (BTC) has been declared dead by mainstream media outlets — the largest crypto by market cap has died 474 times since 2010.

Often, the proclamation is met with cheering by crypto skeptics as evidence that BTC is not a viable asset, but it might not be so simple to kill off crypto — at least according to some experts in the space.

BlackRock received $100K seed funds for Bitcoin ETF — SEC filing

BlackRock and other financial giants have entered the race to launch the first spot Bitcoin ETF in the United States.

The world’s largest asset manager, BlackRock, received $100,000 in seed funding from an unknown investor for its spot Bitcoin (BTC) exchange-traded fund (ETF) in October 2023, according to its latest United States Securities and Exchange Commission (SEC) filing.

The SEC filing revealed that the investor agreed to purchase 4,000 shares for $100,000 on Oct.

The latest filing by BlackRock also revealed certain details on the asset manager’s plans to pay the sponsor’s fee, where it plans to borrow Bitcoin or cash as trade credit from the trade credit lender on a short-term basis.

The settlement of trade credits will occur on the business day following the execution date, attracting a financing fee of 11% plus the federal funds target rate divided by 365 ((11% + fed funds target)/365).

ETF analyst Eric Balchunas called the new revelations an interesting development in the nerdiest way.

This is so interesting in the nerdiest way.

— James Seyffart (@JSeyff) December 5, 2023

BlackRock was among the first institutional giants to file for a spot Bitcoin ETF in July.

Crypto Stories Part 2: Bitcoin led Charlie Shrem into a tumultuous life

The man who introduced the Winklevoss twins to crypto ended up in prison. He expressed no regrets to Cointelegraph.

Charlie Shrem paid a steep price for his place in crypto history. Major figures in the crypto world were part of his story, and his personal life was transformed as he went from online retailer to CEO of Bitcoin (BTC) exchange BitInstant and convicted felon before he was even 30.

Coming from a prominent family in Brooklyn’s Syrian Orthodox Jewish community, Shrem was on the path to becoming a rabbi from an early age.

“The only way to get out was through money,” Shrem realized. He said on Cointelegraph’s Crypto Stories:

“On the internet, people didn’t judge me based on any other factors other than what I was contributing to the conversation […] My opinion was appreciated very greatly.”

Shrem learned of Bitcoin and developed the concept for BitInstant, a company that facilitated purchases of Bitcoin at a time when it could only be obtained from Mt.

“Bitcoin Jesus” Roger Ver invested in BitInstant.

Fight between crypto and governments “just getting started”, says ShapeShift CEO

The crypto industry needs to prepare for increasing government pressure as it ramps up its challenge to the State monopoly over money, says ShapeShift CEO Erik Voorhees.

Despite the unprecedented regulatory pressure that crypto has been facing recently in the United States, the fight between the American government and the crypto industry has just started, believes ShapeShift CEO Erik Voorhees.

According to the entrepreneur, U.S. authorities still don’t see crypto as an existential threat to the fiat system, and their recent crackdown is just an opportunistic reaction to last year’s blowups of fraudulent crypto companies.

“They see it as sort of this scammy area where they can come in and look like the hero for cleaning up a mess,” Voorhees said in an exclusive interview with Cointelegraph.

According to Voorhees, crypto needs to become mainstream before governments move against it fully. At that point, “it will be too late” for government actors to crack down on crypto since too many people will be aware of its value and utility.

Voorhees has no doubt that crypto will ultimately win the battle for the hearts and minds of people in part because it is free from the restrictions on capital flow that are present in traditional finance systems.

“Capital goes where friction is least […]. In the crypto world, capital moves freely, it moves effortlessly,” he pointed out.

Watch the full interview on our YouTube channel and don’t forget to subscribe!

Fight between crypto and governments “just getting started,” says ShapeShift CEO

The crypto industry needs to prepare for increasing government pressure as it ramps up its challenge to state monopoly over money, says ShapeShift CEO Erik Voorhees.

According to the entrepreneur, U.S. authorities still don’t see crypto as an existential threat to the fiat system, with their recent crackdown an opportunistic reaction to last year’s blowups of fraudulent crypto companies.

“They see it as sort of this scammy area where they can come in and look like the hero for cleaning up a mess,” Voorhees said in an exclusive interview with Cointelegraph.

According to Voorhees, crypto must become mainstream before governments move against it fully. At that point, “it will be too late” for government actors to crack down on crypto since too many people will be aware of its value and utility.

Voorhees does not doubt that crypto will ultimately win the battle for the hearts and minds of people, partly because it is free from the restrictions on capital flows in traditional finance systems.

“Capital goes where friction is least […]. In the crypto world, capital moves freely; it moves effortlessly,” he pointed out.

Watch the full interview on our YouTube channel and don’t forget to subscribe!

Binance CEO CZ: Regulators need deep understanding crypto for proper rules

Binance CEO Changpeng Zhao emphasizes the need for a proper understanding of the crypto industry by regulators and active engagement by industry players to achieve regulatory clarity.

In a fireside chat during the Hong Kong Web3 Festival, Changpeng Zhao (CZ), CEO of Binance, expressed that it is important for crypto regulators to have a deep understanding of the industry to facilitate proper crypto regulations. The fireside chat was moderated by Deng Chao, the CEO of Hashkey Capital.

According to CZ, “There is a very natural tendency to borrow traditional financial industry regulations to apply to crypto. Crypto is different from banks and traditional financial industries” He went on to explain that knowing the answers to simple questions like how to classify different assets is important in deciding on regulations for the industry, as there are many types of crypto assets. Some assets may look like securities, others like commodities, or utility tokens, some may even have a combination of those characteristics.

When asked his recommendation on good regulation framework, CZ said that having unclear regulations is “the worst” and having regulatory clarity is better. He went on to say that it’s best to let the industry develop fully before introducing regulations. The particular reason for this is that it’s difficult to predict what exactly is going to be popular in the industry.

In relation to crypto industry players and their approach towards crypto regulators, CZ advised that there is a need to be very actively engaged with them. He explained that though many of the crypto regulators all around the world are very receptive, there are some who are still very skeptical. However, skepticism should deter crypto industry players from engaging the regulators in conversations.

Responding to what could trigger mass adoption of crypto, CZ said that the fact that many governments are trying to come for crypto may actually be the trigger to make crypto grow. He explained that the government’s efforts in shutting down banks, fiat access and putting more restrictions on the traditional financial markets actually push more people towards crypto.

CZ stressed the need for crypto industry players to exercise patience. He said that understanding that the first draft of regulations is always likely overly restrictive is important and so in just a matter of time, a balance is usually found.

Hong Kong supporting web3 recently showed support for Web3 by taking major steps to develop the Web3 industry.

Magazine: Thailand’s $1B crypto sacrifice, Mt Gox final deadline, Tencent NFT app nixed

Binance CEO CZ: Regulators need deep understanding of crypto for proper rules

Binance CEO Changpeng Zhao emphasizes the need for a proper understanding of the crypto industry by regulators and active engagement by industry players to achieve regulatory clarity.

According to CZ, “There is a very natural tendency to borrow traditional financial industry regulations to apply to crypto. Crypto is different from banks and traditional financial industries.”

He went on to explain that knowing the answers to simple questions like how to classify different assets is important in deciding on regulations for the industry, as there are many types of crypto assets. Some assets may look like securities, others like commodities or utility tokens, and some may even have a combination of those characteristics.

In relation to crypto industry players and their approach toward crypto regulators, CZ advised that there is a need to be very actively engaged with them. He explained that although many of the crypto regulators all around the world are very receptive, there are some who are still very skeptical. However, skepticism should deter crypto industry players from engaging the regulators in conversations.

Responding to what could trigger mass adoption of crypto, CZ said that the fact that many governments are trying to come for crypto might actually be the trigger to make crypto grow. He explained that the government’s efforts in shutting down banks, fiat access and putting more restrictions on the traditional financial markets actually push more people towards crypto.

CZ stressed the need for crypto industry players to exercise patience. He said that understanding that the first draft of regulations is always likely overly restrictive is important, and so in just a matter of time, a balance is usually found.

Hong Kong recently showed support for Web3 by taking major steps to develop the Web3 industry.

Magazine: Thailand’s $1B crypto sacrifice, Mt Gox final deadline, Tencent NFT app nixed

Int’l securities body IOSCO prepares crypto regulation report for 2023

The International Organization of Securities Commissions shared its vision of stablecoin arrangements, decentralized finance and “finfluencers.“

The International Organization of Securities Commissions (IOSCO) will launch a consultation for its regulation report on crypto assets in Q2 2023. The final recommendations from the organization are planned to be published by the end of 2023.

The dates are scheduled in IOSCO’s work program for 2023–24. Two major workflows are dedicated to decentralized assets in IOSCO’s Fintech Task Force plan. The first covers crypto and digital assets, and the second covers decentralized finance (DeFi). The DeFi consultation will start in Q3 of 2023.

According to the work program text, in both areas of the digital market, the IOSCO will focus on investors protection:

“Through the outcomes of its work, IOSCO seeks to support the development of sustainable and innovative capital markets, while enhancing investor protection, maintaining market integrity, and reducing systemic risk.”

Previously, in 2022, the organization published reports on DeFi, stablecoins and influencers. The supervisory capacities that the IOSCO recommends national regulators acquire include regulatory channels to report consumer complaints for misleading and illegal promotions, and evidence-tracking processes to cope with the fast pace and changing nature of online information.

As for DeFi, the IOSCO urged national regulators to take “a granular and holistic understanding of the DeFi market,” which could enhance their ability to create laws relevant legislation.

The 2022 report on stablecoins was delivered by the IOSCO and the Bank for International Settlements. Both bodies define the stablecoin arrangement, which “combines a range of functions to provide an instrument that purports to be used as a means of payment and/or store of value.”

The IOSCO is an association of securities and futures regulators. Its board comprises 35 regulators and top executives, such as the heads of the United States Commodity Futures Trading Commission, the U.S. Securities and Exchange Commission, and the United Kingdom Financial Conduct Authority — among others.

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