Tag Archives: SEC

MARKETS NEWS

BlackRock Announced the Date BlackRock is Waiting for Approval for Bitcoin Spot ETFs

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Cryptocurrency Journalist Charles Gasparino Announced the Date BlackRock is Waiting for Approval for Bitcoin Spot ETFs. According to Charles Gasparino’s sources, BlackRock, the world’s largest money management firm, is awaiting approval from the Securities and Exchange Commission (SEC) for its new Bitcoin spot ETF on Wednesday.

According to Charles Gasparino, other companies are also awaiting approval on the same day. Wednesday is already known as the SEC’s final decision-making date, and BlackRock sources have thus stated that they do not expect an approval before the deadline.

The news came amid reports of impending layoffs within the company. BlackRock plans to announce layoffs in the coming days that will affect about 3 percent of its global workforce, about 600 employees. According to a source familiar with the matter, these layoffs, which have not yet been reported, are considered routine within the company. Last year, BlackRock conducted a similar round of layoffs based on employee performance metrics.

BlackRock ended the third quarter of 2023 with $9 trillion in assets under management (AUM). However, the company has experienced significant asset declines since reaching a peak of over $10 trillion in 2022 due to volatile financial markets.

Source: bitcoinsistemi

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.

POLITICS

SEC will not lead the regulation of stablecoins

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The SEC’s monopoly over control of the “systematically important” stablecoin industry was denied. On November 1, the US President’s Financial Markets Working Group (PWG) released its highly anticipated report (Download Report PDF) and policy recommendations for stablecoins. The report focuses on the risks that “payment stablecoins” – or those designed to provide stable value against a reference fiat currency – can pose to users and financial stability.

An important message from PWG is that, although the use of stablecoins is currently largely limited to simplifying digital asset transactions, under certain circumstances this asset class could become much more prevalent in retail, necessitating the adoption by congress of a comprehensive federal prudential regulation system.

The PWG consists of the leaders of the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Federal Reserve and is led by the Secretary of the Treasury Department. The Federal Deposit Insurance Corporation (FDIC) and the Office of the Currency Controller (OCC) also contributed to the preparation of the interagency report. With such a large concentration of federal financial regulators, the results of their joint efforts were expected to provide a credible indication of the current administration’s stance on stablecoin regulation. Anonymous reports that surfaced shortly before the document was released claimed that the group had agreed to a plan to hand over significant power over stable tokens to the SEC. This further increased tensions around the interagency report.

The prospect of the SEC taking the lead in regulating the stablecoin is not encouraging for some players in the crypto space. K. Neil Gray, a partner at law firm Duane Morris, said before the report was released:

“Industry participants probably perceive the SEC’s desire to take a position in this space as another example of the SEC’s over-spreading in the cryptocurrency space and fear that the SEC will regulate stablecoins by enforcement rather than rule.”

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individua