Riding The Wave News Summary 192
SEC Likely to Approve Spot Bitcoin ETF in Next Few Months: JPMorgan, Sam Bankman-Fried trial moves to final stages, & more.
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Table of Contents
Tweets
SEC Likely to Approve Spot Bitcoin ETF in Next Few Months: JPMorgan
‘This will be our last post’ — LBRY throws in towel against the SEC
Crypto advocates file amicus brief to address users’ Fourth Amendment privacy rights
Tweets
https://twitter.com/intocryptoverse/status/1715869769323176257
https://twitter.com/WhaleChart/status/1716070466148761640
https://twitter.com/mikealfred/status/1715786236898492612
https://twitter.com/leadlagreport/status/1715825773595013172
https://twitter.com/leadlagreport/status/1709921945758687331
https://twitter.com/BTC_Archive/status/1715790708680937798
https://twitter.com/caprioleio/status/1715321972429873303
SEC Likely to Approve Spot Bitcoin ETF in Next Few Months: JPMorgan
Bitcoin (BTC) has gained this week due to increased optimism about the potential approval of multiple spot bitcoin exchange-traded-funds (ETFs), JPMorgan (JPM) said in a research report Wednesday.
The Securities and Exchange Commission’s (SEC) decision not to appeal a recent ruling in the Grayscale case brings the approval of the applications closer, the report said. Grayscale is the manager of the Grayscale Bitcoin Trust (GBTC), the largest cryptocurrency fund in the world.
Timing of an approval is unclear, but should happen within months, and probably before Jan. 10, the final deadline for the Ark 21Shares applications, analysts led by Nikolaos Panigirtzoglou wrote.
ETFs are traded on an exchange, like stocks, and track the performance of an underlying asset. They are popular because they allow investors to gain access to cryptocurrencies without having to purchase the underlying digital assets themselves. They are also cheaper to trade. The crypto market is hopeful that the approval of a spot bitcoin ETF will lead to a flood of mainstream money into the sector.
Sam Bankman-Fried trial moves to final stages
Sam Bankman-Fried’s trial is reaching its final stages over the next few days, with the prosecution scheduled to rest their case on Oct. 26 following the examination of almost 20 testimonies in the case.
The prosecution presented a lineup of witnesses over the past three weeks, including former FTX employees, customers, investors, government officials, and law enforcement agents. At the heart of the case is the central argument that Bankman-Fried intentionally deceived all of them and that he was behind the decisions resulting in the $8 billion gap between FTX and Alameda Research in November 2022.
An attorney observing the trial told Cointelegraph that when a case is initiated by the government, there is a 95% likelihood of indictment, underscoring the significant challenge faced by the defense. Prosecutors, however, have the burden of proving the alleged crimes.
‘This will be our last post’ — LBRY throws in towel against the SEC
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