Fed Chair Jerome Powell is set to deliver a highly anticipated speech today at 8:30 AM EST, sparking intense speculation about a possible surprise resignation. The anticipation comes amid escalating tensions between Powell and President Trump. Will Powell’s potential resignation spark a bullish trend for the crypto market? Resignation Rumors Swirl Ahead of Fed Chair
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The amended ETF application came after a series of meetings between Grayscale and the SEC in December.
Leading asset manager Grayscale Investments has filed an amended S-3 application seeking to convert its Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETF.
Bloomberg analyst James Seyffart confirmed the reapplication with the Securities and Exchange Commission (SEC) on Tuesday, just a few hours after the CEO of the firm’s parent company, Barry Silbert, resigned.
Grayscale Finally Yields to SEC’s Pressure
The amended application came after a series of meetings between Grayscale and the SEC in December, as the next date for a decision by the Wall Street top regulator edges closer. A notable addition to the latest filing was the agreement of Grayscale to a cash-only creation model, a notion that has been a bone of contention between the asset manager and the SEC.
The SEC has insisted that it prefers a cash creation and redemption approach for investors who would acquire a spot Bitcoin EFT upon approval. This model entails that investors can only buy or sell bitcoin ETF using cash transactions.
Asset managers usually operate on an in-kind mechanism, allowing investors to swap a matching securities asset with marker makers to create new ETF shares.
It is clear that the SEC prefers a cash-only creation and redemption model to regulate the ETFs better, as it can trace the Bitcoin transactions from the cash deposit level through exchanges to the asset manager.
Other applicants have yielded to the demands of the SEC before now, with BlackRock, Invesco, and ARK Invest already adding the condition in their amended filings with the regulator. Grayscale remained the only top applicant to accept the clause before it did so in a Tuesday filing.
The Last Piece of the Puzzle?
Although partly unrelated, analysts have speculated that Slibert’s resignation as Digital Currency Group’s (DCG) CEO was the last piece in the puzzle en route to a potential spot ETF approval by the SEC.
Lumida Wealth’s CEO, Ram Ahluwalia, noted in a tweet on Tuesday that Grayscale’s boss, Michael Sonnenshein, received an X-Mas gift with Silbert’s resignation.
According to Ahluwalia, the decision of the DCG founder to step down has raised the odds of the SEC approving Grayscale’s GBTC to spot Bitcoin ETF application. He stated that although Silbert’s resignation was probably not a call by the SEC, it was a decision that would improve Grayscale’s chances of approval.
The SEC has an ongoing legal battle with DCG, led by Barry Silbert. Although not convicted, the plaintiff believes the venture capital firm under its founder committed financial fraud and violated federal securities law. Ahluwalia believes Silbert’s resignation would subside the case and make Grayscale more autonomous.
The SEC would make its next decision on the spot Bitcoin ETF filings on January 10. Analysts have maintained that the odds of approval on the said date are a staggering 90%.
Binance Coin (BNB), the native token of the Binance cryptocurrency exchange, has experienced a sharp decline of 10% following reports that Binance is preparing to settle criminal charges with the US Department of Justice (DOJ) through a $4.3 billion fine.
Binance CEO To Plead Guilty
The Wall Street Journal has disclosed that Binance CEO Changpeng Zhao (CZ), commonly known as CZ, will plead guilty to violating criminal anti-money laundering requirements.
Concurrently, Binance will also plead guilty to a criminal charge related to anti-money laundering violations, resulting in a significant fine. Furthermore, CZ is expected to step down as CEO, with Richard Teng being considered as a potential successor.
Changpeng Zhao is scheduled to appear before a federal court in Seattle to enter his guilty plea. This crucial legal step can further impact BNB’s price action as investors assess the implications of CZ’s admission of guilt regarding violating anti-money laundering requirements.
The reported settlement involves Binance pleading guilty to a criminal charge related to anti-money laundering violations, leading to a hefty $4.3 billion fine. This substantial sum encompasses payments to settle civil allegations made by regulators.
These developments occur in an increasingly stringent regulatory environment in the cryptocurrency industry. The recent charges brought by the SEC against Kraken further highlight the regulatory scrutiny faced by industry players.
Additionally, market participants anticipate significant enforcement actions by the DOJ, which adds to the atmosphere of uncertainty and apprehension.
Will CZ’s Statement Halt BNB Downtrend?
Despite the shocking revelation surrounding Binance’s leadership and its impact on the crypto community, there may still be hopes for a potential recovery of Binance Coin and the overall crypto market as the case reaches its conclusion.
With CZ reaching a settlement with the US Department of Justice (DOJ) and pleading guilty to criminal charges, the exchange can breathe a sigh of relief, knowing that regulatory agencies have addressed their concerns and potential legal action.
Furthermore, this settlement could be seen as a victory for regulators, particularly in light of the ongoing legal battles between the US Securities and Exchange Commission (SEC) and Ripple Labs, which involve the cryptocurrency XRP.
A favorable outcome in these cases could potentially boost confidence in the broader crypto industry and drive prices higher.
Currently, BNB is trading at $240, showing signs of recovery from its recent drop, which briefly touched $235 but managed to stay above the critical support level of $232.
In further declines, BNB bulls will need to hold the support levels at $228, $217, and $214 to prevent the token from dropping below the critical level of $200.
However, suppose Changpeng Zhao and the new Binance CEO can provide a statement that reassures the community and instills a sense of calm. In that case, it may bring a renewed positive sentiment and potentially halt the current downtrend for BNB.
The unfolding of the situation, the next steps for the exchange, and CZ’s fate remain to be seen. The community and market participants eagerly await further developments and announcements shaping the future of Binance and its native token, BNB.
Featured image from Shutterstock, chart from TradingView.com
© Reuters. Dogecoin (DOGE) Plunges 20% As Elon Musk Contemplates Twitter ResignationThe recent poll by Twitter CEO Elon Musk ended up with the majority of voters thinking that Elon ‘The Dogefather’ Musk should step down from his position as Chief Twit. Even though Musk promised that he would abide by the opinion of his audience, one of the world’s richest people also said that he hadn’t found a suitable substitution just yet.
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I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams.
— Elon Musk (@elonmusk) December 21, 2022
A Week Of Intense Crypto Winter For DOGE
The top dog memecurrency (DOGE) was at the center of attention for the bigger part of the week on Crypto Twitter. As Tesla (NASDAQ:) Phone talks once again sparked a mini bull for the canine coin, there’s also a lot of speculation going on around Dogecoin’s (DOGE) role in Twitter 2.0.
Earlier, when Elon Musk acquired Twitter at the end of October, ‘The Dogefather’ announced plans to integrate a crypto wallet into the micro-blogging platform. By this scenario, Dogecoin (DOGE) could be the financial centerpiece in Twitter 2.0, also serving as the default payment method for SuperFollows, Tips & Subscriptions.
Meanwhile, most of the altcoins took a big hit in the last 7 days, as the crypto markets are still bleeding from the wounds left by the disgraced Sam Bankman-Fried and his utterly corrupt FTX exchange.
gm/GN #dogefam #dogecoin pic.twitter.com/xBfsVkGIuS
— ĐJ Đoge (@djdoge69) December 21, 2022
DOGE Slips 20%, Community Remains Optimistic
At press time, the 8th ranked leader of the memecoins Dogecoin (DOGE) is priced at $0.073420, according to CoinGecko. The popularity of the canine cryptocurrency wasn’t enough to retrieve its crucial resistance level of $0.09, which DOGE managed to keep for the bigger part of post-Musk Twitter.
Be that as it may, the DOGE Army is amongst the widest and most active communities in the crypto space. As the world is in preparation for the uplifting and spiritual joy of Christmas, the DOGE Army remembers their slogan “Do Only Good Everyday” and keeps Crypto Twitter’s chins up with festive memes during this windy and frosty crypto winter.
Someone looks busy #DogecoinToTheMoon #doge #dogecoin pic.twitter.com/VNOnJ6MfgL
—
Dogecoin is among one of the worst performers over the last 24-hours after Elon Musk confirmed he will resigned from the role of Twitter CEO.
On Dec. 5, DOGE recorded a local high of $0.11172, but mounting sell pressure since then has resulted in 37% losses that bottomed at $0.07003 on Dec. 19.
During the tail end of this move down, Elon Musk polled Twitter asking whether he should resign as company CEO. The poll closed with over seventeen and a half million votes cast, showing 57.5% wanted him to step down.
Holding to his word and abiding by the result of the poll, on Dec. 21, Musk confirmed stepping down once a “foolish enough” replacement is found. He said he would continue overseeing the software and server operations after standing down.
“I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams.“
Dogecoin and Musk
Dogecoin price action is highly correlated to Musk’s activities both on and off social media.
As news of Musk completing his $44 billion takeover of Twitter filtered through, DOGE posted a week-long rally, spiking from $0.05911 to top out at $0.15952 – a 170% increase.
Rumors were, Dogecoin, Musk’s favorite cryptocurrency would benefit from a Twitter integration, triggering the buying frenzy.
Some seven weeks since Musk took over, there has been no confirmation of DOGE integration. What’s more, it is unclear whether Musk’s resignation could help or hinder such a proposal.
Who is foolish enough to take on the Twitter CEO position?
Multiple candidates had stepped forward, offering their services as Twitter CEO, including NSA whistleblower Edward Snowden, podcaster Lex Friedman, and Snoop Dogg.
Since the story blew up, many others have also thrown their hat in the ring. The founder of the defunct social media platform MySpace, Tom Anderson, registered his interest by posting his profile pic.
Similarly, @TheDaoMaker suggested long-time Dogecoin supporter Greg take on the role.
Previously, Greg had signaled his interest by reaching out to Musk in his trademark tweeting style.
“Dear Elon,
It’s me, greg. Feel free to dm me if you have any questions on future policies or if you need help hiring a Twitter CEO (or want me to be CEO).
Love, greg”
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Dorsey, also the CEO of payments firm Square, stepped down on Monday
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Tom Lee says its people like Dorsey who can marshal support for crypto innovation
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Square has increasingly set itself as a pro-Bitcoin firm, including unveiling plans for a bitcoin decentralised exchange
Jack Dorsey’s decision to exit Twitter as the firm’s CEO could end up benefiting cryptocurrency, Fundstrat Global Advisors co-founder and managing partner Tom Lee has said.
Dorsey, who stepped down on Monday and plans to focus on payments firm Square, is also a vocal supporter of crypto (more so the pioneer cryptocurrency Bitcoin (BTC)).
Notably, it’s Square that might be at the center of Dorsey’s focus on crypto and Bitcoin innovation, an outlook that sees Lee opine that the ex-Twitter CEO’s exit is bullish for cryptocurrency.
Lee notes that the crypto space doesn’t have “enough capital actually allocated toward crypto innovation.” During an interview with CNBC’s “Tech Check”, the Fundstrat chief explained that its people like Dorsey have the capacity to really invest and marshal support for broader crypto development.
Jack Dorsey’s departure bullish for #bitcoin?
.@fundstrat: “there isn’t enough capital allocated toward crypto innovation, so it takes ppl like Jack Dorsey to really marshal focus and I don’t think the space is overinvested yet” pic.twitter.com/hkZh7xQDtU
— Deirdre Bosa (@dee_bosa) November 29, 2021
Square taking steps towards crypto innovation
Square, MicroStrategy and Tesla are three of Wall Street’s biggest bitcoin-invested companies, with the addition of BTC on the firm’s balance sheet contributing to increased revenues amid rocketing prices. But that’s not all.
Square’s focus on making it easier for people to invest and spend their BTC has been gaining traction lately and could accelerate now that Dorsey could be fully immersed at the company.
In July, the payments firm announced plans to have the Bitcoin network work with decentralised finance (DeFi) applications. In October, Dorsey revealed that the platform was considering setting up a solar Bitcoin mining operation.
Other than that, Square announced in June that it was working on a Bitcoin hardware wallet targeted at institutional investors and is in the process of developing a decentralised exchange (DEX) as detailed in a recently released whitepaper.
The spike in crypto interest has been driven by major developments in the DeFi, NFTs, and currently Metaverse sectors. Yet, Lee thinks Square’s Dorsey could do even more, telling CNBC that he doesn’t believe the burgeoning cryptocurrency sector “is over-invested yet.”
Lee’s perspective resonates with that of GK ETF founder and CEO Ross Gerber, who also believes Dorsey’s resignation from Twitter makes sense and could be beneficial to Square Inc.
Looks like @jack is all in on crypto and square. Leaving twitter as it’s kind of a nightmare to run. Makes sense and good for $SQ – $twtr
— Ross Gerber (@GerberKawasaki) November 29, 2021
According to Lee, cryptocurrency provides for the “intersection of financial services and technology,” which means it potentially touches on “literally 60% of the economy.”
Meanwhile, the Fundstrat exec sees Black Friday’s markets sell-off as “horrific” and a massacre largely driven by panic selling. The downside was also heightened by the shortened trading day in the equities markets. But he notes that it offered a window of opportunity to investors.
Bitcoin is trading around $56,986 at the time of writing, about 1.3% down on the day and nearly 18% off since reaching its all-time peak of $69,044 on 10 November.