2 hours ago
Cryptocurrency stocks soar after SEC gives green light to US Bitcoin ETF
2 hours ago
House Committee Requests Hearing for SEC Chairman Gensler Following X Account Controversy
The House Financial Services Committee is now asking SEC Chairman Gary Gensler to provide details on how the regulator's X account came to post false social media posts about Bitcoin ETFs.
In a Jan. 10 letter to Gensler, Committee Chairman Patrick McHenry wrote, Please provide clarification to Commission staff no later than January 17, 2024 for a better understanding.”
On Tuesday, the Securities and Exchange Commission's X account falsely posted that the regulator had approved trading in a Bitcoin ETF. Bitcoin's price initially skyrocketed, but has since fallen below $46,000.
The SEC announced that the account had been compromised. Late Tuesday night, Mr.
“This failure is unacceptable. It is alarming that your agency has failed to even meet the standards required of private industry,” McHenry said in the letter.
Ultimately, the SEC approved a rule change on Wednesday to allow Bitcoin ETFs.
–Darla Mercado, Christina Wilkie
3 hours ago
Bitcoin ETF rule changes “could reshape the dynamics of cryptocurrency investing,” says Moody’s Investors Service SVP
Rajeev Bumrah, senior vice president of digital finance at Moody's Investors Service, said that if the Securities and Exchange Commission's rule changes allowing the creation of Bitcoin exchange-traded funds in the United States are approved, crypto investments will It has the potential to shake the world.
This regulation has been closely monitored as it could give ordinary investors access to cryptocurrencies. Bumrah said the change could lead to more interest from financial institutions, which could lead to less volatility in the market.
“The SEC's approval of the Spot Bitcoin ETF has the potential to simplify and secure Bitcoin investing for a broader investor base, reshaping the dynamics of crypto investing,” he said. There is a possibility.” “It has the potential to provide a reliable and transparent price discovery mechanism, which could lead to significant inflows from institutions interested in entering the crypto market. A highly liquid cryptocurrency market could become a reality, which could be a positive development for the digital financial ecosystem.”
Bumrah pointed out that Bitcoin and Ether have made cryptocurrencies the best-performing asset class in 2023. However, he said global monetary policy and the availability of cryptocurrencies to institutional investors will help determine whether the trend continues.
— Alex Harring
3 hours ago
