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Jun30Friday

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Messari Research’s Ryan Selkis: ETF Conversion Would Eviscerate Grayscale's Revenue by More Than 50%
KingData News: While Grayscale has filed a lawsuit against the SEC to try to force their hand to change this, Messari Research’s Ryan Selkis has laid out a few scenarios in a note that he sees as possible outcomes for this quagmire. Should GBTC be converted to an ETF, it would be a massive loss in fee revenue for Grayscale as the firm takes a 2% fee on the underlying assets regardless of the discount. “A ‘winning’ case and ultimate ETF conversion would eviscerate Grayscale's revenue by more than 50%. An ETF would mean an open redemption window, and a likely reduction in fees in order to retain AUM (assets under management). We’re talking about $200 million+ per year in profit reduction for DCG,” Selkis wrote. “What's interesting is that there's a non-zero chance that the SEC blocks Grayscale purely out of spite, and because they don't want to reward what they view as historically bad behavior,” Selkis wrote. The bad Grayscale Trade was 3AC’s first step toward insolvency. 3AC owned a huge chunk of GBTC with leverage — up to 6% of the trust at one point.” (CoinDesk)
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Jun28Wednesday
Jun24Saturday

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SkyBridge’s Scaramucci: Bitcoin Is ‘Technically Oversold’
KingData News: Given bitcoin’s (BTC) widening use in an increasing number of areas and the exponential growth of wallet activity, the crypto is “technically oversold” at current levels, SkyBridge founder Anthony Scaramucci said Thursday in a speech at the Collision conference in Toronto. Scaramucci said investors may look back and recognize bitcoin being a “very cheap asset that we can take advantage of because of certain people being over-levered in the system.” He said he was initially skeptical about bitcoin, though discussions years ago around digitizing the U.S. dollar spurred his interest in blockchain technology. SkyBridge has launched various bitcoin-related funds, and also tried to garner approval for a spot bitcoin ETF, which was rejected by the U.S. Securities and Exchange Commission (SEC). (CoinDesk)
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Jun23Friday

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U.s. House of Representatives: Digital Dollar Will Ensure That The Dollar Becomes a Global Reserve Currency
KingData News: In a white paper, U.S. Rep. Jim Himes said the digital dollar would support the dollar's role as a global reserve currency, could support underbanked individuals and could be more creditworthy than stablecoins issued by private companies. The white paper says that CBDCs will have advantages over privately issued stablecoins and crypto assets, most notably the ability to be backed by U.S. government credit like traditional cash, and will provide holders with a degree of security. In addition, CBDC may pose a risk to privacy or security as well as broader monetary policy. jim Himes recommends that the Federal Reserve experiment with privacy and encryption tools to protect consumer data.
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Jun21Wednesday

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Michael Saylor: Over 19,000 Cryptocurrencies Must Be Viewed as Unregistered Securities
KingData News: Microstrategy CEO Michael Saylor argues the over 19,000 cryptocurrencies and digital tokens in circulation must be viewed as “unregistered securities” that cannot be likened to a hard commodity like Bitcoin—which has no issuer, no management, no employees, no product cycle and only a finite supply. Speaking in a webcast with NorthmanTrader founder Sven Henrich, Saylor said Bitcoin was being caught in the crossfire of a collapsing crypto market since it often served as collateral on margin loans for less proven tokens. “What you have is a $400 billion cloud of opaque, unregistered securities trading without full and fair disclosure, and they are all cross-collateralized with Bitcoin,” he argued He added mainstream financial institutions often won’t touch an asset like Bitcoin “because of the slime that gets onto the asset class from all the unregistered securities." He also cited crypto hedge funds like Three Arrows Capital, or 3AC, as a hindrance rather than a facilitator to cryptocurrency adoption. (Fortune)
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Jun20Tuesday

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SBF Says Fed Is Driving Current
KingData News: Cryptocurrencies are going through a spectacular crash and the head of one of the largest crypto exchanges says the Federal Reserve is responsible for this downturn. "The core driver of this has been the Fed," said Sam Bankman-Fried, the CEO of FTX, whose app and sites are used by investors to buy and sell digital currencies. The Fed is raising interest rates aggressively to fight high inflation, and that has led to a "recalibration" of expectations of risk, Bankman-Fried told NPR. The billionaire said he appreciates the difficulty of what the central bank is trying to do, noting it is "caught between a rock and a hard place." But Bankman-Fried said a lot of his own outlook for his business is now dependent on decisions the Fed will make in the months ahead. Bankman-Fried suggested the fallout could shape crypto regulation, which is being hotly debated in Washington. He said it is likely there will be increased scrutiny of how leverage is used in the crypto industry, and how transparent companies are about potential dangers. "I do feel like we have a responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion," SBF said.
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Jun15Thursday
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