The First Spot Bitcoin ETF Lands Across the Pond - US Markets Take Notice
London-based Jacobi Asset Management has launched Europe's first Bitcoin exchange-traded fund (ETF) on Euronext Amsterdam. After receiving approval from the Guernsey Financial Services Commission in 2021, the firm initially postponed the launch due to unfavorable market conditions. The Jacobi FT Wilshire Bitcoin ETF is finally live, trading under the ticker BCOIN, with a 1.5% annual management fee. In somewhat surprising news (given the surveillance sharing agreement hype in the US) Fidelity Digital Assets is the custodian, and Flow Traders serves as the market maker. This ETF is designed to provide institutional investors with secure and transparent access to Bitcoin while addressing sustainability requirements. It's also the first decarbonized digital asset fund compliant with European Sustainable Finance Disclosure Regulation (SFDR) Article 8, achieved through a Renewable Energy Certificate (REC) solution, ensuring adherence to environmental, social, and governance (ESG) objectives. Just when you thought ESG was dead, the European asset manager found a way to get bitcoin included in the ambiguous allocator-centric category. This move would likely tilt most bitcoin maxis just a bit. The new launch positions European investors ahead of their American counterparts in accessing a Bitcoin ETF, as the US Securities and Exchange Commission has consistently rejected or postponed similar applications. See the details in the link below.
Legal scholars, venture capitalists, and blockchain advocates have submitted amicus briefs in support of Coinbase's defense against the US Securities and Exchange Commission (SEC). These briefs contest the SEC's interpretation of an "investment contract," asserting it is flawed and could adversely affect the crypto industry. In case you need us to jog your memory, the SEC sued Coinbase in June, alleging failure to register and non-compliance with securities regulations for digital assets sold on its platform. Critics argue the SEC's interpretation is overly broad, potentially including non-securities, and that its focus on "efforts of others" is misplaced for many digital assets. Legal scholars from prominent institutions call for a proper examination of whether tokens on platforms like Coinbase are unregistered securities. US Senator Cynthia Lummis also submitted a brief, asserting the SEC's actions violate constitutional separation of powers and hinder congressional oversight. Venture capital firms Andreessen Horowitz and Paradigm voiced concerns about the SEC's approach, fearing it could burden companies and stifle innovation. The Crypto Council for Innovation, along with other organizations, highlighted worries about regulatory overreach hindering entrepreneurship and innovation. All these parties stressed the importance of clear, consistent, and well-defined regulations to foster growth, innovation, and investment in emerging technologies. See the latest in the link below.
In the midst of a crypto winter thaw, where market volatility and uncertainty prevail, the importance of educating ourselves about crypto and blockchain becomes all the more evident. Just as trees shed their leaves in winter to conserve energy and strengthen their roots, investors and enthusiasts can take this time to deepen their understanding of blockchain technology, investment strategies, and market trends. By equipping ourselves with knowledge, we not only safeguard against impulsive decisions but also position ourselves to capitalize on opportunities when the crypto spring inevitably arrives. As the saying goes, in the winter's cold embrace, we nurture our understanding to bloom in the seasons ahead. See a reading list from a16z's crypto team. It's a digital page turner.
When curating articles; it can be hard to find sources of information that you enjoy reading and are relevant. We've really found ourselves checking in on Hard Yaka's Newsletter each week and think our users should equally be aware of the content they push out. This week their headline article jumps into the "Fed's new crypto program" and the "fastest growing stablecoin in the industry." With several interesting connections within the stablecoin project, TrueUSD, and their related lending protocol - TrueFi, this is a much bigger story than most give credit for. We can say with a degree of certainty that Justin Sun's fingerprints are all over this one. Read this and more in the link below.
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A clip of Jack McDonald on the current appetite of TradFi talent migrating to the DeFi space. Watch the full episode here.
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