Web3🌗Wednesday Unveilings: CZ Exits Binance.US, SEC Eyes Bitcoin ETFs, Coinbase-CFTC Saga, Bitcoin's Surge!
1. Changpeng Zhao resigns as Binance.US chair
2. SEC seeks input on Franklin Templeton, Hashdex Bitcoin ETFs
3. Coinbase's possible Bitcoin data sharing with the CFTC
4. Bitcoin surpasses $37.7K on Fed's Waller's comments
Stay tuned for deeper insights!🤗
Greetings on this vibrant Wednesday! Embrace the latest in the Web3 domain, where significant highlights are making waves in the crypto realm. Stay tuned as we delve deeper into these pivotal events, unfolding today in the Web3 landscape.
1. CZ's departure from Binance.US chair
Changpeng Zhao, the former CEO of Binance, stepped down from the chairmanship of Binance.US following a $4.3 billion settlement with U.S. authorities. Despite the Binance.US exchange's separation from the settlement, CZ agreed to step down and relinquish his governance involvement, transferring voting rights through a proxy. The exchange expressed gratitude for his guidance. Zhao's guilty plea to Anti-Money Laundering charges during his tenure as Binance CEO led to potential sentencing, facing up to 18 months in prison. Binance.US faces a separate SEC lawsuit probing its control over user assets. The case's resolution and CZ's legal situation remain under scrutiny.
Turner Wright
2. SEC's probing into Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) initiated the review process for proposed Franklin Templeton and Hashdex Bitcoin ETFs, inviting public input. Their Form 19b-4 submissions for ETF approval require comments within a 35-day open period. Queries for commenters include the susceptibility of the funds to manipulation, evaluation of hosting exchanges' size, and price discovery mechanisms. Franklin Templeton's request delves into market manipulation, surveillance sharing with Coinbase, and BTC price correlations. Hashdex presents a more intricate futures ETF structure, obtaining BTC from CME-traded sources and focusing on their size and liquidity. Both ETFs seek insights into sponsor Toroso Investments' pricing calculations concerning regulated and unregulated exchanges.
Derek Andersen
3. Coinbase’s possible data sharing with CFTC
Coinbase users receive CFTC-related emails, possibly linked to Bybit's subpoena. Coinbase may share customer data but is working to limit the scope. Speculations arise on why some unaffected users received notices. CFTC previously acted against exchanges for KYC violations. Bybit recently imposed KYC standards. The connection between Coinbase and Bybit accounts could aid CFTC inquiries, though no lawsuit against Bybit is confirmed yet.
Sander Lutz
4. Bitcoin's surge to $37.7K post-Fed's Waller insights
Fed Governor Chris Waller hinted at potential rate cuts if inflation continues to decline, signaling a shift in policy. His observation of an easing economy and decreasing inflation suggests Fed strategy aligns well. Waller's remarks, contrasting his usual hawkish stance, spurred a 1% Bitcoin surge. Conversely, Fed Governor Michelle Bowman advocates rate hikes to curb inflation. This juxtaposition influenced traditional markets: 10-year Treasury yield fell by 4 basis points to 4.35%, the dollar index dipped by 0.4%, and gold rose by 1.3% to $2,038 per ounce. Waller's statements hold considerable implications for monetary policy and financial markets.
Stephen Alpher
As we draw the curtain on today's Web3 highlights, the crypto space resonates with pivotal shifts and key discussions. CZ’s departure from the Binance.US chair, the SEC's keen scrutiny of Bitcoin ETFs, Coinbase’s potential data sharing with the CFTC, and Bitcoin's surge to $37.7K spurred by insights from Fed's Waller have captivated the world of cryptocurrencies. These events underscore the dynamism and evolving landscape within the digital asset realm. The ongoing conversations and developments highlighted today offer a glimpse into the transformative nature of Web3 and its impact on the financial domain. Stay tuned for further insights and revelations that continue to shape the intriguing Web3 universe.
