Charles Morgan Bitcoin Surges On ETF Fever | Coinbase Fights To Save Crypto

From: Forbes Crypto Confidential - Saturday Jun 24, 2023 06:00 pm

BITCOIN IS ON A TEAR AS ETF INTEREST GROWS

The original cryptocurrency climbed to $31,231, its 2023 peak and highest since June 2022, on Friday afternoon in New York. The rally, which gained steam on Wednesday, followed a slew of announcements that institutional players–including BlackRock, Invesco and WisdomTree–are seeking permission to offer bitcoin-based exchange-traded funds. The launch of Citadel-backed crypto exchange EDX apparently also contributed to the gains.

The cryptocurrency market’s value has recovered to $1.24 trillion from a recent low of $1.06 trillion on June 13 after the SEC charged two of the largest digital-asset exchanges, Binance and Coinbase, for the sale of what it considers to be unregistered securities.

NEVADA ORDERS PRIME TRUST TO SHUT DOWN

State regulators ordered Prime Trust to end operations on Thursday, after the cryptocurrency custodian was unable to satisfy customer withdrawal requests. The decision was announced just hours after rival BitGo announced it was abandoning a takeover of the company.

The state’s Department of Business and Industry said in an order posted on its website that Prime Trust’s financial condition “has considerably deteriorated to a critically deficient level” and that the company was unable to honor withdrawal requests “due to a shortfall of customer funds.” The agency added that Prime Trust “has materially and willfully breached its fiduciary duties to its customers by failing to safeguard assets under its custody.”

Source: Forbes Digital Assets. Prices as of 4:00 p.m. on June 23, 2023.

COINBASE’S FIGHT TO SAVE CRYPTO

The Securities and Exchange Commission’s suit against Binance may be spicier, but it’s a pair of court battles between the SEC and Coinbase that could determine the future of cryptocurrency trading in the U.S. Significantly, Coinbase, the largest U.S. crypto exchange, is playing offense as well as defense. Read more.

REPUBLICANS GO AFTER GENSLER

Representative Warren Davidson admits he might not have the votes to fire Gary Gensler, but the crypto-friendly Ohio Republican wants the SEC chairman to rein in his attack on the digital-assets industry. According to a draft reviewed by Forbes, the legislation introduced in the Financial Services Committee earlier this month and titled “the SEC Stabilization Act,” aims to restructure the agency’s leadership, replacing the chairman position with an executive director appointed by the regulator’s commissioners. The bill has Republican support to potentially make it out of committee and onto the House floor, though approval by the Democrat-dominated Senate is unlikely.

ELSEWHERE

Japan’s Biggest Bank MUFG Is In Talks To Issue Global Stablecoins [Bloomberg]

More Than 50% Of Fortune 100 Companies Report Blockchain Initiatives, Coinbase Finds [The Block]

The Super Connector Who Built Sam Bankman-Fried’s Celebrity World [The New York Times]

Steven Elrich
Nina Bambysheva
Reporter
Forbes Money & Markets

Steven Elrich
Steven Ehrlich
Editor
Forbes CryptoAsset & Blockchain Advisor

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Charles Morgan Bitcoin Surges On ETF Fever | Coinbase Fights To Save Crypto