In the wake of the appointment of a U.S. crypto czar and the announcement of comprehensive crypto legislation, many believe the era of “regulation by enforcement” in the U.S. is over. But while the SEC and CFTC now have crypto-friendly chairmen, both state regulators and Attorneys General are poised to take their place as aggressive … Read more
Bank of America, which has historically taken a backseat in the crypto industry, is prepared to launch its own dollar-backed stablecoin if U.S. lawmakers approve legislation allowing it to do so, its CEO said Tuesday. “If they make that legal, we will go into that business,” Bank of America CEO Brian Moynihan said in an … Read more
Bitcoin’s sharp price declines have dominated news headlines this week, but major corporate BTC holder Strategy (MSTR) has been in a downtrend for more than three months. Trading around the $250 level on Wednesday, Strategy is lower by about 55% since peaking at $543 on Nov. 21. Investors in leveraged MSTR products have suffered even … Read more
The investment conversation around crypto has transitioned from questioning the survival of cryptocurrencies to discussing efficient allocation strategies. Most notably, institutional investors are moving on from testing the waters with bitcoin to seeking diversified exposure to the broad crypto market. With a total market cap of over $3 trillion, cryptocurrencies represent approximately 1.5% of the … Read more
Strategy (NASDAQ: MSTR), the SaaS-based business intelligence company formerly known as MicroStrategy that pioneered a bitcoin treasury strategy, is currently trading at a $73 billion market cap, ~1.6x the value of its underlying bitcoin holdings. This so-called “MSTR premium” has caused much misunderstanding, healthy skepticism and even consternation, but with a decade of deep equities … Read more
The U.S. Commodity Futures Trading Commission (CFTC) could have an even stronger Republican majority when the chairman picked by President Donald Trump arrives, with the announcement on Wednesday that Democratic Commissioner Christy Goldsmith Romero will step down after that expected confirmation. If Trump nominee Brian Quintenz, a former Republican commissioner at the agency, is approved … Read more
Having served as the first chief of the SEC’s crypto unit from 2017 to 2019, I’m often asked what kind of crypto enforcement we should expect to see from the new administration. My first answer is that I do not know. My second answer is that I believe it will be different, but it will … Read more
Former U.S. House Financial Services Committee Chair Patrick McHenry (R-N.C.), who retired in January, has joined Andreessen Horowitz (a16z) as a senior advisor. McHenry announced his new role at the Silicon Valley-based venture capital firm in a Wednesday X post. McHenry was the acting Speaker of the House for a few weeks in 2023 after … Read more
While spot bitcoin exchange-traded funds yesterday registered their largest-ever daily outflow as investors pulled out nearly $1 billion, spot gold ETFs continue to see large inflows, a potential boon for gold-backed cryptocurrencies. Physically-backed gold ETFs last week saw their largest weekly inflow since March 2022, according to data from the World Gold Council, which showed … Read more
CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index. The CoinDesk 20 is currently trading at 2814.47, down 1.6% (-46.85) since 4 p.m. ET on Tuesday. Ten of 20 assets are trading higher. Leaders: LTC (+7.9%) and ICP (+2.2%). Laggards: SOL (-5.6%) and UNI (-4.3%). … Read more