Banking on Bitcoin: The Race for ETF Custody!

Major banks are dissatisfied with their obvious absence as custodians of Bitcoin ETFs.

Author

Danielle du Toit
February 16, 2024

​Welcome Bonus up to $1000 at Hugewin!

Deposit as low as $1 with Tether, Bitcoin, Ethereum, Tron, Doge Coin, Binance Coin, Litecoin, Ripple!

Withdraw up to $1,000,000 in one transaction!

Get Daily %15 Casino Cashback and %25 Slot Bonus Every Wednesday!

Here's what we've got for you today:

  • Major Banks Plead with SEC for a Taste of Bitcoin ETF Riches

  • John Deaton Eyes Senate Seat in Challenge to Elizabeth Warren

  • Coinbase Reports Profits for First Time in Two Years

  • YouTuber Caught in the Crosshairs of Pump-and-Dump Allegations

The financial industry is looking to get their piece of the Bitcoin pie with major banks pushing for regulatory changes to serve as custodians for Bitcoin ETFs.

  • Major banks and financial institutions are pushing the SEC for changes in crypto asset regulations to serve as custodians for spot Bitcoin ETFs.

  • The coalition, featuring the Bank Policy Institute and American Bankers Association, points out challenges from Staff Accounting Bulletin 121, which mandates crypto assets be included on balance sheets, limiting banks' crypto custody capabilities.

  • They propose an exemption for banks from the requirement to hold crypto assets on their balance sheets while maintaining disclosure responsibilities, allowing them to engage in specific crypto activities.

John Deaton, a renowned lawyer and supporter of crypto, is considering running for the U.S. Senate with the goal of replacing Elizabeth Warren.

  • Republican Party insiders report that John Deaton is seriously considering entering the Massachusetts Senate race to challenge Elizabeth Warren, according to a Feb. 14 Boston Globe article.

  • Jim Conroy, a former adviser to Massachusetts' 72nd Governor Charles Baker, is in talks with Deaton, with a decision on the Senate bid anticipated very soon.

  • Senator Warren is known for her strong criticism of the crypto industry, and advocates for strict regulations to address what she considers risks involving digital currencies.

📈 Coinbase Reports Profits for First Time in Two Years

In the fourth quarter of 2023, Coinbase reached a net revenue of $905 million.

  • Coinbase's Q4 2023 revenue surged to $905 million, marking a 45.2% increase from Q3 and surpassing analysts' forecasts of $825 million.

  • Shares of the cryptocurrency exchange climbed over 3% in the 24 hours after the earnings report was released.

  • Over the last six months, Coinbase shares have also shown upward momentum, with a price increase of more than 129%.

📽️ YouTuber Caught in the Crosshairs of Pump-and-Dump Allegations

KSI is being accused of participating in pump-and-dump schemes related to cryptocurrency investments.

  • The controversy around YouTuber KSI reignited after he reactivated an old crypto-focused account on X, drawing attention from crypto investigators ZachXBT and Coffeezilla.

  • ZachXBT accused KSI of planning to "share garbage again," pointing out past instances where KSI promoted the XCAD Network and then sold $850,000 worth of its tokens.

  • Further accusations include KSI hyping projects like Ethernity Chain (ERN) and then quickly selling off large portions of his holdings after promoting them.

👀 QUICK NEWS

MEME OF THE DAY

How did you like today's newsletter?

Login or Subscribe to participate in polls.

That’s it for today. Don’t forget to share Coinpaper Digest with your friends!