BITCOIN

Nigerian fintech lawyer Senator Ihenyen said the new central bank guidelines which bar the withdrawal of cash from accounts operated by virtual asset service providers (VASPs) seem “reasonable and understandable.” The lawyer however believes an “outright” prohibition of cash withdrawals from VASPs operated accounts may “be in conflict with the CBN’s own cashless policy.” ‘Fraudulent Leakages’ Nigerian fintech lawyer Senator Ihenyen has said that the new Central Bank of Nigeria (CBN) guidelines prohibiting cash withdrawals from bank accounts operated by virtual asset service providers may at first glance seem “reasonable and understandable.” Citing the central bank’s past circulars, Ihenyen suggested that the prohibition may be consistent with the CBN’s goal of combating the use of cash in funding criminal activities, as well as containing the high cost of handling cash. The lawyer also highlighted the impact of cash transactions on monetary policy, as well as the effect of “fraudul

A group of former Citigroup executives has introduced a new product called bitcoin depository receipts. They explained that this crypto product does not need to be registered with the U.S. Securities and Exchange Commission (SEC). The new offering aims to be a “complementary” product to spot bitcoin exchange-traded funds (ETFs) that the securities regulator is expected to approve early next week. ‘The First-Ever Bitcoin Depositary Receipt’ Launches A startup called Receipts Depositary Corporation (RDC), formed by a group of former Citigroup executives, announced the launch of “the first-ever bitcoin depositary receipt ( BTC DR)” on Thursday. Bitcoin depositary receipts are similar to American Depositary Receipts (ADRs) for foreign stocks, RDC explained, adding that they operate within U.S.-regulated market infrastructure and are cleared through the Depository Trust Company (DTC). The announcement details: RDC expects to issue the first BTC DRs in transactions exempt from regi

The possibility of the U.S. Securities and Exchange Commission (SEC) rejecting spot bitcoin exchange-traded funds (ETFs) became a concern after financial watchdog group Better Markets called on the securities regulator to reject spot bitcoin ETFs, warning that approvals will lead to “financial carnage” and “massive investor harm.” The SEC is expected to make a decision on spot bitcoin ETFs early next week, and trading could begin as soon as Jan. 11. Will SEC Reject Spot Bitcoin ETF Applications? Concerns gripped the crypto community following Friday’s letter from Better Markets, a financial watchdog group, urging the U.S. Securities and Exchange Commission (SEC) to reject spot bitcoin exchange-traded funds (ETFs). The group argued that the SEC has a legal obligation to deny these applications, warning of potential “financial carnage” and “massive investor harm” if spot bitcoin ETFs are approved. The group features Senator Elizabeth Warren (D-MA) as a top testimonial on its website

Blackrock, the world’s largest asset manager, has reportedly lined up more than $2 billion for its spot bitcoin exchange-traded fund (ETF) within days of launch. Vaneck’s head of digital assets research and a Bloomberg ETF analyst have independently verified with their sources that Blackrock has a “big day one” capital lined up for its spot bitcoin ETF. Blackrock Prepares for ‘Big Day One’ of Spot Bitcoin ETF Launch The world’s largest asset manager has reportedly lined up $2 billion in capital for its upcoming spot bitcoin exchange-traded fund (ETF) launch, according to Vaneck’s head of digital assets research, Matthew Sigel. Vaneck is among the asset managers that have filed to launch a spot bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). Blackrock, Vaneck, and nine other spot bitcoin ETF applicants are waiting for the green light from the SEC to launch spot bitcoin ETFs. Sigel revealed during an X Space discussion hosted by The Block on Friday: I heard from