13th July 2023 > > ETFs and legal challenges.

tl;dr

Brazil’s test CBDC gives us an insight into their plans, and it’s not good news.

Market Snap

Market Wrap

More attempts at breaching $31k fall by the wayside, taking us back to the lower end of this trading range. It seems that only some material news – good or bad – is going to allow for a meaningful move anytime soon.

Curious Cryptos’ Commentary – Blackrock’s BTC ETF timeline

Handy guide to keep handy.

ARK Investment’s BTC ETF is “probably” higher in the queue, but this is “probably” the one to watch.

Curious Cryptos’ Commentary – Grayscale’s legal challenge to the SEC

Grayscale took the SEC to court last year in their fight to turn their BTC Trust into an ETF. The discount – a not uncommon feature for trusts – has narrowed from around 50% to 25% since January 2023 as optimism grows for a spot BTC ETC giving a nice kicker to everyone who bought this year.

In its eternal wisdom, the UK regulator had denied this opportunity for UK investors to turbocharge their BTC gains in 2023. My frustration with technocrats just keeps on growing.

Curious Cryptos’ Commentary – Responsible Financial Innovation Act of 2023

Senators Lummis and Gillibrand continue to work hard to put forward a bi-partisan piece of legislation to provide greater regulatory and legislative clarity for cryptos.

Unfortunately the critics all hail from one end of the political spectrum.

Stephen Lynch, Massachusetts Representative, claims the bill aims to undermine the SEC. One only wishes that were true.

Brad Sherman, Californian Representative, makes the extraordinary claim that the objective of this bill is to help Sam Bankman-Fried, ex-CEO of bankrupt FTX, achieve his personal goals.

With that level of childish debate, no progress will be made anytime soon.