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Content:
- The Retired Investor: Crypto Crashes (Again)
- Cornell Chronicle
- What Is Cryptocurrency? Here’s What You Should Know
- Ethereum Competitors and the Race to Innovate
- U.S. to target ransomware payments in cryptocurrency with sanctions - WSJ
- SEC official says Ethereum is not a security, freeing it from oversight
- Are Bitcoin and Ethereum Eyeing Important Trading Lows?
- Even if China shuts down cryptocurrency exchanges, bitcoin trading won’t stop
The Retired Investor: Crypto Crashes (Again)
Grayscale shreds the hype about Bitcoin's power to 'democratize' finance by showing that RIAs really want a dominant Wall Street middleman and are willing to pay hedge-fund-like fees for 'transparency' and an SEC-approved wrapper. The New York City manager landed Schwab, Wealthfront and now the UHNW alts platform, iCapital, to provide a crypto asset that incites exuberant hopes, crippling fears and little between.
September 28, — PM by Oisin Breen. Be careful what you wish for. It doesn't mean that that lofty fee isn't also the potential seed of destruction for the open end, golden-egg laying mutual fund. It gives competitors every incentive to develop a better mousetrap and the SEC every reason for sympathy.
Grayscale Investments just signed a deal with iCapital that sets the stage for it to further dominate RIA access to Bitcoin and charge hedge fund-like fees, shredding the hype about Bitcoin's power to 'democratize' finance. But its Sept. But now they will be reported alongside other alts on iCapital's platform, which will appeal to many, sources say. Private placement in GDLC and other Grayscale funds, which comes with a minimum six month lock-up, is also typically cheaper , but not always , compared to an over-the-counter purchase.
That's because investors buy a fresh stake in the fund at its net-asset-value, against trading at demand-driven premiums on the open market. Whether Grayscale makes a mockery of the always dubious claims about Bitcoin being in effect a self-contained, frictionless financial system that could serve as a refuge from bank fees, Wall Street toll collection or even the inherent costs in storing value in gold is questionable.
It may never have been credible to begin with. Yet Grayscale certainly exploits the economic handmaiden of Democracy -- free enterprise. Those staff already enjoy a perk of Ray Dalio types who migrate from New York City to tony surroundings in Connecticut. Grayscale sits on the harbor in Stamford. What Grayscale and its loyal RIA investors know is that although digital currency purportedly employs blockchain underpinnings to cut out expensive middlemen, the volatility of cryptocurrency is a recipe for investor fear, making it ripe for intermediaries.
Grayscale funds do not directly hold cryptocurrencies. The model means the funds trade at a discount or premium to cryptocurrencies during periods of high volatility. Yet Grayscale has been able to add a veneer of safety to the digital asset trading process by marketing its funds with 'blessed' by the Securities and Exchange Commission SEC approval and a safety-in-numbers product.
Underscoring the point, just three days before it announced the iCapital signing, Grayscale revealed that the SEC had approved its bid to bring three more -- for a total of six -- of its 15 funds in line with the regulator's 12 g reporting standards, under the Exchange Act of In fact, the approvals themselves are a key part of Grayscale's value proposition, as evidenced by the fact that Wealthfront and Schwab chose Grayscale as a chief investor access point to Bitcoin.
See: Wealthfront cedes to four years of investors clamoring for crypto by taking on expensive third-party vendor that Betterment rules out. Grayscale was able to spot that advisors needed a service that slots into their practice without difficulty, says Lex Sokolin, global fintech co-head at New York City blockchain software company ConsenSys, via email. Yet for all the fund's dominance, experts are split on whether Grayscale is at the beginning or end of its tenure a category-killing first-mover.
The conditions are set now for very stiff competition," he adds. The stiffest competition to Grayscale is likely to come from legacy fund and brokerage firms like Fidelity Investments. The fund giant is applying to offer lower costcrypto-ETFs that will likely offer greater simplicity and broader access.
It is no sparing expense in operating a crypto ETF department despite uncertainty about when, if ever, the SEC will grant approval. Indeed, on Aug. Grayscale's deal with iCapital follows swiftly on the heels of Wealthfront's Jul.
Yet, the iCapital deal puts Grayscale's crypto products in front of a far more rarified audience, although RIAs using iCapital will be limited at the outset to trading GDLC, which invests in large-cap companies, while tracking the XBX index.
Its risk-reducing diversification was also a huge reason iCapital opted to partner with Grayscale, says Duff. Ultra-refined or not, it works, says Daniel Gonzalez, an analyst for wealth management at Javelin Strategy, a Pleasanton, Calif, consultancy. The value proposition Grayscale offers is established SEC reporting, customized allocations, [and] IRA eligibility," he says, via email.
Yet a Grayscale spokesman declines to call the iCapital deal a coup, describing the firm as an "industry leader" that "stands out. Among Grayscale's crypto-fund peers, only Osprey Funds filed , Jul.
The fund is also highly volatile. The fund has seen its share price trade near its low since then. It closed today Sept. Each of the major crypto fund vendors also require a minimum capital investment for investors keen to buy in through the cheaper private placement route. The six Grayscale funds that report to the SEC, do so under Section 12 g of the Exchange Act, which, in line with section 13 a , requires registrants to file current, quarterly, and annual reports, limited director and shareholder reports, and proxy voting statements.
Yet, its July launch of its closed DeFi fund could yet bring regulatory disapproval, according to the Wall Street Journal.
The fund invests in tokens tied to crypto trading and lending services, including UniSwap, which is under investigation by the SEC. If the SEC eventually sanctions cryptocurrency ETFs, many of the traditional powerhouses that currently partner with Grayscale could quickly become dangerous competitors.
Despite initial industry expectation that newly-appointed SEC chair Gary Gensler might fast-track crypto ETFs, he has maintained the regulator's wait-and-see attitude. Gensler also recently compared the crypto market to the wildcat banking era of to , before federal banking regulation.
It's worthwhile to have an investor-protection regmine," he told the Washington Post, Sept. If crypto ETFs hit the shelves, fees will likely plummet, and Grayscale will have to adapt or die, says Eyre.
Today, equity mutual funds on average levy fees of 50 bps, index ETF fees stand at an average of 18 bps, according to the Investment Company Institute. Beyond lower costs, ETFs also give investors the ability to avoid long lock-up periods before they can cash out their investments. Fund vendors are more capable of hedging investments, securing crypto assets with cold storage offline keys, and offering access to trickier to manage investment strategies.
Yet, one reason for the SEC's continued rejection of crypto ETFs is its refusal to pick a winner on a first-come, first-served basis, Eyre continues. The SEC declined to comment, stating that it "does not comment on the existence or non-existence of confidential filings. That said, the moat provided by incumbency is often underestimated, says Eric Balchunas, senior ETF analyst for Bloomberg intelligence, in a Sept. The number of well known asset managers gearing up to launch a crypto ETF also continues to grow.
BlackRock has also begun to trade in Bitcoin futures. The company has allowed investors to trade four Grayscale funds and one Osprey fund, since July. The regulator has set a Nov. Among the largest domestic asset managers, Fidelity is the earliest convert to crypto currency, and Cboe Global markets will list its Bitcoin ETF on its exchange, should it gain SEC approval.
Fidelity launched an in-house digital custodian, Fidelity Digital Assets in , a crypto asset manager, Fidelity Digital Funds, and its first Bitcoin fund Wise Origin Bitcoin Index Fund in , and crypto analysis software, Sherlock in See: Fidelity Investments unveils 'Sherlock' -- a dashboard that gives advisors data on 80 digital assets that can be used to justify buying and selling crypto. The company is also a loud advocate of digital asset-based ETFs.
Indeed, on Sept. A futures-based ETF also requires more onerous regulation, as it comes primarily under the purview of the Investment Company Act of ; whereas a physical Bitcoin ETF would be a commodity ETF, and exempt from some act rules, according to Apkarian.
Fidelity Investments ICapital. The 53,employee Boston firm is offering Google-type benefits and Merrill Lynch-style training--no financial experience necessary-- to reach 60, staffers by Christmas to meet crushing demand for service and still advance mega-projects like crypto and youth accounts. Toggle navigation. Related Moves. Fidelity Investments pulls out stops on perks to raise headcount by 7, -- by hiring 9, -- to shrug off labor shortages, escalating wages and call center attrition The 53,employee Boston firm is offering Google-type benefits and Merrill Lynch-style training--no financial experience necessary-- to reach 60, staffers by Christmas to meet crushing demand for service and still advance mega-projects like crypto and youth accounts.
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Cornell Chronicle
Uniswap Labs, developer of the biggest decentralized finance exchange Uniswap, is under investigation by the Securities and Exchange Commission as DeFi breaks into the mainstream, according to a new Wall Street Journal report. The Journal report, citing people familiar with the matter, said the SEC was looking into "how investors use Uniswap and how it is marketed. At this point, the SEC's investigation is under civil law, rather than criminal law, and it may or may not lead to charges. But the probe coincides with a separate SEC effort to gain insight into crypto lending platforms, asking in letters for information on whether digital assets should be SEC-registered securities, according to the Journal.
What Is Cryptocurrency? Here’s What You Should Know
The confirmation on April 14 of Gary Gensler as chairman of the Securities and Exchange Commission has fueled worries that increased regulation of cryptocurrencies would hurt trading volumes and prices and stifle innovation in the nascent segment, and prompt industry participants to flee to less stringent jurisdictions. However, those fears are unfounded, and tighter regulation could purge the industry of bad actors and engender trust, which in turn would help it grow, according to Brian Feinstein and Kevin Werbach , Wharton professors of legal studies and business ethics. Listen to the podcast above. Cryptocurrency regulation is clearly evolving. Former SEC Chairman Jay Clayton had stated in and that bitcoin and ether a cryptocurrency of the Ethereum blockchain network are not securities, thereby exempting them from regulations governing securities markets, although no formal rules about their exemption have been established, according to the Journal editorial. Feinstein and Werbach put those concerns to the test and examined if price declines follow cryptocurrency regulation in a country. That finding was the result of an exhaustive study by Feinstein and Werbach of trading activity at several exchanges worldwide following key cryptocurrency regulatory announcements. Despite concern from some in finance that strong regulations would dampen enthusiasm for crypto or push trading to more laissez-faire countries, we found few hints of price movement around regulatory events and no evidence of capital flight. For sure, the cryptocurrency market takes a hit when regulators crack down on illegal activities. Regulators also help temper cryptocurrency prices when they purge the market of illegal activities and thereby provide a safer environment for genuine investors.
Ethereum Competitors and the Race to Innovate
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U.S. to target ransomware payments in cryptocurrency with sanctions - WSJ
The send dialog is resizeable and you can enter as long of a message as you like. It's sent directly when it connects. The recipient double clicks on the transaction to see the full message. If someone famous is getting more e-mail than they can read, but would still like to have a way for fans to contact them, they could set up Bitcoin and give out the IP address on their website. We are just guaranteeing that they can talk to each other, that there is no interference.
SEC official says Ethereum is not a security, freeing it from oversight
This guide was created with the purpose of answering any questions you might have about Ethereum Classic ETC. In order to understand why and how ETC came into being, it's important to understand the events that led to its creation: The DAO hack and the hard-fork. If you aren't familiar with these events, click here to read a brief summary. Ethereum Classic is not an original cryptocurrency, but instead a version of an existing cryptocurrency, Ethereum. Both blockchains are identical in every way up until block where the hard-fork to refund The DAO token holders was implemented, meaning that all the balances, wallets, and transactions that happened on Ethereum until the hard-fork are still valid on the Ethereum Classic Blockchain. After the hard-fork, the blockchains were split in two and act individually.
Are Bitcoin and Ethereum Eyeing Important Trading Lows?
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Even if China shuts down cryptocurrency exchanges, bitcoin trading won’t stop
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Cryptocurrencies are coming to retirement plans soon. A small group of workers next month will be able to invest in cryptocurrency in their k , The Wall Street Journal reported Thursday. ForUsAll Inc. Crypto investing is virtually nowhere to be found in k plans and individual retirement accounts at the moment. But while financial advisers remain cautious about cryptocurrencies, they may be ready to embrace them due to client demand, according to the Trends in Investing Survey , conducted by the Journal of Financial Planning and the Financial Planning Association. Crypto scams: How crypto coin scams use celebrity imposters, other tricks to steal cash. Should you?
All Rights Reserved. This could be due to a number of actions undertaken by Uniswap that have raised industry eyebrows about how decentralized and transparent the protocol actually is. For example, Uniswap made waves in when it airdropped of its UNI governance tokens to every user who interacted with its platform. In , the automated market maker AMM also unveiled its Uniswap V3 version , which greatly improved on its second iteration, and was also its first version to be licensed for reuse.
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