Coinbase CEO Brian Amstrong is planning to meet with around 100 Democratic lawmakers this week t discuss crypto’s role in several areas of national interest. The SEC has accepted a second spot Bitcoin ETF for review – Valkyrie’s spot Bitcoin ETF filing – just days after it published BlackRock’s spot Bitcoin ETF proposal on July 13. Meanwhile, Ark Invest CEO Cathie Wood says she remains optimistic over the fate of Coinbase and other digital asset exchanges after the recent Ripple ruling.
Coinbase CEO to hold closed door meeting with US regulators
Coinbase CEO Brian Armstrong is planning to meet with members of United States Congress to discuss cryptocurrency legislation in the country, according to a July 17 report by Bloomberg.
The private meeting with members of the New Democrat Coalition — a group of roughly 100 Democratic lawmakers in the House of Representatives — will focus on the impact of digital assets and blockchain technology on national security, privacy and climate. It’s scheduled to occur on July 19.
Coinbase is being sued by the Securities and Exchange Commission on allegations that it acted as a middleman in several unregistered securities offerings. The SEC and Coinbase held their first pre-motion hearing on July 13, roughly five weeks after the lawsuit was filed. Paul Grewal, Coinbase’s chief legal officer, tweeted this week that the exchange has “safely and legally offered staking for almost 4 years,” and that the SEC proceedings are “just getting started.”
We’ve safely and legally offered staking for almost 4 years. We’ve always followed legal process, and will do so here. These proceedings are just getting started – we’ll continue to defend everyone’s right to stake if and how they choose. https://t.co/vkSjiO2tjV
— paulgrewal.eth (@iampaulgrewal) July 14, 2023
Valkyrie ‘BRRR’ spot Bitcoin ETF enters SEC’s Nasdaq rulemaking list
The United States’ Securities and Exchange Commission (SEC) has accepted Valkyrie’s Bitcoin exchange-traded fund (ETF) proposal for official review. According to data from the SEC’s Nasdaq rulemaking list, Valkyrie’s proposal for its spot Bitcoin ETF entered the official docket on July 17.
Valkyrie’s listing on the docket is the second spot Bitcoin ETF proposal being considered by the SEC, and comes just a few days after the SEC published BlackRock’s spot Bitcoin ETF proposal on July 13.
The filing is Valkyrie’s second attempt to launch a spot Bitcoin ETF in the United States. The family investment fund previously proposed listing the Valkyrie Bitcoin Trust on the New York Stock Exchange in January 2021. In response to regulatory pushback from the SEC, Valkyrie was still able to launch a futures-based Bitcoin ETF in October 2021.
“The trust will only hold Bitcoin, and will, from time to time, issue baskets in exchange for deposits of Bitcoins and to distribute Bitcoins in connection with redemptions of baskets,” DeLesDernier noted in the statement.
Cathie Wood bullish on Coinbase after Ripple court ruling
The founder and CEO of ARK Investment Management said she remains upbeat over Coinbase shares, particularly after Ripple’s recent partial victory over the SEC.
While Wood noted the ruling wasn’t in outright favor of Ripple, she lauded the outcome as “by and large, very positive for [crypto] exchanges.”
Cathie Wood and Ark Invest’s trade activity from today 7/17 pic.twitter.com/JkGgK7gC0u
— Ark Invest Daily (@ArkkDaily) July 18, 2023
On July 17, three of Wood’s ARK Investment exchange-traded funds (ETFs) cashed in on the crypto exchange’s recent rally, selling a total of 248,838 shares, worth $26.3 million at the time. These sales came six days after the ARKInnovation ETF sold an additional $12 million worth of Coinbase stock on July 11.
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