• BlackRock has filed for a spot Bitcoin ETF and Coinbase will serve as custodian for the BTC holdings.
• Binance.US has reportedly cut 50 staff following SEC charges, while Do Kwon’s detention was extended six months by Montenegrin court.
• Tether CTO calls USDT depeg ‘good stress test’ for company.
BlackRock Files For Spot Bitcoin ETF
BlackRock, one of the world’s largest asset management firms, has filed for a spot bitcoin exchange-traded fund (ETF). The BTC holdings will be held and managed by Coinbase Custody, which is an institutional digital currency custodian.
Binance.US Cuts Staff Following SEC Charges
Binance.US, the American arm of crypto exchange Binance, has reportedly cut around 50 staff following SEC charges against its parent company over a lack of registration with the agency as a broker-dealer earlier this year.
Do Kwon’s Detention Extended By Montenegrin Court
Do Kwon, CEO of South Korean blockchain firm Dunamu, has had his detention extended by six months after being arrested in Montenegro in December 2020 on suspicion of money laundering and fraud related to a business dispute in South Korea. Prosecutors have withdrawn five charges against him to ensure that his trial proceeds on schedule.
Tether CTO Calls USDT Depeg ‘Good Stress Test’
Paolo Ardino, chief technology officer at Tether (USDT), recently called the recent USDT depegging incident a good stress test for the company but added that it is now “dying off already.“ He also noted that Tether has nothing to hide as they dropped opposition toward a freedom of information request submitted by CoinDesk regarding enforcement action taken by New York State authorities against them last year.
SEC Under Congressional Scrutiny Over BlackRock Application
The U.S Securities and Exchange Commission (SEC) is facing scrutiny from Congress over its decision to allow BlackRock’s application for an ETF move forward amid concerns that it could bring additional risk into capital markets without enough investor protections in place. It remains unclear whether or not the commission will approve any Bitcoin ETF applications this year but lawmakers are pushing to increase oversight on any potential decision made by regulators in this regard