SEC Chair Gary Gensler‘s recent remarks on digital currencie | AshotMamoyan on Binance Square

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Apr 28, 2023

SEC Chair Gary Gensler‘s recent remarks on digital currencies have ignited a firestorm within the crypto community. 

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ARK Investment shifts $16m from ProShares to own Bitcoin ETF ARK Investment Management, led by Cathie Wood, divested from the ProShares Bitcoin ETF, reallocating approximately $16 million towards its own Bitcoin ETF. This move involved the sale of ProShares Bitcoin ETF (BITO) shares, a pioneering ETF in the Bitcoin futures market in the U.S., and the acquisition of 365,427 shares of ARK 21 Shares Bitcoin ETF (ARKB). This adjustment resulted in ARKB accounting for 1% of the ARK Next Generation Internet ETF (ARKW). The value of ARKB shares declined to $43.51 on Tuesday, a significant drop from the initial listing price of $49 on Jan. 11. Previously, ARK Investment Management had shifted its investments from the Grayscale Bitcoin Trust (GBTC) to BITO in December in anticipation of the U.S. approving direct Bitcoin ETFs. Cathie Wood had expressed confidence in investing in an already approved fund over one pending approval. This latest portfolio reshuffling aligns with ARK’s ongoing strategy to optimize its position in the evolving landscape of cryptocurrency investments. ARK’s 21Shares Bitcoin ETF currently offers one of the lowest fees at 0.21%. Leading crypto exchange Coinbase acts as the custodian of ARK’s ETF.

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Leung Fung Yee, CEO of the Securities and Futures Commission of Hong Kong (SFC), believes that including virtual asset service providers in the regulatory system is necessary for embracing crypto innovation and building market trust.

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Peter Schiff, a well-known critic of bitcoin and advocate of gold, has caused a stir in the crypto community with a recent tweet implying that the recent crypto party will soon end.

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The Organization for Economic Cooperation and Development (OECD) has introduced a new tax framework specifically designed for crypto.

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Global financial giant JPMorgan has announced a strategic partnership with six major Indian banks to launch a blockchain-based platform to settle interbank dollar transactions.

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