This is what happened in crypto today.
FTX's creditors have filed a separate settlement in bankruptcy proceedings with the defunct crypto exchange's stock clearing platform Embed. Meanwhile, the United States Securities and Exchange Commission (SEC) has asked crypto issuers to submit updated spot Bitcoin ETF amendments by December 29, or risk losing out on being part of a possible first wave of Bitcoin ETF approvals. January. Elsewhere, former BitMEX CEO Arthur Hayes has raised concerns about spot Bitcoin ETFs.
The FTX borrowers file a separate claim against the SBF
Debtors of former cryptocurrency exchange FTX have filed a separate agreement with Sam Bankman-Fried on the firm's $220 million IBD acquisition.
The agreement was disclosed on December 22 to the United States Bankruptcy Court for the District of Delaware, where the debtors described the proposed settlement with Bankman-Fried “only with respect to claims brought against it in the bankruptcy proceedings.” As reported by Cointelegraph, FTX US acquired IBD in June 2022 to strengthen its stock trading platform.
According to the filing, FTX US issued Bankman-Fried two Simple Agreements for Equity Futures (SAFE), obliging him to pay $160 million for the right to share in the crypto hedge fund. The proposed settlement would require Banman-Fried to return all of its rights in FTX US to the debtors.
On December 19, FTX's creditors said they planned to merge assets with the former crypto exchange's Bahamian arm as part of efforts to distribute funds to customers.
SEC sets December 29 deadline for spot Bitcoin ETF update
Bitcoin (BTC) exchange-traded fund (ETF) applicants have just a few days to complete their registrations to meet the looming deadline set by the United States Securities and Exchange Commission (SEC).
The deadline for final revisions on all S-1s is Friday. Checking up to 29. @SECGov told donors that applications that are fully completed and filed by Friday will be considered in the first wave. A person who is not will not be considered. Also, the records cannot… https://t.co/syyINu1BEI
— Eleanor Terrett (@EleanorTerrett) December 24, 2023
According to a Reuters report, SEC officials met with representatives of at least seven companies hoping to launch Bitcoin ETFs as early as December 21. Some of those who attended those meetings met with representatives from BlackRock, Grayscale Investments, ARK Investments and others. 21 shares.
Spot Bitcoin ETFs Could ‘Destroy' Bitcoin: Arthur Hayes
If spot bitcoin (BTC) exchange-traded funds (ETFs) become too successful, bitcoin could “completely destroy them,” warned the former CEO of BitMEX.
Hayes – — who co-founded the founding exchange BitMEX in 2014 — explained in a Dec. 23 blog post that bitcoin's value “moves.”
However, Spot Bitcoin ETFs are made to “dispose of the assets” and “store them in symbolic storage”.
“Explanation” is my last article of 2024. I'll offer some thoughts on #cryptoinvestment theme statements that will ultimately be worthless.
May the pump be with you! pic.twitter.com/nbru6yZlJD
— Arthur Hayes (@CryptoHayes) December 23, 2023
In the worst-case scenario, if a Bitcoin ETF needs to prove that it holds most or all of the bitcoins in circulation, there will no longer be enough transactions to prove it on the Bitcoin network, causing miners to close shop.
“The end result is that miners shut down their machines because they can't afford the energy needed to run them,” Hayes said.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
