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MiCA regulation poses ‘systemic risk’ to banking system, says Tether CEO

According to Tether CEO Paolo Ardoino, recently approved MiCA regulations threaten both banks and stablecoin issuers.

Tether CEO Paolo Ardoino has raised concerns that the European Union’s Markets in Crypto-Assets (MiCA) regulation poses a systemic risk not only to stablecoins but also to the broader banking system.

“The problem that I have with MiCA is that instead of making the system more secure, it’s actually creating an incredibly big systemic risk,” Ardoino told Cointelegraph in an exclusive interview. 

The MiCA regulation, which took effect on June 30, imposes stringent limitations on stablecoin operations across the European Economic Area. Notably, it mandates that at least 60% of reserves backing stablecoins must be held in EU bank accounts. 

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Regulators postpone listing decision for Hashdex Nasdaq Crypto Index ETF

If approved, the ETF would be the first US fund to hold a diversified portfolio of spot cryptocurrencies.

United States regulators said they would need more time to decide if an exchange-traded fund (ETF) designed as a one-stop-shop crypto portfolio can list on Nasdaq’s electronic securities exchange, according to an Aug. 9 regulatory filing.

The filing was a response to Nasdaq’s June request for permission to list the Hashdex Nasdaq Crypto Index ETF on its electronic exchange.

Related: Nasdaq asks to list options on spot Ethereum ETFs — Filing

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Nasdaq asks to list options on spot Ethereum ETFs — Filing

Exchanges are still waiting on permission to list options on spot Bitcoin ETFs, too.

Nasdaq’s options exchange asked United States regulators to permit options trading on spot Ethereum exchange-traded funds (ETFs), according to an Aug. 6 regulatory filing.

Nasdaq’s proposed rule change would apply exclusively to Blackrock’s iShares Ethereum Trust (ETHA), which is the only Ether (ETH) ETF listed on Nasdaq’s electronic exchange. The others are listed on the New York Stock Exchange’s (NYSE) Arca or Cboe.

The filing marks an important step towards widespread adoption of ETH ETFs, which listed in July and and proceeded to attract approximately $1.5 billion in net inflows, according to Morningstar.

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Kamala Harris chooses Minnesota Gov. Walz as US presidential running mate

Minnesota Governor Tim Walz has previously advocated for more stringent crypto regulations to ensure the stability of the legacy financial system.

Kamala Harris, the vice president of the United States, has revealed her running mate for the 2024 US presidential election.

Harris has reportedly chosen Minnesota Governor Tim Walz as her vice presidential pick, four unknown sources familiar with the matter reportedly told CNN.

Walz previously served for over 12 years in Congress and is currently in his second term as Minnesota governor.

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Trump cautions current administration not to sell Bitcoin

The former president continues to stress that if the United States does not innovate in the digital asset sector, other countries will.

In a recent interview with streamer and influencer Adin Ross, former president Donald Trump cautioned the current administration against selling the United States' Bitcoin (BTC) holdings.

The 2024 presidential candidate reiterated his stance that if the United States does not innovate on the digital asset front, other countries will, noting that China, the United States' most significant geopolitical rival, is already making advances in the cryptocurrency and artificial intelligence sectors. Trump then turned his attention to praising the virtues of the Bitcoin industry.

The 2024 GOP frontrunner steered the conversation surrounding Bitcoin mining and artificial intelligence toward the energy generation that underpins both activities.

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Europe’s fourth largest hedge fund put nearly $500M in Bitcoin ETFs — Filing

Other hedge funds are also reporting sizable positions in Bitcoin exchange-traded funds.

According to public disclosures filed on Aug. 5, Capula Management, Europe’s fourth-largest hedge fund, invested nearly $500 million in Bitcoin (BTC) exchange-traded funds. 

The hedge fund, which is based in the United Kingdom and manages upward of $30 billion in investor assets, holds shares in Fidelity Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT).

According to the filing, Capula owns shares worth more than $464 million in total, reflecting its portfolio as of June 30. The filings do not indicate that Capula owns any other crypto assets.

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EU MiCA implementation is a “pivotal moment” for crypto regulations: compliance expert

The European Central Bank recently joined forces with Crystal Intelligence, as its blockchain analytics partner for the upcoming MiCA implementation.

The European Union is preparing to roll out the Markets in Crypto Assets (MiCA) bill, as the first comprehensive regulatory framework for the crypto industry.

This would make the European Union the first jurisdiction with a holistic regulatory framework on digital assets.

While it is a pivotal moment for crypto regulation, the actual implementation could present significant challenges, according to Hedi Navazan, the head of compliance and regulatory affairs at Crystal Intelligence.

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What happens when 1% of Bitcoin holders control 99% of BTC supply?

Whales have amassed a large portion of the Bitcoin in circulation, with around 1.86% of addresses holding most of the supply.

Bitcoin first came into existence on Jan. 3, 2009 when Satoshi Nakamoto mined the genesis block, minting the first cryptocurrency. In the years since, some wallet addresses have amassed a large portion of the supply. 

According to the Blockchain Council, more than 19.71 million Bitcoin (BTC) have been awarded to miners in block rewards. Nakamoto’s white paper dictates only 21 million are available, meaning most Bitcoin is already in circulation.

BitInfoCharts data shows that around 1.86% of wallet addresses — over one million — hold more than 90% of all total BTC currently in circulation. Known as whales, some of these individuals or entities hold large amounts of crypto.

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SEC approves Grayscale Bitcoin Mini Trust for Trading on NYSE Arca

Grayscale must await final regulatory signoff on its registration filing before listing the fund

The United States Securities and Exchange Commission (SEC) approved Grayscale’s newest spot Bitcoin (BTC) exchange-traded fund (ETF) — Grayscale Bitcoin Mini Trust (BTC) — for listing on the New York Stock Exchange’s (NYSE) Arca electronic trading platform, according to a July 26 filing

The approval is an important milestone for Grayscale, which announced plans on July 19 to spin off a portion of its flagship Bitcoin fund, Grayscale Bitcoin Trust (GBTC), into the new Mini Trust.

“Grayscale is excited to share that the [SEC] has approved NYES Arca's Form 19b-4 application to list and trade shares of Grayscale Bitcoin Mini Trust (proposed ticker: BTC),” a spokesperson told Cointelegraph in an email.

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Blackrock foresees “very little interest” in crypto ETFs beyond Bitcoin, Ethereum — Bitcoin2024

Clients see Bitcoin and Ethereum as complements, not substitutes, in crypto portfolios, according to Blackrock's head of digital assets.

Asset manager Blackrock sees “very little interest” among clients in crypto beyond Bitcoin (BTC) and Ethereum (ETH) and doesn’t foresee many crypto exchange-traded funds (ETFs) outside of those two core digital assets, according to Robert Mitchnick, BlackRock’s head of digital assets, speaking at the Bitcoin2024 conference on July 25 in Nashville, Tennessee. 

“I would say that our client base today, their interest overwhelmingly is in Bitcoin first, and then somewhat in ETH… and there’s very little interest today beyond those two,” Mitchnick said at a panel entitled From Strategy to Innovation: BlackRock's Bitcoin Journey.

“I don't think we're gonna see a long list of crypto ETFs,” Mitchnick said. Blackrock launched its first crypto exchange-traded funds — iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust ETF (ETHA) — in January and July, respectively.

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