Following charges by the U.S. Securities and Exchange Commission against the crypto exchange Gemini and the digital currency lender Genesis, Tron founder Justin Sun told the press that he may be able to purchase assets from Genesis, up to $1 billion, “depending on their evaluation of the situation.” Additionally, the crypto investment manager Osprey has published an open letter to Barry Silbert of Digital Currency Group in an attempt to take over the management of Grayscale’s Bitcoin Trust (GBTC).
On Jan. 12, 2023, the U.S. Securities and Exchange Commission (SEC) filed charges against the crypto exchange Gemini and crypto lender Genesis Global Capital. The crypto lender Genesis Global Capital is a Digital Currency Group (DCG) subsidiary. The regulator claims that the two organizations took part in an “unregistered offering.”
The SEC said that roughly three years ago, Gemini and Genesis gave investors the opportunity to loan crypto assets in exchange “for Genesis’ promise to pay interest.” The SEC charges followed two letters written by Gemini co-founder Cameron Winklevoss (letter 1, letter 2) and a recent shareholders letter by Silbert denying the accusations.
The following day, the crypto investment manager Osprey published an open letter to Barry Silbert, the CEO of Digital Currency Group (DCG). Osprey wants to take over the Grayscale Bitcoin Trust (GBTC) as the fund believes “Osprey is the best-positioned third party to manage GBTC at this point.” DCG is the parent firm of Grayscale, and Osprey is not the first digital currency fund to offer help; the Tennessee-based crypto asset manager Valkyrie Investments is also vying to take over GBTC. Like Osprey, Valkyrie published an open letter to DCG stating that it is “uniquely qualified” for the role.
In its letter, Osprey detailed that if it were to take over GBTC’s management, it would change a few things associated with the Bitcoin Trust. “We would slash the management fee to 0.49% and clean up the expense structure of the fund, which contains significant conflicts of interest,” Osprey said on Friday. “We would also seek to implement a redemption program as soon as possible.” The digital currency fund manager added:
We would pursue a listing on NYSE immediately but from a position of collaboration with regulators. For example, we would not engage in any lawsuits against the SEC, but instead, would work directly with Congress to enlighten the SEC as to the rationale of approving the fund as an exchange-listed, ETP.
The company thinks that it is extending a hand in order to show continued commitment to shareholders. Osprey insists that DCG and Silbert should allow the fund to take over as soon as possible. “We urge you to install Osprey Funds as the sponsor of GBTC immediately, both to protect GBTC holders and provide confidence to the non-DCG-affiliated stakeholders of GBTC and Grayscale who have an interest in the preservation of value,” Osprey said.
Meanwhile, Tron’s Justin Sun has told Reuters that he too is also willing to lend a hand. Sun said that he would consider investing $1 billion into Digital Currency Group (DCG) assets, but it depends on the “evaluation of the situation.” Sun also offered to help FTX the day before the exchange filed for bankruptcy on Nov. 11, 2022.
At the time, Sun said his team was working around the clock to help alleviate the situation with FTX, and he also remarked that he was taking steps to help FTX. However, none of the promises came to fruition and the following day, FTX filed for Chapter 11 bankruptcy protection and Sam Bankman-Fried stepped down as CEO.
It’s uncertain whether or not Digital Currency Group (DCG) or Genesis will accept help from organizations and individuals within the crypto industry. The company did not respond to Valkyrie’s attempt to sponsor GBTC over Grayscale during the first week of the new year.
Furthermore, Grayscale has been involved in an ongoing legal dispute with the SEC over denying GBTC being converted into an exchange-traded fund (ETF). Grayscale believes if the SEC allowed them to convert GBTC into an ETF, it would allow them to issue and redeem Bitcoin Trust shares. Grayscale has criticized the commission’s reasoning greatly and stressed that the U.S. regulator’s “central premise is illogical.”
What do you think about the ongoing legal disputes and the potential management changes proposed by Osprey and Tron’s Justin Sun’s investment offer? Do you believe it’s a step in the right direction for the crypto industry or could it lead to more complications? Share your thoughts in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn't Be Surprised if Stocks Fell 40%
The American economy continues to look gloomy and signals pointing toward a looming recession continue to appear. In a note sent to clients this week, Goldman Sachs’ chief economist said the bank envisions the “odds of a recession as roughly ... read more.
Following charges by the U.S. Securities and Exchange Commission against the crypto exchange Gemini and the digital currency lender Genesis, Tron founder Justin Sun told the press that he may be able to purchase assets from Genesis, up to $1 billion, “depending on their evaluation of the situation.” Additionally, the crypto investment manager Osprey has published an open letter to Barry Silbert of Digital Currency Group in an attempt to take over the management of Grayscale’s Bitcoin Trust (GBTC).
On Jan. 12, 2023, the U.S. Securities and Exchange Commission (SEC) filed charges against the crypto exchange Gemini and crypto lender Genesis Global Capital. The crypto lender Genesis Global Capital is a Digital Currency Group (DCG) subsidiary. The regulator claims that the two organizations took part in an “unregistered offering.”
The SEC said that roughly three years ago, Gemini and Genesis gave investors the opportunity to loan crypto assets in exchange “for Genesis’ promise to pay interest.” The SEC charges followed two letters written by Gemini co-founder Cameron Winklevoss (letter 1, letter 2) and a recent shareholders letter by Silbert denying the accusations.
The following day, the crypto investment manager Osprey published an open letter to Barry Silbert, the CEO of Digital Currency Group (DCG). Osprey wants to take over the Grayscale Bitcoin Trust (GBTC) as the fund believes “Osprey is the best-positioned third party to manage GBTC at this point.” DCG is the parent firm of Grayscale, and Osprey is not the first digital currency fund to offer help; the Tennessee-based crypto asset manager Valkyrie Investments is also vying to take over GBTC. Like Osprey, Valkyrie published an open letter to DCG stating that it is “uniquely qualified” for the role.
In its letter, Osprey detailed that if it were to take over GBTC’s management, it would change a few things associated with the Bitcoin Trust. “We would slash the management fee to 0.49% and clean up the expense structure of the fund, which contains significant conflicts of interest,” Osprey said on Friday. “We would also seek to implement a redemption program as soon as possible.” The digital currency fund manager added:
We would pursue a listing on NYSE immediately but from a position of collaboration with regulators. For example, we would not engage in any lawsuits against the SEC, but instead, would work directly with Congress to enlighten the SEC as to the rationale of approving the fund as an exchange-listed, ETP.
The company thinks that it is extending a hand in order to show continued commitment to shareholders. Osprey insists that DCG and Silbert should allow the fund to take over as soon as possible. “We urge you to install Osprey Funds as the sponsor of GBTC immediately, both to protect GBTC holders and provide confidence to the non-DCG-affiliated stakeholders of GBTC and Grayscale who have an interest in the preservation of value,” Osprey said.
Meanwhile, Tron’s Justin Sun has told Reuters that he too is also willing to lend a hand. Sun said that he would consider investing $1 billion into Digital Currency Group (DCG) assets, but it depends on the “evaluation of the situation.” Sun also offered to help FTX the day before the exchange filed for bankruptcy on Nov. 11, 2022.
At the time, Sun said his team was working around the clock to help alleviate the situation with FTX, and he also remarked that he was taking steps to help FTX. However, none of the promises came to fruition and the following day, FTX filed for Chapter 11 bankruptcy protection and Sam Bankman-Fried stepped down as CEO.
It’s uncertain whether or not Digital Currency Group (DCG) or Genesis will accept help from organizations and individuals within the crypto industry. The company did not respond to Valkyrie’s attempt to sponsor GBTC over Grayscale during the first week of the new year.
Furthermore, Grayscale has been involved in an ongoing legal dispute with the SEC over denying GBTC being converted into an exchange-traded fund (ETF). Grayscale believes if the SEC allowed them to convert GBTC into an ETF, it would allow them to issue and redeem Bitcoin Trust shares. Grayscale has criticized the commission’s reasoning greatly and stressed that the U.S. regulator’s “central premise is illogical.”
What do you think about the ongoing legal disputes and the potential management changes proposed by Osprey and Tron’s Justin Sun’s investment offer? Do you believe it’s a step in the right direction for the crypto industry or could it lead to more complications? Share your thoughts in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
Solana surged by as much as 30% on Saturday, setting a fresh multi-month high in the process. The move comes as cryptocurrency markets were significantly bullish to start the weekend, with the global market cap 8.28% higher as of writing. Shiba inu was trading at its strongest point since November.
Solana (SOL) was easily one of the biggest movers to start the weekend, with prices skyrocketing by as much as 30%.
Following a low of $16.52 yesterday, SOL/USD surged to an intraday high of $22.37 earlier today.
As a result of today’s rally the token hit its strongest point since November 9, when price was at a top of $24.60.
From the chart, the move commenced after yet another burst beyond a resistance point on the 14-day relative strength (RSI).
On this occasion, the index moved above a ceiling at the 80.00 level, and is now tracking at 85.44.
Although solana bulls will have their eyes set on $25.00, there could be a cooling off of the earlier rally as the day matures.
Shiba inu (SHIB) was once again a notable gainer in crypto markets, as the meme coin rose by over 10% today.
SHIB/USD hit a peak of $0.00001081 to start the weekend, after ending the working week at a low of $0.000009462.
Like with solana above, this resulted in prices climbing to their highest level since early November.
Overall, shiba inu has now risen for a third consecutive session, and is up 24% in the last seven days.
Earlier gains have already begun to show signs of easing, with price now trading at $0.00001039.
This comes after the RSI failed to break out of its long-term resistance point at the 80.00 mark.
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Do you expect cryptocurrencies to remain bullish throughout the weekend? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Source From : News