On The Wire: Today's Top Stories In Finance & Tech
Your daily briefing of some of the most important stories from the crypto, finance, and tech space.
Welcome to your daily briefing, where we bring you stories from the forefront of finance, technology, and market analysis, sent directly to your inbox.
In today's roundup, we have a slightly odd but encouraging ETF update, and take a look at the structure of the bitcoin market: Steadily grinding higher, despite the brutal SEC action against Binance and Kraken. We also cover what's been going on at OpenAI, and why, plus some cautionary tales from the world of TradFi.
Ark ETF Update Is Confusing But Promising News
A new update to Ark's spot BTC ETF application includes odd language about providing "indirect exposure" to bitcoin, as well as specifying a fee and information about tax-efficient in-kind creation.
"4" (Billion Dollars) To End Binance Case
The DOJ is reportedly in negotiations to settle the criminal case against Binance for over $4 billion. It's a fair price to end an unwelcome distraction, but it won't let CZ off the hook.
Microsoft Benefits As OpenAI Implodes
Satya Nadella has rolled out the red carpet to Sam Altman and over 700 former OpenAI employees, after the board's disastrous decision to sack the tech entrepreneur.
Tether's $1 Billion Investment In Firm Linked To Bribery Allegations
Tether, a leading stablecoin issuer, is entangled in a High Court case over its $1 billion deposit in Britannia Financial, founded by a British Conservative Party donor recently indicted for bribery. This highlights Tether's opaque financial dealings and links to political figures.
Push For Greater Clarity In $26 Trillion US Treasury Bond Market
Fed and Treasury seek more transparency in the $26 trillion US Treasury market, focusing on less liquid bonds and evolving participant dynamics, amid concerns over limited data access and market stresses.
Bitcoin: Incremental, Not Exponential Gains
Despite some bearish traders still not throwing in the towel, the last year has been a textbook pattern of higher highs and higher lows for bitcoin. However, these steady gains might soon give way to a more volatile market, as wariness finally evaporates.
SEC Charges Kraken In Ongoing Crypto Exchange Regulatory Push
The SEC has filed a lawsuit against cryptocurrency exchange Kraken, alleging it operated as an unregistered securities entity and commingled customer funds with its own. This move is part of the SEC's broader regulatory efforts targeting digital asset platforms.
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