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Yahoo
3 days ago
- Business
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White House crypto czar has a harsh response to big banks
White House crypto czar has a harsh response to big banks originally appeared on TheStreet. David Sacks, venture capitalist and U.S. 'Crypto and AI Czar,' is calling out major banks and wealth platforms for what he describes as a lingering form of 'debanking' against Bitcoin exchange-traded funds (ETFs). Invest in Gold American Hartford Gold: #1 Precious Metals Dealer in the Nation Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase Thor Metals Group: Best Overall Gold IRA On Aug. 8, Sacks asked whether current restrictions were 'the last vestige of debanking,' referring to the practice of cutting off or limiting access to crypto-related services. Data from Tephra Digital shows that over $31 trillion in U.S. wealth platform capital remains either restricted or prohibited from investing in Bitcoin ETFs. That total includes $10.3 trillion where exposure is fully prohibited and $20.8 trillion where it is restricted by factors like account type, investment caps, or net worth requirements. Platforms such as Vanguard, Edward Jones, AllianceBernstein, Citi, Ameriprise, and T. Rowe Price prohibit Bitcoin ETF access entirely. Meanwhile, Morgan Stanley, JPMorgan, Goldman Sachs, Wells Fargo, UBS, Raymond James, and others allow only limited access, often to high-net-worth clients or through specific account $19.1 trillion in platform assets — about 38% of the total tracked — are in the 'unrestricted' category, with Charles Schwab, Fidelity, and Mariner among those offering full access. 'Bitcoin ETF access at top U.S. wealth platforms, with $31T still restricted or prohibited,' Sacks noted. Some banks have taken small steps toward integration. State Street and Charles Schwab have announced trading access, but custody services remain limited, and many banks continue to impose barriers. A separate breakdown of the top 25 U.S. banks shows 'slow progress' in integrating Bitcoin products, according to Tephra Digital's report. Sacks' comments come just a day after President Donald Trump signed an executive order targeting what his administration calls the ideological debanking of crypto industry players. The order removes 'reputational risk' as a valid reason for banks to terminate customer relationships — a phrase critics allege was used to blacklist crypto companies during what some in the industry called 'Operation Choke Point 2.0.' White House crypto czar has a harsh response to big banks first appeared on TheStreet on Aug 8, 2025 This story was originally reported by TheStreet on Aug 8, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 days ago
- Business
- Yahoo
SEC Is Now All In On Crypto. What's Next?
Crypto funds are about to become a whole lot more regulated — or deregulated, depending on who you ask. After initial delays, the SEC has approved in-kind redemptions for spot Bitcoin and Ethereum ETFs. The decision is the first pro-crypto policy decision by Paul Atkins, the SEC chair confirmed earlier this year who is expected to help realize crypto evangelists' digital currency dreams. The move also is the first major indication that the crypto industry — whose super PACs donated tens of millions to President Donald Trump's 2024 campaign — is getting what it expected. Invest in Gold American Hartford Gold: #1 Precious Metals Dealer in the Nation Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase Thor Metals Group: Best Overall Gold IRA The decision marked 'the biggest day for crypto in the history of the space,' said financial consultant Tyrone Ross Jr. 'This administration, whether it's custody, whether it's on-chain, whether it's ETFs … they're making sure that crypto thrives in America.' READ ALSO: Rich Investors Eschew Financial Advice, Trade ETFs Frequently and Two Income ETFs Are Goldman's Fastest Sellers Will That Be Cash or Crypto? In-kind redemptions let investors create and redeem shares of spot crypto ETFs without having to use cash — meaning authorized participants, the people with the power to change the number of ETF shares on the market, can now add or remove assets from a fund using Bitcoin or Ethereum. In a statement on the approval, Atkins said the decision is only the first step toward building 'a rational regulatory framework for crypto.' But how much of these changes can be attributed to the Trump administration? 'One hundred percent,' said Ross. 'They are hell-bent on America becoming the main hub for crypto in the world.' Other measures approved by the agency were: Advancing a 'merit-neutral' approach to crypto-based products, including applications for spot crypto ETFs. Allowing FLEX options on shares of certain Bitcoin ETFs that let investors customize things like expiration date and strike price. The SEC's likely next move is specifying which coins are and aren't securities, Ross said. 'That's the big one that everyone is still waiting for,' he said. The Commodity Futures Trading Commission is also likely to eventually update its guidance on what it will oversee, he added. Keeping Options Open. In-kind redemption approvals took place alongside another policy change to increase positions limits for options trading on BlackRock's spot Bitcoin exchange-traded fund, IBIT — the biggest crypto ETF on the market — from 25,000 to 250,000 contracts. BlackRock has been among the most prominent issuers pushing for deregulation, having filed for in-kind redemptions back in January. 'It's huge for the individual investor. It's huge for BlackRock,' Ross said. 'It's huge for the entire space.' This post first appeared on The Daily Upside. To receive exclusive news and analysis of the rapidly evolving ETF landscape, built for advisors and capital allocators, subscribe to our free ETF Upside newsletter.
Yahoo
04-08-2025
- Business
- Yahoo
Grayscale Expands Amid ‘Defining Moment' for Digital Assets
Digital-asset-focused investment platform Grayscale—which runs one of the largest spot Bitcoin ETFs and has been a leader in expanding investment products beyond Bitcoin—announced Monday that it's expanding its team. The move reflects the firm's evolution to a platform with more than $35 billion in assets under management across more than three dozen products, including crypto exchange-traded funds, according to the press release. Invest in Gold American Hartford Gold: #1 Precious Metals Dealer in the Nation Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase Thor Metals Group: Best Overall Gold IRA 'We've assembled a team that brings together a powerful combination of experience from the world's most respected financial institutions with forward-looking innovation in the digital asset space,' CEO Peter Mintzberg said in a statement included in the release. 'This blend of institutional rigor and entrepreneurial drive shapes every aspect of how we operate at Grayscale, enabling us to deliver clients innovative investment strategies with the operating integrity they expect from a trusted partner.' Grayscale's Expansion Including announcements that were already made this year, the firm is adding four executives to its management team, all of whom will report to Mintzberg. The additions include Diana Zhang, who was deputy to the co-CEO at Bridgewater Associates, as chief operating officer, and Ramona Boston, who joined from Apollo Global Management, as chief marketing officer. Andrea Williams joins the firm as chief communications officer, and Maxwell Rosenthal comes in as chief human resources officer. Grayscale founder Barry Silbert, who also founded Digital Currency Group (DCG), will return as board chairman, replacing Mark Shifke, who will remain on the board. Grayscale is also considering expanding the board further to include independent directors, according to the news release. The Firm's Impact and Trajectory Grayscale has been a major player in getting crypto-related products to market. In addition to its $21.2 billion Grayscale Bitcoin Trust ETF (GBTC), the firm has two spot Ether trusts: the $4.2 billion Grayscale Ethereum Trust ETF (ETHE) and $2.5 billion Grayscale Ethereum Mini Trust (ETH). In July, the Securities and Exchange Commission placed a stay on Grayscale Investment Trust's Digital Large Cap Fund (GLDC) conversion to an ETF, despite approving the fund, preventing the multi-asset crypto product from launching until further notice. Silbert said via the press release he was honored to rejoin the board at a 'defining moment for both the company and the broader digital asset ecosystem.' Grayscale declined to comment to on the expansion beyond the press | © Copyright 2025 All rights reserved
Yahoo
01-08-2025
- Business
- Yahoo
Figma stock skyrockets 198% in explosive NYSE debut
Figma stock skyrockets 198% in explosive NYSE debut originally appeared on TheStreet. Figma (FIG), the design software company, jumped 198% on its initial trading day on the New York Stock Exchange, demonstrating a buoyant investor demand for Silicon Valley tech public listings. Figma priced its shares at $33 each in Wednesday's IPO — bringing in $1.2 billion and a $20 billion valuation for the company — but in early trading Thursday, the shares charged to approximately $98 each, giving Figma a much higher market cap of $60 a software company and not a crypto company per se, Figma had previously disclosed its holdings of about $70 million in the Bitwise Bitcoin ETF (BITB) and said it now plans to pick up some $30 million in spot Bitcoin as well, as per reports. Previously, Figma had agreed to a $20 billion acquisition by software giant Adobe. But in 2023, Adobe walked away from the deal with Figma taking a $1 billion termination fee instead. Figma's IPO is the latest in a string of successful market performances for tech and crypto-related companies that have recently gone public. An increasing number of non-crypto companies are adopting a strategy similar to that of Bitcoin-rich firms like Strategy (formerly MicroStrategy) by adding digital assets to their balance sheet. Cumulative institutional adoption is apparent, beyond crypto-native businesses, with more than 160 public firms in sectors as diverse as healthcare, gaming, and sustainable energy holding BTC on their balance sheets as of mid-2025. Silently, companies like Semler Scientific, GameStop, and Block, Inc. have bought bitcoin as a defense against higher inflation and fiat devaluation, or — as in Strategy — as a hedge on future soars in crypto within the valuation. Figma stock skyrockets 198% in explosive NYSE debut first appeared on TheStreet on Jul 31, 2025 This story was originally reported by TheStreet on Jul 31, 2025, where it first appeared.
Yahoo
29-07-2025
- Business
- Yahoo
SEC Delays Decision on Trump-Linked Truth Social Bitcoin ETF Until September
The U.S. Securities and Exchange Commission (SEC) has pushed back its decision on whether to approve an exchange-traded fund (ETF) proposed by Truth Social, the social media platform affiliated with Donald Trump. The delay, announced Monday, gives the agency until September 18 to decide on whether to approve the Truth Social Bitcoin ETF. The fund application was submitted in June by Trump Media & Technology Group, which operates the social platform and has increasingly positioned itself as a player in the crypto market. Invest in Gold Thor Metals Group: Best Overall Gold IRA Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase American Hartford Gold: #1 Precious Metals Dealer in the Nation Truth Social's bitcoin fund is one of several crypto ETFs caught in a broader regulatory pause under new SEC Chair Paul Atkins. Atkins' team on Monday also postponed decisions on the Grayscale Solana Trust and Canary Capital's proposed Litecoin ETF. This is the latest in a string of postponements by the SEC under newly appointed Chair Paul Atkins. The SEC typically takes the maximum amount of time — 270 days — to approve ETF applications. Behind the scenes, the agency has been in talks with fund issuers about key sticking points such as staking and the mechanics of in-kind redemptions — particularly those related to pending Solana-based ETF applications, CoinDesk previously reported. Truth Social's Bitcoin ETF comes a year and a half after the SEC, under former Chair Gary Gensler, greenlit a batch of spot bitcoin ETFs that have collectively drawn over $55 billion in investor inflows since launching in January. In its Monday filing, the SEC said it was extending the review period for the Truth Social Bitcoin ETF to 'allow sufficient time to consider the proposed rule change and the issues raised therein.' Truth Social is also pursuing additional crypto products. The company recently filed for the Truth Social Crypto Blue Chip ETF and a dual bitcoin and ethereum ETF. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
