BlackRock ETF Appears on DTCC 💻

GM. This is Degen Scoop. It’s Tuesday, here’s the scoop:

• BlackRock ETF Appears on DTCC 💻

• CA Bill: $1K Crypto Withdrawals Daily Max 🏧

• Judge: SEC Must Re-Review Grayscale Bid ⚖️

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

BlackRock’s Spot Bitcoin ETF (IBTC) Appears on DTCC Website

BlackRock's iShares Bitcoin Trust has appeared on the list maintained by the Depository Trust and Clearing Corporation (DTCC). The DTCC, providing post-trade clearance, settlement, custody, and information services, has listed the BlackRock fund's ticker as IBTC which is a first ever for a Bitcoin spot ETF. The appearance on the DTCC list suggests that BlackRock is taking steps towards listing. Also, the recent surge in Bitcoin's price is seen as a response to the excitement surrounding the potential approval of these funds.

Bloomberg senior ETF analyst Eric Balchunas noted that IBTC is the first spot ETF listed on DTCC, standing out among others, and the move by BlackRock indicates a positive signal about the approval. The DTCC listing is a crucial step in the process, and the recent surge in Bitcoin's price is attributed to optimism about the potential approval of spot bitcoin ETFs. However, the SEC recently delayed all pending applications for these funds, adding more time to the review process which will finish in early 2024 at the latest.

New California Bill Aims to Limit Crypto ATM Withdrawals to $1K Daily

California legislators have proposed a bill to regulate crypto ATMs, suggesting a daily withdrawal cap of $1,000 starting January 1, 2024. The legislation also aims to limit operator fees to $5 or 15%, whichever is higher, starting in 2025. The move follows concerns about high markups at ATMs, reaching up to 33% compared to exchange prices. There are more than 3,200 Bitcoin ATMs in California, and the proposed bill seeks to address issues such as fraud and high fees associated with these machines.

The legislation aims to protect consumers from scams and exploitative practices linked to crypto ATMs. The bill proposes that digital financial asset businesses obtain a license from the California Department of Financial Protection and Innovation by July 2025. While some residents affected by ATM scams, crypto ATM businesses argue that it unfairly penalizes small operators and fails to tackle the core problem of fraud.

Judge Declares The SEC Must Re-Review Grayscale Bid For Spot Bitcoin ETF

The U.S. Court of Appeals for the D.C. Circuit has issued a formal mandate reinforcing its August ruling. Now, the SEC is forced to reconsider Grayscale's request to convert its flagship GBTC fund into a spot bitcoin ETF. It still remains unclear whether the SEC could reject the application on different grounds. Grayscale, following the court decision, has submitted a fresh filing for the fund, emphasizing its similarities to approved bitcoin futures ETFs in terms of detecting fraudulent or manipulative conduct in the market.

The formal mandate reiterates the court's stance: the SEC has provided unfair treatment to spot Bitcoin ETFs without grounding and Grayscale's proposed ETF should be assessed similarly to already approved bitcoin futures ETFs. Grayscale has moved forward by submitting a new registration statement through an S-3 filing. The ongoing regulatory developments highlight the fact that the days are numbered in regards to how much longer retail will be without a spot Bitcoin ETF.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.