The Texas Ethics Commission proposed a new rule that permits government officials and politicians to accept Bitcoin (BTC) and cryptocurrency contributions. The proposal was filed with the Texas Secretary of State, which sought to address and clarify the reporting requirements of political contributions made with cryptocurrencies. According to the filing: “The new rule permits candidates, officeholders, and political committees to accept cryptocurrency. It does not distinguish between any types of cryptocurrencies, like Bitcoin.” If approved, cryptocurrency donations and contributions will need to be reported as in-kind contributions or as investments, not currency. According to the Commission, this move “mirrors the …

A lot of excitement radiated out of New York this week with the launch of the first Bitcoin exchange-traded fund (ETF) sanctioned by the United States Securities and Exchange Commission. The ProShares Bitcoin Strategy ETF (BITO) had a stunning debut on the New York Stock Exchange as the second-most heavily traded opening-day fund on record, with some calling it “a watershed moment for the crypto industry.” But others, like Arca CEO Rayne Steinberg, had “mixed feelings” about the events. While pleased that a much-awaited crypto investment vehicle finally received regulatory approval — ending eight years of futility on the part …

Wally Adeyemo, the Deputy Secretary of the United States Department of the Treasury, said the department would likely be enforcing more sanctions on companies involved in illicit transactions related to ransomware payments. Speaking at an online event hosted by the Center for a New American Security with former Treasury Secretary Jack Lew and Ambassador Paula Dobriansky, Adeyemo said the U.S. government would likely be dipping into its toolbox by employing sanctions when criminals threaten national security interests. He specifically mentioned “crypto exchanges or mixers that are fundamentally in the business of furthering cybercriminals” as possible targets. “Our view is that …

The odds of the United States Securities and Exchange Commission (SEC) approving a Bitcoin (BTC) exchange-traded fund (ETF) before a physical Bitcoin ETF are higher than ever, courtesy of Chairman Gary Gensler’s now oft-repeated preference for the former. But here’s the issue: an ETF built around crypto futures isn’t the most efficient, economical or easiest route. Physically backed products are. They’re likely to attract more assets and open the crypto market to more investors. And they are much easier for investors to understand. This is why fund issuers are better off pressing the SEC for clarity on what’s needed to …

Valkyrie’s Bitcoin (BTC) futures-based exchange-traded fund (ETF) is poised to follow the launch of ProShares’ Bitcoin Strategy ETF on Friday. Valkyrie Bitcoin Strategy ETF is finally effective and is set to start trading on Nasdaq under the ticker BTF on Friday, Valkyrie confirmed to Cointelegraph on Thursday. The launch comes after the United States Securities and Exchange Commission granted a notice of effectiveness to Valkyrie Bitcoin Strategy ETF on Thursday. According to Leah Wald, CEO of Valkyrie Funds, the upcoming launch of Valkyrie’s Bitcoin futures ETF marks an important milestone in the relationship between the cryptocurrency industry and U.S. regulators. …

FTX, one of the largest cryptocurrency exchanges in the world, has raised $420 million in fresh funding, bringing its total valuation to $25 billion. The firm officially announced Thursday that FTX’s operator, FTX Trading, has completed a new Series B-1 fundraise involving 69 investors, including Ontario Teachers’ Pension Plan Board and Singapore’s state investment firm Temasek. Other investors included major venture capital firms such as Sequoia Capital, Tiger Global, Sea Capital, Ribbit Capital, Lightspeed Venture Partners, and funds and accounts managed by BlackRock. According to FTX head of product Ramnik Arora, the new funding will help the company further expand …

Russian oligarch Oleg Deripaska has once again called on the Russian government to stop ignoring Bitcoin (BTC) after the United States Federal Bureau of Investigation raided his homes in Washington and New York. In a Telegram post on Thursday, Deripaska argued that the Bank of Russia has been “infantile in ignoring the growing cryptocurrency market,” while the U.S. Department of the Treasury has been “investing particularly in this direction.” The billionaire emphasized that cryptocurrencies like Bitcoin have massive potential to not only help Russia avoid U.S. sanctions but also weaken the U.S. dollar, stating: “The U.S. had realized long ago …

Ark Invest founder and CEO Cathie Wood did not invest in the ProShares Bitcoin Strategy exchange-traded fund (ETF) on opening day, according to Business Insider. Wood said about the ETF’s debut: “No, we did not [invest]. We’re looking at this very carefully […] there are some tax ramifications we’d like to understand more having to do with contango versus more normal backwardation.” The contango of the ETF refers to when the future price of the commodity is higher than the spot price. Backwardation is when the forward price of the futures contract is lower than the spot price in a …

The United States Securities and Exchange Commission, or SEC, has likely approved asset manager VanEck’s Bitcoin Strategy exchange-traded fund (ETF), with trading expected to begin on Monday. In a Wednesday filing with the SEC, VanEck said the public offering of its Bitcoin (BTC) Strategy ETF, which offers exposure to the crypto asset through futures contracts, would begin “as soon as practicable” after the effective date of the filing, Saturday. This suggests the company could list its shares on an exchange as early as Monday. Unlike exchange-traded funds offering direct exposure to BTC or Ether (ETH) — which the SEC has …

United States Securities and Exchange Commission Chair Gary Gensler and ProShares head of investment strategy Simeon Hyman discussed the launch of the first Bitcoin-linked exchange-traded fund (ETF) with CNBC on Tuesday. ProShares Bitcoin Strategy ETF, also known as BITO, is based on CME Bitcoin (BTC) futures contracts. CNBC commentator Bob Pisani shared concerns from some investors that BTC futures could deviate from the BTC spot price. “The futures market is a better place for price discovery,” said Hyman. “The CME futures market trades more volume than the largest U.S. crypto exchange. We launched a similar mutual fund on 7/28, and …

A high-profile blockchain lobby group is urging United States lawmakers to adopt a “technology-neutral” approach when it comes to stablecoin regulation, arguing that dollar-pegged cryptocurrencies do not pose a system risk to the financial system. In a 17-page letter addressed to the President’s Working Group on Financial Markets, which includes regulators from the Department of Treasury and Federal Reserve, the Chamber of Digital Commerce outlined a six-point plan for future regulatory action involving stablecoins. According to the group, stablecoin laws should be technology-neutral, regulate in a manner that is proportionate to risk, ensure that the U.S. maintains a competitive advantage …

Major cryptocurrency exchange Coinbase has inked a deal with the National Basketball Association, giving the platform the opportunity to educate basketball fans on crypto. In a Tuesday announcement, Coinbase said it would become the exclusive cryptocurrency platform partner of the National Basketball Association, or NBA, Women’s National Basketball Association, NBA G League, NBA 2K League and USA Basketball as part of a multiyear sponsorship deal. According to the NBA, Coinbase will create “unique content, innovations, activations and experiences” for basketball fans to learn about the crypto space, as well as be a partner of the WNBA Commissioner’s Cup, the USA …