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ProShares Futures Bitcoin ETF Hits ATH on Spot ETF Hype

Amid growing anticipation and excitement surrounding the Bitcoin spot ETF, the ProShares ‘BITO’ BTC Future ETF has reached a new all-time high (ATH).

ProShares Futures BTC ETF performs well

According to a post on X by Bloomberg ETF analyst James Seyffart, ProShares’ BITO is approaching $1.5 billion in total value locked (TVL). This comes just two weeks after Eric Balchunas acknowledged that the product works extremely well. Balchunas highlighted that the ProShares Bitcoin Futures ETF doubled in value in 30 days.

At the time, the popular analyst attributed the rise in value to industry-wide anticipation for the immediate approval of the Bitcoin ETF by the US SEC. A user X pointed out the irony in the relationship between the ProShares Bitcoin Futures ETF and potential BTC spot ETFs.

Once the SEC approves the Bitcoin spot ETF, it will certainly replace products like the ProShares BTC Futures ETF. Spot ETFs allow investors to legally trade the price of BTC without owning a Bitcoin address or privacy keys. This is different from futures, which only mimic the spot price of Bitcoin and offer exposure to the price movements of Bitcoin futures contracts.

Bitcoin ETF approval odds remain at 90%

Optimism regarding the agency’s positive decision continues and has even intensified in recent days. Experts still express optimism about the possibility of a timely approval of the Bitcoin ETF. Balchunas reiterated his earlier prediction that SEC approval is a matter of time.

He boldly stated that the chances of approval remain at 90%, as previously speculated.

The SEC just delayed Franklin Templeton and Hashdex’s Bitcoin ETF applications due to the premise that “the rules of a national securities exchange must be ‘designed to prevent fraudulent and manipulative acts and practices’ and ‘to protect investors and the public interest’. “

In connection with the delay, the SEC is now seeking public comment on whether Templeton’s application should be approved or disapproved. As the SEC provided the update to Franklin Templeton’s application ahead of the January 1, 2024 deadline, it suggests that the regulator may be streamlining all BTC spot ETF applications for mass approval in January.

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Bitcoin Investment News Ripple

Ripple applies for UK cryptocurrency license

Ripple has applied for registration as a cryptocurrency company with the UK Financial Conduct Authority (FCA) following its partial victory against the US SEC.

Payment Protocol Ripple recently applied for registration as a cryptocurrency company with the UK’s Financial Conduct Authority (FCA), a company spokesperson tells Cointelegraph. The company is also seeking a payments license in Ireland as part of its major investment in the region.

More cryptocurrency companies are looking to the UK for regulatory clarity and a favorable business environment amid a wave of enforcement actions by the SEC in the US.

Venture capital firm Andreessen Horowitz (A16z) recently announced its first new non-US office in London, following “months of constructive discussions” with policymakers and the FCA, citing a “predictable business environment” as one of the main reasons for expanding abroad.

Several pieces of legislation have been introduced in the British Parliament with the aim of establishing a crypto-regulated environment in the UK. In June, a bill subjecting cryptocurrencies to the same rules applied to traditional assets was enacted after receiving royal assent from King Charles. The new law gives the Treasury, the Financial Conduct Authority (FCA), the Bank of England and the Payment Systems Regulator the authority to introduce and enforce regulations for crypto companies.

In another recent development, upper house lawmakers discussed a bill that seeks to expand authorities’ ability to target cryptocurrencies used for illicit purposes. The bill includes provisions for authorities to have greater flexibility in the confiscation and recovery of crypto assets.

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Bitcoin Bitcoin ETF Bitcoin Investment Bitcoin Wallet

Coinbase Granted Permission For Support On SEC Vs Ripple

Cryptocurrency exchange Coinbase has been granted permission to file its amicus brief to join Ripple Labs in supporting its ongoing lawsuit with the United States Securities and Exchange Commission (SEC).

On Monday, US District Judge Analisa Torres granted motions for the 12 Ripple supporters to submit their amicus briefs. Among the list of growing supporters are Coinbase and the Blockchain Association. Backers have until November 18 to submit their abstracts, but Coinbase has already confirmed their submission. Earlier this month, she asked the court to consider her request for an amicus brief. An amicus brief is known as a “friend of the court” and is a legal brief that contains advice or information related to a court case from an organization that is not directly involved in the case.

The case between Ripple Labs and the SEC took a big step forward in October, when it was decided in Ripple’s favor and Judge Torres ordered the SEC to turn over Hinman’s disputed documents. These documents contain internal SEC emails and drafts from former corporate CFO William Hinman. The documents contain discovery material from a speech given by Hinman in which he claimed that Bitcoin and Ether are not securities. In his speech, Hinman said:

Based on my understanding of the current state of Ether, the Ethereum network and its decentralized structure, the current offers and sales of Ether are not securities transactions.

The documents are more broadly related to the lawsuit against Ripple Labs, its former CEO Chris Larson and its current CEO Brad Garlinghouse. The SEC filed the lawsuit in 2020 alleging that the three entities, Ripple Labs, Garlinghouse, and Larsen, illegally profited from the sale of Ripple’s native XRP token as unregistered securities.

After a week of great uncertainty for the broader cryptocurrency market, XRP was leading in terms of gains and gained more than 10% following developments.