Bitcoin Investment Trust and Genesis Trading Settle With SEC
The US Securities and Exchange Commission (SEC) has issued a cease-and-desist order against the Bitcoin Investment Trust (BIT) and its authorized participant SecondMarket, the latter of which has been ordered to disgorge roughly $50,000 in a settlement with the agency. Originally founded by investor and Digital Currency Group CEO Barry Silbert when he was CEO of SecondMarket, the BIT issues shares with a value tied to the value bitcoin, and unrestricted shares of the BIT are quoted on OTCQX. Newly issued shares are restricted and cannot be quoted on OTCQX. Specifically, the....
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The former bitcoin trading division at SecondMarket has relaunched as the Digital Currency Group's (DCG) latest subsidiary, Genesis Trading. Advertising itself as the first regulated broker-dealer in the US to specialize in bitcoin, Genesis is the latest development at Barry Silbert's increasingly active organisation. The trading firm offers institutional and private investors a way to buy and sell large blocks of digital currencies such as bitcoin, litecoin and ripple, a specialty its team honed sourcing bitcoins for SecondMarket's private investment vehicle, Bitcoin Investment Trust.....
Genesis will no longer be involved in GBTC's main operations, but will still act as a liquidity provider. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Grayscale Bitcoin Trust has terminated two agreements with cryptocurrency broker Genesis. First, Genesis will no longer assist Grayscale in the distribution and marketing of the latter's shares. Second, from Oct. 3 onwards, Genesis will no longer be an authorized participant of the trust but will continue to serve as a liquidity provider for Grayscale. The two agreements previously came into effect in....
The fourth investment of the year from the Stellar Development Foundation has gone into Settle Network, a Latin American stablecoin and payments provider. The Stellar Development Foundation has invested Settle Network, the largest digital assets settlement network in the Latin American region.It marks the fourth investment this year from the SDF enterprise fund, bringing the total to more than $9.2 million in 2020. The fund is a venture-style trust for growing the Stellar network and developing partnerships for cross-border payments. It has previously invested in Abra and SatoshiPay.The....
Genesis Trading’s head of market insights says that the institutional investment growth in the crypto space over the last 12 months “has been astonishing.” The executive added: “We’re seeing strong signs of that accelerating over the next year.”
Strong Signs of Institutional Investment Growth Accelerating Next Year
Noelle Acheson, head of market insights at Genesis Trading, shared her outlook for the cryptocurrency market and what investors should expect heading into 2022 with CNBC Tuesday. She said:
The institutional growth over....
Barry Silbert, Founder and CEO of the Digital Currency Group, the parent company of Grayscale Investments and Genesis Trading, has caused outrage in the Ethereum community following the launch of a new product, Ethereum (ETC) Investment Trust, abbreviated to EIT, comparable to the Bitcoin Investment Trust (BIT). The new unregulated product uses the twitter handle of EthereumTrust, clearly implying that their service relates to Ethereum, rather than EthereumClassic. A description that is considered by many to be somewhat deceptive with some describing it as outright fraudulent. Barry....