In short: Jane Street Group and Jump Crypto are retracting their crypto trading initiatives as US regulators intensify their efforts to disrupt the industry. Jane Street is scaling back its crypto plans due to regulatory uncertainty, and Jump Crypto is leaving the US marketplace for similar reasons. Despite being blocked by the Securities and Exchange Commission (SEC), Grayscale has launched its Grayscale Funds Trust, which includes a Grayscale Ethereum Futures ETF, a Grayscale Global Bitcoin Composite ETF, and a Grayscale Privacy ETF. Total capitalization in crypto over the past 24 hours is $1.19tn, with BTC prices consistent at $27,694.
Our quick analysis:
It seems that U.S. regulators are throwing shade on the crypto industry yet again. In the latest twist, two major market makers, Jane Street Group and Jump Crypto, are scaling back their crypto ambitions due to regulatory uncertainty.
Apparently, the powers that be have made it too difficult for these firms to operate their businesses in a way that meets their own high standards. And who can blame them? Cryptocurrency regulations in the United States are about as clear as mud.
Jump Crypto is even ditching the U.S. market altogether, but don't worry, it's expanding internationally. Meanwhile, Coinbase, Gemini, and Galaxy Digital are also crossing borders to find new homes. Is this the start of an American crypto exodus?
Market turmoil hit Jane Street and Jump Trading last year, when they were targeted by U.S. prosecutors in an investigation into the failed Terra/Luna ecosystem. Now, Jane Street is getting another slap on the wrist from the Commodity Futures Trading Commission (CFTC) for its involvement with Binance. Tough crowd.
But not everyone is running scared. Grayscale, the world's leading crypto asset manager, is still pressing ahead with its ETF ambitions, despite being stonewalled by the SEC. They've even announced a new Series Trust and filed registrations for a Grayscale Ethereum Futures ETF, a Grayscale Global Bitcoin Composite ETF, and a Grayscale Privacy ETF. Game on, SEC.
Meanwhile, the crypto market is staying put, with total capitalization remaining steady at $1.19 trillion. BTC and Ethereum prices were unchanged at the time of writing. Whether the American crypto exodus will ultimately hurt or help the industry remains to be seen.
One thing's for sure: the only constant in the crypto world is change. And regulation. Lots of regulation.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
It seems that U.S. regulators are throwing shade on the crypto industry yet again. In the latest twist, two major market makers, Jane Street Group and Jump Crypto, are scaling back their crypto ambitions due to regulatory uncertainty.
Apparently, the powers that be have made it too difficult for these firms to operate their businesses in a way that meets their own high standards. And who can blame them? Cryptocurrency regulations in the United States are about as clear as mud.
Jump Crypto is even ditching the U.S. market altogether, but don't worry, it's expanding internationally. Meanwhile, Coinbase, Gemini, and Galaxy Digital are also crossing borders to find new homes. Is this the start of an American crypto exodus?
Market turmoil hit Jane Street and Jump Trading last year, when they were targeted by U.S. prosecutors in an investigation into the failed Terra/Luna ecosystem. Now, Jane Street is getting another slap on the wrist from the Commodity Futures Trading Commission (CFTC) for its involvement with Binance. Tough crowd.
But not everyone is running scared. Grayscale, the world's leading crypto asset manager, is still pressing ahead with its ETF ambitions, despite being stonewalled by the SEC. They've even announced a new Series Trust and filed registrations for a Grayscale Ethereum Futures ETF, a Grayscale Global Bitcoin Composite ETF, and a Grayscale Privacy ETF. Game on, SEC.
Meanwhile, the crypto market is staying put, with total capitalization remaining steady at $1.19 trillion. BTC and Ethereum prices were unchanged at the time of writing. Whether the American crypto exodus will ultimately hurt or help the industry remains to be seen.
One thing's for sure: the only constant in the crypto world is change. And regulation. Lots of regulation.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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