Trump Opposes CBDCs, while Crypto ETF Drama Unfolds as Ex-OpenSea Manager Appeals Conviction
Summary:
Former U.S. President Donald Trump vows to prohibit the establishment of a central bank digital currency (CBDC) in the U.S. VanEck, an investment management firm, plans to delist its futures-based Bitcoin exchange-traded fund (ETF), while ProShares is filing for five indirect BTC exposure Bitcoin ETFs. Nathaniel Chastain, the ex-product manager from NFT marketplace OpenSea, appeals his conviction on insider trading charges. Chastain was sentenced for money laundering and wire fraud in 2023 for leveraging his position to decide which NFTs would be featured on OpenSea's platform.
Ex-president of the United States, Donald Trump, has expressed a strong stand against the establishment of a digital currency by a central bank within the country. In similar news, investment management firm VanEck has revealed its intentions to remove its futures Bitcoin (BTC) exchange-traded fund (ETF) from listing. ProShares is also preparing to file five Bitcoin ETFs with indirect BTC exposure. Additionally, the appeal of Nathaniel Chastain, ex-product manager of OpenSea, against his insider trading conviction is underway.
Chastain's legal representatives filed an appeal on January 17, disputing his conviction on charges related to insider trading on the grounds that nonfungible token-related information doesn't qualify as property. They argued that not all private data is classified as property, and for it to be termed so, it must possess financial value to its owner. The appeal brief highlighted that OpenSea's business approach relies on collecting sales commissions from its website's NFT transactions, not on monetizing Chastain's selection of featured NFTs.
Chastain was found guilty of money laundering and wire fraud in May 2023 and sentenced to three months in prison later that year. He also had to pay a $50,000 fine after being found guilty of leveraging his position at OpenSea to determine the NFTs featured on their platform.
Regarding the issue of CBDCs in the U.S., ex-president Donald Trump, who is also a U.S. presidential candidate, has sworn to prevent the Federal Reserve from establishing one in America. During a speech on January 17 in Portsmouth, New Hampshire, he reassured Americans of his commitment towards guarding them from governmental excesses, and maintained his strong resistance towards the formation of a CBDC, which he argues would bring about absolute governmental control over the citizens' money.
In other political news, Trump, who made headlines with his objections to the 2020 presidential election outcome, made clear his intentions to run for president in 2024 with an announcement in November 2022.
Regarding financial news, VanEck has signaled its intentions to end its futures-based Bitcoin ETF, barely two years after its establishment. The firm announced on January 17 that the board of trustees had greenlit the closure and liquidation of the Bitcoin Strategy ETF, set to take place on the Cboe BZX exchange. Shareholders will have till January 30 to sell their shares, with the full removal from listing scheduled for February 6. The company didn't give reasons for the decision, but it appears to be related to approvals granted to spot BTC ETFs, one of which includes VanEck's proposal.
As part of its commitment to securing its share of the spot ETF market, VanEck has committed to support the development of the Bitcoin blockchain by donating 5% of its profits to principal developers. It's important for investors to remember that all investing and trading activities carry risks, and thorough research is recommended before making any financial decisions.
Published At
1/18/2024 11:29:24 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.