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Xcad Network's Head Supports KSI amid Pump-and-Dump Claims; Banks Urge SEC for Bitcoin ETF Custodianship

Algoine News
Summary:
The head of Xcad Network defends YouTuber KSI against pump-and-dump allegations, while US banks and financial institutions are pressuring the SEC to adjust crypto rules, allowing banks to act as custodians for Bitcoin ETFs. These ETFs account for 75% of new Bitcoin investments, as noted by CryptoQuant.
In the rapidly evolving world of cryptocurrencies, notable developments can happen in a mere 24 hours. Recently, popular YouTuber KSI was accused of enacting a pump-and-dump scheme, but the head of the associated project has since come to his defense. Furthermore, there is a push by a consortium of US banking and finance organizations for the Securities and Exchange Commission (SEC) to amend rules which may enable American banks to act as custodians for spot Bitcoin exchange-traded funds. It's worth noting that Bitcoin ETFs account for three-quarters of the latest asset investments according to CryptoQuant. Exploring KSI's allegations more closely, Oliver Bell, the mind behind Xcad Network, supports KSI, a YouTuber who carved a new identity in crypto, against claims proposed by investigator ZachXBT of a pump-and-dump scheme. Despite ZachXBT providing evidence of an account associated with KSI promoting XCAD and then unloading $850,000 worth of tokens, Bell responded by justifying KSI's right to sell his tokens considering the renowned Youtuber as one of the major contributors to their project. Bell further contests the allegations claiming KSI's continued support and investment in XCAD, affirming that KSI's major investments overshadow the tokens he sold. However, crypto investigator Coffeezilla maintains that KSI's public and private actions fit the mold of a pump-and-dump scheme; the investigator remains unconvinced by KSI's claim of innocence, suggesting possible manipulation of the price to his advantage. In another development, leading banks and financial establishments in the US are urging the SEC to update its definition of crypto assets, potentially granting them a larger stake in the crypto landscape. They could serve as custodians for the recently approved spot Bitcoin exchange-traded funds. On February 14, a coalition of trade groups, including the Bank Policy Institute, American Bankers Association, Financial Services Forum, and Securities Industry and Financial Markets Association, submitted a letter to SEC Chair Gary Gensler promoting their cause. The letter emphasized the absence of American banks as asset custodians in the resulting Bitcoin ETFs, seeking SEC's reconsideration to modify Staff Accounting Bulletin 121 (SAB 121). Some see this as an indication that these banks are keen to be part of the booming digital finance sector. Lastly, CryptoQuant revealed that 75% of the new Bitcoin investments stemmed from the recently ratified spot Bitcoin ETFs. This indicates the impact of Bitcoin ETFs on the dynamics of crypto regulations in Washington. Massive funds have been invested in Bitcoin ETFs, indicating a surging demand among institutional investors. Within the last four days, the US funds have accumulated approximately 43,300 BTC, which equals almost $2.3 billion. Meanwhile, BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Trust have gathered over 105,000 BTC and 79,752 BTC, respectively. Readers should conduct thorough research before making investment or trading decisions. Reporters Geraint Price, Sam Bourgi and Felix Ng contributed additional reporting.

Published At

2/16/2024 4:08:19 PM

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