π Bitcoin exchange-traded funds (ETFs) and institutional investment vehicles are experiencing a surge in volume as excitement over potential regulatory changes in the United States grows. Data from Bloomberg shows that Bitcoin ETFs and other options are nearing record weekly inflows, with BITO and GBTC trading $2.5 billion in volume. The possibility of a Bitcoin spot price-based ETF being allowed in the U.S. has not only affected the price of Bitcoin itself, but has also benefited other aspects of the cryptocurrency ecosystem. Alongside exchanges and mining firms, institutional investment options are also seeing increased demand. For example, the ProShares Bitcoin Strategy ETF (BITO) and the Grayscale Bitcoin Trust (GBTC) have both seen notable trading volume. The recent surge in interest in ETF trading has led some to speculate that traditional finance may know something about the cryptocurrency market that others are unaware of. Despite this, investment management firm ARK Invest has reduced its holdings in GBTC, although it does plan to launch a Bitcoin spot ETF.
π₯ Ripple’s CEO, Brad Garlinghouse, has criticized former SEC Chairman Jay Clayton’s remarks on the SEC’s regulatory approach. In an interview with CNBC, Clayton expressed the view that the SEC should only pursue legal action against specific companies when they have strong legal grounds. Garlinghouse highlighted the fact that Clayton himself had filed a lawsuit against Ripple, Garlinghouse, and Ripple founder Chris Larsen, which was subsequently dropped. The recent dismissal of charges against Garlinghouse and Larsen follows a decision by Judge Analisa Torres, who ruled that selling XRP on secondary markets does not qualify as an investment contract.