🔔 MARKET MOVING NEWS! (22/11/24)
1️⃣ SEC Chair Gary Gensler To Step Down 💥
United States Securities and Exchange Commission (SEC) Chair Gary Gensler has announced that he will depart from the agency on Jan. 20, 2025. Notably, this is the same day crypto-friendly President-elect Donald Trump starts his second presidential term.
Gensler stated,
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2️⃣ U.S. SEC Loses Crypto Lawsuit Over 'Dealer' Definition That Pushed Into Crypto 🔥
A Texas federal court has reportedly rejected the broker-dealer rule expansion from the United States Securities and Exchange Commission (SEC). For context, the rule expanded the definition of a securities dealer to include all liquidity providers and automated market makers controlling more than $50 million in capital. The judge ruled that the SEC “exceeded its statutory authority by enacting such a broad definition of dealer untethered from the text, history, and structure of the Exchange Act.” Many have called this judgement a huge win for the industry.
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3️⃣ MARA's Stock Jumps After Raising $1 Billion Via Convertible Notes To Buy More Bitcoin 💸
MARA Holdings, the largest publicly traded bitcoin miner, announced the successful closing of its $1 billion offering of 0% convertible senior notes due 2030. It plans to allocate around $199 million of the proceeds to repurchase $212 million in principal of its existing convertible notes due 2026. The company plans to use most of the remaining proceeds to acquire BTC. The notes, issued to institutional investors under Rule 144A of the Securities Act of 1933, will include a conversion price significantly higher than Mara’s recent stock value. They can be redeemed under favourable conditions beginning in 2028.
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4️⃣ Bitwise Files for Solana ETF 🚀
Crypto asset manager Bitwise has reportedly filed to list a Solana exchange-traded fund (ETF). The spot ETF, if approved, would give U.S. investors exposure to SOL. However, its Wednesday filing was with the state of Delaware (a very early step in the process). It will have to file additional forms with the Securities and Exchange Commission (SEC) to seek approval. The recent filing makes Bitwise the fourth asset manager after Canary Capital, VanEck and 21Shares to file for a Solana spot ETF.
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5️⃣ Donald Trump's Media Company Files Trademark Application For 'TruthFi' ‼️
Trump Media & Technology Group (TMTG), the media company in which U.S. president-elect Donald Trump holds a 53% stake, reportedly filed a trademark application for "Truthfi" on Monday. According to the filing, TruthFi is a platform used for trading digital assets and other payment processing services. The filing also mentioned services for "downloadable computer software for use as a digital wallet." Notably, the application was filed the same day that news of TMTG being in “advanced talks” to acquire Bakkt broke out.
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1️⃣ SEC Chair Gary Gensler To Step Down 💥
United States Securities and Exchange Commission (SEC) Chair Gary Gensler has announced that he will depart from the agency on Jan. 20, 2025. Notably, this is the same day crypto-friendly President-elect Donald Trump starts his second presidential term.
Gensler stated,
The Securities and Exchange Commission is a remarkable agency. The staff and the commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike. The staff comprises true public servants. It has been an honour of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.
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2️⃣ U.S. SEC Loses Crypto Lawsuit Over 'Dealer' Definition That Pushed Into Crypto 🔥
A Texas federal court has reportedly rejected the broker-dealer rule expansion from the United States Securities and Exchange Commission (SEC). For context, the rule expanded the definition of a securities dealer to include all liquidity providers and automated market makers controlling more than $50 million in capital. The judge ruled that the SEC “exceeded its statutory authority by enacting such a broad definition of dealer untethered from the text, history, and structure of the Exchange Act.” Many have called this judgement a huge win for the industry.
Source
3️⃣ MARA's Stock Jumps After Raising $1 Billion Via Convertible Notes To Buy More Bitcoin 💸
MARA Holdings, the largest publicly traded bitcoin miner, announced the successful closing of its $1 billion offering of 0% convertible senior notes due 2030. It plans to allocate around $199 million of the proceeds to repurchase $212 million in principal of its existing convertible notes due 2026. The company plans to use most of the remaining proceeds to acquire BTC. The notes, issued to institutional investors under Rule 144A of the Securities Act of 1933, will include a conversion price significantly higher than Mara’s recent stock value. They can be redeemed under favourable conditions beginning in 2028.
Source
4️⃣ Bitwise Files for Solana ETF 🚀
Crypto asset manager Bitwise has reportedly filed to list a Solana exchange-traded fund (ETF). The spot ETF, if approved, would give U.S. investors exposure to SOL. However, its Wednesday filing was with the state of Delaware (a very early step in the process). It will have to file additional forms with the Securities and Exchange Commission (SEC) to seek approval. The recent filing makes Bitwise the fourth asset manager after Canary Capital, VanEck and 21Shares to file for a Solana spot ETF.
Source
5️⃣ Donald Trump's Media Company Files Trademark Application For 'TruthFi' ‼️
Trump Media & Technology Group (TMTG), the media company in which U.S. president-elect Donald Trump holds a 53% stake, reportedly filed a trademark application for "Truthfi" on Monday. According to the filing, TruthFi is a platform used for trading digital assets and other payment processing services. The filing also mentioned services for "downloadable computer software for use as a digital wallet." Notably, the application was filed the same day that news of TMTG being in “advanced talks” to acquire Bakkt broke out.
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