By Kapil Rajyaguru
US SEC Forms New Crypto Task Force Spearheaded by Hester Peirce.
Gary Gensler only officially stepped down as chairman of the U.S. Securities and Exchange Commission (SEC) yesterday, but the federal agency’s approach to crypto is already getting an overhaul.
Acting Chair Mark Uyeda announced Tuesday that the agency has created a crypto task force dedicated to “developing a comprehensive and clear regulatory framework for crypto assets.”
The task force will be led by Commissioner Hester Peirce, a long-time advocate for the crypto industry, and it will work closely with the industry to develop regulations. The task force will also work with Congress, providing “technical assistance” as it crafts crypto regulations.
US Issuers REX Advisers, Osprey Seek Approval To Launch Trump Meme Coin ETF.
Just days after President Donald Trump launched his new crypto token, two asset management firms jointly sought regulatory approval to debut an exchange-traded fund tied to the digital currency or “meme coin,” according to a Tuesday filing.
REX Advisers, the parent company of ETF issuer REXShares, and Osprey Funds filed with the U.S. Securities and Exchange Commission to launch a total of seven new cryptocurrency ETFs tied to the $TRUMP coin launched on Friday, other meme coins like DOGE and BONK, and established tokens like Solana and Ripple’s XRP.
The filings will test just how far the SEC’s new crypto-friendly leadership, which on Tuesday kicked off a crypto policy overhaul, will be willing to go in unleashing new crypto products.
Texas District Court Reverses Tornado Cash Sanctions.
A US court has dropped the sanctions against the Tornado Cash protocol in a significant win for privacy-preserving technologies that may signal more innovation-friendly crypto regulation in the United States.
The Treasury’s Office of Foreign Assets Control (OFAC) sanctioned cryptocurrency mixing protocol Tornado Cash in August 2022 for allegedly helping the North Korean Lazarus Group with laundering over $455 million worth of stolen digital assets.
The sanctions led to the arrest of Tornado Cash developer Alexey Pertsev, who was found guilty of money laundering by Dutch judges at the s-Hertogenbosch Court of Appeal on May 14, 2024. Dutch judges sentenced the developer to five years and four months in prison for laundering $1.2 billion worth of illicit assets on the platform.
Bitcoin ETFs By Calamos Offer Capped Upside And Risk Mitigation.
Calamos Investments, a global investment management firm, is launching a suite of protected Bitcoin exchange-traded funds (ETFs) offering investors exposure to Bitcoin while managing volatility risks.
The initial ETF, CBOJ, was launched on Jan. 20 and provides 100% downside protection with a capped upside of 10% to 11.5% over a one-year period. Expected to launch on Feb. 4 are two additional funds, CBXJ and CBTJ, offering 90% and 80% downside protection, respectively.
Each fund will use a mix of US Treasurys and options on Bitcoin index derivatives to build a structured framework that gives investors controlled access to BTC returns with risk management built in.
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