BlackRock Files for Bitcoin ETF; Coinbase to Be Custodian

• BlackRock has filed for a spot Bitcoin ETF with Coinbase as its custodian.
• Binance.US reportedly cut 50 employees following SEC charges.
• Prometheum, a SEC-registered broker-dealer, sets Twitter ablaze with speculation.

BlackRock Files for Spot Bitcoin ETF

BlackRock has filed for a spot Bitcoin exchange-traded fund (ETF) with Coinbase acting as the custodian of the BTC holdings. This move further solidifies the institutional adoption of cryptocurrency and signals that large financial companies are looking to invest in digital assets.

Binance US Cuts Staff Following SEC Charges

Binance US recently announced that it would be cutting around 50 staff members in response to charges brought against them by the U.S Securities and Exchange Commission (SEC). The company settled the charges by agreeing to pay $400,000 in disgorgement and penalties.

Do Kwon’s Detainment Extended Six Months By Montenegrin Court

Do Kwon, founder of crypto project Terra, was recently detained by authorities in Montenegro on money laundering allegations made against him by South Korea’s government. His detainment has now been extended for another six months after prosecutors argued that there is “a risk of flight from justice” if he were to leave Montenegro while his case was still ongoing.

Prosecutors Withdraw Five Charges Against Sam Bankman-Fried

Sam Bankman-Fried, CEO of Alameda Research, recently had five criminal charges withdrawn against him by prosecutors in an effort to ensure that his trial proceeds without any delays or complications. He was facing charges related to alleged market manipulation on crypto exchanges back in 2019 but those have now been dropped due to lack of evidence linking him directly to any wrongdoing.

Prometheum Sets Twitter Ablaze With Speculation

Prometheum recently gained attention after their co-founder and co-CEO Aaron Kaplan testified before the U.S Financial Services House Committee on June 13th 2021 about existing regulations being sufficient for cryptocurrencies instead of calling for more clarity from regulators, contrary to industry leaders like Coinbase’s stance on regulation clarity needed in the space . After this testimony set Twitter ablaze with curiosity about the little known crypto platform , rumors began swirling about its ties to the Chinese Communist Party which Prometheum vehemently denies .