Multinational financial services firm Fidelity Investments has pressed the United States Securities and Exchange Commission to approve its Bitcoin exchange-traded fund (ETF).
A private meeting was held on Sept. 8 among Fidelity Digital Assets president Tom Jessop, six of the firm’s executives and several SEC officials. The finance executives laid out a number of reasons why the regulator should approve the investment product. These include increased demand for digital assets and related products, the prevalence of similar funds in other countries, and the rise of Bitcoin (BTC) adoption.
A Fidelity presentation from the meeting outlining the benefits of a Bitcoin product stated that global developed market regulators have approved Bitcoin exchange-traded products (ETP) in Canada, Germany, Switzerland and Sweden.
In response to SEC Chair Gary Gensler’s comments last month on the possibility of reviewing only BTC futures products, Fidelity argued that strict adherence to either a 1933 law allowing stock exchanges to list the products or allowing futures only products was no longer necessary because the market has matured.
The Securities Act of 1933 was passed following the stock market crash of 1929 in order to protect investors by establishing laws against misrepresentation and fraudulent activities. Fidelity believes that these laws are too stringent and markets are now more transparent and established.
Bitcoin billionaires Tim Draper and the Winklevoss twins have backed a startup dubbed “Colossal” that is aiming to resurrect woolly mammoths as part of the effort to fight climate change.
The “de-extinction” focused bioscience firm closed a $15-million funding round on Monday that was led by Legendary Pictures founder Thomas Tull. The round also included participation from Peter Diamandis of Bold Capital, Jim Breyer of Breyer Capital, and Tony Robbins, the famous “self-help guru” with a net worth of around $500 million.
Colossal was founded by Harvard genetics professor George Church and entrepreneur Ben Lamm.
The firm’s landmark de-extinction project will aim to resurrect the woolly mammoth — or more specifically a “cold-resistant elephant with all of the core biological traits of the woolly mammoth” — by altering the genetic code of endangered Asian elephants. Church intends to implant test-tube embryos into the elephants, or artificial wombs, to grow mammoths that can thrive in cold climates like their ancestors.
The firm hopes to restore plant root systems that mammoths feed on, as they can pull carbon from the atmosphere in cold climates and revitalize ecosystems impacted by climate change.
Leading U.S.-based cryptocurrency exchange Coinbase has seen enormous demand for its junk bond offering, with the firm increasing the size of the sale by one-third from $1.5 billion to $2 billion.
According to Economic Times, at least $7 billion worth of orders were placed in competition for equal quantities of seven and 10-year bonds, offering interest rates of 3.375% and 3.625% respectively.
The publication cites an anonymous source as claiming the interest rates were cheaper than the initial quotes offered by Coinbase, with the influx of demand suggesting buyers hold a higher opinion of the company’s credit-worthiness than initially suspected by the exchange.
“The strong demand is clearly a big endorsement by debt investors,” commented Bloomberg Intelligence analyst Julie Chariell. However, the exchange’s bonds were rated one rank below investment-grade, with Bloomberg bond indexes indicating that similar debt offerings fetch a 2.86% yield on average.
Junk bonds refer to corporate debt issued by a company that does not have an investment-grade credit rating. Due to the reduced credit rating, junk bonds command higher interest rates than investment-grade corporate bonds.
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