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Newsletter</h1><p class="self-stretch flex-grow-0 flex-shrink-0 w-full text-xl text-left text-[#110b29]">There are a total of 123 articles associated with Forward Guidance Newsletter.</p></div><div class="mt-12 grid gap-8 grid-cols-1 xs:grid-cols-2 md:grid-cols-3 xl:grid-cols-4"><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/sec-departures-regulation-changes"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsec-phone.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsec-phone.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fsec-phone.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/policy">Policy</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/sec-departures-regulation-changes">Changes at the SEC start well ahead of Inauguration Day</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">One federal judge’s rulings this week found that the SEC had overstepped its authority and must vacate the Dealer Rule</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/casey-wagner">Casey Wagner</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-22T21:00:00.000Z">November 22, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/btc-price-predictions-thanksgiving"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-purple.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-purple.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-purple.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/btc-price-predictions-thanksgiving">As BTC nears $100K, keep an eye on Thanksgiving</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Holiday gatherings are often a time investors discuss their investment journeys and gains, sparking curiosity</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-22T20:30:00.000Z">November 22, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/marathon-buying-btc-momentum"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Flime-green-btc.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Flime-green-btc.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Flime-green-btc.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/business">Business</a><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/marathon-buying-btc-momentum">Marathon, others set to keep up BTC buying momentum</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">MicroStrategy founder Michael Saylor alluded to Marathon’s CEO during a X Spaces on Tuesday</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-21T21:43:19.000Z">November 21, 2024</time></div></div></div><div class="py-2 xs:hidden"><ins id="div-gpt-ad-1667348040636-0" data-ad-slot="/22757941429/ROS_mobile_categoryPages_inContent1" data-ad-client="ca-pub-5302683418973475" style="width:300px;height:250px" class="ad-slot ad-slot-label w-0 xl:w-[250px] xl:mt-8 text-center align-middle"></ins></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/takeaways-from-btc-etf-options-launch"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpurple-teal-bitcoin.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpurple-teal-bitcoin.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpurple-teal-bitcoin.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/finance">Finance</a><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/takeaways-from-btc-etf-options-launch">Major takeaways from this week’s BTC ETF options launch</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Crypto’s calls are equally as juiced as puts, creating a “smile” in the volatility surface</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/felix-jauvin">Felix Jauvin</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-21T21:01:26.000Z">November 21, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/nvidia-third-quarter-earnings-expectations"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fnvidia.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fnvidia.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fnvidia.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/nvidia-third-quarter-earnings-expectations">Nvidia heads into earnings as its star chip continues to glitch </a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Revenue estimates for the third quarter come in at $33 billion, which would be an 83% increase from the prior year</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/casey-wagner">Casey Wagner</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-20T21:00:00.000Z">November 20, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/crypto-impacts-since-election-outcome"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fcynthia-lummis.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fcynthia-lummis.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fcynthia-lummis.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/policy">Policy</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/crypto-impacts-since-election-outcome">What the US election outcome spurred in crypto land </a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Senator Cynthia Lummis hopes a US strategic bitcoin reserve can be teed up for “adoption in 2025”</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-20T20:30:00.000Z">November 20, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/trump-media-crypto-acquisition"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Ftrump-4.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Ftrump-4.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Ftrump-4.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/business">Business</a><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/trump-media-crypto-acquisition">Trump Media shares ride post-election, potential crypto acquisition wave </a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The market is, presumably, confused about what a Trump win means for the social media company</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/casey-wagner">Casey Wagner</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-19T21:30:00.000Z">November 19, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/trump-nominates-commerce-dept-leader"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fdept-commerce.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fdept-commerce.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fdept-commerce.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/policy">Policy</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/trump-nominates-commerce-dept-leader">Trump nominates pro-crypto CEO to lead commerce department</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">There were previous reports that Lutnick — a leader of Trump’s transition team — was in the running for treasury secretary</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-19T21:01:28.000Z">November 19, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/bitcoin-etf-options-trading-begins"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpurple-btc.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpurple-btc.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fpurple-btc.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/finance">Finance</a><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/bitcoin-etf-options-trading-begins">Bitcoin ETF options marks new chapter for the asset class</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Let’s quickly run through some of the events leading up to these listings</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-19T20:30:00.000Z">November 19, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/company-treasuries-btc-reserve-asset"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-blue.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-blue.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-blue.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/business">Business</a><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/company-treasuries-btc-reserve-asset">More companies name BTC a treasury reserve asset</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Nano Labs’ news release notes confidence in bitcoin being “a reliable store of value amidst its rising global adoption”</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-18T21:00:00.000Z">November 18, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/us-equities-recover-after-trump-fueled-rally"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Ftrump-3.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Ftrump-3.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Ftrump-3.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/us-equities-recover-after-trump-fueled-rally">US equities recover after Trump-fueled rally lost steam last week </a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Several big companies report third quarter earnings this week, likely moving markets</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/casey-wagner">Casey Wagner</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-18T20:34:33.000Z">November 18, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/crypto-etfs-filings-to-test-sec"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2023%2F12%2FHunter-Horsley-Bitwise.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2023%2F12%2FHunter-Horsley-Bitwise.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2023%2F12%2FHunter-Horsley-Bitwise.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/finance">Finance</a><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/crypto-etfs-filings-to-test-sec">Crypto ETFs filings to test an SEC likely to change</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Trump’s win appears to have made ETF issuers more optimistic of potential approval across more types of funds</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-15T20:59:11.000Z">November 15, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/state-attorneys-general-side-with-crypto"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fsec-building.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fsec-building.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F10%2Fsec-building.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/policy">Policy</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/state-attorneys-general-side-with-crypto">GOP state attorneys general side with crypto industry in suit against SEC</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Republican state attorneys general say the SEC is violating federalism with its crypto enforcement strategy</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/casey-wagner">Casey Wagner</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-15T20:36:35.000Z">November 15, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/m-a-deals-shifting-tide"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fben-franklin.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fben-franklin.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fben-franklin.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/business">Business</a><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/m-a-deals-shifting-tide">Latest crypto M&A deals signal ‘the tide is shifting’</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Crypto M&A developments could accelerate in Q4 and 2025, perhaps serving as a barometer for the sector’s trajectory</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-14T21:14:33.000Z">November 14, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/unpacking-trump-potential-tariff-policies"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fdonald-trump-side-profile-1.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fdonald-trump-side-profile-1.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fdonald-trump-side-profile-1.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/policy">Policy</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/unpacking-trump-potential-tariff-policies">Unpacking Trump’s potential tariff policies</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">You’ve heard a lot about Trump’s tariff plans and their potential economic impact. Here’s Felix’s take</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/felix-jauvin">Felix Jauvin</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-14T20:22:06.000Z">November 14, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/hood-cashes-in-on-crypto-rally"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2FRobinhood-Vlad.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2FRobinhood-Vlad.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2FRobinhood-Vlad.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/finance">Finance</a><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/hood-cashes-in-on-crypto-rally">HOOD cashes in on the Trump-fueled crypto rally</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Robinhood added four new cryptocurrencies to its platform: solana, cardano, XRP and PEPE</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/casey-wagner">Casey Wagner</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-13T21:07:04.000Z">November 13, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/cpi-says-same-from-fed-in-december"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F09%2Fjerome-powell.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F09%2Fjerome-powell.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F09%2Fjerome-powell.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/policy">Policy</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/cpi-says-same-from-fed-in-december">CPI sets the stage for more of the same from the Fed in December</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">The latest data should assure investors that the Fed will continue on its easing path through the end of the year</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/casey-wagner">Casey Wagner</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-13T20:36:46.000Z">November 13, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/etf-investors-crypto-appetite"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Feth-btc.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Feth-btc.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Feth-btc.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/finance">Finance</a><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/etf-investors-crypto-appetite">ETF investors lack interest in crypto, report finds?</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Of course, a lot has happened since the 600+ survey respondents shared their thoughts between Aug. 15 and Oct. 1</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-12T21:45:00.000Z">November 12, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/exodus-wallet-post-election-check-in"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fexodus.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fexodus.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fexodus.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/business">Business</a><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/exodus-wallet-post-election-check-in">A post-election check-in on a crypto firm still trying to go public</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">A look at software wallet Exodus may show how an SEC shakeup could have a real impact on industry companies</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-12T21:00:00.000Z">November 12, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/donald-trump-cabinet-selection"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Ftrump-2.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Ftrump-2.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Ftrump-2.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/policy">Policy</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/donald-trump-cabinet-selection">Trump is building his cabinet top-down, and crypto is toward the bottom </a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Co-chairing Trump’s transition team to help fill administration positions is Cantor Fitzgerald CEO Howard Lutnick</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/casey-wagner">Casey Wagner</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-12T20:30:00.000Z">November 12, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/fed-december-meeting-preview"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fdonald-trump-1.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fdonald-trump-1.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fdonald-trump-1.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/policy">Policy</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/fed-december-meeting-preview">Fed heads into December meeting with new president-elect, same economic concerns </a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Inflation is higher than it was in 2016, and the Fed is just at the beginning of its rate-cutting cycle</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/casey-wagner">Casey Wagner</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-11T21:30:00.000Z">November 11, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/btc-surge-above-86k-analysis"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-lego-purple.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-lego-purple.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fbtc-lego-purple.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/markets">Markets</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/btc-surge-above-86k-analysis">A closer look at BTC’s record-setting surge above $86K</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Bitwise’s Matt Hougan expects BTC to hit $100,000 by the end of the year and continue upward in 2025</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-11T20:17:47.000Z">November 11, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/jerome-powell-chair-stance-trump"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fjerome-powell-1.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fjerome-powell-1.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fjerome-powell-1.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a><a href="/category/policy">Policy</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/jerome-powell-chair-stance-trump">Chair Powell says he won’t step aside if Trump asks </a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">There are a few possible outcomes now that Trump will be moving back to Washington in January</p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/casey-wagner">Casey Wagner</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-08T21:00:00.000Z">November 8, 2024</time></div></div></div><div class="flex flex-col justify-start self-stretch flex-grow gap-2 w-full"><a class="cursor-pointer" href="/news/mike-novogratz-on-trump-presidency"><img alt="article-image" loading="lazy" width="768" height="432" decoding="async" data-nimg="1" class="w-full h-auto" style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fmike-novogratz.jpg&w=768&q=40 1x, /_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fmike-novogratz.jpg&w=1536&q=40 2x" src="/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F11%2Fmike-novogratz.jpg&w=1536&q=40"/></a><div class="flex justify-start items-center self-stretch flex-grow-0 flex-shrink-0 gap-1"><p class="flex whitespace-nowrap overflow-auto scrollbar-hide flex-grow text-[10px] text-left uppercase text-primary gap-2"><a href="/category/business">Business</a><a href="/category/forward-guidance-newsletter">Forward Guidance Newsletter</a></p></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><a class="font-headline flex-grow text-base font-semibold leading-snug hover:text-primary" href="/news/mike-novogratz-on-trump-presidency">Galaxy CEO expects ‘one piece of good news every week’</a></div><div class="flex justify-start items-start self-stretch flex-grow-0 flex-shrink-0 gap-2.5"><p class="flex-grow text-xs text-left text-light-gray text-light-gray">Mike Novogratz shared some remarks on Trump securing the presidency </p></div><div class="flex flex-wrap justify-start items-start gap-1 text-xxs"><div class="flex flex-wrap gap-1 uppercase">by <span><a class="link-gray" href="/author/benstrack">Ben Strack</a></span><span> /</span></div><div class="flex justify-start items-start relative gap-1 uppercase"><time dateTime="2024-11-07T21:30:00.000Z">November 7, 2024</time></div></div></div></div><div></div></div><div class="flex flex-col md:flex-row lg:flex-col border-l items-baseline self-stretch"><div class="gap-4 p-10 border-0 lg:border-b w-full"><div class="flex flex-col justify-start items-start self-stretch gap-2"><div class="flex justify-start items-center self-stretch relative gap-1"><p class="flex-grow text-xs uppercase text-primary"><a href="/newsletter">Newsletter</a></p></div><div class="flex justify-start items-start self-stretch relative gap-2.5"><p class="flex-grow text-[22px] text-left"><a href="/newsletter/daily">Blockworks Daily</a></p></div><div class="flex justify-start 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type="application/json">{"props":{"pageProps":{"_sentryTraceData":"b807549844c44506bac6ccfcbf0ea368-a909c0a67c406c26-1","_sentryBaggage":"sentry-environment=vercel-production,sentry-release=d8aba1cef726c63bf595133a84fffabffaa418d9,sentry-public_key=1611e80d3db34d73a44c914b7be6d330,sentry-trace_id=b807549844c44506bac6ccfcbf0ea368,sentry-sample_rate=1,sentry-transaction=%2Fcategory%2F%5Bslug%5D,sentry-sampled=true","articles":[{"slug":"sec-departures-regulation-changes","id":94732,"permalink":"/news/sec-departures-regulation-changes","title":"Changes at the SEC start well ahead of Inauguration Day","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sec-phone.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sec-phone.jpg","caption":"\u003cp\u003ePiotr Swat/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 22 Nov 2024 20:04:03 GMT","publishedAt":"Fri, 22 Nov 2024 21:00:00 GMT","publishedAtTimestamp":1732309200,"excerpt":"One federal judge’s rulings this week found that the SEC had overstepped its authority and must vacate the Dealer Rule","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThis has been a busy week at the SEC. \u003c/p\u003e\n\n\n\n\u003cp\u003eThe headline news from the commission, if you will, was Chair Gary Gensler’s \u003ca href=\"https://www.sec.gov/newsroom/press-releases/2024-182\"\u003edeparture announcement\u003c/a\u003e. He said yesterday he would be resigning, effective 12 pm ET on Jan. 20, 2025 — the exact time President-elect Donald Trump is scheduled to be inaugurated. We’re not surprised, but we got a chuckle out of him unprecedentedly naming the exact time he would leave the post.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd then today, fellow Democrat Commissioner \u003ca href=\"https://www.sec.gov/newsroom/speeches-statements/gensler-statement-lizarraga-departure-112224?utm_medium=email\u0026amp;utm_source=govdelivery\"\u003eJaime Lizárraga\u003c/a\u003e announced he would also depart early on Inauguration Day, saying he wants to spend more time with his family as his wife battles breast cancer. We wish her and the Lizárraga family all the best.\u003c/p\u003e\n\n\n\n\u003cp\u003eOn the legal front, one federal judge this week came to the same decision in two separate cases. Judge Reed O’Connor of the Northern District of Texas found the SEC had overstepped its authority and must vacate the Dealer Rule, adopted in February by a 3-2 commissioner vote. Republican Commissioners Hester Peirce and Mark Uyeda dissented against the Dealer Rule.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe rulings were seen as a win for both the hedge fund and crypto industries, protecting companies and managers in both groups from what has been described as “severe and adverse” changes in policy. Under the rule, certain hedge funds and crypto traders and validators would have been considered “dealers,” a classification both groups found \u003ca href=\"https://blockworks.co/news/sec-expands-dealer-rule-crypto-firms\"\u003eprohibitively strict\u003c/a\u003e.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIt looks like changes at the agency are coming even before Trump moves back to Washington.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWe \u003ca href=\"https://blockworks.co/news/donald-trump-cabinet-selection\"\u003ewrote earlier\u003c/a\u003e in the week about how there was a chance the commissioner voting breakdown would remain the same even after Trump takes office. With two spots now up for grabs, we know this won’t be the case.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNo more than three commissioners can be from the same party, and with Gensler out we can all but guarantee a Republican will be in as the next chair. That means Lizárraga’s vacant spot will go to a Democrat or Independent. Typically in this case, the Democrats would submit names for Trump to consider. But we know the Trump Administration often veers from the conventional.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eI’m still skeptical, though, that we will see any pending litigation dismissed. Even if the SEC now swings Republican (and potentially more pro-crypto), its staff would have to ask the commissioners to dismiss a lawsuit. These are staffers that have worked on these cases, in many instances, from the beginning.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAs we enter this new era of the SEC, it’s important to remember that Gensler’s predecessor — Chair Jay Clayton, a Trump nominee — was the one who brought the \u003ca href=\"https://blockworks.co/news/ripple-fined-civil-penalty-sec-lawsuit\"\u003eRipple case\u003c/a\u003e over XRP’s \u003ca href=\"https://blockworks.co/news/forward-guidance-newsletter-sec-ripple-inflation\"\u003esecurity status\u003c/a\u003e in 2020. He also brought an additional 79 crypto-related enforcement actions during his tenure, plus a separate action against Trump ally Elon Musk. Clayton is now headed to lead prosecution at the Southern District of New York, if Trump has his way. \u003c/p\u003e\n\n\n\n\u003cp\u003eDespite Clayton’s track record, he’s largely praised by the industry as being \u003ca href=\"https://blockworks.co/news/bitcoin-etf-approval-inevitable-jay-clayton\"\u003epro-crypto\u003c/a\u003e. We know Trump wasn’t always a fan of the industry, so maybe he’s not the only one who can have a change of heart.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Policy"],"primaryTag":"crypto hiring","tags":["crypto hiring","Donald Trump","Forward Guidance newsletter","SEC"],"customFields":{"display_options":[]},"meta":{"title":"Changes at the SEC start well ahead of Inauguration Day","description":"One federal judge's rulings this week found that the SEC had overstepped its authority and must vacate the Dealer Rule.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/sec-departures-regulation-changes","og_locale":"en_US","og_type":"article","og_title":"Changes at the SEC start well ahead of Inauguration Day","og_description":"One federal judge's rulings this week found that the SEC had overstepped its authority and must vacate the Dealer Rule.","og_url":"https://blockworks.co/news/sec-departures-regulation-changes","og_site_name":"Blockworks","article_published_time":"2024-11-22T21:00:00+00:00","article_modified_time":"2024-11-22T20:04:03+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sec-phone.jpg","type":"image/jpeg"}],"author":"Casey Wagner","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/caseywagnerr","twitter_misc":{"Written by":"Casey Wagner","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/sec-departures-regulation-changes","url":"https://blockworks.co/news/sec-departures-regulation-changes","name":"Changes at the SEC start well ahead of Inauguration Day","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/sec-departures-regulation-changes#primaryimage"},"image":{"@id":"https://blockworks.co/news/sec-departures-regulation-changes#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/sec-phone.jpg","datePublished":"2024-11-22T21:00:00+00:00","dateModified":"2024-11-22T20:04:03+00:00","author":{"@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702"},"description":"One federal judge's rulings this week found that the SEC had overstepped its authority and must vacate the Dealer 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Day"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null},{"slug":"btc-price-predictions-thanksgiving","id":94736,"permalink":"/news/btc-price-predictions-thanksgiving","title":"As BTC nears $100K, keep an eye on Thanksgiving","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-purple.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-purple.jpg","caption":"\u003cp\u003eDragon Claws/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 22 Nov 2024 20:37:28 GMT","publishedAt":"Fri, 22 Nov 2024 20:30:00 GMT","publishedAtTimestamp":1732307400,"excerpt":"Holiday gatherings are often a time investors discuss their investment journeys and gains, sparking curiosity","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eBitcoin hit about $99,500 overnight before dipping below $97,300 a few hours later. The asset’s price was right around $99,350 at 2 pm ET.\u003c/p\u003e\n\n\n\n\u003cp\u003eOn \u003ca href=\"https://blockworks.co/news/bitcoin-close-to-all-time-high-against-gold\"\u003ethe cusp\u003c/a\u003e of $100,000, what will happen after BTC hits that level? Or if it doesn’t break through that in the short term?\u003c/p\u003e\n\n\n\n\u003cp\u003eAs you know by now, nobody knows for sure. But I caught up \u003ca href=\"https://blockworks.co/news/21shares-us-crypto-etf-adoption-outlook\"\u003e(again)\u003c/a\u003e with Federico Brokate, head of 21Shares’ US business. He also helped BlackRock launch the iShares Bitcoin Trust (\u003ca href=\"https://blockworks.co/news/blackrock-bitcoin-etf-1b-inflows\"\u003eIBIT\u003c/a\u003e) in January while he led iShares’ business strategy in the Americas.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe main takeaways? Well for one, the six-figure mark represents “a psychological barrier for markets” and a price target investors have been eyeing since the last crypto bull run, Brokate explained.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHe noted, too, that BTC’s price last week quickly rose another 3-5% after hitting the $90,000 mark with enough volume — a scenario that could happen again \u003ca href=\"https://blockworks.co/news/bitcoin-could-hit-100k-within-weeks\"\u003eat $100,000\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003e“If the barrier isn’t decisively broken by Thanksgiving, we could expect to see prices come down 15-20% — a correction that would test the $80,000 support level and wash out leveraged and low-conviction players,” Brokate told me.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eReaching the six-figure level would mean “greater short-term volatility as orders are filled, options liquidate and liquidity providers fulfill ETF block order requests,” he said, adding: “It wouldn’t be surprising to see some drawdown in the coming months.”\u003c/p\u003e\n\n\n\n\u003cp\u003eOutside of BTC, Brokate noted that altcoin markets \u003ca href=\"https://blockworks.co/news/altcoin-season-when-bitcoin-dominance-hits-60\"\u003eoften surge\u003c/a\u003e after bitcoin establishes a price plateau. This comes as investors tend to rotate to what are viewed as “higher-risk, higher-reward opportunities.” Perhaps that happens in late Q1, or Q2, the 21Shares executive posed.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhile solana (SOL) just reached a \u003ca href=\"https://blockworks.co/news/solana-sets-all-time-high-of-263\"\u003enew price peak\u003c/a\u003e at roughly $263, ether (ETH) remains about 32% off its November 2021 high. XRP was up about 65% from a week ago, as of 2 pm ET Friday.\u003c/p\u003e\n\n\n\n\u003cp\u003eFinally, Thanksgiving might mean more than turkey and football this year. After all, Brokate reminded, holiday gatherings are often a time investors discuss their investment journeys and gains, sparking curiosity.\u003c/p\u003e\n\n\n\n\u003cp\u003eBrokate recalled that in 2017, BTC hovered in the $6,000-to-$9,000 range before surging to about $16,000 after Thanksgiving.\u003c/p\u003e\n\n\n\n\u003cp\u003eHe added: “We may see a similar move this year.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Markets"],"primaryTag":"21Shares","tags":["21Shares","BTC","Forward Guidance newsletter"],"customFields":{"display_options":[]},"meta":{"title":"As BTC nears $100K, keep an eye on Thanksgiving","description":"Holiday gatherings are often a time investors discuss their investment journeys and gains, sparking curiosity.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/btc-price-predictions-thanksgiving","og_locale":"en_US","og_type":"article","og_title":"As BTC nears $100K, keep an eye on Thanksgiving","og_description":"Holiday gatherings are often a time investors discuss their investment journeys and gains, sparking curiosity.","og_url":"https://blockworks.co/news/btc-price-predictions-thanksgiving","og_site_name":"Blockworks","article_published_time":"2024-11-22T20:30:00+00:00","article_modified_time":"2024-11-22T20:37:28+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-purple.jpg","type":"image/jpeg"}],"author":"Ben Strack","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/strack_ben","twitter_misc":{"Written by":"Ben Strack","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/btc-price-predictions-thanksgiving","url":"https://blockworks.co/news/btc-price-predictions-thanksgiving","name":"As BTC nears $100K, keep an eye on Thanksgiving","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/btc-price-predictions-thanksgiving#primaryimage"},"image":{"@id":"https://blockworks.co/news/btc-price-predictions-thanksgiving#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-purple.jpg","datePublished":"2024-11-22T20:30:00+00:00","dateModified":"2024-11-22T20:37:28+00:00","author":{"@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405"},"description":"Holiday gatherings are often a time investors discuss their investment journeys and gains, sparking curiosity.","breadcrumb":{"@id":"https://blockworks.co/news/btc-price-predictions-thanksgiving#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/btc-price-predictions-thanksgiving"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/btc-price-predictions-thanksgiving#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-purple.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-purple.jpg","width":1600,"height":900,"caption":"Dragon Claws/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/btc-price-predictions-thanksgiving#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"As BTC nears $100K, keep an eye on Thanksgiving"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405","name":"Ben Strack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","caption":"Ben Strack"},"description":"Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Twitter: @strack_ben","sameAs":["https://www.linkedin.com/in/ben-strack-621a2265/","https://x.com/https://twitter.com/strack_ben"],"url":"https://blockworks.co/news/author/benstrack"}]}},"authors":[{"title":"Ben Strack","id":23,"slug":"benstrack","image_url":""}],"blurhash":null},{"slug":"marathon-buying-btc-momentum","id":94696,"permalink":"/news/marathon-buying-btc-momentum","title":"Marathon, others set to keep up BTC buying momentum","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/lime-green-btc.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/lime-green-btc.jpg","caption":"\u003cp\u003eSem_Sem/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 21 Nov 2024 21:43:22 GMT","publishedAt":"Thu, 21 Nov 2024 21:43:19 GMT","publishedAtTimestamp":1732225399,"excerpt":"MicroStrategy founder Michael Saylor alluded to Marathon’s CEO during a X Spaces on Tuesday","content":"\n\u003cp\u003eMarathon Digital clearly plans to keep up its BTC buys amid a rally that has sent the asset’s price to new highs. And they’re not alone.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe bitcoin miner revealed Thursday that it completed its offering of 0.00% convertible senior notes (due 2030). Net proceeds from the sale amounted to roughly $980 million — a majority of which will be used to buy more bitcoin and for “general corporate purposes.”\u003c/p\u003e\n\n\n\n\u003cp\u003eMarathon held 27,562 BTC on its balance sheet, as of Oct. 31. That represents roughly 8% of the 331,200 BTC held by MicroStrategy, the largest publicly traded holder of bitcoin.\u003c/p\u003e\n\n\n\n\u003cp\u003eMicroStrategy founder Michael Saylor alluded to Marathon’s CEO during a Tuesday X space when asked whether there’s an amount of BTC MicroStrategy could buy that would be detrimental to the bitcoin network.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“As much as I would like to buy all the bitcoin, I don’t think Fred Thiel’s going to let me buy all the bitcoin,” Saylor said.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHe added: “And if \u003ca href=\"https://blockworks.co/newsletter/daily/issue/post_a86f70e8-2026-4c78-821e-c99cc7fd3a4b\"\u003eCynthia Lummis’ bill\u003c/a\u003e gets taken by the Senate and House — and signed in the White House — then the US government’s going to be bidding against me.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eMore companies have started to \u003ca href=\"https://blockworks.co/news/company-treasuries-btc-reserve-asset\"\u003ename BTC as a reserve asset\u003c/a\u003e. Singapore-based Genius Group said Thursday morning it added another $4 million of bitcoin to its treasury and is targeting a reserve holding at least $120 million worth of BTC.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTech giant \u003ca href=\"https://blockworks.co/news/microsoft-bitcoin-balance-sheet\"\u003eMicrosoft has a proposal in front of them\u003c/a\u003e to consider diversifying its balance sheet with bitcoin. Saylor said the “activist” behind it invited him to give a three-minute presentation to the board next month; the MicroStrategy executive accepted.\u003c/p\u003e\n\n\n\n\u003cp\u003e“It’s tricky to actually find a board that gets aligned with the management team and moves forward, and that’s why you haven’t seen as many companies act as aggressively as they could,” he said on the X space.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut, Saylor noted he expects that to change in 2025: “I think this will be an exponential process that’s going to pick up speed here.”\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Business","categories":["Business","Forward Guidance Newsletter"],"primaryTag":"BTC","tags":["BTC","Marathon Digital","MicroStrategy"],"customFields":{"display_options":[]},"meta":{"title":"Marathon, others set to keep up BTC buying momentum","description":"MicroStrategy founder Michael Saylor alluded to Marathon’s CEO during a X Spaces on Tuesday.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/marathon-buying-btc-momentum","og_locale":"en_US","og_type":"article","og_title":"Marathon, others set to keep up BTC buying momentum","og_description":"MicroStrategy founder Michael Saylor alluded to Marathon’s CEO during a X Spaces on Tuesday.","og_url":"https://blockworks.co/news/marathon-buying-btc-momentum","og_site_name":"Blockworks","article_published_time":"2024-11-21T21:43:19+00:00","article_modified_time":"2024-11-21T21:43:22+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/lime-green-btc.jpg","type":"image/jpeg"}],"author":"Ben Strack","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/strack_ben","twitter_misc":{"Written by":"Ben Strack","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/marathon-buying-btc-momentum","url":"https://blockworks.co/news/marathon-buying-btc-momentum","name":"Marathon, others set to keep up BTC buying 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momentum"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405","name":"Ben Strack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","caption":"Ben Strack"},"description":"Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Twitter: @strack_ben","sameAs":["https://www.linkedin.com/in/ben-strack-621a2265/","https://x.com/https://twitter.com/strack_ben"],"url":"https://blockworks.co/news/author/benstrack"}]}},"authors":[{"title":"Ben Strack","id":23,"slug":"benstrack","image_url":""}],"blurhash":null},{"slug":"takeaways-from-btc-etf-options-launch","id":94687,"permalink":"/news/takeaways-from-btc-etf-options-launch","title":"Major takeaways from this week’s BTC ETF options launch","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-teal-bitcoin.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-teal-bitcoin.jpg","caption":"\u003cp\u003eHansel Gonzalez/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 21 Nov 2024 21:01:30 GMT","publishedAt":"Thu, 21 Nov 2024 21:01:26 GMT","publishedAtTimestamp":1732222886,"excerpt":"Crypto’s calls are equally as juiced as puts, creating a “smile” in the volatility surface","content":"\n\u003cp\u003eThis week I had the pleasure of \u003ca href=\"https://youtu.be/xIDxaBWc1yg?si=qhZcKnwEZQ5ovERK\"\u003einterviewing\u003c/a\u003e Jeff Park, head of alpha strategies at Bitwise Asset Management, to unpack the BTC ETF options launch this week. \u003c/p\u003e\n\n\n\n\u003cp\u003eHere are the main takeaways from our interview that I learned:\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eVolatility Smile\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003eTypically with risk assets, puts demand a higher premium than calls. This is because most people use options to hedge their longs, creating skewed demand for puts over calls. This typically creates a half smile in the volatility structure as seen below:\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1178\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png\" alt=\"\" class=\"wp-image-94694\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=349 349w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=354 354w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=297 297w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-23.png?w=80 80w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" /\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eSomething very unique about crypto, however, is that it has a persistent smile to its volatility surface — where calls are equally as juiced as puts, creating a “smile” in the volatility surface:\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1143\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png\" alt=\"\" class=\"wp-image-94693\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=360 360w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=365 365w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=307 307w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-22.png?w=80 80w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" /\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eOften this smile only occurs in commodity assets during supply shocks, where demand outpaces available supply and prices surge. However, since supply can then increase to a new equilibrium with demand, the price will then revert and the volatility smile ends. What is unique about Bitcoin, however, is due to the difficulty adjustment that makes that supply adjustment like you see in traditional commodities impossible, the smile remains persistent and permanent. This is extremely unique.\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eCall Heavy Flow\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003eThe vast majority of the options activity has been in out-of-the-money calls. As we can see in the chart below from Bloomberg Intelligence’s Eric Balchunas, most of the activity has been in either marginally OTM calls or as far out as the strikes are currently available:\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"688\" height=\"443\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-20.png\" alt=\"\" class=\"wp-image-94691\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-20.png?w=688 688w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-20.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-20.png?w=399 399w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-20.png?w=405 405w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-20.png?w=340 340w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-20.png?w=80 80w\" sizes=\"(max-width: 688px) 100vw, 688px\" /\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eFurther, we can see that 82% of the first day options volume on IBIT was from calls:\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"614\" height=\"488\" src=\"https://lh7-rt.googleusercontent.com/docsz/AD_4nXdH69nHYU1n0RKrFKb6JY0Iq7UiNef-GIlMTRyRN3IUuecL-zvMaW3vo-8irTvoj8idtE9CmW3STHYbjO1tjgf1phb2KA8ZVst3uDbtV-31ASldGGamDKLwrlLPsWkvU3RaADX1?key=iZHQcOMPqedKWSuXvRcFOprO\"\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eDeribit vs TradFi options\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003eOne interesting takeaway I learned from Jeff is that Deribit, a crypto options exchange that is open 24/7, should have BTC options that are priced differently from the ETF options. The key reason for this is that because of theta, otherwise known as the time to expiry. Since Deribit options are constantly live for trading, the theta — and therefore the volatility — should sit at a premium to the ETF options, which only trade during standard market hours.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eMost on IBIT\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003eFinally, despite yesterday being the launch day for all the other ETF’s options, we’ve seen the vast majority of the notional exposure reside within BlackRock’s iShares Bitcoin Trust (IBIT):\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1538\" height=\"785\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png\" alt=\"\" class=\"wp-image-94692\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=1538 1538w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-21.png?w=80 80w\" sizes=\"(max-width: 1538px) 100vw, 1538px\" /\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThis makes for much wider spreads on the other ETFs given there’s much less liquidity available.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOverall, the market structure has changed significantly this week with \u003ca href=\"https://blockworks.co/news/bitcoin-etf-options-trading-begins\"\u003ethe launch of ETF options\u003c/a\u003e. Whereas traditionally short-term market structure was largely a function of perpetual futures, options flow dynamics will increasingly play a larger role in the price action.\u003c/p\u003e\n\n\n\n\u003cp\u003eFor a deeper dive into other implications of this major market regime change, check out my \u003ca href=\"https://youtu.be/xIDxaBWc1yg?si=qhZcKnwEZQ5ovERK\"\u003einterview with Jeff Park\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Finance","categories":["Finance","Forward Guidance Newsletter"],"primaryTag":"bitcoin ETFs","tags":["bitcoin ETFs","Bitwise","BTC","ETFs"],"customFields":{"display_options":[]},"meta":{"title":"Major takeaways from this week’s BTC ETF options launch","description":"Jeff Park, head of alpha strategies at Bitwise Asset Management, helps unpack the BTC ETF options launch this week. ","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/takeaways-from-btc-etf-options-launch","og_locale":"en_US","og_type":"article","og_title":"Major takeaways from this week’s BTC ETF options launch","og_description":"Jeff Park, head of alpha strategies at Bitwise Asset Management, helps unpack the BTC ETF options launch this week. ","og_url":"https://blockworks.co/news/takeaways-from-btc-etf-options-launch","og_site_name":"Blockworks","article_published_time":"2024-11-21T21:01:26+00:00","article_modified_time":"2024-11-21T21:01:30+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-teal-bitcoin.jpg","type":"image/jpeg"}],"author":"Felix Jauvin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Felix Jauvin","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/takeaways-from-btc-etf-options-launch","url":"https://blockworks.co/news/takeaways-from-btc-etf-options-launch","name":"Major takeaways from this week’s BTC ETF options launch","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/takeaways-from-btc-etf-options-launch#primaryimage"},"image":{"@id":"https://blockworks.co/news/takeaways-from-btc-etf-options-launch#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-teal-bitcoin.jpg","datePublished":"2024-11-21T21:01:26+00:00","dateModified":"2024-11-21T21:01:30+00:00","author":{"@id":"https://blockworks.co/#/schema/person/44b96d518e34f61df756a6b1c2625b74"},"description":"Jeff Park, head of alpha strategies at Bitwise Asset Management, helps unpack the BTC ETF options launch this week. ","breadcrumb":{"@id":"https://blockworks.co/news/takeaways-from-btc-etf-options-launch#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/takeaways-from-btc-etf-options-launch"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/takeaways-from-btc-etf-options-launch#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-teal-bitcoin.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-teal-bitcoin.jpg","width":1600,"height":900,"caption":"Hansel Gonzalez/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/takeaways-from-btc-etf-options-launch#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Major takeaways from this week’s BTC ETF options launch"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/44b96d518e34f61df756a6b1c2625b74","name":"Felix Jauvin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/06/1715472082337.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/06/1715472082337.jpg","caption":"Felix Jauvin"},"description":"Felix Jauvin is the host of the On the Margin podcast. Based in British Columbia, Canada, he lives and breathes where crypto and macroeconomics intersect.","url":"https://blockworks.co/news/author/felix-jauvin"}]}},"authors":[{"title":"Felix Jauvin","id":369,"slug":"felix-jauvin","image_url":""}],"blurhash":null},{"slug":"nvidia-third-quarter-earnings-expectations","id":94641,"permalink":"/news/nvidia-third-quarter-earnings-expectations","title":"Nvidia heads into earnings as its star chip continues to glitch ","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/nvidia.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/nvidia.jpg","caption":"\u003cp\u003eNovikov Aleksey/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 20 Nov 2024 20:22:11 GMT","publishedAt":"Wed, 20 Nov 2024 21:00:00 GMT","publishedAtTimestamp":1732136400,"excerpt":"Revenue estimates for the third quarter come in at $33 billion, which would be an 83% increase from the prior year","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eIt’s a high-stakes day for tech stocks as the grand finale to earnings season looms: Nvidia’s third quarter report, set to drop today after the bell.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAs the world’s largest public company by market cap, Nvidia has been the \u003ca href=\"https://blockworks.co/news/on-the-margin-newsletter-nvda-market-breadth\"\u003edefinitive winner\u003c/a\u003e of the AI boom. Shares are up almost 200% year to date and 1,000% since September 2022.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnalysts are expecting big things from Nvidia tonight. Wall Street has consistently upped its predictions for the report, increasing earnings per share estimates to $2.84 (from $2.81 in September). Earnings per share from the second quarter came in at $2.70, a 148% increase year over year.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eRevenue estimates for the third quarter come in at $33 billion, which would be an 83% increase from the prior year. Second quarter \u003ca href=\"https://blockworks.co/news/nvidia-earnings-and-the-baked-in-premium\"\u003eearnings\u003c/a\u003e showed revenue was $30 billion.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eInvestors are going to be looking for signs that Nvidia’s Blackwell GPU, a high-performance chip expected to drive the next AI wave, is in high demand and functioning well. Tonight’s call comes as reports of Blackwell GPUs overheating continue to swirl. Nvidia has invested more than $2 billion in developing Blackwell, so shareholders (and the broader market) are going to want to see signs that these issues are being worked out.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eCheck back tomorrow for a full recap of Nvidia’s Q3 earnings and what will no doubt be some interesting market moves to follow.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Markets"],"primaryTag":"Artificial Intelligence","tags":["Artificial Intelligence","earnings","Forward Guidance newsletter","Nvidia"],"customFields":{"display_options":[]},"meta":{"title":"Nvidia heads into earnings as its star chip continues to glitch ","description":"Revenue estimates for the third quarter come in at $33 billion, which would be an 83% increase from the prior year.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/nvidia-third-quarter-earnings-expectations","og_locale":"en_US","og_type":"article","og_title":"Nvidia heads into earnings as its star chip continues to glitch ","og_description":"Revenue estimates for the third quarter come in at $33 billion, which would be an 83% increase from the prior year.","og_url":"https://blockworks.co/news/nvidia-third-quarter-earnings-expectations","og_site_name":"Blockworks","article_published_time":"2024-11-20T21:00:00+00:00","article_modified_time":"2024-11-20T20:22:11+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/nvidia.jpg","type":"image/jpeg"}],"author":"Casey Wagner","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/caseywagnerr","twitter_misc":{"Written by":"Casey Wagner","Est. reading time":"2 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/nvidia-third-quarter-earnings-expectations","url":"https://blockworks.co/news/nvidia-third-quarter-earnings-expectations","name":"Nvidia heads into earnings as its star chip continues to glitch 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"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null},{"slug":"crypto-impacts-since-election-outcome","id":94639,"permalink":"/news/crypto-impacts-since-election-outcome","title":"What the US election outcome spurred in crypto land ","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/cynthia-lummis.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/cynthia-lummis.jpg","caption":"\u003cp\u003eUS Senator Cynthia Lummis | \u003ca href=\"https://flickr.com/photos/22007612@N05/51248280544\"\u003egageskidmore/”Cynthia Lummis”\u003c/a\u003e (\u003ca href=\"https://creativecommons.org/licenses/by-sa/2.0/\"\u003eCC license\u003c/a\u003e)\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 20 Nov 2024 20:16:36 GMT","publishedAt":"Wed, 20 Nov 2024 20:30:00 GMT","publishedAtTimestamp":1732134600,"excerpt":"Senator Cynthia Lummis hopes a US strategic bitcoin reserve can be teed up for “adoption in 2025”","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eIt’s been two weeks since the US presidential election outcome that sent BTC to new highs and spurred some of the latest bullish happenings.\u003c/p\u003e\n\n\n\n\u003cp\u003eLet’s review what’s occurred in crypto land since Donald Trump’s political victory.\u003c/p\u003e\n\n\n\n\u003cp\u003eStarting with the crypto price rally, BTC rose 8.8% on Election Day (\u003ca href=\"https://blockworks.co/news/btc-election-day-boost\"\u003eNov. 5\u003c/a\u003e), Coinglass \u003ca href=\"https://www.coinglass.com/today\"\u003edata\u003c/a\u003e shows. There were modest gains the next few days before BTC saw notable daily price increases of 4.8% and 10.2% on Nov. 9 and Nov. 10, respectively. Then a 4.2% rise on Nov. 14.\u003c/p\u003e\n\n\n\n\u003cp\u003eBy Bitfinex analysts’ count, BTC rose roughly 40% (from the pre-election selloff point of about $66,880 to a then-peak $93,300) — marking the largest nine-day \u003ca href=\"https://blockworks.co/news/btc-surge-above-86k-analysis\"\u003eprice increase\u003c/a\u003e for BTC since January 2021.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin surged to a new high over $94,900 early Wednesday. It was hovering around $93,800 at 2 pm ET — up 1.5% from 24 hours prior.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOutside of price, everyone was reminded of some of Trump’s crypto-related \u003ca href=\"https://blockworks.co/news/revisiting-trumps-crypto-promises-after-his-election-win\"\u003epledges\u003c/a\u003e. Given the Republicans’ majority in the House and Senate too, hope around the US creating a \u003ca href=\"https://blockworks.co/newsletter/daily/issue/post_a86f70e8-2026-4c78-821e-c99cc7fd3a4b\"\u003estrategic bitcoin reserve\u003c/a\u003e (via a \u003ca href=\"https://blockworks.co/news/senator-lummis-bitcoin-reserve-bill-crypto-policy\"\u003ebill proposed\u003c/a\u003e by Sen. Cynthia Lummis) is aplenty.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eWE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE 🇺🇸 🇺🇸 🇺🇸\u003c/p\u003e\u0026mdash; Senator Cynthia Lummis (@SenLummis) \u003ca href=\"https://twitter.com/SenLummis/status/1854208373740458432?ref_src=twsrc%5Etfw\"\u003eNovember 6, 2024\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eIn an X space yesterday, Lummis said she hopes “we can tee this up for adoption in 2025.” She noted that after Trump is sworn in, the US could get a headstart by converting gold certificates to bitcoin (even before the bill’s potential passage).\u003c/p\u003e\n\n\n\n\u003cp\u003e“The advantage of having legislation is it sets up the functional basis for the government holding bitcoin in a variety of locations, and then helping states hold their bitcoin as well,” she said.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eOn the latter point, a notable post-election crypto headline was \u003ca href=\"https://www.foxbusiness.com/money/pennsylvania-house-introduces-bill-implement-strategic-bitcoin-reserve\"\u003ePennsylvania lawmakers \u003c/a\u003eintroducing a bill that would allow the state’s treasury to keep BTC on its balance sheet.\u003c/p\u003e\n\n\n\n\u003cp\u003eThen there are the companies following MicroStrategy’s lead in buying bitcoin \u003ca href=\"https://blockworks.co/news/company-treasuries-btc-reserve-asset\"\u003efor their treasuries\u003c/a\u003e (or planning to). MicroStrategy founder Michael Saylor said on the same X space with Lummis that if the US creates a strategic bitcoin reserve, others will “stampede to keep up” — namely the EU, Asia and Brazil.\u003c/p\u003e\n\n\n\n\u003cp\u003e“This is all about laying in place a power infrastructure to build the 21st century economy that’s so incredibly compelling that it attracts the capital from the rest of the world into the United States and into US values and US politics,” Saylor added.\u003c/p\u003e\n\n\n\n\u003cp\u003eAs for US spot bitcoin ETF demand during the trading days after the election (from Nov. 6 to Nov. 19), those products have seen net \u003ca href=\"https://farside.co.uk/btc/\"\u003einflows\u003c/a\u003e of about $5 billion.\u003c/p\u003e\n\n\n\n\u003cp\u003eBitwise CIO Matt Hougan \u003ca href=\"https://blockworks.co/news/matt-hougan-crypto-reputational-risk\"\u003etold me\u003c/a\u003e the election outcome “removes the last vestige of reputational risk from crypto” — noting he expects institutional ownership to follow “an exponential curve from Q1 onwards.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd Jersey City’s mayor and business administrator \u003ca href=\"https://blockworks.co/news/jersey-city-pension-funds-btc-exposure\"\u003etold me last week\u003c/a\u003e the city’s pension fund was just about ready to allocate to bitcoin ETFs — undeterred even given the latest price increase.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eEther products saw an uptick in demand as well, reeling in $796 million in the six trading days after the election. Despite \u003ca href=\"https://farside.co.uk/eth/\"\u003enet outflows\u003c/a\u003e over the past four trading days, the category’s flows \u003ca href=\"https://x.com/JSeyff/status/1858568816865014242\"\u003eremain slightly positive\u003c/a\u003e since those launched in July.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003ePositive sentiment around the space has shown up in more ways than buying-fueled price increases and fund flows.\u003c/p\u003e\n\n\n\n\u003cp\u003eRobinhood appeared to ride the wave of regulatory optimism by adding solana, cardano, XRP and pepe \u003ca href=\"https://blockworks.co/news/hood-cashes-in-on-crypto-rally\"\u003eto its platform\u003c/a\u003e. ETF issuers are also perhaps betting on a \u003ca href=\"https://blockworks.co/news/crypto-etfs-filings-to-test-sec\"\u003emore lenient SEC\u003c/a\u003e, with Bitwise, for example, proposing after the election to convert its crypto index fund into an ETF.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eA more recent amended ETF \u003ca href=\"https://www.sec.gov/Archives/edgar/data/1976672/000168035924000410/gsbtcncvrclsetf485apos112024.htm\"\u003efiling\u003c/a\u003e for a Grayscale Bitcoin Covered Call ETF came as options on the US spot bitcoin ETFs got the \u003ca href=\"https://blockworks.co/news/bitcoin-etf-options-trading-begins\"\u003efinal regulatory OK\u003c/a\u003e.\u0026nbsp;\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhat am I forgetting?\u003c/p\u003e\n\n\n\n\u003cp\u003eWell, Trump’s \u003ca href=\"https://blockworks.co/news/trump-nominates-commerce-dept-leader\"\u003enomination\u003c/a\u003e of Cantor Fitzgerald CEO Howard Lutnick to lead the Department of Commerce sets the stage for another \u003ca href=\"https://blockworks.co/news/on-the-margin-newsletter-tradfi-btc-transacting\"\u003ecrypto-friendly person\u003c/a\u003e in a powerful position (if confirmed).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd then there’s the \u003ca href=\"https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-11-18-2024/card/exclusive-trump-to-meet-privately-with-coinbase-ceo-brian-armstrong-DDkgF0xW1BW242rVeuqx\"\u003econversation\u003c/a\u003e between Trump and Coinbase CEO Brian Armstrong — reportedly in part about personnel appointments.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe biggest thing to watch for now? Blockchain Association CEO Kristin Smith has a thought on that:\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eThe next SEC chair is the most critical position for crypto \u003ca href=\"https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw\"\u003e@realdonaldtrump\u003c/a\u003e will appoint.\u003cbr\u003e\u003cbr\u003eThe chair must be a known quantity committed to undoing the damage of the last 4 years, have expertise on crypto–and share Trump’s vision of making the US the crypto capital of the world.\u003c/p\u003e\u0026mdash; Kristin Smith (@KMSmithDC) \u003ca href=\"https://twitter.com/KMSmithDC/status/1858933820457631930?ref_src=twsrc%5Etfw\"\u003eNovember 19, 2024\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eIndustry watchers have labeled SEC Commissioner \u003ca href=\"https://fortune.com/crypto/2024/11/19/mark-uyeda-securities-exchange-commission-trump-gary-gensler-transition/\"\u003eMark Uyeda\u003c/a\u003e and former Coinbase chief legal officer \u003ca href=\"https://cryptoslate.com/krakens-founder-jesse-powell-backs-brian-brooks-for-sec-chair/\"\u003eBrian Brooks\u003c/a\u003e as potential candidates to replace Gary Gensler as SEC chair, but we don’t yet know Trump’s thoughts on the matter.\u003c/p\u003e\n\n\n\n\u003cp\u003eSo we’ve been busy writing. And it doesn’t appear there will be a shortage of things to report on going forward. Galaxy CEO Mike Novogratz’s \u003ca href=\"https://blockworks.co/news/mike-novogratz-on-trump-presidency\"\u003eprediction\u003c/a\u003e was perhaps an understatement.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Policy"],"primaryTag":"bitcoin etf","tags":["bitcoin etf","Elections","Forward Guidance newsletter","regulation"],"customFields":{"display_options":[]},"meta":{"title":"What the US election outcome spurred in crypto land ","description":"It’s been two weeks since Trump's political victory sent BTC to new highs and spurred some of the latest bullish 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by":"Ben Strack","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/crypto-impacts-since-election-outcome","url":"https://blockworks.co/news/crypto-impacts-since-election-outcome","name":"What the US election outcome spurred in crypto land ","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/crypto-impacts-since-election-outcome#primaryimage"},"image":{"@id":"https://blockworks.co/news/crypto-impacts-since-election-outcome#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/cynthia-lummis.jpg","datePublished":"2024-11-20T20:30:00+00:00","dateModified":"2024-11-20T20:16:36+00:00","author":{"@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405"},"description":"It’s been two weeks since Trump's political victory sent BTC to new highs and spurred some of the latest bullish happenings.","breadcrumb":{"@id":"https://blockworks.co/news/crypto-impacts-since-election-outcome#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/crypto-impacts-since-election-outcome"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/crypto-impacts-since-election-outcome#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/cynthia-lummis.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/cynthia-lummis.jpg","width":1600,"height":900,"caption":"US Senator Cynthia Lummis | gageskidmore/\"Cynthia Lummis\" (CC license)"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/crypto-impacts-since-election-outcome#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"What the US election outcome spurred in crypto land "}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405","name":"Ben Strack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","caption":"Ben Strack"},"description":"Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Twitter: @strack_ben","sameAs":["https://www.linkedin.com/in/ben-strack-621a2265/","https://x.com/https://twitter.com/strack_ben"],"url":"https://blockworks.co/news/author/benstrack"}]}},"authors":[{"title":"Ben Strack","id":23,"slug":"benstrack","image_url":""}],"blurhash":null},{"slug":"trump-media-crypto-acquisition","id":94607,"permalink":"/news/trump-media-crypto-acquisition","title":"Trump Media shares ride post-election, potential crypto acquisition wave ","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-4.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-4.jpg","caption":"\u003cp\u003eAnna Moneymaker/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 19 Nov 2024 21:03:41 GMT","publishedAt":"Tue, 19 Nov 2024 21:30:00 GMT","publishedAtTimestamp":1732051800,"excerpt":"The market is, presumably, confused about what a Trump win means for the social media company","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eShares of Donald Trump’s social media company, Trump Media \u0026amp; Technology, continued to fluctuate Tuesday following a rally spurred by reports that the president-elect is furthering his crypto business interests.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe Financial Times \u003ca href=\"https://www.ft.com/content/d7f921d5-3668-4b6b-a98d-2681ad73610f\"\u003ereported\u003c/a\u003e Tuesday that Trump Media is in “advanced talks” to acquire crypto exchange Bakkt — a company founded and owned by New York Stock Exchange parent company Intercontinental Exchange (ICE).\u003c/p\u003e\n\n\n\n\u003cp\u003eThe news pushed Bakkt shares 162% higher Monday and Trump Media (ticker DJT) posted a 17% gain. Bakkt sustained its rally into Tuesday (trading 7% higher midway through the session), while DJT lost more than 8%.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe social media company began trading on the Nasdaq last spring after a merger with Digital World Acquisition Corp. Currently hovering around $30, DTJ shares are up almost 150% from their September low, but are still trading about 40% off of their IPO price of $50.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTrump Media’s recent gains have not been linear, though. Shares rose 65% at the end of October, a rally attributed to increased optimism at the time that Trump \u003ca href=\"https://blockworks.co/news/prediction-markets-election-odds\"\u003ewould win\u003c/a\u003e the election. The share price since Trump’s victory however has been flat, posting a modest increase the day after the election before erasing gains.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe market is, presumably, confused about what a Trump win means for the social media company. Yesterday’s rise shows that investors are decently certain that acquiring Bakkt would be a good move. But the subsequent retreat shows shareholders aren’t exactly sure \u003cem\u003ewhy\u003c/em\u003e.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWe’ll be following the acquisition story and will be writing a lot more about what it means when the majority shareholder of a public company moves into the White House. Stay tuned.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Business","categories":["Business","Forward Guidance Newsletter"],"primaryTag":"Bakkt","tags":["Bakkt","Donald Trump","Forward Guidance newsletter","M\u0026amp;A"],"customFields":{"display_options":[]},"meta":{"title":"Trump Media shares ride post-election, potential crypto acquisition wave ","description":"The market is, presumably, confused about what a Trump win means for the social media company.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/trump-media-crypto-acquisition","og_locale":"en_US","og_type":"article","og_title":"Trump Media shares ride post-election, potential crypto acquisition wave ","og_description":"The market is, presumably, confused about what a Trump win means for the social media company.","og_url":"https://blockworks.co/news/trump-media-crypto-acquisition","og_site_name":"Blockworks","article_published_time":"2024-11-19T21:30:00+00:00","article_modified_time":"2024-11-19T21:03:41+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-4.jpg","type":"image/jpeg"}],"author":"Casey Wagner","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/caseywagnerr","twitter_misc":{"Written by":"Casey Wagner","Est. reading time":"2 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/trump-media-crypto-acquisition","url":"https://blockworks.co/news/trump-media-crypto-acquisition","name":"Trump Media shares ride post-election, potential crypto acquisition wave ","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/trump-media-crypto-acquisition#primaryimage"},"image":{"@id":"https://blockworks.co/news/trump-media-crypto-acquisition#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-4.jpg","datePublished":"2024-11-19T21:30:00+00:00","dateModified":"2024-11-19T21:03:41+00:00","author":{"@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702"},"description":"The market is, presumably, confused about what a Trump win means for the social media company.","breadcrumb":{"@id":"https://blockworks.co/news/trump-media-crypto-acquisition#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/trump-media-crypto-acquisition"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/trump-media-crypto-acquisition#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-4.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-4.jpg","width":1600,"height":900,"caption":"Anna Moneymaker/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/trump-media-crypto-acquisition#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Trump Media shares ride post-election, potential crypto acquisition wave "}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null},{"slug":"trump-nominates-commerce-dept-leader","id":94603,"permalink":"/news/trump-nominates-commerce-dept-leader","title":"Trump nominates pro-crypto CEO to lead commerce department","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/dept-commerce.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/dept-commerce.jpg","caption":"\u003cp\u003eKiran Paramesh/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 19 Nov 2024 21:01:33 GMT","publishedAt":"Tue, 19 Nov 2024 21:01:28 GMT","publishedAtTimestamp":1732050088,"excerpt":"There were previous reports that Lutnick — a leader of Trump’s transition team — was in the running for treasury secretary","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003ePresident-elect Donald Trump has nominated a crypto supporter to lead the Department of Commerce.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe Wall Street Journal (along with Punchbowl News founder \u003ca href=\"https://x.com/JakeSherman/status/1858896766759841802\"\u003eJake Sherman\u003c/a\u003e) \u003ca href=\"https://www.wsj.com/politics/trump-commerce-secretary-howard-lutnick-cabinet-77c86b81\"\u003ereported\u003c/a\u003e Trump’s expected pick of Cantor Fitzgerald CEO Howard Lutnick for that job on Tuesday morning. Trump later confirmed the selection on Truth Social.\u003c/p\u003e\n\n\n\n\u003cp\u003eThere were previous reports that Lutnick — a leader of Trump’s transition team — was in the running for treasury secretary.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWe highlighted Lutnick’s \u003ca href=\"https://blockworks.co/news/on-the-margin-newsletter-tradfi-btc-transacting\"\u003eremarks on bitcoin\u003c/a\u003e in a September edition of this newsletter. At the time, the CEO noted that TradFi players — including banks and brokerages — would “go headfirst into bitcoin” when the regulatory environment improved.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eDonald Trump’s election win has seemed to set the stage for that, given the \u003ca href=\"https://blockworks.co/news/revisiting-trumps-crypto-promises-after-his-election-win\"\u003ecrypto promises\u003c/a\u003e he has made (namely, “firing” SEC Chair Gary Gensler).\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin surged to above $93,900 for the first time just before 2 pm ET Tuesday — up 3.7% from 24 hours prior. \u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAs BTC “gets invited into this party, up we go,” Lutnick added in \u003ca href=\"https://x.com/howardlutnick/status/1831080474124681316?s=46\"\u003ea September video\u003c/a\u003e posted to X. That comes when banks can more freely clear, custody and transact in bitcoin, Lutnick said — a reality hindered by the SEC’s Staff Accounting Bulletin \u003ca href=\"https://blockworks.co/news/senate-gensler-sec-overturn-sab-121\"\u003e(SAB) 121\u003c/a\u003e, for example.\u003c/p\u003e\n\n\n\n\u003cp\u003eAside from being vocally enthusiastic about the crypto segment, Lutnick’s firm has stablecoin issuer Tether as a client — a company that has denied being \u003ca href=\"https://blockworks.co/news/tether-denies-government-investigation\"\u003eunder federal investigation\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eWe and others are curious about what roles Lutnick might drop if he indeed takes on this cabinet position, so as not to serve his own \u003ca href=\"https://www.nytimes.com/2024/11/09/us/politics/howard-lutnick-transition-ethics.html\"\u003ebusiness interests\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Policy"],"primaryTag":"Donald Trump","tags":["Donald Trump","Forward Guidance newsletter","regulation"],"customFields":{"display_options":[]},"meta":{"title":"Trump nominates pro-crypto CEO to lead commerce department","description":"There were previous reports that Lutnick — a leader of Trump’s transition team — was in the running for treasury secretary.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/trump-nominates-commerce-dept-leader","og_locale":"en_US","og_type":"article","og_title":"Trump nominates pro-crypto CEO to lead commerce department","og_description":"There were previous reports that Lutnick — a leader of Trump’s transition team — was in the running for treasury secretary.","og_url":"https://blockworks.co/news/trump-nominates-commerce-dept-leader","og_site_name":"Blockworks","article_published_time":"2024-11-19T21:01:28+00:00","article_modified_time":"2024-11-19T21:01:33+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/dept-commerce.jpg","type":"image/jpeg"}],"author":"Ben Strack","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/strack_ben","twitter_misc":{"Written by":"Ben Strack","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/trump-nominates-commerce-dept-leader","url":"https://blockworks.co/news/trump-nominates-commerce-dept-leader","name":"Trump nominates pro-crypto CEO to lead commerce department","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/trump-nominates-commerce-dept-leader#primaryimage"},"image":{"@id":"https://blockworks.co/news/trump-nominates-commerce-dept-leader#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/dept-commerce.jpg","datePublished":"2024-11-19T21:01:28+00:00","dateModified":"2024-11-19T21:01:33+00:00","author":{"@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405"},"description":"There were previous reports that Lutnick — a leader of Trump’s transition team — was in the running for treasury secretary.","breadcrumb":{"@id":"https://blockworks.co/news/trump-nominates-commerce-dept-leader#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/trump-nominates-commerce-dept-leader"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/trump-nominates-commerce-dept-leader#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/dept-commerce.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/dept-commerce.jpg","width":1600,"height":900,"caption":"Kiran Paramesh/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/trump-nominates-commerce-dept-leader#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Trump nominates pro-crypto CEO to lead commerce department"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405","name":"Ben Strack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","caption":"Ben Strack"},"description":"Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Twitter: @strack_ben","sameAs":["https://www.linkedin.com/in/ben-strack-621a2265/","https://x.com/https://twitter.com/strack_ben"],"url":"https://blockworks.co/news/author/benstrack"}]}},"authors":[{"title":"Ben Strack","id":23,"slug":"benstrack","image_url":""}],"blurhash":null},{"slug":"bitcoin-etf-options-trading-begins","id":94599,"permalink":"/news/bitcoin-etf-options-trading-begins","title":"Bitcoin ETF options marks new chapter for the asset class","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-btc.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-btc.jpg","caption":"\u003cp\u003eJOJOSTUDIO/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 19 Nov 2024 20:05:57 GMT","publishedAt":"Tue, 19 Nov 2024 20:30:00 GMT","publishedAtTimestamp":1732048200,"excerpt":"Let’s quickly run through some of the events leading up to these listings","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eA new crypto-related financial tool is finally here.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSpot bitcoin ETFs hit US exchanges in January, and more than 10 months later, investors are able to trade options on the biggest of those products (and others very soon).\u003c/p\u003e\n\n\n\n\u003cp\u003eAs you probably know, an option is a contract representing the right to buy or sell a financial product at a certain price for a specific period of time.\u003c/p\u003e\n\n\n\n\u003cp\u003eIndustry watchers have told Blockworks that options would lead to a more \u003ca href=\"https://blockworks.co/news/on-the-margin-newsletter-btc-etf-options\"\u003erobust ecosystem\u003c/a\u003e around the spot ETFs, enhancing liquidity and price discovery.\u003c/p\u003e\n\n\n\n\u003cp\u003eCK Zheng, CIO of crypto hedge fund ZX Squared Capital, told me today that bitcoin ETF options are “extremely powerful” for institutional investors to better manage their bitcoin exposures under various market conditions.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIndeed, Anchorage Digital CEO Nathan McCauley said in a statement that the new product shows bitcoin is further “cementing its place alongside stocks, bonds and commodities as a mainstream institutional investment.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThe options can also be used by speculators, Zheng explained, to leverage their bets when they are extremely bullish or bearish on the asset.\u003c/p\u003e\n\n\n\n\u003cp\u003eBitwise’s Jeff Park previously \u003ca href=\"https://x.com/dgt10011/status/1837278352823972147\"\u003enoted\u003c/a\u003e these options would mark “the first time the financial world will see regulated leverage on a perpetual commodity that is truly supply-constrained.”\u003c/p\u003e\n\n\n\n\u003cp\u003ePut another way by Joe Consorti in a \u003ca href=\"https://x.com/JoeConsorti/status/1858666860960727249\"\u003evideo\u003c/a\u003e on X, listing options on bitcoin ETFs “opens the door to the largest and deepest liquidity pools on the planet.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLet’s quickly run through some of the events leading up to these listings:\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eNasdaq, NYSE and Cboe submitted proposals to the SEC in January to list options on spot bitcoin ETPs.\u003c/li\u003e\n\n\n\n\u003cli\u003eGrayscale Investments pointed out the SEC’s quick approval of options on bitcoin futures ETFs in a March blog \u003ca href=\"https://www.grayscale.com/blog/legal-topics/investors-deserve-options-on-gbtc\"\u003epost\u003c/a\u003e, calling on the regulator to do the same for the spot products. But that month, the SEC said it \u003ca href=\"https://blockworks.co/news/sec-delays-bitcoin-etf-options-proposals\"\u003eneeded more time\u003c/a\u003e to consider the proposals.\u003c/li\u003e\n\n\n\n\u003cli\u003eThe SEC, on Sept. 20, gave “accelerated” approval of options on BlackRock’s iShares Bitcoin Trust (IBIT). About a month later, the SEC \u003ca href=\"https://blockworks.co/news/sec-approves-cboe-nyse-options-btc-etfs\"\u003egreenlit the bids\u003c/a\u003e by NYSE and CBOE to list options on other bitcoin ETFs.\u003c/li\u003e\n\n\n\n\u003cli\u003eThe CFTC last week essentially yielded to the SEC and the Options Clearing Corporation (OCC), \u003ca href=\"https://www.cftc.gov/PressRoom/PressReleases/9008-24\"\u003esaying\u003c/a\u003e that the listing of these bitcoin ETF options “does not implicate the CFTC’s jurisdiction.”\u003c/li\u003e\n\n\n\n\u003cli\u003eThe OCC said in a Monday \u003ca href=\"https://infomemo.theocc.com/infomemo/search?utm_source=forward-guidance.beehiiv.com\u0026amp;utm_medium=newsletter\u0026amp;utm_campaign=last-week-today\u0026amp;_bhlid=cc18d512040548fa9bc7f854de1b4deae9cd23de\"\u003ememo\u003c/a\u003e that it was “preparing for the clearance, settlement and risk management” of bitcoin ETF options. A Nasdaq spokesperson \u003ca href=\"https://x.com/Blockworks_/status/1858598159720870083\"\u003econfirmed to me\u003c/a\u003e later in the day that they intended to list IBIT options on Tuesday.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eSo here we are. Options on IBIT are available today; that fund has grown to have roughly $43 billion in assets under management — making it by far the largest bitcoin ETF and even bigger than the iShares Gold Trust (IAU).\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eA few hundred million so far in options volume on \u003ca href=\"https://twitter.com/search?q=%24IBIT\u0026amp;src=ctag\u0026amp;ref_src=twsrc%5Etfw\"\u003e$IBIT\u003c/a\u003e (a ton for Day One).. here\u0026#39;s a rank of the contracts by volume, it\u0026#39;s almost all calls. Seems very bullish, esp the Dec20th C100, which is basically betting price of btc will double in the next month. \u003ca href=\"https://t.co/R6HB7OMUla\"\u003epic.twitter.com/R6HB7OMUla\u003c/a\u003e\u003c/p\u003e\u0026mdash; Eric Balchunas (@EricBalchunas) \u003ca href=\"https://twitter.com/EricBalchunas/status/1858916477384225005?ref_src=twsrc%5Etfw\"\u003eNovember 19, 2024\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eGrayscale said bitcoin ETF options are set to begin trading on NYSE — the exchange on which its GBTC and BTC products are listed — tomorrow. Bitwise \u003ca href=\"https://x.com/HHorsley/status/1858697188282691924\"\u003eexpects the same\u003c/a\u003e for options on its bitcoin ETF.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Many new investors will, no doubt, leverage their experiences in investing in the meme stock options market to bitcoin options,” Zheng said. “The bitcoin ETF options market will compete greatly with Deribit to bring more investors to the US and help build the US as the bitcoin derivative trading center.”\u003c/p\u003e\n\n\n\n\u003cp\u003eBitwise’s Park \u003ca href=\"https://x.com/dgt10011/status/1857603360486216032\"\u003epointed out\u003c/a\u003e on X that BTC ETF options will have “cross-margining capabilities in multi-asset portfolios” than an exchange like Deribit “can never provide.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHe added: “Only spot ETF options can leverage your GLD, SPY, HYG ETFs, bonds, loans, and cross-margin to achieve unmatched capital efficiency — closest thing that looks like free leverage.”\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Finance","categories":["Finance","Forward Guidance Newsletter"],"primaryTag":"bitcoin etf","tags":["bitcoin etf","Cboe","Forward Guidance newsletter","options"],"customFields":{"display_options":[]},"meta":{"title":"Bitcoin ETF options marks new chapter for the asset class","description":"Let’s quickly run through some of the events leading up to these listings.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/bitcoin-etf-options-trading-begins","og_locale":"en_US","og_type":"article","og_title":"Bitcoin ETF options marks new chapter for the asset class","og_description":"Let’s quickly run through some of the events leading up to these listings.","og_url":"https://blockworks.co/news/bitcoin-etf-options-trading-begins","og_site_name":"Blockworks","article_published_time":"2024-11-19T20:30:00+00:00","article_modified_time":"2024-11-19T20:05:57+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-btc.jpg","type":"image/jpeg"}],"author":"Ben Strack","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/strack_ben","twitter_misc":{"Written by":"Ben Strack","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/bitcoin-etf-options-trading-begins","url":"https://blockworks.co/news/bitcoin-etf-options-trading-begins","name":"Bitcoin ETF options marks new chapter for the asset class","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/bitcoin-etf-options-trading-begins#primaryimage"},"image":{"@id":"https://blockworks.co/news/bitcoin-etf-options-trading-begins#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-btc.jpg","datePublished":"2024-11-19T20:30:00+00:00","dateModified":"2024-11-19T20:05:57+00:00","author":{"@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405"},"description":"Let’s quickly run through some of the events leading up to these listings.","breadcrumb":{"@id":"https://blockworks.co/news/bitcoin-etf-options-trading-begins#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/bitcoin-etf-options-trading-begins"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/bitcoin-etf-options-trading-begins#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-btc.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/purple-btc.jpg","width":1600,"height":900,"caption":"JOJOSTUDIO/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/bitcoin-etf-options-trading-begins#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Bitcoin ETF options marks new chapter for the asset class"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405","name":"Ben Strack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","caption":"Ben Strack"},"description":"Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Twitter: @strack_ben","sameAs":["https://www.linkedin.com/in/ben-strack-621a2265/","https://x.com/https://twitter.com/strack_ben"],"url":"https://blockworks.co/news/author/benstrack"}]}},"authors":[{"title":"Ben Strack","id":23,"slug":"benstrack","image_url":""}],"blurhash":null},{"slug":"company-treasuries-btc-reserve-asset","id":94554,"permalink":"/news/company-treasuries-btc-reserve-asset","title":"More companies name BTC a treasury reserve asset","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-blue.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-blue.jpg","caption":"\u003cp\u003eIvan Popovych/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 18 Nov 2024 20:45:27 GMT","publishedAt":"Mon, 18 Nov 2024 21:00:00 GMT","publishedAtTimestamp":1731963600,"excerpt":"Nano Labs’ news release notes confidence in bitcoin being “a reliable store of value amidst its rising global adoption”","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eWe saw bitcoin treasury strategies \u003ca href=\"https://blockworks.co/news/bitcoin-treasury-strategies\"\u003estart to proliferate\u003c/a\u003e earlier this year, with Japanese investment firm Metaplanet, for example, looking to become \u003ca href=\"https://x.com/JasonSoraVC/status/1777300574939058202\"\u003e“Asia’s first MicroStrategy”\u003c/a\u003e in April. More buys are coming, its CEO said over the weekend:\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eMore \u003ca href=\"https://twitter.com/hashtag/bitcoin?src=hash\u0026amp;ref_src=twsrc%5Etfw\"\u003e#bitcoin\u003c/a\u003e purchases incoming \u003ca href=\"https://t.co/3N4Z364Pkt\"\u003ehttps://t.co/3N4Z364Pkt\u003c/a\u003e\u003c/p\u003e\u0026mdash; Simon Gerovich (@gerovich) \u003ca href=\"https://twitter.com/gerovich/status/1858353145900122196?ref_src=twsrc%5Etfw\"\u003eNovember 18, 2024\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eMedical tech company Semler Scientific, which \u003ca href=\"https://blockworks.co/news/medtech-company-buys-bitcoin-microstrategy\"\u003ebought\u003c/a\u003e $40 million of BTC in May, said this morning it acquired 215 BTC between Nov. 6 and Nov. 15. It now holds 1,273 bitcoins. DeFi Technologies purchased 110 BTC in June and had about 204 BTC in its treasury, as of Sept. 30.\u003c/p\u003e\n\n\n\n\u003cp\u003eNow, after the election, even more companies are apparently ready to buy and hold BTC.\u003c/p\u003e\n\n\n\n\u003cp\u003eBattery materials provider Solidion Technology said last week it would commit 60% of its excess cash from operations (plus a portion of raised capital) to BTC buys. It will also convert interest earnings on cash held in money market accounts to BTC.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSolidion notes “the potential for favorable regulatory frameworks and increased institutional adoption, highlighted by the recent wave of bitcoin ETFs” as reasons.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThis morning, two others — China-based integrated circuit design company Nano Labs and Chicago-headquartered Cosmos Health — shared similar intentions, and rationale.\u003c/p\u003e\n\n\n\n\u003cp\u003eNano Labs’ news release notes confidence in bitcoin being “a reliable store of value amidst its rising global adoption.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eCosmos Health CEO Greg Siokas said in a statement he views both BTC and ETH “not only as potential hedges against inflation and currency devaluation but also as diversification tools offering substantial upside potential.”\u003c/p\u003e\n\n\n\n\u003cp\u003eCompanies buying bitcoin for their treasuries is a piece of the “widespread adoption” narrative on the crypto bull case bingo card.\u003c/p\u003e\n\n\n\n\u003cp\u003eWe continue to watch for if and when \u003ca href=\"https://blockworks.co/news/senator-lummis-bitcoin-reserve-bill-crypto-policy\"\u003ethe US government\u003c/a\u003e, and \u003ca href=\"https://www.foxbusiness.com/money/pennsylvania-house-introduces-bill-implement-strategic-bitcoin-reserve\"\u003eindividual states\u003c/a\u003e, could put similar bitcoin reserve plans in motion. It would clearly be big news and likely spur another chapter to the existing price rally. \u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Business","categories":["Business","Forward Guidance Newsletter"],"primaryTag":"BTC","tags":["BTC","Forward Guidance newsletter","institutional adoption"],"customFields":{"display_options":[]},"meta":{"title":"More companies name BTC a treasury reserve asset","description":"Nano Labs’ news release notes confidence in bitcoin being “a reliable store of value amidst its rising global adoption.\"","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/company-treasuries-btc-reserve-asset","og_locale":"en_US","og_type":"article","og_title":"More companies name BTC a treasury reserve asset","og_description":"Nano Labs’ news release notes confidence in bitcoin being “a reliable store of value amidst its rising global adoption.\"","og_url":"https://blockworks.co/news/company-treasuries-btc-reserve-asset","og_site_name":"Blockworks","article_published_time":"2024-11-18T21:00:00+00:00","article_modified_time":"2024-11-18T20:45:27+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-blue.jpg","type":"image/jpeg"}],"author":"Ben Strack","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/strack_ben","twitter_misc":{"Written by":"Ben Strack","Est. reading time":"2 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/company-treasuries-btc-reserve-asset","url":"https://blockworks.co/news/company-treasuries-btc-reserve-asset","name":"More companies name BTC a treasury reserve asset","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/company-treasuries-btc-reserve-asset#primaryimage"},"image":{"@id":"https://blockworks.co/news/company-treasuries-btc-reserve-asset#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-blue.jpg","datePublished":"2024-11-18T21:00:00+00:00","dateModified":"2024-11-18T20:45:27+00:00","author":{"@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405"},"description":"Nano Labs’ news release notes confidence in bitcoin being “a reliable store of value amidst its rising global 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asset"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405","name":"Ben Strack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","caption":"Ben Strack"},"description":"Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Twitter: @strack_ben","sameAs":["https://www.linkedin.com/in/ben-strack-621a2265/","https://x.com/https://twitter.com/strack_ben"],"url":"https://blockworks.co/news/author/benstrack"}]}},"authors":[{"title":"Ben Strack","id":23,"slug":"benstrack","image_url":""}],"blurhash":null},{"slug":"us-equities-recover-after-trump-fueled-rally","id":94553,"permalink":"/news/us-equities-recover-after-trump-fueled-rally","title":"US equities recover after Trump-fueled rally lost steam last week ","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-3.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-3.jpg","caption":"\u003cp\u003erarrarorro/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 18 Nov 2024 20:34:37 GMT","publishedAt":"Mon, 18 Nov 2024 20:34:33 GMT","publishedAtTimestamp":1731962073,"excerpt":"Several big companies report third quarter earnings this week, likely moving markets","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eUS stocks were once again on the rise Monday, recovering some of the losses posted late last week. Crypto assets — mostly insulated from the selloff — were largely maintaining their post-election rally.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLet’s start with what caused last week’s dip in equities. In my view, it was a bit of a perfect storm.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe GOP sweep, as expected, sent share prices higher. When Trump won in 2016, the S\u0026amp;P 500 gained about 6% between election night and Inauguration Day, a slightly bigger bump than the index saw when George W. Bush won in 2000 (+4%).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe market is, apparently, once again betting on \u003ca href=\"https://blockworks.co/news/unpacking-trump-potential-tariff-policies\"\u003eTrump’s plans\u003c/a\u003e (lower corporate taxes, fewer regulations, etc.) as being \u003ca href=\"https://blockworks.co/news/trump-lenient-crypto-regulation\"\u003egood for business\u003c/a\u003e. Or, at least the market felt this way until last Thursday.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLet’s face it: Trump’s cabinet picks thus far have been controversial. The process, in just two weeks, has been chaotic and dramatic — likely reminding investors that while a red sweep is typically advantageous for shareholders, a Trump presidency is still, well, a Trump presidency.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThese past couple weeks have not exactly been reassuring for those hoping for smooth-sailing politics over the next four years. Couple that with increasing concerns over the economic impacts of Trump’s planned tariffs and mass deportations and it’s no wonder markets pulled back.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eEnter perfect storm condition number two: Inflation is still rising while the job market is proving remarkably resilient. Initial jobless claims for the week ended Nov. 9 came in at 217,000 vs. the expected 224,000. Core CPI for October showed prices are 3.3% higher than a year ago; that was in line with expectations, but still a far cry from the Fed’s 2% target.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThis combination makes the Fed’s job more difficult. Chair Jerome Powell told us as much last week when he cautioned the central bank is in no hurry to lower interest rates and will continue to evaluate the data. This week’s data will be telling (but more on that later).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eDoom and gloom aside, stocks were looking up today. The S\u0026amp;P 500 was up 0.4% while the Nasdaq Composite had gained 0.7% as of 2 pm ET. Bitcoin, which seemed to hit a new all-time high almost everyday \u003ca href=\"https://blockworks.co/news/450b-behemoth-forging-btc-path-to-100k\"\u003elast week\u003c/a\u003e, was holding steady, hovering around $90,300 Monday afternoon.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eLooking ahead, several big companies report third quarter earnings this week, likely moving markets.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAs the largest publicly listed company by market cap in the world, Nvidia on Wednesday will be the highlight. Investors will be looking for signs that the \u003ca href=\"https://blockworks.co/news/on-the-margin-newsletter-stocks-ai-returns\"\u003erecent AI boom\u003c/a\u003e is still paying off for the chipmaker.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWalmart and Target also report this week, on Tuesday and Wednesday, respectively. As retail powerhouses, their numbers will give us a different look at consumer health.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Markets"],"primaryTag":"Donald Trump","tags":["Donald Trump","earnings","Equities","Forward Guidance newsletter","Nvidia"],"customFields":{"display_options":[]},"meta":{"title":"US equities recover after Trump-fueled rally lost steam last week ","description":"Looking ahead, several big companies report third quarter earnings this week, likely moving markets. ","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally","og_locale":"en_US","og_type":"article","og_title":"US equities recover after Trump-fueled rally lost steam last week ","og_description":"Looking ahead, several big companies report third quarter earnings this week, likely moving markets. ","og_url":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally","og_site_name":"Blockworks","article_published_time":"2024-11-18T20:34:33+00:00","article_modified_time":"2024-11-18T20:34:37+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-3.jpg","type":"image/jpeg"}],"author":"Casey Wagner","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/caseywagnerr","twitter_misc":{"Written by":"Casey Wagner","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally","url":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally","name":"US equities recover after Trump-fueled rally lost steam last week ","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally#primaryimage"},"image":{"@id":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-3.jpg","datePublished":"2024-11-18T20:34:33+00:00","dateModified":"2024-11-18T20:34:37+00:00","author":{"@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702"},"description":"Looking ahead, several big companies report third quarter earnings this week, likely moving markets. ","breadcrumb":{"@id":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-3.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-3.jpg","width":1600,"height":900,"caption":"rarrarorro/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/us-equities-recover-after-trump-fueled-rally#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"US equities recover after Trump-fueled rally lost steam last week "}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null},{"slug":"crypto-etfs-filings-to-test-sec","id":94502,"permalink":"/news/crypto-etfs-filings-to-test-sec","title":"Crypto ETFs filings to test an SEC likely to change","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2023/12/Hunter-Horsley-Bitwise.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2023/12/Hunter-Horsley-Bitwise.jpg","caption":"\u003cp\u003eBitwise CEO Hunter Horsley | DAS 2022 for Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 15 Nov 2024 20:59:15 GMT","publishedAt":"Fri, 15 Nov 2024 20:59:11 GMT","publishedAtTimestamp":1731704351,"excerpt":"Trump’s win appears to have made ETF issuers more optimistic of potential approval across more types of funds","content":"\n\u003cp\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\" target=\"_blank\" rel=\"noreferrer noopener\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003ePre-election \u003ca href=\"https://blockworks.co/news/future-crypto-etf-filings-in-limbo\"\u003ecrypto ETF filings\u003c/a\u003e that went beyond bitcoin and ether (focused on solana, XRP, etc.) appeared to be fund firms \u003ca href=\"https://blockworks.co/news/xrp-etf-contingent-on-election-and-sec-appeal\"\u003ebetting on a Trump victory\u003c/a\u003e and a change in SEC leadership.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe election outcome is no longer unknown, and \u003ca href=\"https://blockworks.co/news/revisiting-trumps-crypto-promises-after-his-election-win\"\u003eTrump’s win\u003c/a\u003e appears to have made ETF issuers more optimistic of potential approval across more types of funds.\u003c/p\u003e\n\n\n\n\u003cp\u003ePeople were thus on the lookout for more filings — ETF Store president Nate Geraci included:\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003ePrediction…\u003cbr\u003e\u003cbr\u003eThere will be several spot crypto ETF filings this week.\u003cbr\u003e\u003cbr\u003eXRP, SOL, ADA, etc.\u003cbr\u003e\u003cbr\u003eAssume multiple issuers were highly prepared for election results.\u003cbr\u003e\u003cbr\u003eNo downside to getting aggressive now.\u003c/p\u003e\u0026mdash; Nate Geraci (@NateGeraci) \u003ca href=\"https://twitter.com/NateGeraci/status/1855794053423452381?ref_src=twsrc%5Etfw\"\u003eNovember 11, 2024\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eWe indeed saw some fund plans this week.\u003c/p\u003e\n\n\n\n\u003cp\u003eCanary Capital filed on Tuesday for an ETF that would hold HBAR, the native asset of the Hedera Network. The firm had previously filed for \u003ca href=\"https://blockworks.co/news/canary-capital-litecoin-etf\"\u003eXRP- and litecoin-focused products\u003c/a\u003e.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThen, Bitwise \u003ca href=\"https://www.sec.gov/files/rules/sro/nysearca/2024/34-101470.pdf\"\u003erevealed\u003c/a\u003e plans on Thursday to have its crypto index fund converted to an ETF. If the SEC allows that, it would trade on NYSE Arca.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThis came about a month after NYSE Arca \u003ca href=\"https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/rule-filings/filings/2024/SR-NYSEArca-2024-87.pdf\"\u003esought\u003c/a\u003e a rule change to have the Grayscale’s \u003ca href=\"https://www.grayscale.com/crypto-products/grayscale-digital-large-cap-fund\"\u003eDigital Large Cap Fund\u003c/a\u003e trade on its exchange. Hashdex in June \u003ca href=\"https://blockworks.co/news/hashdex-proposes-etf-holding-btc-and-eth\"\u003eplotted an ETF\u003c/a\u003e that would hold both BTC and ETH (and potentially other crypto assets as regulations evolve).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAlong with bitcoin and ether, the \u003ca href=\"https://bitwiseinvestments.com/crypto-funds/bitw\"\u003eBitwise 10 Crypto Index Fund\u003c/a\u003e’s holdings include: solana, XRP, cardano, avalanche, bitcoin cash, chainlink, uniswap and polkadot.\u003c/p\u003e\n\n\n\n\u003cp\u003eIt makes sense for issuers to attempt new US crypto launches given the upcoming administration change. Still, we likely won’t see an SEC ruling for a while (and don’t even know yet who Trump will pick to replace SEC Chair Gary Gensler).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eETF.com senior analyst Sumit Roy called this Bitwise/NYSE Arca filing “a major test of the new administration’s views on crypto ETFs and crypto more broadly,” noting \u003ca href=\"https://blockworks.co/news/sec-files-ripple-appeal-precedent\"\u003ethe SEC has considered XRP a security\u003c/a\u003e in the past.\u003c/p\u003e\n\n\n\n\u003cp\u003eRoy added: “An approval would suggest that the new administration will be much more permissive when it comes to crypto, while a rejection could temper some of the enthusiasm among crypto bulls and clarify what the SEC will allow going forward.”\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Finance","categories":["Finance","Forward Guidance Newsletter"],"primaryTag":"Bitwise","tags":["Bitwise","ETFs","SEC"],"customFields":{"display_options":[]},"meta":{"title":"Crypto ETFs filings to test an SEC likely to change","description":"Trump’s win appears to have made ETF issuers more optimistic of potential approval across more types of funds.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/crypto-etfs-filings-to-test-sec","og_locale":"en_US","og_type":"article","og_title":"Crypto ETFs filings to test an SEC likely to change","og_description":"Trump’s win appears to have made ETF issuers more optimistic of potential approval across more types of funds.","og_url":"https://blockworks.co/news/crypto-etfs-filings-to-test-sec","og_site_name":"Blockworks","article_published_time":"2024-11-15T20:59:11+00:00","article_modified_time":"2024-11-15T20:59:15+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2023/12/Hunter-Horsley-Bitwise.jpg","type":"image/jpeg"}],"author":"Ben Strack","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/strack_ben","twitter_misc":{"Written by":"Ben Strack","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/crypto-etfs-filings-to-test-sec","url":"https://blockworks.co/news/crypto-etfs-filings-to-test-sec","name":"Crypto ETFs filings to test an SEC likely to change","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/crypto-etfs-filings-to-test-sec#primaryimage"},"image":{"@id":"https://blockworks.co/news/crypto-etfs-filings-to-test-sec#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2023/12/Hunter-Horsley-Bitwise.jpg","datePublished":"2024-11-15T20:59:11+00:00","dateModified":"2024-11-15T20:59:15+00:00","author":{"@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405"},"description":"Trump’s win appears to have made ETF issuers more optimistic of potential approval across more types of funds.","breadcrumb":{"@id":"https://blockworks.co/news/crypto-etfs-filings-to-test-sec#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/crypto-etfs-filings-to-test-sec"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/crypto-etfs-filings-to-test-sec#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2023/12/Hunter-Horsley-Bitwise.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2023/12/Hunter-Horsley-Bitwise.jpg","width":1600,"height":900,"caption":"Bitwise CEO Hunter Horsley | DAS 2022 for Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/crypto-etfs-filings-to-test-sec#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Crypto ETFs filings to test an SEC likely to change"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405","name":"Ben Strack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","caption":"Ben Strack"},"description":"Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Twitter: @strack_ben","sameAs":["https://www.linkedin.com/in/ben-strack-621a2265/","https://x.com/https://twitter.com/strack_ben"],"url":"https://blockworks.co/news/author/benstrack"}]}},"authors":[{"title":"Ben Strack","id":23,"slug":"benstrack","image_url":""}],"blurhash":null},{"slug":"state-attorneys-general-side-with-crypto","id":94497,"permalink":"/news/state-attorneys-general-side-with-crypto","title":"GOP state attorneys general side with crypto industry in suit against SEC","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/sec-building.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/sec-building.jpg","caption":"\u003cp\u003eTada Images/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 15 Nov 2024 20:36:39 GMT","publishedAt":"Fri, 15 Nov 2024 20:36:35 GMT","publishedAtTimestamp":1731702995,"excerpt":"Republican state attorneys general say the SEC is violating federalism with its crypto enforcement strategy","content":"\n\u003cp\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\" target=\"_blank\" rel=\"noreferrer noopener\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eAs if we didn’t already have enough lawsuits to keep track of, 18 Republican state attorneys general sued the SEC and Chair Gary Gensler Thursday for allegedly infringing upon states’ rights to enforce the crypto industry.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe states — including Kentucky, Florida and Texas — claim the securities regulator is “attempting to shoehorn digital assets into ill-fitting federal securities laws and inapt disclosure regimes,” according to the complaint.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTheir argument is that economic policy, like those concerning cryptocurrency, should be left up to state regulators. The SEC is violating federalism and separation of powers, the attorneys general state.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe language is reminiscent of similar suits we’ve seen in the past. In \u003ca href=\"https://blockworks.co/news/coinbase-appeals-sec-rulemaking-petition\"\u003eCoinbase’s lawsuit\u003c/a\u003e against the SEC, the exchange alleged securities regulators were unlawfully overstepping.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“The [SEC] is asserting sweeping new authority over a vibrant, rapidly expanding industry — digital assets,” Coinbase’s team wrote in the opening brief of the case. “But the SEC is pursuing this power grab \u003ca href=\"https://blockworks.co/news/sec-2023-crypto-enforcement-actions\"\u003ethrough enforcement actions\u003c/a\u003e, and it has refused to set forth its new interpretation of its enabling statutes in a rulemaking, where the lack of legal basis for its self-aggrandizement would be laid bare.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThe states’ legal action comes as the industry continues to hold out hope that President-elect Donald Trump’s second term will bring a new era of crypto policy. Trump’s campaign promises to “fire Gary Gensler on day one” and hire Tesla CEO Elon Musk to overhaul \u0026#8220;government efficiency” have many crypto fans hopeful the “regulation by enforcement” age is coming to an end.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eGensler, who has not shared any plans to leave the agency, \u003ca href=\"https://www.sec.gov/newsroom/speeches-statements/gensler-remarks-pli-s-56th-annual-institute-securities-regulation-111424?utm_source=forward-guidance.beehiiv.com\u0026amp;utm_medium=newsletter\u0026amp;utm_campaign=states-serve-sec\"\u003esaid\u003c/a\u003e during a Thursday legal conference in New York that the SEC, under his leadership, has been backed by the law.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Court after court has agreed with our actions to protect investors and rejected all arguments that the SEC cannot enforce the law when securities are being offered — whatever their form,” Gensler said.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen closing out his Thursday remarks, though, Gensler made a comment that could be an allusion to his possible departure.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world,” Gensler said, thanking the staff and his fellow commissioners at the agency.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAs we wrote about last week, SEC chairs tend to resign when the incoming administration differs from the one under which they were appointed. Former Chair (and new US attorney to the SDNY) Jay Clayton announced his resignation on Nov. 16, 2020 after President Joe Biden won.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eI don’t know what’s going to happen. But if history is any indication, I’d keep your eyes peeled on Monday.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Policy"],"primaryTag":"Gary Gensler","tags":["Gary Gensler","SEC"],"customFields":{"display_options":[]},"meta":{"title":"GOP state attorneys general side with crypto industry in suit against SEC","description":"Republican state attorneys general say the SEC is violating federalism with its crypto enforcement strategy.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/state-attorneys-general-side-with-crypto","og_locale":"en_US","og_type":"article","og_title":"GOP state attorneys general side with crypto industry in suit against SEC","og_description":"Republican state attorneys general say the SEC is violating federalism with its crypto enforcement strategy.","og_url":"https://blockworks.co/news/state-attorneys-general-side-with-crypto","og_site_name":"Blockworks","article_published_time":"2024-11-15T20:36:35+00:00","article_modified_time":"2024-11-15T20:36:39+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/sec-building.jpg","type":"image/jpeg"}],"author":"Casey Wagner","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/caseywagnerr","twitter_misc":{"Written by":"Casey Wagner","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/state-attorneys-general-side-with-crypto","url":"https://blockworks.co/news/state-attorneys-general-side-with-crypto","name":"GOP state attorneys general side with crypto industry in suit against SEC","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/state-attorneys-general-side-with-crypto#primaryimage"},"image":{"@id":"https://blockworks.co/news/state-attorneys-general-side-with-crypto#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/sec-building.jpg","datePublished":"2024-11-15T20:36:35+00:00","dateModified":"2024-11-15T20:36:39+00:00","author":{"@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702"},"description":"Republican state attorneys general say the SEC is violating federalism with its crypto enforcement strategy.","breadcrumb":{"@id":"https://blockworks.co/news/state-attorneys-general-side-with-crypto#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/state-attorneys-general-side-with-crypto"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/state-attorneys-general-side-with-crypto#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/sec-building.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/10/sec-building.jpg","width":1600,"height":900,"caption":"Tada Images/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/state-attorneys-general-side-with-crypto#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"GOP state attorneys general side with crypto industry in suit against SEC"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null},{"slug":"m-a-deals-shifting-tide","id":94461,"permalink":"/news/m-a-deals-shifting-tide","title":"Latest crypto M\u0026A deals signal ‘the tide is shifting’","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/ben-franklin.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/ben-franklin.jpg","caption":"\u003cp\u003ersooll/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 14 Nov 2024 21:14:37 GMT","publishedAt":"Thu, 14 Nov 2024 21:14:33 GMT","publishedAtTimestamp":1731618873,"excerpt":"Crypto M\u0026A developments could accelerate in Q4 and 2025, perhaps serving as a barometer for the sector’s trajectory","content":"\n\u003cp\u003eIt’s been a busy week for crypto M\u0026amp;A — a signal the post-election sentiment shift could be a catalyst for even more such deals.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eArchitect Partners founder Eric Risley noted that crypto regulatory uncertainty in the US has put a damper on M\u0026amp;A activity, given the country’s “outsized influence” on that front.\u003c/p\u003e\n\n\n\n\u003cp\u003eBut Donald Trump’s election victory has spurred crypto price momentum, in part due to industry expectations around greater regulatory clarity and a less antagonistic approach to the segment.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“It\u0026#8217;s frankly too early to have a clear vision as to exactly what those regulations will look like or timing,” Risley said. “However, it\u0026#8217;s clear the tide is shifting.”\u003c/p\u003e\n\n\n\n\u003cp\u003eSince hitting a peak in March, trading volumes have been roughly flat over the past six months. The number of crypto M\u0026amp;A deals shrunk from 50 during the second quarter to 35 in Q3, Architect Partners data shows.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Perhaps we\u0026#8217;re now at a new level of sustainable volume which is a major factor in the growth and profitability of trading-related crypto businesses,” Risley explained.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSix of the 22 crypto M\u0026amp;A deals so far announced in Q4 were revealed this week.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThat includes two asset management-centric transactions shared yesterday: Bitwise’s buy of Ethereum staking provider Attestant and an intended merge between Arca and BlockTower. Then this morning, Crypto.com said it bought Fintek Securities, a brokerage service and trading company with an Australian Financial Services Licence.\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd let’s not forget the other big deal last month (\u003ca href=\"https://blockworks.co/news/stripe-bridge-acquisition-stablecoin-infrastructure\"\u003eStripe’s buy of Bridge\u003c/a\u003e), which Risley said “caught senior executive and board level attention across a broad array of crypto and traditional financial services companies.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThe tldr? Crypto M\u0026amp;A developments could accelerate in Q4 and 2025, perhaps serving as a barometer for the sector’s trajectory.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Business","categories":["Business","Forward Guidance Newsletter"],"primaryTag":"Architect Partners","tags":["Architect Partners","M\u0026amp;A"],"customFields":{"display_options":[]},"meta":{"title":"Latest crypto M\u0026amp;A deals signal ‘the tide is shifting’","description":"Crypto M\u0026A developments could accelerate in Q4 and 2025, perhaps serving as a barometer for the sector’s 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reading time":"2 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/m-a-deals-shifting-tide","url":"https://blockworks.co/news/m-a-deals-shifting-tide","name":"Latest crypto M\u0026amp;A deals signal ‘the tide is shifting’","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/m-a-deals-shifting-tide#primaryimage"},"image":{"@id":"https://blockworks.co/news/m-a-deals-shifting-tide#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/ben-franklin.jpg","datePublished":"2024-11-14T21:14:33+00:00","dateModified":"2024-11-14T21:14:37+00:00","author":{"@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405"},"description":"Crypto M\u0026A developments could accelerate in Q4 and 2025, perhaps serving as a barometer for the sector’s trajectory.","breadcrumb":{"@id":"https://blockworks.co/news/m-a-deals-shifting-tide#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/m-a-deals-shifting-tide"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/m-a-deals-shifting-tide#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/ben-franklin.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/ben-franklin.jpg","width":1600,"height":900,"caption":"rsooll/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/m-a-deals-shifting-tide#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"Latest crypto M\u0026amp;A deals signal ‘the tide is shifting’"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405","name":"Ben Strack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","caption":"Ben Strack"},"description":"Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Twitter: @strack_ben","sameAs":["https://www.linkedin.com/in/ben-strack-621a2265/","https://x.com/https://twitter.com/strack_ben"],"url":"https://blockworks.co/news/author/benstrack"}]}},"authors":[{"title":"Ben Strack","id":23,"slug":"benstrack","image_url":""}],"blurhash":null},{"slug":"unpacking-trump-potential-tariff-policies","id":94454,"permalink":"/news/unpacking-trump-potential-tariff-policies","title":"Unpacking Trump’s potential tariff policies","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/donald-trump-side-profile-1.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/donald-trump-side-profile-1.jpg","caption":"\u003cp\u003eDonald Trump | Shutterstock/lev radin modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 14 Nov 2024 20:22:08 GMT","publishedAt":"Thu, 14 Nov 2024 20:22:06 GMT","publishedAtTimestamp":1731615726,"excerpt":"You’ve heard a lot about Trump’s tariff plans and their potential economic impact. Here’s Felix’s take","content":"\n\u003cp\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\" target=\"_blank\" rel=\"noreferrer noopener\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eAs investors and market participants begin to digest the impact of Donald Trump’s win and the red Congressional sweep that came with it, the focus is now on trying to unpack how Trump’s unique perspective on economics, global trade policy and the global American security complex will play out.\u003c/p\u003e\n\n\n\n\u003cp\u003eMany things were said during the campaign. The difficult part of trying to gauge which promises are both realistic and probable now begins.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThis week I sat down with Dr. Stephen Miran, fellow at the Manhattan Institute and senior strategist at Hudson Bay Capital. Miran was also at the US Treasury during the first Trump Administration.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHis latest economic paper provides a toolkit of how to unpack and understand a world of increased global tariffs and other protectionist economic policies.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTitled \u003cem\u003e“A User’s Guide to Restructuring the Global Trading System”,\u003c/em\u003e the paper is a fascinating roadmap into understanding the ultimate question surrounding a heavyhanded tariff policy: Will it be inflationary or not?\u003c/p\u003e\n\n\n\n\u003cp\u003eStephen began our interview discussing the “Triffin world” we live in. Simply put, a Triffin world is the consequence that comes with being the global reserve currency.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe dollar’s status has for decades resulted in an overvalued currency (when compared to interest rate parity theory) and persistent and rising twin deficits (both a fiscal and a trade deficit).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eA Triffin world can quickly become a crisis for the reserve currency issuer \u0026#8211; i.e a Triffin’s dilemma, when the total share of global GDP secularly declines — like it has for the US in recent years:\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1089\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-11.png\" alt=\"\" class=\"wp-image-94459\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-11.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-11.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-11.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-11.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-11.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-11.png?w=378 378w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-11.png?w=383 383w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-11.png?w=322 322w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-11.png?w=80 80w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" /\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eBecause of this, deficits widen and further strain the priorities of the reserve currency, creating an imbalance between domestic and international priorities.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAs proposed by Trump and analyzed by Dr. Miran, one way to “recalibrate” this strain is through either tariffs that rebalance these trade imbalances or an outright currency devaluation that brings the US dollar back in line with interest rate differentials.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe big question from here is what could the impact of a tariff-heavy policy on domestic inflation be? How much of the price increases gets passed onto consumers?\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAs Dr. Miran analyzes in the paper, the key to this question lies in how much the currency offsets the increase in price:\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-image\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"712\" src=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-10.png\" alt=\"\" class=\"wp-image-94458\" srcset=\"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-10.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-10.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-10.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-10.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-10.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-10.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-10.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-10.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2024/11/image-10.png?w=80 80w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" /\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eFurther, one of the key considerations for these tariffs being implemented is the context of the business cycle that we are in, as this will, in part, determine the tariffs’ success.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe other side of the coin that the paper and interview discuss is outright multilateral and unilateral currency agreements and how they could also help recalibrate the USA from spiraling into a Triffin dilemma.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAs for understanding the specifics of what style of currency agreement would work best, well you’re just going to have to listen to the \u003ca href=\"https://www.youtube.com/watch?v=65aE9KFMR3Y\"\u003einterview\u003c/a\u003e to find out.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Policy"],"primaryTag":"Donald Trump","tags":["Donald Trump","Inflation","US politics"],"customFields":{"display_options":[]},"meta":{"title":"Unpacking Trump’s potential tariff policies","description":"You’ve heard a lot about Trump’s tariff plans and their potential economic impact. Here’s Felix’s take.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/unpacking-trump-potential-tariff-policies","og_locale":"en_US","og_type":"article","og_title":"Unpacking Trump’s potential tariff policies","og_description":"You’ve heard a lot about Trump’s tariff plans and their potential economic impact. Here’s Felix’s take.","og_url":"https://blockworks.co/news/unpacking-trump-potential-tariff-policies","og_site_name":"Blockworks","article_published_time":"2024-11-14T20:22:06+00:00","article_modified_time":"2024-11-14T20:22:08+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/donald-trump-side-profile-1.jpg","type":"image/jpeg"}],"author":"Felix Jauvin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Felix Jauvin","Est. reading time":"4 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/unpacking-trump-potential-tariff-policies","url":"https://blockworks.co/news/unpacking-trump-potential-tariff-policies","name":"Unpacking Trump’s potential tariff policies","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/unpacking-trump-potential-tariff-policies#primaryimage"},"image":{"@id":"https://blockworks.co/news/unpacking-trump-potential-tariff-policies#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/donald-trump-side-profile-1.jpg","datePublished":"2024-11-14T20:22:06+00:00","dateModified":"2024-11-14T20:22:08+00:00","author":{"@id":"https://blockworks.co/#/schema/person/44b96d518e34f61df756a6b1c2625b74"},"description":"You’ve heard a lot about Trump’s tariff plans and their potential economic impact. 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Based in British Columbia, Canada, he lives and breathes where crypto and macroeconomics intersect.","url":"https://blockworks.co/news/author/felix-jauvin"}]}},"authors":[{"title":"Felix Jauvin","id":369,"slug":"felix-jauvin","image_url":""}],"blurhash":null},{"slug":"hood-cashes-in-on-crypto-rally","id":94412,"permalink":"/news/hood-cashes-in-on-crypto-rally","title":"HOOD cashes in on the Trump-fueled crypto rally","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Robinhood-Vlad.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Robinhood-Vlad.jpg","caption":"\u003cp\u003eRobinhood Markets CEO Vlad Tenev | Photo by Lauren Sopourn for Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 13 Nov 2024 21:07:08 GMT","publishedAt":"Wed, 13 Nov 2024 21:07:04 GMT","publishedAtTimestamp":1731532024,"excerpt":"Robinhood added four new cryptocurrencies to its platform: solana, cardano, XRP and PEPE","content":"\n\u003cp\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003esubscribe\u003c/a\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eTrading app Robinhood on Wednesday added four new cryptocurrencies to its platform: solana, cardano, XRP and memecoin pepe. The move comes after the SEC has, in separate instances, named both SOL and Cardano’s ADA token securities.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe SEC classified SOL and ADA, along with 11 other crypto assets, as securities in its June 2023 \u003ca href=\"https://blockworks.co/news/coinbase-sec-rulemaking-appeals-court\"\u003elawsuit against Coinbase\u003c/a\u003e. That suit is ongoing. Both tokens were also called out in the \u003ca href=\"https://blockworks.co/news/forward-guidance-newsletter-wells-notice\"\u003eWells notice\u003c/a\u003e the securities regulator sent to Crypto.com last month.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eRobinhood’s move comes as the crypto industry continues to ride a wave of euphoria and higher prices in the wake of Donald Trump’s win last week. His promises to overhaul SEC leadership and make the US a hub for digital asset businesses have many feeling optimistic.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBut let’s consider a scenario. Even if Trump replaces Gary Gensler with another current commissioner, most legal experts agree that Trump can’t actually remove Gensler entirely. So he’d still be a commissioner even if, say, Mark Uyeda becomes acting chair in January.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTo drop a lawsuit (such as the one against Coinbase), SEC staff would have to propose it to the commissioners, who would then vote. Even if the vote passes, the SEC would still have to have the motion approved by the court.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eA lot of ‘ifs’ here. I wouldn’t hold your breath.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Finance","categories":["Finance","Forward Guidance Newsletter"],"primaryTag":"Robinhood","tags":["Robinhood","SEC","SOL","XRP"],"customFields":{"display_options":[]},"meta":{"title":"HOOD cashes in on the Trump-fueled crypto rally","description":"Robinhood on Wednesday added four new cryptocurrencies to its platform: solana, cardano, XRP and memecoin 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time":"2 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/hood-cashes-in-on-crypto-rally","url":"https://blockworks.co/news/hood-cashes-in-on-crypto-rally","name":"HOOD cashes in on the Trump-fueled crypto rally","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/hood-cashes-in-on-crypto-rally#primaryimage"},"image":{"@id":"https://blockworks.co/news/hood-cashes-in-on-crypto-rally#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Robinhood-Vlad.jpg","datePublished":"2024-11-13T21:07:04+00:00","dateModified":"2024-11-13T21:07:08+00:00","author":{"@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702"},"description":"Robinhood on Wednesday added four new cryptocurrencies to its platform: solana, cardano, XRP and memecoin PEPE.","breadcrumb":{"@id":"https://blockworks.co/news/hood-cashes-in-on-crypto-rally#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/hood-cashes-in-on-crypto-rally"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/hood-cashes-in-on-crypto-rally#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Robinhood-Vlad.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/Robinhood-Vlad.jpg","width":1600,"height":900,"caption":"Robinhood Markets CEO Vlad Tenev | Photo by Lauren Sopourn for Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/hood-cashes-in-on-crypto-rally#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"HOOD cashes in on the Trump-fueled crypto rally"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null},{"slug":"cpi-says-same-from-fed-in-december","id":94410,"permalink":"/news/cpi-says-same-from-fed-in-december","title":"CPI sets the stage for more of the same from the Fed in December","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/09/jerome-powell.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/09/jerome-powell.jpg","caption":"\u003cp\u003eFederal Reserve Chair Jerome Powell | \u003ca href=\"https://www.flickr.com/photos/federalreserve/48250035787\"\u003eFederalreserve/”Chair Powell presents the Monetary Policy Report to the Committee on Financial Services:_DSC8752″\u003c/a\u003e (\u003ca href=\"https://creativecommons.org/publicdomain/mark/1.0/\"\u003eCC license\u003c/a\u003e)\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Wed, 13 Nov 2024 20:38:55 GMT","publishedAt":"Wed, 13 Nov 2024 20:36:46 GMT","publishedAtTimestamp":1731530206,"excerpt":"The latest data should assure investors that the Fed will continue on its easing path through the end of the year","content":"\n\u003cp\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\" target=\"_blank\" rel=\"noreferrer noopener\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThe Consumer Price Index increased 0.2% in October, bringing the annual inflation rate to 2.6% — in line with analyst estimates but still putting prices higher than where the Fed would like.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSo-called Core CPI, which excludes volatile food and energy prices, also came in as anticipated, rising 0.3% over the month and 3.3% annually.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe CPI for the 12 months ended in September was 2.4%. This latest reading should assure investors that the Fed, as the latest dot plot had indicated, will continue on its easing path through the end of the year. \u003c/p\u003e\n\n\n\n\u003cp\u003eOdds of a second 25-basis point interest rate cut in December are now at 82%, up from 58% a day ago, according to CME Group \u003ca href=\"https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html\"\u003edata\u003c/a\u003e.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eGiven today’s unsurprising numbers, the focus now shifts to 2025, when President-elect Donald Trump will move back into the White House and potentially complicate the central bank’s mission with his ambitious economic plans. \u003c/p\u003e\n\n\n\n\u003cp\u003eThe print comes a day before Fed Chair Jerome Powell is scheduled to \u003ca href=\"https://www.dallasfed.org/research/events/2024/24gp-powell\"\u003espeak\u003c/a\u003e at the Fed Bank of Dallas, so maybe we will get a sense of how he’s thinking about economic policy then. Markets will be listening, and so will we.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Policy"],"primaryTag":"CPI","tags":["CPI","Federal Reserve"],"customFields":{"display_options":[]},"meta":{"title":"CPI sets the stage for more of the same from the Fed in December","description":"The latest data should assure investors that the Fed will continue on its easing path through the end of the 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Wagner","twitter_card":"summary_large_image","twitter_image":"https://blockworks-co.imgix.net/wp-content/uploads/2024/09/jerome-powell.jpg","twitter_creator":"@https://twitter.com/caseywagnerr","twitter_misc":{"Written by":"Casey Wagner","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/cpi-says-same-from-fed-in-december","url":"https://blockworks.co/news/cpi-says-same-from-fed-in-december","name":"CPI sets the stage for more of the same from the Fed in December","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/cpi-says-same-from-fed-in-december#primaryimage"},"image":{"@id":"https://blockworks.co/news/cpi-says-same-from-fed-in-december#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/09/jerome-powell.jpg","datePublished":"2024-11-13T20:36:46+00:00","dateModified":"2024-11-13T20:38:55+00:00","author":{"@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702"},"description":"The latest data should assure investors that the Fed will continue on its easing path through the end of the year.","breadcrumb":{"@id":"https://blockworks.co/news/cpi-says-same-from-fed-in-december#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/cpi-says-same-from-fed-in-december"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/cpi-says-same-from-fed-in-december#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/09/jerome-powell.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/09/jerome-powell.jpg","width":1600,"height":900,"caption":"Federal Reserve Chair Jerome Powell | Federalreserve/\"Chair Powell presents the Monetary Policy Report to the Committee on Financial Services:_DSC8752\" (CC license)"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/cpi-says-same-from-fed-in-december#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"CPI sets the stage for more of the same from the Fed in December"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null},{"slug":"etf-investors-crypto-appetite","id":94367,"permalink":"/news/etf-investors-crypto-appetite","title":"ETF investors lack interest in crypto, report finds?","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/eth-btc.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/eth-btc.jpg","caption":"\u003cp\u003eSiberian Art/Shutterstock and Adobe modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 12 Nov 2024 20:57:30 GMT","publishedAt":"Tue, 12 Nov 2024 21:45:00 GMT","publishedAtTimestamp":1731447900,"excerpt":"Of course, a lot has happened since the 600+ survey respondents shared their thoughts between Aug. 15 and Oct. 1","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eI was slightly perplexed by the findings of a new ETF survey that mentions crypto sentiment. Then I read the fine print.\u003c/p\u003e\n\n\n\n\u003cp\u003eRetail investors are least interested in crypto and ESG ETFs in the next six months, ETF.com’s 2024 global investor survey found. Crypto-related stats in the report, published today, include:\u003c/p\u003e\n\n\n\n\u003cul class=\"wp-block-list\"\u003e\n\u003cli\u003eBetween 70% and 80% of investors didn’t have any positions in leveraged, inverse, and cryptocurrency ETFs.\u003c/li\u003e\n\n\n\n\u003cli\u003e“Only” 10% of advisers increased exposure to crypto over the past six months.\u003c/li\u003e\n\n\n\n\u003cli\u003eJust 7.4% of investors ranked cryptocurrency as one of the top five sectors they want to invest in over the next six months.\u003c/li\u003e\n\u003c/ul\u003e\n\n\n\n\u003cp\u003eGavin Filmore, chief revenue officer at Tidal Financial Group, is quoted as calling that last finding “a shocker” — citing possible “crypto fatigue” among the “overexposed” younger generation.\u003c/p\u003e\n\n\n\n\u003cp\u003eGiven bitcoin’s latest run, I found this surprising. But then it started to make sense as I scrolled down to the methodology. The more than 600 respondents shared their thoughts between Aug. 15 and Oct. 1.\u003c/p\u003e\n\n\n\n\u003cp\u003eOf course, a lot has happened since then. Donald Trump and a slew of crypto-friendly Congressional candidates notched wins last week and bitcoin just hit a new high at nearly $90,000.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThen there’s the latest interest in US spot bitcoin ETFs, which tallied $1.1 billion of net inflows on their 10th monthiversary yesterday — making that $3.4 billion in the four trading days since the election).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eMassive $7.22 billion trading day for the US spot \u003ca href=\"https://twitter.com/hashtag/Bitcoin?src=hash\u0026amp;ref_src=twsrc%5Etfw\"\u003e#Bitcoin\u003c/a\u003e ETFs. Highest volume day since March 14. And the 6th highest day of all time. \u003cbr\u003e\u003cbr\u003eBlackRock\u0026#39;s \u003ca href=\"https://twitter.com/search?q=%24IBIT\u0026amp;src=ctag\u0026amp;ref_src=twsrc%5Etfw\"\u003e$IBIT\u003c/a\u003e lead the way with $4.6 billion followed by Fidelity\u0026#39;s \u003ca href=\"https://twitter.com/search?q=%24FBTC\u0026amp;src=ctag\u0026amp;ref_src=twsrc%5Etfw\"\u003e$FBTC\u003c/a\u003e also squeaking past the $1 billion level \u003ca href=\"https://t.co/1ThfMBz2PD\"\u003ehttps://t.co/1ThfMBz2PD\u003c/a\u003e \u003ca href=\"https://t.co/erjYvRe9Ph\"\u003epic.twitter.com/erjYvRe9Ph\u003c/a\u003e\u003c/p\u003e\u0026mdash; James Seyffart (@JSeyff) \u003ca href=\"https://twitter.com/JSeyff/status/1856117916363604464?ref_src=twsrc%5Etfw\"\u003eNovember 11, 2024\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003ePerhaps ironically, the survey is sponsored by Vanguard — an asset management giant that has said \u003ca href=\"https://blockworks.co/news/vanguard-opposes-platforming-eth-etfs\"\u003ecrypto doesn’t belong\u003c/a\u003e in “a well-balanced, long-term investment portfolio.”\u003c/p\u003e\n\n\n\n\u003cp\u003eI’m curious to see whether Vanguard’s thoughts about the asset class change in the coming months. And how the answers to similar survey questions shift once post-election sentiment is captured.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Finance","categories":["Finance","Forward Guidance Newsletter"],"primaryTag":"ETFs","tags":["ETFs","Forward Guidance newsletter","investors","Vanguard"],"customFields":{"display_options":[]},"meta":{"title":"ETF investors lack interest in crypto, report finds?","description":"Gavin Filmore, chief revenue officer at Tidal Financial Group, cited possible “crypto fatigue” among the “overexposed” younger 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Strack","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/etf-investors-crypto-appetite","url":"https://blockworks.co/news/etf-investors-crypto-appetite","name":"ETF investors lack interest in crypto, report finds?","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/etf-investors-crypto-appetite#primaryimage"},"image":{"@id":"https://blockworks.co/news/etf-investors-crypto-appetite#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/eth-btc.jpg","datePublished":"2024-11-12T21:45:00+00:00","dateModified":"2024-11-12T20:57:30+00:00","author":{"@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405"},"description":"Gavin Filmore, chief revenue officer at Tidal Financial Group, cited possible “crypto fatigue” among the “overexposed” younger generation.","breadcrumb":{"@id":"https://blockworks.co/news/etf-investors-crypto-appetite#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/etf-investors-crypto-appetite"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/etf-investors-crypto-appetite#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/eth-btc.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/eth-btc.jpg","width":1600,"height":900,"caption":"Siberian Art/Shutterstock and Adobe modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/etf-investors-crypto-appetite#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"ETF investors lack interest in crypto, report finds?"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405","name":"Ben Strack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","caption":"Ben Strack"},"description":"Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Twitter: @strack_ben","sameAs":["https://www.linkedin.com/in/ben-strack-621a2265/","https://x.com/https://twitter.com/strack_ben"],"url":"https://blockworks.co/news/author/benstrack"}]}},"authors":[{"title":"Ben Strack","id":23,"slug":"benstrack","image_url":""}],"blurhash":null},{"slug":"exodus-wallet-post-election-check-in","id":94373,"permalink":"/news/exodus-wallet-post-election-check-in","title":"A post-election check-in on a crypto firm still trying to go public","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/exodus.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/exodus.jpg","caption":"\u003cp\u003eMaor_Winetrob/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 12 Nov 2024 20:17:11 GMT","publishedAt":"Tue, 12 Nov 2024 21:00:00 GMT","publishedAtTimestamp":1731445200,"excerpt":"A look at software wallet Exodus may show how an SEC shakeup could have a real impact on industry companies","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eWith ongoing talk about how the regulatory winds are now set to turn in \u003ca href=\"https://blockworks.co/news/mike-novogratz-on-trump-presidency\"\u003ecrypto’s favor \u003c/a\u003eafter the election, one can look at software wallet Exodus to see how an SEC shakeup could have a real impact on industry companies.\u003c/p\u003e\n\n\n\n\u003cp\u003eI checked in with executives at Exodus, which had its public listing \u003ca href=\"https://www.globenewswire.com/news-release/2024/05/09/2878404/0/en/Listing-of-Exodus-Class-A-Common-Stock-Delayed-by-NYSE-American.html\"\u003edelayed\u003c/a\u003e in May.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eExodus CEO JP Richardson \u003ca href=\"https://x.com/jprichardson/status/1788655686789824901\"\u003ewasn’t too happy\u003c/a\u003e about the delay, saying in a statement the company was “surprised and confused by this last-minute decision,” given it had been “fully transparent and responsive “ with the SEC throughout the process.\u003c/p\u003e\n\n\n\n\u003cp\u003eElliot Chun, a partner at advisory firm Architect Partners, \u003ca href=\"https://architectpartners.com/crypto-public-companies-snapshot-146/\"\u003eblamed\u003c/a\u003e the SEC’s “no framework and \u003ca href=\"https://blockworks.co/news/sec-crypto-anti-innovation-crusade\"\u003eattack every\u003c/a\u003e crypto company enforcement strategy.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAn SEC spokesperson said the agency does not comment on individual companies.\u003c/p\u003e\n\n\n\n\u003cp\u003eRichardson supported Donald Trump, \u003ca href=\"https://x.com/jprichardson/status/1833680638169551089\"\u003enoting on X\u003c/a\u003e how he shared Exodus’s story with the now president-elect. Veronica McGregor, the firm’s legal chief \u003ca href=\"https://blockworks.co/news/kamala-harris-crypto-policy-reset-outlook\"\u003eI spoke with\u003c/a\u003e in August, was involved in the Crypto4Harris group’s efforts.\u003c/p\u003e\n\n\n\n\u003cp\u003eMcGregor told me after the election she looked forward to working with the new administration, adding “there is zero reason for crypto to be a partisan issue.”\u003c/p\u003e\n\n\n\n\u003cp\u003eWhile legislation could take a while to accomplish, she noted, changing the leadership and focus of regulators can (and should) be done more quickly.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Our top priority is making sure there is a dramatic shift in attitude and approach by regulators such as the SEC,” she added. “The ongoing theme of trying to cram new technology and business models into ancient legal and regulatory frameworks is not merely unproductive, it is also especially detrimental to business and innovation.”\u003c/p\u003e\n\n\n\n\u003cp\u003eOn the public listing, Exodus just submitted a response to the SEC’s latest comment letter and is awaiting next steps, a spokesperson told me.\u003c/p\u003e\n\n\n\n\u003cp\u003eEven with Trump \u003ca href=\"https://blockworks.co/news/revisiting-trumps-crypto-promises-after-his-election-win\"\u003eset to be president\u003c/a\u003e, SEC reforms won’t happen overnight, Richardson acknowledged.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHe noted: “I’d expect his administration to start laying the groundwork within the first year, bringing in the right experts and setting a regulatory foundation that aligns with his campaign promises.”\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Business","categories":["Business","Forward Guidance Newsletter"],"primaryTag":"Donald Trump","tags":["Donald Trump","Elections","Forward Guidance newsletter","SEC","wallets"],"customFields":{"display_options":[]},"meta":{"title":"A post-election check-in on a crypto firm still trying to go public","description":"A look at software wallet Exodus could show how an SEC shakeup could have a real impact on industry companies.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/exodus-wallet-post-election-check-in","og_locale":"en_US","og_type":"article","og_title":"A post-election check-in on a crypto firm still trying to go public","og_description":"A look at software wallet Exodus could show how an SEC shakeup could have a real impact on industry 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public"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405","name":"Ben Strack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","caption":"Ben Strack"},"description":"Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Twitter: @strack_ben","sameAs":["https://www.linkedin.com/in/ben-strack-621a2265/","https://x.com/https://twitter.com/strack_ben"],"url":"https://blockworks.co/news/author/benstrack"}]}},"authors":[{"title":"Ben Strack","id":23,"slug":"benstrack","image_url":""}],"blurhash":null},{"slug":"donald-trump-cabinet-selection","id":94365,"permalink":"/news/donald-trump-cabinet-selection","title":"Trump is building his cabinet top-down, and crypto is toward the bottom ","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-2.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-2.jpg","caption":"\u003cp\u003ePresident Donald Trump | Anna Moneymaker/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Tue, 12 Nov 2024 19:57:05 GMT","publishedAt":"Tue, 12 Nov 2024 20:30:00 GMT","publishedAtTimestamp":1731443400,"excerpt":"Co-chairing Trump’s transition team to help fill administration positions is Cantor Fitzgerald CEO Howard Lutnick","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eIt’s been nearly a week since Donald Trump became the president-elect (again), and he’s been busy teasing his picks for top cabinet positions.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhile the administration\u0026#8217;s so-called “border czar” position is dominating the headlines, sources say Trump is still planning on hiring a “\u003ca href=\"https://blockworks.co/news/donald-trump-speaks-bitcoin-2024\"\u003ecrypto czar\u003c/a\u003e.” But establishing a digital assets-related task force is on the back burner, at least for now. Trump is, as expected, starting with the highest-level positions first, and he has some help.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eCo-chairing Trump’s transition team — to help fill the roughly 4,000 positions that will make up the administration — is Cantor Fitzgerald CEO Howard Lutnick. One of Cantor’s notable clients is stablecoin issuer Tether, which is \u003ca href=\"https://www.wsj.com/finance/currencies/federal-investigators-probe-cryptocurrency-firm-tether-a13804e5\"\u003erumored\u003c/a\u003e to be the subject of a \u003ca href=\"https://blockworks.co/news/tether-denies-government-investigation\"\u003efederal investigation\u003c/a\u003e.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTrump, Lutnick and Tesla CEO Elon Musk have been a cozy trio throughout the campaign, \u003ca href=\"https://www.nytimes.com/2024/11/09/us/politics/howard-lutnick-transition-ethics.html\"\u003eraising questions\u003c/a\u003e about how the billionaires could be serving their own business interests.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTrump in September said Musk had agreed to head a \u003ca href=\"https://blockworks.co/news/donald-trump-economic-new-york-club-comments\"\u003enew task force\u003c/a\u003e should he reclaim the White House. The “government efficiency commission” will conduct “a complete financial and performance audit of the entire federal government and make recommendations for drastic reforms,” Trump said during a campaign stop at the Economic Club of New York.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSusie Wiles, who co-ran Trump’s campaign since 2022, is set to be the first woman to serve as White House chief of staff.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWiles reportedly tipped off big Republican donors that Trump plans to immediately reinstate executive orders from his first term, according to the \u003ca href=\"https://www.nytimes.com/2024/11/11/us/politics/trump-executive-orders-susie-wiles.html\"\u003eNew York Times\u003c/a\u003e. While specifics weren’t given, some of Trump’s 2016-era orders include withdrawing from the Paris climate agreement and the World Health Organization (both of which former President Joe Biden promptly reversed).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIf all goes according to plan, Trump’s national security adviser will be Florida Rep. Mike Waltz, who has mirrored Trump’s views on withdrawing support to Ukraine. The title of border czar will be given to Tom Homan, former director of Immigration and Customs Enforcement. Homan’s RNC speech this year focused on mass deportation, a key pillar of Trump’s campaign.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eCrypto-friendly former presidential hopeful Vivek Ramaswamy is out for Secretary of State and \u003ca href=\"https://www.reuters.com/world/us/trump-taps-us-senator-marco-rubio-secretary-state-2024-11-12/?utm_source=Sailthru\u0026amp;utm_medium=Newsletter\u0026amp;utm_campaign=Daily-Briefing\u0026amp;utm_term=111224\u0026amp;user_email=fa79e40e809c025fd4827946d76a7c6be663b35e69ebda4628a3ff9f08f02c28\u0026amp;lctg=6217b5e4e61dc90bfd6de99d\"\u003eMarco Rubio is in\u003c/a\u003e (pending Senate approval, of course), according to people familiar with the matter. But Ramaswamy is a front runner to replace Vice President-elect JD Vance’s newly vacant Senate seat, I’ve heard.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003ePositions still up for grabs include Secretary of the Treasury (investor John Paulson backed out this morning) and Defense Secretary (Fox is \u003ca href=\"https://www.foxnews.com/politics/top-names-contention-defense-secretary-under-trump\"\u003ereporting\u003c/a\u003e that old Trump allies Robert Wilkie and Robert O’Brien may be on the short list).\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd, of course, there’s the SEC. As we’ve covered before, Trump’s promise to “fire Gary Gensler on day one” may not be \u003ca href=\"https://blockworks.co/news/trump-gary-gensler-sec-post-election-outlook\"\u003elegally sound\u003c/a\u003e, but he is likely to tap current Commissioner Mark Uyeda as acting chair should Gensler not step down on his own.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003ePlus, it’s worth remembering that Trump isn’t one to shy away from a court battle, so who knows how this one might turn out.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Policy"],"primaryTag":"Donald Trump","tags":["Donald Trump","Elon musk","Forward Guidance newsletter","government","US politics"],"customFields":{"display_options":[]},"meta":{"title":"Trump is building his cabinet top-down, and crypto is toward the bottom ","description":"Co-chairing Trump’s transition team to help fill administration positions is Cantor Fitzgerald CEO Howard Lutnick.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/donald-trump-cabinet-selection","og_locale":"en_US","og_type":"article","og_title":"Trump is building his cabinet top-down, and crypto is toward the bottom ","og_description":"Co-chairing Trump’s transition team to help fill administration positions is Cantor Fitzgerald CEO Howard Lutnick.","og_url":"https://blockworks.co/news/donald-trump-cabinet-selection","og_site_name":"Blockworks","article_published_time":"2024-11-12T20:30:00+00:00","article_modified_time":"2024-11-12T19:57:05+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-2.jpg","type":"image/jpeg"}],"author":"Casey Wagner","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/caseywagnerr","twitter_misc":{"Written by":"Casey Wagner","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/donald-trump-cabinet-selection","url":"https://blockworks.co/news/donald-trump-cabinet-selection","name":"Trump is building his cabinet top-down, and crypto is toward the bottom ","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/donald-trump-cabinet-selection#primaryimage"},"image":{"@id":"https://blockworks.co/news/donald-trump-cabinet-selection#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/trump-2.jpg","datePublished":"2024-11-12T20:30:00+00:00","dateModified":"2024-11-12T19:57:05+00:00","author":{"@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702"},"description":"Co-chairing Trump’s transition team to help fill administration positions is Cantor Fitzgerald CEO Howard 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"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null},{"slug":"fed-december-meeting-preview","id":94338,"permalink":"/news/fed-december-meeting-preview","title":"Fed heads into December meeting with new president-elect, same economic concerns ","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/donald-trump-1.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/donald-trump-1.jpg","caption":"\u003cp\u003ePresident Donald Trump | lev radin/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 11 Nov 2024 20:10:17 GMT","publishedAt":"Mon, 11 Nov 2024 21:30:00 GMT","publishedAtTimestamp":1731360600,"excerpt":"Inflation is higher than it was in 2016, and the Fed is just at the beginning of its rate-cutting cycle","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eYou may be experiencing some déjà vu. But for the Fed, 2024 is very different from 2016.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhile our president-elect and his ambitious economic plans (tax cuts, tariffs, stricter immigration policies) are the same today as they were eight years ago, the economy is in a vastly different place. Last week’s election results may have come too late for committee members to consider them in their \u003ca href=\"https://blockworks.co/news/fed-25bps-rate-cut\"\u003einterest rate decision\u003c/a\u003e, but there is still one more meeting before the end of the year.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBack in December 2016 (roughly six weeks after Donald Trump was elected for his first term), the FOMC, as expected, raised interest rates for the first time in a year. What came as more of a surprise was that committee members — including current Fed Chair Jerome Powell — went on to increase the pace of rate hikes for the following year.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Many participants noted that the effects on the economy of such policy changes, if implemented, would likely be partially offset by tighter financial conditions, including higher longer-term interest rates and a strengthening of the dollar,” according to minutes from the FOMC’s December 2016 meeting.\u003c/p\u003e\n\n\n\n\u003cp\u003eInflation is higher than it was in 2016, and the Fed is just at the beginning of its rate-cutting cycle. The labor market is in a precarious position, one that could be disrupted by Trump’s \u003ca href=\"https://abcnews.go.com/Politics/ramaswamy-calls-unity-defends-trumps-immigration-plan/story?id=115699213\"\u003emass deportation\u003c/a\u003e plans. Prices on goods and services are easing, but higher tariffs pose a threat.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWe’ll get some Fed speak this week that could shed some light on the central bank’s plans. The next policy-setting meeting is slated for Dec. 17-18.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Policy"],"primaryTag":"Donald Trump","tags":["Donald Trump","FOMC","Forward Guidance newsletter","Inflation"],"customFields":{"display_options":[]},"meta":{"title":"Fed heads into December meeting with new president-elect, same economic concerns ","description":"Inflation is higher than it was in 2016, and the Fed is just at the beginning of its rate-cutting 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"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702","name":"Casey Wagner","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/01/Headshots_12082021_KarlLMoore-6-1-scaled.jpg","caption":"Casey Wagner"},"description":"Casey Wagner is a New York-based business journalist covering regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null},{"slug":"btc-surge-above-86k-analysis","id":94335,"permalink":"/news/btc-surge-above-86k-analysis","title":"A closer look at BTC’s record-setting surge above $86K","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-lego-purple.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-lego-purple.jpg","caption":"\u003cp\u003eddRender/Shutterstock modified by Blockworks\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Mon, 11 Nov 2024 20:17:50 GMT","publishedAt":"Mon, 11 Nov 2024 20:17:47 GMT","publishedAtTimestamp":1731356267,"excerpt":"Bitwise’s Matt Hougan expects BTC to hit $100,000 by the end of the year and continue upward in 2025","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eIt’s Veterans Day. It’s also now known as the day bitcoin climbed above $86,000 for the first time.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAnd, oh yeah, that crypto exchange filed for bankruptcy exactly two years ago. FTX, I think it was called. Not to mention US spot bitcoin ETFs \u003ca href=\"https://blockworks.co/news/sec-approves-bitcoin-etf\"\u003elaunched\u003c/a\u003e 10 months ago, today.\u003c/p\u003e\n\n\n\n\u003cp\u003eFirst, about bitcoin: Donald Trump’s \u003ca href=\"https://blockworks.co/news/revisiting-trumps-crypto-promises-after-his-election-win\"\u003ecrypto-related promises\u003c/a\u003e and ultimate election win (along with pro-crypto Congress members) certainly has sparked additional industry euphoria.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBitwise’s Matt Hougan \u003ca href=\"https://blockworks.co/news/matt-hougan-crypto-reputational-risk\"\u003ehad said\u003c/a\u003e he expects BTC to hit $100,000 by the end of the year and continue upward in 2025. Aside from the expected general crypto regulatory clarity, he and others continue to point out the possibility of BTC becoming a \u003ca href=\"https://blockworks.co/news/bitcoin-as-a-potential-us-reserve-asset\"\u003eUS reserve asset\u003c/a\u003e — an idea \u003ca href=\"https://blockworks.co/news/senator-lummis-bitcoin-reserve-bill-crypto-policy\"\u003efloated by\u003c/a\u003e US Sen. Cynthia Lummis.\u003c/p\u003e\n\n\n\n\u003cp\u003e“I think it makes it a harder market to short because we could wake up at any moment and the US could be establishing a strategic bitcoin reserve or another country could be front-running the US establishing a strategic bitcoin reserve,” Hougan explained. “That was just a wild idea that you couldn’t consider [before].”\u003c/p\u003e\n\n\n\n\u003cp\u003eThere were \u003ca href=\"https://www.forbes.com/sites/digital-assets/2024/11/10/huge-things-coming-bitcoin-explodes-as-secret-nation-state-adoption-mystery-rumors-fuel-a-crypto-price-boom/\"\u003erumors\u003c/a\u003e that a nation-state snatching up BTC was driving the latest price boost. We did find out that the company best known for hoarding BTC made another big purchase (more on that later).\u003c/p\u003e\n\n\n\n\u003cp\u003eBlockworks co-founder Jason Yanowitz summed up the crypto market vibes with a screenshot of a Monday research note from financial firm Bernstein:\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eBernstein ($800 billion AUM) just put out their Monday morning note to clients:\u003cbr\u003e\u003cbr\u003e“Welcome to the Crypto bull market. Buy everything you can. Don’t fight this – add crypto exposure asap.”\u003cbr\u003e\u003cbr\u003eStage 3 really is upon us. \u003ca href=\"https://t.co/ZGLoLvtXJD\"\u003epic.twitter.com/ZGLoLvtXJD\u003c/a\u003e\u003c/p\u003e\u0026mdash; Yano 🟪 (@JasonYanowitz) \u003ca href=\"https://twitter.com/JasonYanowitz/status/1855976870220550600?ref_src=twsrc%5Etfw\"\u003eNovember 11, 2024\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003e“We recommend investors who have so far remained shy of any crypto exposure due to regulatory concerns invert their mental model,” the analysts wrote. “We are in a regulatory tailwind zone now.”\u003c/p\u003e\n\n\n\n\u003cp\u003eSome have warned of short-term “retrenchments,” or dips, as we know BTC is a volatile asset.\u003c/p\u003e\n\n\n\n\u003cp\u003eCopper.co research head Fadi Aboualfa also cautioned that securities laws won’t change overnight, and that BTC remains closely tied to broader economic forces.\u003c/p\u003e\n\n\n\n\u003cp\u003e“Inflation is still elevated, interest rates haven’t eased, and the US dollar remains strong; these forces are not sustainable in tandem,” he wrote in an email. “One will eventually weaken. The real question is: Which one, and why?”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTaking a step back, it’s pretty wild that BTC reaching a new peak comes exactly \u003ca href=\"https://blockworks.co/news/ftx-impacts-on-cryptos-future\"\u003etwo years\u003c/a\u003e after FTX filed for bankruptcy. Re-reading a piece I wrote on Nov. 11, 2022 — \u003ca href=\"https://blockworks.co/news/whats-next-for-ftx-and-its-customers-after-bankruptcy-filing\"\u003etitled\u003c/a\u003e “What’s next for FTX and its customers after bankruptcy filing?” — was a bit surreal.\u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eBitcoin’s price had dropped to as low as about $16,000 that month. That’s less than one-fifth of what it is today.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eSentiment seemed to shift a bit when \u003ca href=\"https://blockworks.co/news/blackrock-files-bitcoin-etf\"\u003eBlackRock entered the race\u003c/a\u003e to launch a spot bitcoin ETF in June 2023. Less than seven months later, the SEC greenlit those products; BTC eclipsed \u003ca href=\"https://blockworks.co/news/bitcoin-all-time-high\"\u003e$73,000\u003c/a\u003e a couple months after that — a high that would stand until election night last week.\u003c/p\u003e\n\n\n\n\u003cp\u003eToday is an even 10 months since the US spot BTC ETFs launched. Net flows into those products hit a single-day record of nearly $1.4 billion on Nov. 7. After reeling in another $293 million on Nov. 8, the category’s total inflows now amount to more than $25.8 billion.\u003c/p\u003e\n\n\n\n\u003cfigure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\u003e\u003cdiv class=\"wp-block-embed__wrapper\"\u003e\n\u003cblockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"\u003e\u003cp lang=\"en\" dir=\"ltr\"\u003eAssets in the US spot bitcoin ETFs are now up to $84b, which is 2/3 of the way to what gold ETFs have, all the sudden there\u0026#39;s a decent shot they surpass gold bf their first birthday (we predicted it would take 3-4yrs) \u003ca href=\"https://t.co/MlPZNhdKjO\"\u003epic.twitter.com/MlPZNhdKjO\u003c/a\u003e\u003c/p\u003e\u0026mdash; Eric Balchunas (@EricBalchunas) \u003ca href=\"https://twitter.com/EricBalchunas/status/1856013871116320902?ref_src=twsrc%5Etfw\"\u003eNovember 11, 2024\u003c/a\u003e\u003c/blockquote\u003e\u003cscript async src=\"https://platform.twitter.com/widgets.js\" charset=\"utf-8\"\u003e\u003c/script\u003e\n\u003c/div\u003e\u003c/figure\u003e\n\n\n\n\u003cp\u003eThese vehicles are poised to play a big role in allowing institutions wanting exposure to bitcoin (particularly in a friendlier environment) to more easily execute that desire.\u003c/p\u003e\n\n\n\n\u003cp\u003eThen there are the other planned spot crypto ETFs, which \u003ca href=\"https://blockworks.co/news/xrp-etf-contingent-on-election-and-sec-appeal\"\u003eindustry watchers noted\u003c/a\u003e would have a better chance of gaining approval in the short term with a Trump win and new SEC leadership.\u003c/p\u003e\n\n\n\n\u003cp\u003eDare I ask: What could go wrong?\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Markets"],"primaryTag":"bitcoin etf","tags":["bitcoin etf","BTC","Forward Guidance newsletter","FTX"],"customFields":{"display_options":[]},"meta":{"title":"A closer look at BTC's record-setting surge above $86K","description":"Bitwise’s Matt Hougan expects BTC to hit $100,000 by the end of the year and continue upward in 2025.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/btc-surge-above-86k-analysis","og_locale":"en_US","og_type":"article","og_title":"A closer look at BTC's record-setting surge above $86K","og_description":"Bitwise’s Matt Hougan expects BTC to hit $100,000 by the end of the year and continue upward in 2025.","og_url":"https://blockworks.co/news/btc-surge-above-86k-analysis","og_site_name":"Blockworks","article_published_time":"2024-11-11T20:17:47+00:00","article_modified_time":"2024-11-11T20:17:50+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-lego-purple.jpg","type":"image/jpeg"}],"author":"Ben Strack","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/strack_ben","twitter_misc":{"Written by":"Ben Strack","Est. reading time":"6 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/btc-surge-above-86k-analysis","url":"https://blockworks.co/news/btc-surge-above-86k-analysis","name":"A closer look at BTC's record-setting surge above $86K","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/btc-surge-above-86k-analysis#primaryimage"},"image":{"@id":"https://blockworks.co/news/btc-surge-above-86k-analysis#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-lego-purple.jpg","datePublished":"2024-11-11T20:17:47+00:00","dateModified":"2024-11-11T20:17:50+00:00","author":{"@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405"},"description":"Bitwise’s Matt Hougan expects BTC to hit $100,000 by the end of the year and continue upward in 2025.","breadcrumb":{"@id":"https://blockworks.co/news/btc-surge-above-86k-analysis#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://blockworks.co/news/btc-surge-above-86k-analysis"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/news/btc-surge-above-86k-analysis#primaryimage","url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-lego-purple.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/btc-lego-purple.jpg","width":1600,"height":900,"caption":"ddRender/Shutterstock modified by Blockworks"},{"@type":"BreadcrumbList","@id":"https://blockworks.co/news/btc-surge-above-86k-analysis#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://blockworks.co/"},{"@type":"ListItem","position":2,"name":"A closer look at BTC\u0026#8217;s record-setting surge above $86K"}]},{"@type":"WebSite","@id":"https://blockworks.co/#website","url":"https://blockworks.co/","name":"Blockworks","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://blockworks.co/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https://blockworks.co/#/schema/person/f4914afc4aae12ac17c73cccb6b79405","name":"Ben Strack","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://blockworks.co/#/schema/person/image/","url":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","contentUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2022/05/Ben-Strack.jpg","caption":"Ben Strack"},"description":"Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Twitter: @strack_ben","sameAs":["https://www.linkedin.com/in/ben-strack-621a2265/","https://x.com/https://twitter.com/strack_ben"],"url":"https://blockworks.co/news/author/benstrack"}]}},"authors":[{"title":"Ben Strack","id":23,"slug":"benstrack","image_url":""}],"blurhash":null},{"slug":"jerome-powell-chair-stance-trump","id":94291,"permalink":"/news/jerome-powell-chair-stance-trump","title":"Chair Powell says he won’t step aside if Trump asks ","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/jerome-powell-1.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/jerome-powell-1.jpg","caption":"\u003cp\u003eFederal Reserve Chair Jerome Powell | \u003ca href=\"https://www.flickr.com/photos/199179160@N02/53865122150/\"\u003eJ.M Executive/”Chairman of the FED Board of Governors Jerome Powell at the Economic Club of Washington luncheon”\u003c/a\u003e (\u003ca href=\"https://creativecommons.org/publicdomain/mark/1.0/\"\u003eCC license\u003c/a\u003e)\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Fri, 08 Nov 2024 19:39:11 GMT","publishedAt":"Fri, 08 Nov 2024 21:00:00 GMT","publishedAtTimestamp":1731099600,"excerpt":"There are a few possible outcomes now that Trump will be moving back to Washington in January","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eThis week’s FOMC meeting ended as expected Thursday, with central bankers opting to lower interest rates by \u003ca href=\"https://blockworks.co/news/fed-25bps-rate-cut\"\u003e25 basis points\u003c/a\u003e. President-elect Donald Trump, however, may have been caught off guard by some of Fed Chair Jerome Powell’s comments.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003ePowell asserted yesterday that he had no intention of leaving his post before his term ends in 2026, even if Trump asks him to step aside.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“No,” Powell said simply when asked during the post-FOMC press conference if he would resign at the new administration’s request.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTo be clear, Trump said in June that he would allow Powell — a Trump appointee — to serve out his term. The comments come after the former president threatened to remove Powell during his first term in the White House, an act Powell said Thursday is not legally sound.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eRemoving a chair, Powell said, is “not permitted under law.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe comments got us thinking about a topic we’ve talked about before: Trump’s plans for the SEC. I was in \u003ca href=\"https://blockworks.co/news/bitcoin-2024-nashville-recap\"\u003eNashville\u003c/a\u003e when Trump proclaimed at the Bitcoin 2024 conference that he would “fire Gensler on day one” — a \u003ca href=\"https://blockworks.co/news/donald-trump-speaks-bitcoin-2024\"\u003epromise\u003c/a\u003e that riled up the crowd more than I think even Trump imagined.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThere are a few possible outcomes now that we know Trump will be moving back to Washington in January. First, it’s worth noting that agency chairs often resign on their own once the president that nominated them leaves office.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eChair Mary Jo White, who served under the Obama Administration, announced she’d be leaving shortly after Trump was elected. Jay Clayton, White’s successor, did the same after Trump lost his re-election bid in 2020. Both departures gave the incoming president the power to select an interim chair before ultimately submitting a nomination for Senate approval.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWe haven’t heard any comments from Gensler yet. But even if he doesn’t step aside before Inauguration Day, legal scholars \u003ca href=\"https://www.professorbainbridge.com/professorbainbridgecom/2024/07/trump-pledges-to-fire-sec-chair-gary-gensler-does-the-president-have-the-power-to-do-so.html\"\u003egenerally agree\u003c/a\u003e that Trump would be allowed to name a current commissioner as acting chair.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThe concept of “firing” an agency chair is a bit of a legal gray area, though.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“Courts’ general view is that the president can only remove a commissioner, including the chairman, of the SEC ‘for inefficiency, neglect of duty or malfeasance in office,’” said Jon Ammons, a partner in Reed Smith’s onchain digital asset group.\u003c/p\u003e\n\n\n\n\u003cp\u003eRegardless, the current \u003ca href=\"https://x.com/BTC_Archive/status/1854831785068081481\"\u003econsensus\u003c/a\u003e seems to be that Commissioner Mark Uyeda would take over for Gensler — at least as acting chair before Trump nominates an outsider. Rumor has it that Robinhood chief legal officer Dan Gallagher, who has had his own unproductive dealings with the securities regulator, is on Trump’s short list.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eIf I were Gensler, I’d give Powell a call. I bet he already has.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Forward Guidance Newsletter","categories":["Forward Guidance Newsletter","Policy"],"primaryTag":"Donald Trump","tags":["Donald Trump","Federal Reserve","Forward Guidance newsletter","Jerome Powell"],"customFields":{"display_options":[]},"meta":{"title":"Chair Powell says he won’t step aside if Trump asks ","description":"There are a few possible outcomes for the Fed chair now that we know Trump will be moving back to Washington in January.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https://blockworks.co/news/jerome-powell-chair-stance-trump","og_locale":"en_US","og_type":"article","og_title":"Chair Powell says he won’t step aside if Trump asks ","og_description":"There are a few possible outcomes for the Fed chair now that we know Trump will be moving back to Washington in January.","og_url":"https://blockworks.co/news/jerome-powell-chair-stance-trump","og_site_name":"Blockworks","article_published_time":"2024-11-08T21:00:00+00:00","article_modified_time":"2024-11-08T19:39:11+00:00","og_image":[{"width":1600,"height":900,"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/jerome-powell-1.jpg","type":"image/jpeg"}],"author":"Casey Wagner","twitter_card":"summary_large_image","twitter_creator":"@https://twitter.com/caseywagnerr","twitter_misc":{"Written by":"Casey Wagner","Est. reading time":"3 minutes"},"schema":{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://blockworks.co/news/jerome-powell-chair-stance-trump","url":"https://blockworks.co/news/jerome-powell-chair-stance-trump","name":"Chair Powell says he won’t step aside if Trump asks ","isPartOf":{"@id":"https://blockworks.co/#website"},"primaryImageOfPage":{"@id":"https://blockworks.co/news/jerome-powell-chair-stance-trump#primaryimage"},"image":{"@id":"https://blockworks.co/news/jerome-powell-chair-stance-trump#primaryimage"},"thumbnailUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/jerome-powell-1.jpg","datePublished":"2024-11-08T21:00:00+00:00","dateModified":"2024-11-08T19:39:11+00:00","author":{"@id":"https://blockworks.co/#/schema/person/0c3aa3d6e7409ce07260250ecd2ea702"},"description":"There are a few possible outcomes for the Fed chair now that we know Trump will be moving back to Washington in 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Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in Media Studies. Contact Casey via email at casey@blockworks.co.","sameAs":["https://www.linkedin.com/in/casey-wagner-a49b3a152/","https://x.com/https://twitter.com/caseywagnerr"],"url":"https://blockworks.co/news/author/casey-wagner"}]}},"authors":[{"title":"Casey Wagner","id":19,"slug":"casey-wagner","image_url":""}],"blurhash":null},{"slug":"mike-novogratz-on-trump-presidency","id":94246,"permalink":"/news/mike-novogratz-on-trump-presidency","title":"Galaxy CEO expects ‘one piece of good news every week’","type":"post","typeLabel":"post","isSticky":false,"imageUrl":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/mike-novogratz.jpg","thumbnail":{"url":"https://blockworks-co.imgix.net/wp-content/uploads/2024/11/mike-novogratz.jpg","caption":"\u003cp\u003eGalaxy CEO Mike Novogratz | \u003ca href=\"https://www.flickr.com/photos/riseconf/42618703384/\"\u003eSeb Daly/ RISE via Sportsfile “Mike Novogratz”\u003c/a\u003e (\u003ca href=\"https://creativecommons.org/licenses/by-nd-nc/2.0/jp/?ref=openverse\"\u003eCC license\u003c/a\u003e)\u003c/p\u003e\n","dimensions":{"width":1600,"height":900}},"lastUpdate":"Thu, 07 Nov 2024 22:09:47 GMT","publishedAt":"Thu, 07 Nov 2024 21:30:00 GMT","publishedAtTimestamp":1731015000,"excerpt":"Mike Novogratz shared some remarks on Trump securing the presidency ","content":"\n\u003cp\u003e\u003cbr\u003e\u003cem\u003eThis is a segment from the Forward Guidance newsletter. To read full editions, \u003c/em\u003e\u003ca href=\"https://blockworks.co/newsletter/forwardguidance\"\u003e\u003cem\u003esubscribe\u003c/em\u003e\u003c/a\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003eGalaxy Digital reported its third quarter earnings this morning, though founder Mike Novogratz’s remarks on the election stood out to me most.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“The last quarter seems a little less relevant right now given that this is kind of a whole new world,” the CEO noted.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eHe was, of course, alluding to Donald Trump’s win and the impact the \u003ca href=\"https://blockworks.co/news/revisiting-trumps-crypto-promises-after-his-election-win\"\u003epresident-elect’s pledges\u003c/a\u003e, if fulfilled, could have on the crypto industry. Not to mention the flood of pro-crypto \u003ca href=\"https://www.standwithcrypto.org/races\"\u003eCongress members\u003c/a\u003e elected Tuesday.\u003c/p\u003e\n\n\n\n\u003cp\u003eGalaxy’s stock, which is listed on the Toronto Stock Exchange, rose about 25% Wednesday, and went up another 16% Thursday, as of 2 pm ET.\u003c/p\u003e\n\n\n\n\u003cp\u003eNovogratz did not publicly support Trump. “I was actually on the other side,” he noted on today’s call.\u003c/p\u003e\n\n\n\n\u003cp\u003e“But I was always pro-crypto, and I thought, let’s do the best we can to have a bipartisan agreement,” the exec said.\u003c/p\u003e\n\n\n\n\u003cp\u003eNovogratz noted the crypto-friendly people Trump will have around him. Outside of \u003ca href=\"https://blockworks.co/news/donald-trump-selects-vp-2024-election\"\u003eJD Vance\u003c/a\u003e, he mentioned \u003ca href=\"https://blockworks.co/news/presidential-candidate-rfk-jr-on-crypto-trump\"\u003eRFK Jr.\u003c/a\u003e, Peter Thiel and Howard Lutnick. Here’s a \u003ca href=\"https://blockworks.co/news/on-the-margin-newsletter-tradfi-btc-transacting\"\u003ereminder\u003c/a\u003e of what Lutnick, the CEO of Cantor Fitzgerald, said about bitcoin in September.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe Galaxy CEO said he is expecting “one piece of good news every week” for the next one or two years.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eAmong those could be new appointments at the SEC, FDIC and OCC, he said — adding that he expects \u003ca href=\"https://blockworks.co/news/senate-gensler-sec-overturn-sab-121\"\u003eSAB 121\u003c/a\u003e will be “repealed very quickly.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eThat SEC accounting guidance is what many say has kept a number of traditional players out of the crypto industry. President Joe Biden vetoed \u003ca href=\"https://blockworks.co/news/senate-passes-resolution-to-overturn-sab121\"\u003eCongress’ bipartisan resolution\u003c/a\u003e that would have invalidated SAB 121.\u003c/p\u003e\n\n\n\n\u003cp\u003e“When you bring in the [BNY Mellons] and the State Streets as custodians, [and] when you allow TradFi competitors to own crypto on their balance sheet, it is going to unleash a tsunami of institutional participation,” Novogratz said.\u003c/p\u003e\n\n\n\n\u003chr class=\"wp-block-separator has-alpha-channel-opacity\"/\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eStart your day with top crypto insights from David Canellis and Katherine Ross. \u003ca href=\"https://blockworks.co/newsletter/empire\"\u003eSubscribe to the Empire newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eExplore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. \u003ca href=\"https://blockworks.co/newsletter/onthemargin\"\u003eSubscribe to the Forward Guidance newsletter\u003c/a\u003e.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eGet alpha directly in your inbox with the \u003ca href=\"https://blockworks.co/newsletter/research\"\u003e0xResearch newsletter\u003c/a\u003e — market highlights, charts, degen trade ideas, governance updates, and more.\u003c/strong\u003e\u003c/p\u003e\n\n\n\n\u003cp\u003e\u003cstrong\u003eThe Lightspeed newsletter is all things Solana, in your inbox, every day. \u003ca href=\"https://blockworks.co/newsletter/lightspeed\"\u003eSubscribe to daily Solana news\u003c/a\u003e from Jack Kubinec and Jeff Albus.\u003c/strong\u003e\u003c/p\u003e\n","primaryCategory":"Business","categories":["Business","Forward Guidance Newsletter"],"primaryTag":"Donald Trump","tags":["Donald Trump","Forward Guidance newsletter","Mike 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Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. 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