Coinbase started publishing job adverts on X; SEC is in the decision phase for 7 spot Bitcoin ETFs; Grayscale CEO speaks after victory against the SEC
Coinbase started publishing job adverts on X
The crypto exchange will publish job adverts on X with the integration provided.
All users who follow Coinbase will have the chance to view the job adverts shared on the company’s profile.
Normally, companies carry out such activities on LinkedIn, a social network for professionals. With this move, X may also be a competitor to LinkedIn.
Application of everything
It is likely that there are more different reasons underlying this move of X. As it is known, Elon Musk, who bought X for $ 44 billion, stated that he wanted to turn the platform into an “app for everything”. The integration seems to be a step towards this goal.
Elon Musk has many more goals related to X. In 1999, Musk, who was among the founders of X.com, an online finance and payment service at that time, was later among the key names in the establishment of PayPal. PayPal was later sold to eBay for $ 11 billion.
22 years after the sale, Elon Musk also wants to turn X into a payment platform. One of the main reasons for Twitter to take the name X is Musk’s desire to take the brand to a new point.
Elon Musk also stated that despite his love for Dogecoin, X will never launch its own cryptocurrency.
SEC is in the decision phase for 7 spot Bitcoin ETFs
The US Securities and Exchange Commission is preparing to make a decision on seven spot Bitcoin ETF applications.
The decision on the ETF application of the investment company Bitwise will be made on 1 September. Following Bitwise, the decision on the applications of BlackRock, VanEck, Fidelity, Invesco and WisdomTree will be made on 2 September.
The decision on Valkyrie’s application is expected to be announced on 4 September.
On 29 August, the US Court ruled that the SEC’s rejection of Grayscale’s application to convert its GBTC product into a spot Bitcoin ETF was arbitrary. Still, this does not mean that the SEC should approve Grayscale’s application.
Bloomberg analyst James Seyffart stated that with this victory of Grayscale, the possibility of a positive outcome in the future has increased.
However, Seyffart did not give a definite opinion on when spot Bitcoin ETFs could be approved, taking into account the possibility of delay by the SEC.
What are the options after the SEC’s Grayscale decision?
Following the decision in favour of Grayscale on 29 August, the SEC has 90 days to appeal to the US Supreme Court or apply for a general review.
However, it is unclear what the SEC’s next move will be.
In a case where the SEC does not appeal the decision, the court will need to specify how the decision will be implemented, which may include instructing the SEC to approve or at least reconsider Grayscale’s application.
In either case, Seyffart said, there are only two viable options for the regulator.
The first is for the SEC to admit defeat and approve the conversion of the GBTC product into a spot Bitcoin ETF.
Another option is for the regulator to reject Grayscale’s application by putting forward a new argument.
Bloomberg ETF analyst Eric Balchunas stated that the regulator is unlikely to cancel Bitcoin futures ETFs, as the SEC reported that Ethereum futures ETFs are open.
Grayscale CEO speaks after victory against the SEC
Michel Sonnenshein, CEO of Grayscale Investments, made statements after the lawsuit.
Speaking to Bloomberg, Sonnenshein said the following on the subject:
“We will need to see the final operational procedures that come with the final instruction from the court. We don’t know what the final opinion will show us until 45 days after the judgment.”
Grayscale won its lawsuit against the SEC the other day. The company had brought the matter to the judiciary after the SEC rejected the SEC’s offer to turn the GBTC product into a spot Bitcoin ETF.
After the victory in the case, GBTC shares increased by 17%. The leading cryptocurrency Bitcoin also increased by 6% and managed to rise above the $ 27,000 level.
The cryptocurrency community is eagerly awaiting the decision on spot Bitcoin ETFs. Many are confident that Bitcoin will start a new rally if an approval is granted.