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Senate Majority Leader Chuck Schumer Aims to Pass Crypto Legislation by Year-End
Senate Majority Leader Chuck Schumer has set a goal to pass cryptocurrency regulation legislation by the end of this year, emphasizing the need for balanced measures that foster innovation while implementing effective safeguards. During a Crypto4Harris town hall, Schumer outlined his commitment to advancing a bill out of the Senate and into law, amidst ongoing efforts by Congress to address the crypto industry. Key legislative efforts include bills from Senators Cynthia Lummis and Kirsten Gillibrand on stablecoin regulation, and a Republican-led crypto market structure bill passed by the House in May. Schumer highlighted the urgency of not delaying action and criticized Congress members who prioritize spectacle over substantive legislation. The Crypto4Harris group is also actively engaging in policy discussions as part of the broader political landscape surrounding the 2024 election.
Morgan Stanley Discloses $187 Million Stake in BlackRock's Spot Bitcoin ETF, Nearly Divests from GBTC in Q2
Morgan Stanley reported a significant position in BlackRock's spot Bitcoin ETF in its latest 13F filing with the SEC. As of June 30, the bank held over 5.5 million shares of the iShares Bitcoin Trust (IBIT), valued at approximately $187.8 million, making it a top-five shareholder in the ETF. Additionally, Morgan Stanley owned $1.57 million worth of the ARK 21Shares Bitcoin ETF (ARKB), a slight decrease from the previous quarter. Notably, the bank has nearly completely divested from the Grayscale Bitcoin Trust (GBTC), reducing its position from $269.9 million to around $148,000. Overall, Morgan Stanley's spot Bitcoin ETF holdings totaled about $190 million by the end of Q2.
US Launches First Leveraged MicroStrategy ETF
The first leveraged Bitcoin-related ETF in the US has launched, providing 175% daily long exposure to MicroStrategy (MSTX). This ETF aims to offer institutional investors amplified exposure to Bitcoin via MicroStrategy's stock, which has recently outperformed Bitcoin. The fund, introduced by Defiance ETFs, is intended for sophisticated investors due to its high volatility and leveraged nature. Michael Saylor of MicroStrategy highlighted that the company has significantly outperformed most S&P 500 firms since adopting Bitcoin as its primary treasury asset. With MicroStrategy shares rising over 70% in the past six months compared to Bitcoin's 13% increase, MSTX could attract investors seeking to leverage Bitcoin market exposure.
Trading Desk Insights
BTC took a sharp 7% dive since Wednesday morning, dropping from $61,800 to $57,700. This move might partially be due to concerns over the U.S. government's BTC transfer, which stirred fears of potential liquidation. Equities felt the pinch too but quickly bounced back, leaving crypto in the dust over the last 24 hours. It’s clear the crypto market is now trailing behind its usual counterpart, Nasdaq. With global economic data shaking up the scene, crypto prices are stuck in a range. Bulls are eyeing a breakout above $62,000, which could pave the way for a push toward $66,000.
On the ETF front, BTC wasn’t the favorite, bleeding $81.4 million in outflows, while ETH enjoyed $10.8 million in inflows, marking its third straight day of gains.
In other news, BitGo reiterated its autonomy from Justin Sun and Tron as the DAI stablecoin issuer MakerDAO passed a motion to eliminate its exposure to wBTC. Also, MetaMask is gearing up to launch a blockchain-based debit card with Mastercard.
Thursday saw stocks rally as upbeat consumer and labor data restored some investor confidence. Retail sales climbed 1% in July, beating expectations, while weekly jobless claims dipped. This positive data helped ease recession fears and gave the broader market a boost after the rocky start to August, driven by disappointing jobs numbers from earlier in the month.
Crypto Charts
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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