Thursday, January 11, 2024

John Lothian Newsletter Daily Update - January 11, 2024

The SEC reluctantly approved spot Bitcoins for trading, garnering extensive media coverage. Headlines from major news outlets included the New York Times reporting on the approval of a new type of Bitcoin fund and its positive impact on the crypto industry. Bloomberg emphasized the breakthrough in the crypto world with SEC authorization for Bitcoin-spot ETFs. The Financial Times highlighted the SEC's approval as a boost for crypto advocates, while The Wall Street Journal mentioned the approval of Bitcoin ETFs for everyday investors. Reuters saw the US Bitcoin ETF approval as a game-changer for crypto, and The Washington Post labeled it a landmark decision making Bitcoin trading easier. CoinDesk noted Cboe's plan to start trading Bitcoin ETFs, although the SEC hadn't officially approved them yet. The Wall Street Journal explained how the new Bitcoin ETFs would work, similar to gold ETFs, while Bloomberg explored the long-awaited arrival of the Bitcoin ETF. The Block reported Coinbase's perspective, calling it a watershed moment, and Yahoo Finance reported on the SEC's approval of 11 spot Bitcoin ETFs.

Another significant development was FINRA's approval of Prometheum Capital LLC as a Special Purpose Broker-Dealer (SPBD), allowing custody of digital asset securities. Prometheum Inc. announced its digital asset securities custody platform launch in Q1 2024. JLN published a podcast featuring Prometheum Founder Aaron Kaplan and Societe Generale Executive Thomas Sullivan discussing cryptocurrencies, blockchain, and Special Purpose Broker Dealers.

JLN also released the second part of the Scott Shellady Open Outcry Traders History video, with part three and the podcast to follow. I will be attending the Securities Traders Association of Chicago (STAC) Winter Meeting at the Chicago Hilton. Additionally, registration opened for Derivatives Forum Frankfurt, scheduled for February 28-29, 2024, focusing on derivatives trading and clearing across various tracks. Participants could join in Frankfurt or virtually.

Keywords: Spot Bitcoin ETF, SEC, Special Purpose Broker Dealer, Prometheum, Aaron Kaplan, Thomas Sullivan, Societe Generale, Blockchain, Cryptocurrencies, STAC, Scott Shellady, Open Outcry Traders History Project, Derivatives Forum Frankfurt, Eurex