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Have you looked into this case at all? The evidence compiled against Binance is extensive and compelling.
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How will the BTC ETF even work? I'm not super savvy with money but why would anybody buy an ETF and pay their fees when the assets in the ETF don't grow or give dividends? How will they secure those assets? Cold wallet in a vault? What happens if they do their audit and the backing coins aren't there (stolen) or there's a hardware failure on the cold wallet?
Coinbase would be the custodian
https://decrypt.co/97795/blackrock-handle-circle-usdc-cash-r...
'BlackRock will become "a primary asset manager of USDC cash reserves"—the fiat currency backing the Circle-issued USDC stablecoin.'
Anyone have a non-paywalled repost of this article?
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It depends on how you see things. Some would argue, the SEC is good at doing business. Others would say that Binance will pay cause it's just the cost of doing business. Every trading / security / exchange company is in the same boat, they just have to keep paying to do their business.
I argued the same on HN yesterday actually, it's quite shocking to me how many here is for anything with "hacking" or free markets when it comes to stuff like Airbnb or self driving, but they are SEC bootlickers for some reason
He'll pay $4.3bn in fines and likely be sentenced to probation or short home confinement instead of prison...in exchange for not being a US fugitive. He'll step down from Binance and live the rest of his life with billions. Sounds like a good deal :)
For a purposeful human being, that is also a miserable life. Pretty much like you cannot eat your favorite food anymore and have to settle with "the next best" (philanthropy, maybe?)
Living at the top, to having no freedom must be very, very hard to stomach. I would take the deal too if I was CZ.
Giving up some "power-grab addiction" for 100% freedom (and being a billionaire still), seems very good for him.
Perhaps this was the final takedown necessary to pave the way for BTC ETF approval.
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Like gold ETFs, they can do BTC synthetically via futures or have a custodian take custody. The interesting ETF will be for Ethereum because a custodian can possibly stake it and earn yield. ETH can earn within the basic protocol.
Right but gold isn't easy to steal. Bitcoin can disappear from a cosmic ray, hardware failure, remote theft, software glitch, etc.
Earlier quoted context omitted.
Like gold ETFs, they can do BTC synthetically via futures or have a custodian take custody. The interesting ETF will be for Ethereum because a custodian can possibly stake it and earn yield. ETH can earn within the basic protocol.
Right but gold isn't easy to steal. Bitcoin can disappear from a cosmic ray, hardware failure, remote theft, software glitch, etc.
Nothing you listed applies to bitcoin besides remote theft. The whole point of a blockchain is be fault tolerant in the face of those real failures. Remote theft occurs from a failure to secure your private keys. That’s human error and will be resolved in the same way as gold with… custodians aka a bank.