Topline

The House passed legislation Wednesday evening that would give oversight authority over most forms of cryptocurrency to a more industry-friendly agency—potentially putting President Joe Biden in the difficult position of deciding whether to go against his own SEC chairman and refuse a veto as former President Donald Trump courts the industry in his 2024 presidential campaign.

Key Facts

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Chief Critic

The SEC’s crypto crackdown, which includes a series of charges against companies and individuals it accuses of violating federal regulations, has become a new attack line for Trump against Biden as the former president courts crypto backers, telling them at a Mar-A-Lago dinner earlier this month they “better vote” for him, Politico reported. SEC Chair Gary Gensler opposed the House legislation, arguing Wednesday it would allow crypto issuers to “self-certify” that they are issuing crypto as a commodity rather than a security, giving the SEC a limited 60-day window to review the classification.

Crucial Quote

“The self-certification process contemplated by the bill risks investor protection not just in the crypto space; it could undermine the broader $100 trillion capital markets by providing a path for those trying to escape robust disclosures, prohibitions preventing the loss and theft of customer funds, enforcement by the SEC, and private rights of action for investors in the federal courts,” Gensler said Wednesday.

Tangent

Trump’s campaign began accepting crypto donations Tuesday, urging his supporters in making the announcement to “build a crypto army.”

What We Don’t Know

Whether the Democratic-controlled Senate will pass the legislation. Eight House Democrats who backed the bill urged their Senate colleagues to support it in a memo Tuesday, CoinDesk reported. In a potential bellwether for the House bill, 11 Senate Democrats, including Majority Leader Chuck Schumer, D-N.Y., voted alongside Republicans earlier this month to undo crypto SEC regulations, splitting with Biden, who said he’ll veto the bill, which also passed the House with bipartisan support.

Key Background

Trump has embraced crypto after criticizing the industry during his time as president, tweeting in 2019 that he’s “not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” He has since launched a line of NFT “trading cards” featuring his likeness and his $7 billion net worth is comprised of about $3 million in digital assets, according to a March Forbes estimate. The Biden administration, meanwhile, has taken a measured approach to crypto, acknowledging its explosive growth and the need for the U.S. to “maintain technological leadership in this rapidly growing space,” while also warning it “has substantial implications for consumer protection, financial stability, national security, and climate risk,” the White House wrote in a 2022 executive order.

Further Reading

House To Vote On Who Will Regulate Crypto (Forbes)

Trump Campaign Now Accepts Crypto Donations (Forbes)

According to Bloomberg, the Financial Conduct Authority (FCA), the UK’s financial regulator, has approved the first cryptocurrency exchange-traded products (ETPs), marking a milestone in the UK’s approach to digital asset investment.

An ETP is a type of security traded on stock exchanges, similar to individual stocks. ETPs are designed to track the performance of a specific index, commodity, currency, or other benchmark, allowing investors to gain exposure to various asset classes without directly owning the underlying assets. ETPs can include different structures, such as exchange-traded funds (ETFs), exchange-traded notes (ETNs), and exchange-traded commodities (ETCs).

An ETF is a specific type of ETP that pools together various assets, such as stocks, bonds, or commodities, into a single fund. ETFs aim to replicate the performance of a specific index or benchmark and are structured as investment funds. When you invest in an ETF, you own shares of the fund, which, in turn, owns the underlying assets. ETFs are typically regulated under investment company laws, which provide certain protections and requirements for investors. Additionally, ETFs can distribute dividends to investors if the underlying assets generate income.

The main difference between ETPs and ETFs lies in their structure and scope. ETPs is a broad category that includes various types of exchange-traded securities, not limited to funds. They can encompass notes and commodities as well. While ETFs are a subset of ETPs and are specifically structured as investment funds, other types of ETPs, like ETNs, are debt instruments issued by banks. ETFs are regulated under specific investment fund regulations, while other types of ETPs, such as ETNs, may have different regulatory frameworks. Moreover, ETNs carry the credit risk of the issuer as they are debt securities, whereas ETFs do not have this risk since they own the underlying assets directly. Another distinction is that ETFs can distribute dividends to investors, whereas ETNs do not because they do not directly own the underlying assets.

Per Bloomberg’s article, WisdomTree Inc. announced today that it has received FCA approval to list two physically-backed crypto ETPs, which will track Bitcoin and Ether, on the London Stock Exchange. These products are expected to begin trading as early as 28 May 2024.

Several other issuers, including ETC Group, 21Shares, and CoinShares, have also applied to list their crypto products in the UK. As of midday on Wednesday, the FCA’s approval list included entries from WisdomTree, 21Shares, and Invesco Digital Markets Plc, all set to be part of the first batch of trading on the approval date.

Despite this advancement, the FCA has implemented stringent rules surrounding these products. WisdomTree’s Bitcoin and Ether ETPs, although physically-backed, are only available to professional investors. This restriction is stricter compared to the United States, where the approval of spot Bitcoin ETFs in January has led to significant market growth. Bloomberg says that in the US, these ETFs now manage a combined $59 billion, which is nearly five times the total for similar crypto vehicles traded in Europe.

ETPs linked to cryptocurrencies have been trading on other European stock exchanges for years. The approval of such products by the US Securities and Exchange Commission (SEC) earlier this year played a crucial role in propelling Bitcoin to a record high in March and has facilitated broader adoption among retail and institutional investors.

However, not all global markets have seen the same enthusiasm. In Hong Kong, despite the approval of Bitcoin and Ether ETFs, investor response has been lukewarm. This contrast highlights the varying degrees of market maturity and investor interest in different regions.

ETC Group confirmed that its application is still under review, while 21Shares has already secured approval. CoinShares and the FCA declined to comment on their status, and Invesco had no immediate response.

Leading market research firm Infinitive Data Expert recently released a study titled ‘Cryptocurrency Mining Market Global Size, Share, Growth, Industry Trends, Opportunity and Forecast 2024-2033,’ This study Cryptocurrency Mining report offers a thorough analysis of the market, as well as competitor and geographical analysis and a focus on the most recent technological developments. The research study on the Cryptocurrency Mining market extensively demonstrates existing and upcoming opportunities, profitability, revenue growth rates, pricing, and scenarios for recent industry analysis.

The research analysis on the global Cryptocurrency Mining market report 2024 offers a close watch on top industry rivals along with briefings on their company profiles, strategical surveys, micro as well as macro industry trends, futuristic scenarios, analysis of pricing structure, and an all-encompassing overview of the Cryptocurrency Mining market circumstances in the forecast period between 2024 and 2033.

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List of Major Market Participants

Canaan Inc., Argo Blockchain, HIVE Blockchain Technologies Ltd., Bit Digital, Inc., Riot Blockchain, Inc., ViaBTC, Braiins Systems s.r.o., F2Pool, Genesis Mining Ltd., BITMAIN Technologies Holding Company, Hut 8 Mining Corp., Miningstore.com, MININGSKY (a subsidiary of Skychain Technologies Inc.), iMining Technologies Inc., MinerGate, ASICminer Company, INNOSILICON Technology Ltd., Shenzhen MicroBT Electronics Technology Co., Ltd, GMO Internet, Core Scientific, among others.

This market study offers a thorough examination of the size of the global Cryptocurrency Mining market, as well as regional and national market sizes, segmentation market growth, market share, competitive landscape, sales analysis, the effects of domestic and foreign market players, price chain optimisation, trade laws, recent developments, opportunities analysis, global Cryptocurrency Mining strategic market growth analysis, product launches, the expanding space market, and technological advancements. Segments of the global Cryptocurrency Mining market include material, end user, channel, and geography.

The competitive landscape for Cryptocurrency Mining includes information on each vendor, as well as company summaries, total financial revenue, market potential, global reach, sales and revenue generated by Cryptocurrency Mining, market share, price, production locations and facilities, SWOT analysis, and product launches. This analysis offers the Cryptocurrency Mining sales, revenue, and market share for each player covered in this report for the period 2024-2033.

Global Cryptocurrency Mining Market, By Type

Bitcoin

Ethereum

Bitcoin Cash

Ripple

Litecoin

Dash

Others

Global Cryptocurrency Mining market, By Offering

Hardware

Software

Global Cryptocurrency Mining Market, By End User

Trading

E-commerce and Retail

Peer-to-Peer Payment

Remittance

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Regional Segmentation of the Global Cryptocurrency Mining Market

North America (the United States, Canada, and Mexico)

Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)

Europe (Germany, France, UK, Russia, and Italy)

The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

South America (Brazil, Argentina, Colombia, etc.)

Responses that the report accepts:

• The size of the market and its growth rate over the next few years.

• The main things that drive the Cryptocurrency Mining Market.

• Key market trends that are making the Cryptocurrency Mining Market grow faster.

• Threats to the growth of the market.

• Key sellers of Cryptocurrency Mining Market.

• SWOT study in depth.

• The chances and risks that the current sellers in the Global Cryptocurrency Mining Market face.

• Trending factors that affect the market in different parts of the world.

• Strategic efforts are centred on the top vendors.

• A PEST study of the market in the five most important areas.

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Infinitive Data Expert is a leading distributor of market research report with more than 600+ global clients. As a market research company, we take pride in equipping our clients with insights and data that holds the power to truly make a difference to their business. Our mission is singular and well-defined – we want to help our clients envisage their business environment so that they are able to make informed, strategic and therefore successful decisions for themselves.

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