Crypto Flipsider News – October 8th – SEC Approves Bitcoin-Tracking

Read in the digest:

• SEC Approves ETFs of Companies that Hold , Including Tesla (NASDAQ:) and Twitter (NYSE:)
• Updates: Allegations of Funds in Chinese Debts, $1B Lent to Celsius, CEO Leaves Twitter
• Binance Considers Ireland for “Decentralized” Regional Headquarters
• South Korea to Tax Cryptos, Russia to Add Crypto Regulation

The SEC Approves ETFs of Companies that Hold Bitcoin, Including Tesla and Twitter

The crypto community may be one step closer to getting its first Bitcoin ETF with a new ETF approval for Volt Equity. A Bitcoin ETF has long eluded the crypto company, with Volt Equity being the closest to approval yet.

The Securities and Exchange Commission has approved a Volt Equity ETF that consists of companies with large amounts of Bitcoin in their portfolio. The SEC-approved Volt Bitcoin Revolution ETF includes the likes of Twitter, Tesla, PayPal (NASDAQ:), and MicroStrategy.

Through the Volt Bitcoin Revolution ETF, investors will be able to monitor companies that hold sizable Bitcoin portfolios or derive the majority of their profit/revenue from Bitcoin-related activities like mining, lending, or manufacturing mining equipment.

According to Tad Park, the CEO of Volt Equity, these companies are “Bitcoin revolution companies.” In addition, the ETF will include indicators that evaluate the current stock of Bitcoin against the flow of new Bitcoin mined that year.

Flipsider:

• Although a step in the right direction, the approval for the first Bitcoin ETF in the United States is still pending

Why You Should Care

The approval of the Volt Bitcoin Revolution ETF comes amidst expectations in the crypto community that the approval of a true Bitcoin ETF would cause a price surge.

Tether Updates: Allegations of Funds in Chinese Debts, $1B Lent to Celsius, CEO Leaves Twitter

Tether has been synonymous with stablecoins because of its fame and demand. However, the team behind the stablecoin has never been too far from controversy.

Reports from a new investigation have roped Tether with debts of Chinese companies. The report explains that Tether has invested billions in short-term loans to large Chinese companies, using Bitcoin as collateral.

According to the investigation, Tether has also loaned $1 billion to Celsius Network, which was slammed with a cease-and-desist order over interest earned on certain crypto accounts in September. In June 2020, Celsius Network launched a $30 million funding round, and Tether was the lead investor.

In the midst of Tether’s intensifying controversy, the Twitter account belonging to Tether’s CEO, Jan Ludovicus van der Velde, has been deleted. His account was deleted or removed from Twitter after a publication on the company’s USDT reserves was released.

Flipsider:

• Tether has officially responded…