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The White House has Concerns!

According to information provided by Charles Gasparino, a writer at Fox Business, the White House administration thinks that mining activities, along with the rise in the cryptocurrency market, could pose a significant burden on the country’s power grid.

Gasparino explained, “As the price of Bitcoin increases and demand starts to outpace supply, the White House began to worry that mining could place a serious strain on the power grid. Crypto industry executives told Fox Business that these fears are exaggerated, but could be used as an attempt to tighten regulations on the sector.”

SCOOP: As the price of $BTC surges and demand outpaces supply, @WhiteHouse worried $BTC mining could put significant strain on the power grid; crypto officials tell @FoxBusiness fears are overblown but will be used to try and increase regulation on the industry. More now…

— Charles Gasparino (@CGasparino) February 27, 2024

The US Government has been giving importance to closely monitoring mining activities. In early February, the Energy Information Administration (EIA), affiliated with the US Department of Energy, announced that they would begin using an application to monitor miners’ energy consumption under the “urgent” code. This step provoked strong reactions from mining companies and the crypto community. The case went to court, with the ruling preventing such data collection.

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The post The White House is Concerned About Bitcoin! appeared first on Coin Engineer.

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According to a report in Fox Business, BlackRock, the world’s largest asset manager and one of the firms seeking to launch a Spot Bitcoin ETF, expects its application to be approved on Wednesday.

BlackRock is one of several companies that filed updated 19b-4 filings on Friday, along with their proposed Spot Bitcoin ETFs. Other companies that have filed applications include Grayscale Investments, Valkyrie, ARK 21Shares, and Invesco. The Cboe BZX exchange also filed forms last week for VanEck, WisdomTree, Pando Asset AG, and Franklin Templeton.

The approval of spot Bitcoin ETFs is being eagerly anticipated by crypto advocates. Those who bet that these funds could bring billions of dollars in new funds to the crypto sector have seen market excitement for the possibility of exchange-traded products that hold Bitcoin directly, not just through futures contracts on price, with Bitcoin’s price rising rapidly in recent months.

Meanwhile, crypto skeptics have argued that Bitcoin is too volatile and unregulated and therefore cannot support a healthy market. Better Markets, a non-profit, nonpartisan organization that lobbies for increased financial regulation, sent a letter to the SEC stating that approval of spot bitcoin ETFs would be a “regulatory mistake of historic proportions.”

The post BlackRock Expects Spot Bitcoin ETF Approval on Wednesday! appeared first on Coin Engineer.