₿ULLISH! 🚀 BlackRock Pushes for In-Kind Bitcoin ETF Transactions

Jupiter Acquires Majority Stake in Moonshot Amid Surging Memecoin Interest

Solana-based decentralized exchange (DEX) aggregator Jupiter has acquired a majority stake in Moonshot, an app that enables users to buy memecoins with Apple Pay. The announcement was made by Jupiter’s pseudonymous founder, Meow, on Jan. 25 via X, where he praised Moonshot’s team as “amongst the smartest, most driven group of people I have ever met.”

Moonshot has seen rapid growth, particularly after the launch of Donald Trump’s Official Trump (TRUMP) memecoin on Jan. 18. The app, which was ranked 309th in the US App Store’s finance category on Jan. 1, skyrocketed to the top position just a day after TRUMP’s debut.

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BlackRock Seeks Rule Change for In-Kind Bitcoin ETF Transactions

Nasdaq has filed a request with the US Securities and Exchange Commission (SEC) on behalf of BlackRock to amend existing rules and allow in-kind creation and redemption for its spot Bitcoin exchange-traded fund (ETF). This change would enable institutions to create or redeem ETF shares using Bitcoin instead of only cash.

Bloomberg ETF analyst James Seyffart commented on the filing in a Jan. 24 post on X, stating that BlackRock should have been permitted to use this mechanism from the start when the iShares Bitcoin Trust (IBIT) launched alongside ten other US spot Bitcoin ETFs in January 2024.

The filing outlines that Authorized Participants—institutions responsible for facilitating ETF share transactions—would have the option to create or redeem shares using either cash or Bitcoin. If approved, this could enhance liquidity and efficiency for BlackRock’s Bitcoin ETF.

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Pro-Crypto Congress Takes Shape Under New Leadership

Following Donald Trump’s re-election, crypto advocacy groups are focusing on what they call the most pro-crypto Congress in history. Key committees in both the House and Senate are expected to drive regulatory changes.

Congressman French Hill, now chairing the House Financial Services Committee, has prioritized introducing a crypto market structure bill within the first 100 days of the legislative session. Meanwhile, the House Oversight Committee has launched an investigation into Operation Chokepoint 2.0, seeking input from crypto industry leaders.

In the Senate, Banking Committee Chairman Tim Scott has pledged major regulatory reforms for digital assets. At the Bitcoin 2024 conference, he criticized the previous SEC leadership for blocking crypto-friendly policies and assured voters that pro-Bitcoin legislation would move forward. Senator Cynthia Lummis, appointed to lead the Senate Banking Subcommittee on Digital Assets, aims to pass comprehensive crypto laws, regulate stablecoins, and establish a Bitcoin strategic reserve.

Despite these advancements, challenges remain. Crypto regulations may be sidelined by other political priorities, and opposition from anti-crypto lawmakers like Senators Elizabeth Warren and Dick Durbin persists. Additionally, with midterm elections approaching, industry experts warn that Republicans have a limited window to push through reforms before political shifts could stall progress.