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GM Brew Crew, Happy Labor Day!! While most take this day off from labor, we just indulge in it to provide you some value on this fine Monday morning.

Let’s dive in ⬇️

On the menu today:

• 🚨 FORMER SEC CHAIR GIVES OPINION ON BITCOIN ETF

• 😳 BINANCE’S HEAD OF PRODUCT QUITS

• 🥷🏿 JUST IN: CRYPTO GAMBLING SITE STAKE.COM HACKED FOR $40M

Today’s Charts:

🚨 FORMER SEC CHAIR GIVES OPINION ON BITCOIN ETF

Jay Clayton, former chairman of the U.S. Securities and Exchange Commission, believes that the approval of a spot bitcoin ETF in the United States is inevitable.

Clayton highlighted that bitcoin is not classified as a security and has garnered interest from retail and institutional investors, as well as trusted providers looking to offer it to the public.

While futures-based bitcoin ETFs are already available in the U.S., the SEC has not yet approved a spot bitcoin ETF.

Refresher ➡️ Grayscale vs SEC ruling stated that the SEC’s refusal to allow a spot bitcoin ETF was “arbitrary and capricious,” or REJECTED.

The ruling implies that if the SEC wants to reject Grayscale's proposal again, it must provide fresh objections… that actually make sense. 🥴

Clayton expressed uncertainty about what those new reasons might be and anticipates progress in the approval process for spot bitcoin ETFs going forward.

😳 BINANCE’S HEAD OF PRODUCT QUITS