Morgan Stanley files for BTC exposed mutual funds / FinCEN may require KYC for crypto / April 1st Crypto Jokes

Plus: Elon Musk sends a literal dodgecoin to the literal moon

Inside.com Part of   Network April 01, 2021

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The global crypto market cap is $1.96T -3.86%▼ with a 24hr market volume of 168.06B 13.76%▲. Bitcoin's dominance is currently 56.53% 1.79%▲. Happy Dogecoin day! CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $59,012 0.97% ▼ 2 Ethereum ETH $1,974 6.25% ▲ 3 Binance Coin BNB $328.88 7.95% ▲  4 Cardano ADA $1.19 0.67% ▲ 5 Polkadot DOT $37.75 1.45% ▲ * Prices as of 3 p.m. ET.

Morgan Stanley filed SEC registrations for 12 mutual funds indirectly exposed to bitcoin by up to 25%. Morgan Stanley's decision to offer indirect exposure further demonstrates traditional investment firm's eagerness to enter the cryptomarket, despite ongoing SEC restrictions. More: Morgan Stanley announced previously that it would offer bitcoin and other digital assets to clients with $2M in AUM. Some of the exposure mechanisms outlined in the filing include exposure via cash-settled futures or Grayscale’s Bitcoin Trust. Investments with Grayscale BTC trust (GBTC) allocation will receive reportedly receive tax treatment as if it were a direct bitcoin investment.  The filing considers these funds to be alternative hedging instruments to commodity-linked instruments or bonds.

A newly proposed U.S. Financial Crimes Enforcement Network (FinCEN) rule looks to require crypto companies to collect KYC information on customers’ cryptocurrency wallets. The new proposition follows a similar rule offered in December that would require crypto companies to identify customers using self-hosted wallets and collect personal information. More: Under the new rule, crypto firms would need to gather personal data on any transaction above $3K. Transactions over $10K would need to be reported directly to FinCEN. Crypto privacy advocates are concerned that the new rule would expose entire transaction histories of affected users. Coinbase and Square have released public comments strongly opposing the new FinCEN proposal. Decrypt

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April 1 in the Cryptoverse. Tech loves taking on the spirit of April Fools Day (for better or for worse), and crypto companies are no exception. Here are some of the latest crypto “pranks” offered today: Finance Magnets reports that the SEC “drops the bomb” and approves Bitcoin ETFs. If only... Bitfinex advertised a new energy drink, “Bitfinex Energy,” because “Bitcoin never sleeps, so why should you?”  TubbyCoin, a token created to capture "big hugs'" inherent value, is reportedly being offered by the company behind "Teletubbies." India’s Flipkart openly defies a proposed ban on cryptocurrency by offering Bitcoin as a form of payment.  FOX News and weather networks began offering a new TikTok app for 0.0017 BTC.

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▲ TOP GAINERS # Name Price 24h % 1 EOS EOS $5.64 21.64% ▲ 2 Filecoin FIL $206.64 14.14% ▲ 3 Chainlink LINK $30.44 10.56% ▲ 4 Dogecoin DOGE $0.05896 10.53% ▲ 5 Binance Coin BNB $328.88 7.95% ▲ ▼ TOP LOSERS # Name Price 24h % 1 Terra LUNA $18.31 4.71%▼ 2 THETA THETA $11.74 3.72%▼ 3 Bitcoin BTC $59,012 0.97%▼ 4 Solana SOL $19.11 0.92%▼ 5 Wrapped BTC WBTC $59,030 0.81%▼ * Limited to cryptocurrencies with a market cap > $4B. Prices as of 2:30 p.m. ET.

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Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Charlotte Hayes-Clemens is an editor and writer based in Vancouver. She has dabbled in both the fiction and non-fiction world, having worked at HarperCollins Publishers and more recently as a writing coach for new and self-published authors. Proper semi-colon usage is her hill to die on.

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