Miami Mayor Francis Suarez has announced his candidacy for the Republican nomination for President of the United States in the 2024 election. Known for his advocacy of the cryptocurrency industry, Suarez has made it his mission to make Miami a hub for Bitcoin. However, his city-based crypto, MiamiCoin, failed to gain momentum and lost almost all of its value within months. Suarez will face tough competition from other Florida-based candidates, including former President Donald Trump, former Vice President Mike Pence, and Governor Ron DeSantis.
Meanwhile, BlackRock, the world’s largest asset manager, is said to be close to filing an application for a Bitcoin ETF and will be using Coinbase Custody and its spot market data for pricing, according to an unnamed source. It remains to be seen whether the ETF will be spot or futures. The Securities and Exchange Commission has yet to approve a spot bitcoin ETF, but has issued approval for several bitcoin futures ETFs for trading.
On the regulatory front, New York Attorney General Letitia James has banned Hong Kong-based crypto exchange CoinEx from operating in the state, claiming that the company failed to register as a securities and commodities brokerage. The exchange has had over $1.7m of its funds seized and been prevented from selling or purchasing securities and commodities in New York. Additionally, the company has been instructed to implement geo-blocking to prevent New Yorkers accessing its platform, cannot create new accounts for US customers and will refund $1.1m to 4,691 investors, while paying over $600,000 in penalties to the state.
The developments in the crypto industry are shaping up to be an exciting period for investors and crypto enthusiasts. With the presidential race heating up and the possibility of a Bitcoin ETF on the horizon, the future of cryptocurrency continues to be a subject of critical interest for many.