Feb 29, 2024

"CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, including Wall Street giant Morgan Stanley performing due diligence to add spot bitcoin ETF products to its brokerage platform, according to two people familiar with the matter.

Video transcript

Morgan Stanley investigating spot Bitcoin ETF S and the SEC objects to terraform law firm. You're watching Coin Desk daily. I'm your host, Jen Sani Bitcoin remains in the green up over 3% as of nine am Eastern time. The Coin Desk 20 index is up over 6% in the same time period. Excitement around the spot. Bitcoin ETF is one of the driving factors, driving prices and even more big names are becoming interested in the Bitcoin. ETF. Morgan Stanley is said to be evaluating spot Bitcoin ETF sports brokerage platform. According to sources, the arrival of broker dealers like Morgan Stanley, as well as large registered investment advisor networks could bring more investment into the new products. The Wall Street giant is in the midst of performing due diligence to add spot Bitcoin ETF products to its brokerage platform. That's according to two people who have knowledge of the matter. The number of Bitcoin held by crypto miners has dropped to the lowest level since July 2021 Bitcoin being held in wallets tied to crypto miners has declined by more than 8400 this year. The impending reward hal and the dry season in China could explain why miners are running down their coin Stashes. The halving is widely seen as a stress test for miners as it's expected to reduce revenues and boost costs simultaneously. Miners create valid blocks, adding transaction records to the public ledger or the Blockchain new coins omitted. So how does the mining process work? Well, miners create valid blocks, adding transaction records to the public ledger or the Blockchain new coins emitted with each block are given to miners as a reward for the work. They also receive transaction fees and the sec objects to terraform $166 million retainer of law firm Denton's the agency alleges that money was siphoned off into an opaque slush fund for its lawyers which could have gone to investors and creditors. Terraform Labs and its founder Dow currently face a while in the US from the SEC regarding the collapse of terror US. D the SEC alleges that Terraform intended to avoid paying a future judgment, which is why it sent the millions to Denton's. That's a wrap for coin desk daily, get more updates on coindesk.com and we'll see you next time.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to coindesk.consensus.com to register and buy your pass now.