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$1,500,000,000,000 Asset Manager Franklin Templeton Files for XRP ETF

The asset management titan Franklin Templeton hopes to launch an exchange-traded fund (ETF) that will track the price of the fourth-largest cryptocurrency by market cap. On Tuesday, the financial services firm with $1.5 trillion in assets under management (AUM) submitted an S-1 registration to the U.S. Securities & Exchange Commission (SEC) to launch the Franklin XRP ETF. The filing says the shares of the proposed ETF will reflect the price performance of XRP and will be listed and traded on the Cboe BZX Exchange. “The Shares are intended to offer a convenient means of making an investment similar to an investment in XRP relative to acquiring, holding and trading XRP directly on a peer-to-peer or other basis or via a digital asset platform.” The fund is designed to be a passive investment vehicle and not a leveraged product. “The Sponsor does not sell XRP at times when its price is high or acquire XRP at low prices in the expectation of future price increases. The Fund will not utilize leverage, derivatives or similar instruments or transactions in seeking to meet its investment objective.” The New York-based Coinbase Custody Trust Company, which provides cold storage for third-party investors’ crypto assets, will be the custodian of the fund’s XRP holdings. XRP is currently trading for $2.23, up by 2.05% over the past 24 hours. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post $1,500,000,000,000 Asset Manager Franklin Templeton Files for XRP ETF appeared first on The Daily Hodl . CoinTurk News

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AML Bitcoin Creator Found Guilty In Pump-and-Dump Case Linked to `Casino Jack`

A federal jury in the Northern District of California on Wednesday convicted cryptocurrency entrepreneur Rowland Marcus Andrade of wire fraud and money laundering connected to the sale of a token called AML Bitcoin. The charges stemmed from an initial coin offering Andrade conducted for AML Bitcoin in 2017 and 2018. Early court filings covered by CoinDesk alleged Andrade, a Texas resident, falsely told investors that AML Bitcoin tokens would ultimately be converted into actual AML Bitcoin tokens — a cryptocurrency that never launched and was named to resemble the popular Bitcoin token. The conviction marks the conclusion of one of the first and longest-running crypto "pump-and-dump" cases to involve U.S. federal prosecutors. The Department of Justice named famed D.C. lobbyist Jack Abramoff a co-conspirator and pleaded guilty in 2020 , paying more than $50,000 in disgorgement and interest. Abramoff was primarily known for his involvement in a federal corruption scandal that resulted in his imprisonment and was depicted in the film "Casino Jack." A statement released by the U.S. Department of Justice accused Andrade of diverting "more than $2 million in proceeds from the sale of AML Bitcoin" and using it on "personal expenses, including the purchase of two properties in Texas and two luxury automobiles." According to the statement, Andrade also falsely claimed that the Panama Canal Authority was close to permitting AML Bitcoin to be used for ships passing through the Panama Canal when no such agreement existed. "Fraudsters often tout new and innovative technology in order to raise money from investors. But raising money through lies and misrepresentations is neither new nor innovative. It`s unlawful, plain and simple," said Acting United States Attorney Patrick D. Robbins. "If you deceive investors to enrich yourself and spend their money on personal expenses, homes, and property, you will be held to account." Andrade is scheduled to be sentenced in July. According to the DOJ press release, "he faces a maximum penalty of 20 years in prison for the wire fraud count and 10 years in prison for the money laundering count, and forfeiture of all property that is traceable to his wire fraud and money laundering violations including property that Andrade bought in Texas." CoinTurk News