From Fortune:

1. Jump trading firm declines to be involved in the emerging Bitcoin ETF industry, signaling a broader strategic retreat from the crypto space. This decision follows two tumultuous years for Jump, including involvement with Terraform Labs and a massive hack of its crypto project, Wormhole.

2. The Securities and Exchange Commission is expected to finally allow a dozen-odd firms to launch Bitcoin ETFs, including high-profile names like BlackRock and Fidelity. However, many firms may lack experience in buying and selling cryptocurrencies, leading the SEC to push issuers towards a cash model for creation and redemption.

3. The SEC’s push towards a cash model for Bitcoin ETF creation and redemption allows traditional market participants to participate in the emerging market. This includes big banks like JP Morgan, who are named as authorized participants in regulatory filings for the ETFs.

4. Jump, a previously crypto-friendly firm, is notably absent from any involvement in the emerging Bitcoin ETF industry. The company declined to participate and has also retreated from the broader crypto space after a disastrous streak of investments and projects.

5. After a disastrous streak of crypto bets and investments, including developments with Terraform Labs and Wormhole, Jump has significantly scaled back its involvement in digital assets, cutting its workforce and distancing itself from the crypto sector. Nevertheless, legal issues loom large for the trading firm.



Read more: Exclusive: Jump sits out Bitcoin ETF race amid broader crypto pullback