The recent regulatory filings have shown that the US SEC has decided to delay the approval process for several highly anticipated Ethereum exchange-traded funds (ETFs). This has impacted proposals from various investment firms such as VanEck, Ark Invest, Hashdex, and Grayscale. Notably, Grayscale has added a staking component to its ETH ETF application alongside Fidelity.
Regulation
The UK Financial Conduct Authority (FCA) recently made an announcement regarding its intention to recover approximately $8 million in costs associated with the supervision of stablecoins and cryptocurrencies. The funds, totaling £6.4 million, will be obtained through fees imposed on stablecoin issuers and digital asset custodians. This move by the regulator is primarily to cover
In a recent statement, US SEC chair Gary Gensler expressed concern over the growing trend of “AI washing” in the financial sector. He emphasized that such activities not only mislead investors but may also violate securities laws. Gensler pointed out that some investment advisers and broker-dealers are falsely claiming to use AI to generate higher
The recent court order requiring Binance to provide detailed information on all its Nigerian users raises significant concerns about privacy and data protection. The move by the Federal High Court to compel the exchange to disclose user data to the EFCC reflects a lack of transparency and accountability in the handling of sensitive information. This
The Asia Pacific region (APAC) has been making significant strides in the technology industry, positioning itself as a thriving environment for innovation. With countries like Singapore and Hong Kong taking proactive steps to regulate the crypto landscape, APAC is paving the way for the future of Web3. Singapore, for example, implemented stablecoin regulation last year,
Grayscale has recently made amendments to a regulatory filing with the intention of converting its Ethereum Trust into a spot exchange-traded fund (ETF). This move indicates a strategic shift in the company’s approach towards the cryptocurrency market, specifically Ethereum. One of the key highlights of Grayscale’s amended filing is the emphasis on market surveillance and
The recent letter from US Senators Jack Reed and Laphonza Butler to SEC Chair Gary Gensler has put a spotlight on the approval of crypto ETFs, including Ethereum ETFs. The Senators urged the SEC to reject proposals for ETFs beyond Bitcoin, citing concerns about potential risks for retail investors. Doubts on Ethereum’s Trading Volumes and
Recently, the Securities and Futures Commission (SFC) of Hong Kong has identified Bybit as a suspicious virtual asset trading platform and has raised concerns about its unlicensed operations. The regulator pointed out that Bybit has been offering its products to investors in Hong Kong without obtaining the necessary license to conduct regulated activities in the
Recently, blockchain analytics firm Elliptic uncovered that the notorious North Korea-backed hacker group Lazarus has once again turned to using the sanctioned crypto mixer Tornado Cash to conceal its transactions. This move comes after a significant decline in the group’s usage of the mixer last year following US government sanctions. Impact of US Sanctions After
In a recent collaboration with the US Department of Justice and the FBI, stablecoin issuer Tether took action against a tech support scam network, seizing $1.4 million USDT linked to the fraudulent scheme. The scam targeted vulnerable elderly individuals through deceptive pop-up advertisements, falsely claiming compromised devices and luring victims into seeking assistance from fake
The Biden administration recently unveiled its proposed budget for the year 2025, which includes several regulatory measures aimed at digital assets. These measures are expected to generate around $10 billion in additional tax revenue by 2025. One of the key focuses of the budget is closing a loophole that has allowed wealthy crypto investors to
Recently, Tools for Humanity, the developer behind Worldcoin, filed a lawsuit challenging Spain’s ban on its data collection and usage within the country for three months. The lawsuit was prompted by Spain’s regulators issuing an order that circumvented the regular process around EU GDPR rules. In response, Worldcoin stated in a blog post that the
US Federal Reserve Chair Jerome Powell recently addressed lawmakers about the Federal Reserve’s position on a central bank digital currency (CBDC). During a Senate Banking Committee hearing on monetary policy, Powell emphasized that the regulator is not close to adopting or recommending a CBDC. One of the main concerns raised by Powell was related to
The recent joint motion filed by the SEC on March 5 against Binance.US has brought to light issues surrounding regulatory compliance. The SEC alleges that Binance.US has failed to fully comply with information requests on customer assets, citing insufficient inspections, refusal to answer critical questions, and changes to operations without updates. On the other hand,