WisdomTree, a Bitcoin exchange-traded fund (ETF) issuer, has recently obtained regulatory approval from the New York State Department of Financial Services (DFS) to operate its digital asset business within the state. The company received a limited-purpose trust company charter under the New York Banking Law, allowing it to introduce its WisdomTree Prime platform in New
Regulation
The Commodities and Futures Trading Commission (CFTC) recently gave the green light to Coinbase Derivatives Exchange to list futures contracts tied to Dogecoin (DOGE), Bitcoin Cash (BCH), and Litecoin (LTC). The listings are set to start trading on or after April 1, 2024. This approval marks a significant move in the cryptocurrency market and opens
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.
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