Gray-scale Bitcoin Trust (GBTC) into a listed Bitcoin exchange-traded fund (ETFS). The U.S. Court of Appeals Circu

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Law Dec

jamalkinywajamal.blogspot.comvictory, SEC delays decision on Bitcoin ETFs

Aug. 29–Sept. 6, 2023 Written by jamalkinywajamal

On Aug. 29, crypto asset manager Gray-scale Investments scored a major victory against the United States Securities and Exchange Commission in its efforts to convert its over-the-counter Gray-scale Bitcoin Trust (GBTC) into a listed Bitcoin exchange-traded fund (ETFS). The U.S. Court of Appeals Circuit Judge Nominated Rao ordered Grayscale’s petition for review be granted and the SEC’s order to deny the GBTC listing application be vacated. Previously, Rao said that the SEC did not “offer any explanation” as to why Graphical was in the wrong.  Initial enthusiasm in the crypto community about the victory was tempered by the understanding of the limits of the court’s decision. “So far, every time they lose in court they just shamelessly say the judge got it wrong and pursue more shenanigans,” Delphi Labs general counsel Gabriel Shapiro said. According to Zero Knowledge Consulting managing partner Austin Campbell: “For many companies, fighting back is incredibly expensive (you will win, but you’ll be bankrupt when you do) or you’re a financial conglomerate where the SEC can fuck up the rest of your business in the meantime. Gangster behaviour.” Meanwhile, the SEC has postponed its decisions on six applications for spot Bitcoin ETFs. It has designated a longer period in which it may review applications from Wisdom trees, Vance, Invesco Galaxy, Bitwise and Valkyrie, as well as the Wise Origin Bitcoin Trust proposed by Fidelity. The SEC will have another 45 days upon publication in the Federal Register to consider the proposed rule changes allowing the listing of the investment vehicles, giving the regulator until October to approve, deny or delay a decision.

Travel Rule comes into effect in the United Kingdom Cryptocurrency asset businesses in the United Kingdom could now begin withholding certain crypto transfers to comply with the new Travel Rule for crypto that came into effect last week. From now on, if an inbound payment is received from a person or entity from an overseas jurisdiction that hasn’t implemented the Travel Rule, the virtual asset service provider must make a “risk-based assessment” as to “whether to make the crypto assets available to the beneficiary.” The same rule applies to Brits looking to send payments outside the United Kingdom.

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First unregistered securities sales claim against Next offering in the United States The SEC has accused Impact Theory — a media and entertainment company headquartered in Los Angeles — of engaging in unregistered securities transactions by selling no fungible tokens (Nuts) to investors from October to December 2021. Allegedly, it raised almost $30 million through the sales of Nfts it called Founder’s Keys, which were offered in three tiers. The company “encouraged potential investors to view the purchase of a Founder’s Key as an investment into the business,” according to the SEC.

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Crypto declared a property by a Chinese court A People’s Court in China published a report on the legality of virtual assets, analyzing the criminal law attributes of these digital assets. The court noted in its report that virtual assets under the current legal policy framework are still legal property and protected by law. The “Identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case” report acknowledged that virtual assets have economic attributes and thus can be classified as property. Although China has deemed all foreign digital assets illegal by imposing a blanket ban, the report argues that virtual assets held by individuals should be considered legal and protected by law under the current policy

debuts AI-powered ‘TradeGPT’ for market

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Your daily digest for the most popular crypto news Crypto gambling site Stake sees $16M withdrawn in possible hack Unusually large withdrawals were made from Stake to an account with no previous activity, including $3.9 million in Tether and $9.8 million in Ether. Read more Read and Collect Former MAS chair who called crypto ‘highly risky’ wins Singapore’s presidential race Tharman Shanmugaratnam has served as Singapore’s finance minister and the head of the country’s financial regulator during his time in government. Read more Read and Collect Bitcoin futures data hints at $22K as next logical step BTC derivatives have flipped bearish after Bitcoin failed to establish bullish momentum despite heightened spot ETF prospects. Read more Read and Collect Bybit debuts AI-powered ‘TradeGPT’ for market analysis and data-driven Q&A Cryptocurrency exchange Bybit has released a free AI-powered trading assistant that delivers insights from the platform’s market data. Read more Read and Collect [Cointelegraph Acceleration] How Web3 can prevent Hollywood strikes - Replay joins Cointelegraph Accelerator Hollywood strikes echoed the unbalanced value distribution in the streaming video industry — blockchain can change that. Learn more [AD] Can institutional investors like BlackRock trigger the next big Bitcoin rally? — Q&A with OANDA Bitcoin’s value growth depends on widespread adoption supported by real-world use cases to make businesses more efficient