- Probability for U.S. Approval of a Spot Bitcoin ETF Is Fairly High: Bernstein
The U.S. Securities and Exchange Commission’s (SEC) stance on spot bitcoin (BTC) exchange-traded-funds (ETF) is a difficult one to hold, and the probability for approval is fairly high, brokerage firm Bernstein said in a research report Monday.
Bernstein notes that the SEC had already allowed futures based bitcoin ETFs, and recently approved leverage based futures ETFs on the premise that futures pricing comes from a regulated exchange like the CME.
According to analysts led by Gautam Chhugani, the SEC believes that a spot bitcoin ETF would not be dependable because the “spot exchanges (e.g. Coinbase) are not under its regulation, and thus spot prices are not reliable and prone to manipulation.”
- Bittrex Requests Dismissal of SEC Lawsuit, Arguing for Congressional Approval in Crypto Regulation
In mid-April 2023, Bittrex’s U.S. crypto exchange faced a lawsuit from the Securities and Exchange Commission (SEC) for allegedly operating an unregistered exchange, broker, and clearing agency. SEC Chair Gary Gensler stated that the securities watchdog was “holding Bittrex accountable for its noncompliance.” Two weeks later, Bittrex’s U.S.-based exchange filed for Chapter 11 bankruptcy protection. In the most recent court filing, Bittrex’s legal team is seeking the dismissal of the SEC case against the company.
The attorneys argue that the regulation of tokens as securities in the U.S. remains a “major question” that lacks definition and remains unanswered. Bittrex also contends that the SEC failed to provide sufficient notice regarding the alleged violations of securities laws. The attorneys representing the crypto exchange criticized the securities regulators for conducting a six-year investigation without identifying a single unlawfully listed crypto asset token until mid-April 2023. “Yet the Commission is still missing essential elements of its claims,” noted Bittrex in its request for dismissal.
- Singapore Regulator Bans Crypto Exchanges from Lending, Staking for Retail Investors
Singapore is enforcing new crypto consumer protection measures as the city-state continues applying regulation to its burgeoning crypto industry.
Chief among the new measures, the Monetary Authority of Singapore (MAS)—the country’s chief financial regulator—will enforce a ban on lending and staking for retail customers (individual traders, as opposed to institutional clients), a measure which has been on the table since last October.
The regulator will also require that exchanges move customers’ digital assets into a trust before the end of the year. This is to prevent an FTX-style scenario where their funds are commingled or traded.
- Thai SEC Bans the Use of Customer Crypto Assets for Lending and Investment
Thailand’s Securities and Exchange Commission (SEC) has issued new rules for digital asset service providers focused on investor protection.
The new guidelines require digital asset service providers to offer adequate warnings highlighting risks associated with cryptocurrency trading. All platforms must display a message that reads:
“Cryptocurrencies are high risk. Please study and understand the risks of cryptocurrencies thoroughly, because you may lose the entire investment amount.”
The warning message must be clearly visible, and before customers can use the service, the business operator must arrange for the users to give consent and acknowledge the risks.
https://www.binance.com/en/feed/post/729911
- Thai SEC bans the use of customer crypto assets for lending and investment
Thailand’s Securities and Exchange Commission (SEC) has issued new rules for digital asset service providers focused on investor protection.
The new guidelines require digital asset service providers to offer adequate warnings highlighting risks associated with cryptocurrency trading. All platforms must display a message that reads:
“Cryptocurrencies are high risk. Please study and understand the risks of cryptocurrencies thoroughly, because you may lose the entire investment amount.”
The warning message must be clearly visible, and before customers can use the service, the business operator must arrange for the users to give consent and acknowledge the risks.
- Singapore’s MAS Orders Crypto Firms to Keep Customer Assets in a Trust by Year-End
Crypto service providers in Singapore would need to deposit customer assets under a statutory trust before the end of the year for safekeeping, the Monetary Authority of Singapore (MAS) announced on Monday.
The requirement comes after the MAS received public consultation around enhancing customer protection initiated in October 2022.
“This will mitigate the risk of loss or misuse of customers’ assets, and facilitate the recovery of customers’ assets in the event of a DPT (Digital Payment Token or Cryptocurrency) service provider’s insolvency,” the MAS said.
- Redemptions Plague Stablecoin Economy, Wiping Out Over $2 Billion in June
The value of the crypto economy has risen over the past 30 days; however, the stablecoin economy experienced a loss of over $2 billion in June. According to data, on May 28, the net value of the stablecoin economy was $130.28 billion, whereas it currently stands at $128.21 billion. This indicates that stablecoin redemptions amounted to $2.07 billion over the past 30 days.
According to current statistics archived on July 2, three out of the top five stablecoins by market valuation experienced redemptions. Tether (USDT) and trueusd (TUSD) witnessed gains in the past 30 days, with USDT increasing by a mere 0.1%. In contrast, TUSD surged by 49.4% compared to the previous month, resulting in its market cap expanding from $2 billion to the current $3.05 billion.
https://news.bitcoin.com/redemptions-plague-stablecoin-economy-wiping-out-over-2-billion-in-june/
- Thailand Follows Singapore, Bans Crypto Exchanges From Offering Lending Services
Thailand is the second Southeast Asian country to announce a ban on crypto exchanges offering lending services today, as the country’s regulators put investor protection at the forefront of their crypto strategy.
Earlier, news broke that Singapore is banning exchanges from offering lending and staking services to retail customers.
Thailand’s similar rules were announced in a release today by the country’s Securities and Exchange Commission (SEC).
The wording of the announcement makes clear that the ban applies to “depository services that offer returns to depositors and lenders,” thus outright banning exchanges from offering both lending and staking services.
https://decrypt.co/147114/thailand-follows-singapore-bans-crypto-exchanges-offering-lending-services
- AzukiDAO Votes on ‘Reclaim’ of 20K Ether After Botched Elementals NFT Mint
A group of holders of Azuki non-fungible tokens (NFTs) is voting for the return of nearly 20,000 ether a week after the Elementals NFT mint, citing reasons ranging from disappointment with the collection to alleging the team to have “blatantly scammed” purchasers.
The vote proposes to allocate any funds retrieved back to a decentralized autonomous organization (DAO) to “promote the growth of the entire Azuki community” such as providing rewards and incentives for artists, content creators and builders. The newly formed DAO had 72 members as of Monday, with just 36 votes on the proposal, and nearly 40% of the “yes” votes coming from a single holder.
https://www.binance.com/en/feed/post/728808
- Crypto Twitter has a persistent ‘fake followers’ problem, data reveals
Despite changes introduced by Twitter management since Elon Musk’s takeover, the issue around fake followers remains a persistent problem. As many as 10% of the followers of accounts belonging to crypto influencers and companies are fake, new data from dappGambl has revealed.
In April 2023, Musk introduced Twitter Blue — an $8 monthly subscription for verification — to increase the platform’s revenue while making it financially inviable for bots and fake accounts to operate. However, months later, dappGambl’s investigation found that up to 10% of followers from the most followed crypto accounts are fake.
https://cointelegraph.com/news/crypto-twitter-has-a-persistent-fake-followers-problem-data-reveals
