SEC continues to delay decisions on crypto ETFs: Law Decoded
Despite U.S. Representatives Mike Flood, Willie Nickell, Tom Emmer and Richie Torres asking the Securities and Exchange Commission (SEC) to immediately approve a list of spot Bitcoin (BTC) exchange-traded funds (ETFs), the agency has again delayed. Decision.
When it comes to separating the VanEck and ARK 21Shares Ether (ETH) ETFs, the SEC has delayed decisions until December 25 and January 10, respectively, while GlobalX will have to wait until November 21 for the commission's decision. Also, Invesco, Bitwise and Valkyrie's Bitcoin ETF applications have been delayed until mid-January.
The latest delays come two weeks ahead of the second scheduled deadline for many applicants who had been waiting to hear from the regulator from October 16–19. The delay may have been related to the narrowly missed U.S. government shutdown, which has rattled the nation's financial regulators and other federal agencies.
Bitwise Asset Management has responded to the SEC's objection to the product with an updated application on the delay of the Bitcoin ETF. In the revised application, Bitwise engaged with what the SEC called the “combined” or “non-combined” academic record” on the interrelationship between the BTC futures and spot markets.
Another Chinese court recognized Bitcoin as property
The Shanghai No. 2 Intermediate People's Court in China recognized bitcoin as a unique and non-replicable digital asset, acknowledging its scarcity and inherent value. According to the court report, digital currencies such as Bitcoin are characterized as unique and non-repeatable products of Internet technology. The report says that among the sea of digital currencies, Bitcoin is different and unique from other digital assets. It has key currency characteristics such as scalability, ease of transfer, storage and payment.
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Taiwan has banned unregistered foreign crypto exchanges.
Taiwan's Financial Regulatory Commission (FSC) has issued industry guidelines for Virtual Asset Service Providers (VASP) operating in the country and set critical points for regulating Taiwan's cryptocurrency market. In the guidance, the authority cited standard industry-wide rules such as separating treasury assets from client assets and evaluating strategies for listing and delisting fictitious values.
The FSC also required foreign VASPs to refrain from offering their services in Taiwan without the necessary approval from the regulator: overseas virtual property platform operators are not permitted to conduct business in the country's territory. […] Unless registered under the Act.
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Hong Kong Lists “Suspicious” Crypto Platforms
Hong Kong's Securities and Futures Commission (SFC) publishes a list of all licensed, licensed, closed and pending virtual asset trading platforms (VATPs) to enable members of the public to identify potentially unregulated VATPs that are trading. hong kong. The SFC said it maintains a list of “suspicious VATPs” submitted in an easily accessible and popular section of its regulator's website.
The new laws come immediately after the JPX crypto exchange scandal, which local media have described as one of the worst cases of financial fraud in the region. JPEX has been accused of promoting its services to Hong Kong residents despite not applying for a license in the country.
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