SpotEther ETFs are now officially legal in the US: Law Decoded
In its second landmark decision this year, the United States Securities and Exchange Commission has given the regulatory green light to identify ether exchange-traded funds (ETFs) in the country.
The SEC has approved 19b-4 filings from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy and Bitwise, approving changes to the rule that will allow Spot Ether (ETH) ETFs to be listed and traded on their respective exchanges.
Unlike spot Bitcoin (BTC) ETFs, which are approved by a five-member committee including SEC Chairman Gary Gensler, the Spot Ethereum ETF is approved by the SEC's Division of Commerce and Markets.
Another big difference between the approval process of the two crypto ETFs is that all 10 BTC ETFs started trading the day after they were approved, as they also received Form S-1 clearance.
Since ETF filers have yet to receive their S-1 SEC filings, spot ETFs could be weeks or months away from being launched on exchanges.
Hong Kong has ordered WorldCoin to cease operations on the island.
Hong Kong's Office of the Personal Data Privacy Commissioner (PCPD) has concluded its investigation into the Worldcoin project, determining that its operations in Hong Kong violate the Personal Data (Privacy) Ordinance.
Privacy Commissioner Ada Chung Lai-ling has issued an enforcement notice to Worldcoin in Hong Kong, ordering an immediate halt to all project work involving the scanning and collection of the public's irises and facial images using iris scanning devices.
According to the PCPD, collecting facial images was unnecessary to verify participants' humanity because iris scan operators could perform this verification in person at surgical sites, making scanning or collecting facial images an unnecessary step.
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Binance.US to restore Florida money services license
Binance.US has won an appeal against the suspension of its financial services business license in Florida. Florida's first-instance court of appeals found that an emergency restraining order issued by the state's Office of Financial Regulation (OFR) lacked legal standing.
The suspension of Binance.US's Florida license is in response to Binance CEO Changpeng Zhao's plea in federal court on November 21, 2023, to criminal charges for violating US anti-money laundering laws.
The appeals court cited state law that says the agency can suspend a financial services business license “in any reasonable manner” if the agency can show grounds that the decision is fair. In addition, the agency has not raised less-difficult alternatives to the ban.
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CBCC Anti-Surveillance State Legislation Passes US House
The CBCC's anti-surveillance state legislation passed the US House of Representatives in a mostly partisan vote. The bill still needs to be voted on in the Senate. By amending the Federal Reserve Act of 1913 to prevent Federal Reserve banks from offering certain products or services directly to individuals, the central bank would prohibit the use of digital currency for monetary policy. and for other purposes.”
Debate on the Republican-backed bill was sparsely attended. Republican supporters spoke of the potential abuse of central bank digital currency (CBDC), while Democrats focused on innovation, the global competitiveness of the dollar and the weak draft of the bill. Representative Brad Sherman called the bill “word salad” in favor of “crypto bros.”
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