Grayscale Investments' victory against the SEC has raised hopes for the approval of a spot bitcoin ETF in the US. However, the SEC can still appeal the decision, which may delay the ETF's introduction. The court ruled that the SEC's approval of bitcoin futures funds but not Grayscale's Bitcoin Trust conversion was "arbitrary and capricious". While some experts believe that the introduction of spot bitcoin ETFs in the US is now more likely, the court's decision does not mandate the approval of GBTC's conversion to an ETF. The SEC may require Grayscale to submit a 19b-4 form or issue a new decision in the coming weeks or months, and may still deny the conversion based on new reasons such as concerns about bitcoin custody.
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Grayscale's Court Victory Raises Hopes for Spot Bitcoin ETF in US, but SEC Could Still Appeal Decision
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Pennsylvania Passes "Bitcoin Rights" Bill and Considers Strategic Bitcoin Reserve Amid Criticism and Potential Economic Benefits
Pennsylvania has passed the "Bitcoin Rights" bill, which protects the rights of individuals and businesses to self-custody digital assets, operate blockchain nodes, and conduct transactions without interference from restrictive municipal ordinances. This move establishes Pennsylvania as a leader in digital asset regulation and demonstrates its commitment to fostering innovation in the sector while addressing issues such as economic empowerment and financial inclusion. Additionally, two Republican Representatives have introduced the Strategic Bitcoin Reserve Act, which would allow the state treasurer to allocate up to 10% of Pennsylvania's funds into bitcoin and crypto-based exchange-traded products. However, critics have raised concerns about the risks of holding bitcoin in government reserves, including extreme price volatility and security vulnerabilities, as well as environmental concerns related to bitcoin mining's energy consumption. Despite this, Pennsylvania's proactive approach to fostering a crypto-friendly environment positions the state as a model for equitable digital asset adoption and underscores the growing role of state governments in shaping the future of the digital economy. -
It is reported that Trump may meet with Ripple CEO and other crypto industry representatives to discuss the formulation of US crypto policy
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the European Banking Authority (EBA) is the European regulatory agency responsible for addressing weaknesses in the European banking industry. It has issued two sets of guidelines, including specific guidelines for payment service providers (PSPs) and cryptocurrency asset service providers (CASPs). On November 14th, EBA released guidelines that specify the measures that PSPs and CASPs must take when transferring funds or cryptocurrency to comply with EU and national restrictive measures. According to EBA, these guidelines ensure the implementation of EU and national sanctions. EBA believes that weaknesses in control, internal policies, and procedures may pose legal and reputational risks to financial institutions (including PSPs and CASPs). In addition, weak links in these areas for financial institutions may also "weaken" the effectiveness of the EU's restrictive measures system. The European Banking Authority emphasizes that this may lead to rule evasion, thereby affecting the stability of the EU's financial ecosystem. According to ECA, these guidelines will apply from December 30, 2025. -
Cardano founder confirms he will work with Trump administration on crypto legislation
Cardano founder Charles Hoskinson has confirmed plans to collaborate with the US government under the leadership of President Trump to help formulate cryptocurrency legislation. The goal is to create a clear regulatory framework for the cryptocurrency industry, which has faced uncertainty and regulatory challenges for years. Hoskinson announced these plans in a recent speech and stated that developing positive policies regarding cryptocurrency requires support from both the Democratic and Republican parties. He stated that his company, Input Output Global (IOG), will establish a separate policy department for cryptocurrency regulation. This office will focus on developing a legislative framework that incorporates the provisions of the 21st Century Financial Innovation and Technology Act (FIT21) and the Responsible Financial Innovation Act (RFIA). He added, "I will work with legislators and the government to push for a bipartisan bill to be passed." -
UK House of Lords backs Digital Asset Property Bill
members of the UK House of Lords expressed support for the country's digital asset property bill during a second reading session on Wednesday. The House of Lords Committee generally believes that the bill will provide more clarity on how the legal system treats cryptocurrencies and may mark another step forward for the UK in paving the way for domestic cryptocurrency use. The bill was drafted by the independent statutory body, the Law Commission, and was launched in the UK in September. The bill adds a new "property" category within the scope of property to help resolve legal disputes involving cryptocurrencies. The bill will not only help judges in criminal proceedings involving cryptocurrency theft due to fraud or hacking, but will also help divide marital property. -
UAE to introduce legal framework for DAOs
The United Arab Emirates is focusing on introducing a legal framework for decentralized autonomous organizations (DAOs) in the Ras Al Khaimah Digital Asset Oasis (RAK DAO), a free economic zone dedicated to digital assets. Law firm NeosLegal and RAK DAO announced that the new system will be launched and discussed at the DAO Legal Clinic on October 25th. Irina Heaver, a partner at NeosLegal, said that the framework is expected to clarify how DAOs can remain legally compliant, and she believes this will have a significant impact on decentralized governance in the UAE and the wider Web3 ecosystem. The announcement emphasizes that the legal structure will clarify tax obligations and benefits. It will also establish property rights for on-chain and off-chain assets and provide legal protection for the founders, members, and contributors of the DAO from personal liability. The legal framework will also enable DAOs to enter into legally binding contracts and establish guidelines for resolving internal and external disputes. -
Deutsche Börse Clearstream: D7 platform has issued over 10 billion euros in digital bonds
Deutsche Börse's Clearstream announced that its digital securities platform D7 has issued over 10 billion euros (11 billion US dollars) in digital bonds. Currently, D7 is mainly used for two types of issuance, namely large digital bonds and structured products. From a technical perspective, the D7 platform uses DAML smart contracts, and the latest version of DAML supports the Canton blockchain. Previously, Clearstream also participated in a practical experiment using the French wholesale central bank digital currency CBDC for settlement. -
Grayscale transferred more than 1,000 BTC to Coinbase Prime address again last night
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Grayscale GBTC Bitcoin holdings fell below 300,000 BTC
Official data from Grayscale shows that as of April 26th local time, GBTC's Bitcoin holdings have fallen below the 300,000 BTC mark to 298,445.4699 BTC, a decrease of approximately 2,167 BTC from the previous day. Additionally, GBTC's assets under management (non-GAAP) have decreased to $19,052,609,573.56, and its circulating shares have decreased to 335,190,100.
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