Trump pledges to fire SEC Chair Gary Gensler ‘on day one’ if reelected
The Republican candidate laid out a plan for crypto policies should he win in November against prospective Democratic presidential nominee Kamala Harris.
U.S. SEC approves Grayscale Bitcoin Mini Trust’s 19b-4 Form
The U.S. Securities and Exchange Commission approved the 19b-4 form for the Grayscale Bitcoin Mini Trust on Friday. As stated in the S-1 filing released in March, the trust's stock code is "BTC" and aims to be a "split" of GBTC. The trust still needs its S-1 registration statement to be effective before trading can begin.
The ETF Store President: Still believes that the US SEC will approve the S-1 application for the Ethereum spot ETF next week
The president of The ETF Store, Nate Geraci, posted on social media that the SEC seems to be going through a "holding breath" phase similar to the one before the 19b-4 application was approved, but he still believes that the SEC will approve the S-1 application for ETH spot ETF next week without any reason for delay.In response, Bloomberg analyst Eric Balchunas stated that every issuer is ready and the documents are prepared, so things may develop quickly next week.
Cointime June 29th News Express
1. In the past 24 hours, the transaction volume of Pudgy Penguins was nearly 2 million US dollars, an increase of nearly 700%
The US SEC has returned the S-1 form to the potential Ethereum ETF issuer with a few comments, asking it to fix the problem and resubmit.
The US Securities and Exchange Commission has returned the S-1 form to the potential Ethereum ETF issuer with some comments, asking them to address the issues and resubmit. Sources say that at least one more round of review is needed before these measures can take effect. The issuer has reportedly been asked to address these comments and resubmit before July 8th. Sources note that this will not be the final declaration after the form is returned, meaning that at least one more declaration is needed before the ETF can begin trading.
US judge: The nature of tokens may change, and securities attributes may not always remain
Fox Business reporter Eleanor Terrett posted on social media that in the latest development of the SEC's lawsuit against Binance, Judge Jackson stated that the nature of tokens can evolve over time, and even if the token was initially issued as a security, it does not always remain as a security. Terrett pointed out that Judge Jackson may be the first judge to formally mention this matter. She argued that assets that are the subject of so-called investment contracts are themselves "securities" because they can be bought and sold by individuals on any number of exchanges and used in any way at uncertain times, which deviates from the Howey framework and falls outside the scope of court rulings, leaving no clear distinction in the market between securities and non-securities for the industry and future buyers and sellers.
Chairman of the U.S. SEC: The economic substance of a product determines whether it is a security under the Securities Act
The US Securities and Exchange Commission (SEC) announced that Terraform Labs PTE, Ltd. and Do Kwon have agreed to pay over $4.5 billion.SEC Chairman Gary Gensler stated: "This case confirms the repeated fact that the economic substance of a product, not labels, promotion, or hype, determines whether it is a security under securities laws. Terraform and Do Kwon's fraudulent conduct reminds us that investors are harmed when companies break the law."
US SEC is ‘bent on choking’ the crypto industry — Coinbase
The United States Securities and Exchange Commission “is serious about the destruction of digital assets,” according to cryptocurrency exchange Coinbase.
If SEC approves spot Ether ETFs, many ‘will be caught severely offside’
Coinbase institutional research analyst David Han believes “there is room for surprise to the upside on this decision.”
U.S. Senator Warren Supports SEC’s Controversial Crypto Asset Accounting Standard SAB 121
US Senator Elizabeth Warren expressed support for SEC Staff Accounting Bulletin (SAB) 121 during a recent Senate hearing. Warren stated that the standard applies to companies dealing with cryptocurrency business, and aims to provide accounting guidance on how companies should consider risks related to cryptocurrency and disclose these risks in their disclosures. Related risks include hacking, theft, and the loss of cryptocurrency when protecting the company from bankruptcy.Warren added that the standard does not require cryptocurrency platforms to add customers' cryptocurrency to their balance sheets - a statement that contradicts the claim made by Patrick McHenry, Chairman of the House Financial Services Committee, who previously stated that the bill "requires financial institutions and companies that protect customer digital assets to retain these assets on their balance sheets." In addition, this standard does not make the platform the owner of its customers' cryptocurrency. (CryptoSlate)Yesterday, the US Senate voted 60-38 to overturn a resolution on SEC SAB 121, but the resolution may be vetoed by President Biden's desk. It is reported that the SEC's previously issued Staff Accounting Bulletin 121 SAB 121 requires companies to record their holdings of cryptocurrency assets on their balance sheets, but critics argue that this provision is too stringent and essentially hinders major custodial institutions and companies from holding cryptocurrency assets for their clients.
