Marathon Digital CEO: The possibility of the SEC approving the spot Bitcoin ETF is greater than 50%
Marathon Digital CEO Fred Thiel is optimistic about the US Securities and Exchange Commission (SEC) approving a Bitcoin exchange-traded fund (ETF). Thiel stated that it is certain that if one project is approved, many others will be approved as well. The US SEC appears to be approving an Ethereum futures ETF, and if they do so, it will only increase the likelihood of approving a Bitcoin ETF. Personally, I am quite optimistic. I believe there is more than a 50% chance that the SEC will approve the bill.
Currently, there are about six applications to launch a Bitcoin ETF that will directly track the Bitcoin price, rather than tracking futures contracts or other derivatives. This will make it easier for investors to access Bitcoin without having to purchase and store cryptocurrencies themselves.
Friend.tech Changes Name of Core Asset from "Shares" to "Keys" Amid SEC Concerns
Friend.tech, a social token platform, has changed the name of its core asset from "Shares" to "Keys" to better illustrate their purpose as in-app items used to unlock friends' chatrooms. The original name was a placeholder during development, but the change may also be an attempt to avoid scrutiny from the U.S. Securities and Exchange Commission (SEC). The SEC has labeled many digital assets as securities, and calling their asset "Shares" could have put Friend.tech in its crosshairs. While the tokens on Friend.tech may not be considered securities, how users pitch their tokens could potentially make them securities.
Legal Expert: Friend.tech Could Get SEC's Attention
The decentralized social media platform Friend.tech was popular over the weekend, generating over $1 million in revenue within 24 hours. Mitchell Silberberg & Knupp partner Mark Hiraide stated that this could attract the attention of the SEC.
SEC Charges Titan Global Capital Management for Misrepresenting Performance Metrics and Compliance Failures
SEC has charged Titan Global Capital Management USA LLC (Titan), a FinTech investment adviser based in New York, for multiple compliance failures and misrepresenting hypothetical performance metrics in its advertising. Titan used misleading information in its ads between August 2021 and October 2022, promoting hypothetical "annualized" performance results as high as 2,700% for its Titan Crypto strategy. The SEC found that Titan's advertisements left out crucial information and violated the SEC's amended marketing rule. Titan cooperated with the SEC's investigation and agreed to pay $192,454 in disgorgement, prejudgment interest, and an $850,000 civil penalty.
Ripple CTO Explains SEC Interlocutory Appeal Controversy
According to reports, this week the SEC submitted an intermediate appeal application, and Ripple's Chief Technology Officer David Schwartz further explained the main controversial issues of the SEC's intermediate appeal. Schwartz stated that in normal court litigation, both parties have the right to appeal any adverse rulings at the end of the litigation. There will be many small rulings in the case ruling, and appeals usually take at least a year. If appeals are made every time there is a dispute, it will delay the case for a long time, or there will be many overlapping appeals that both parties need to deal with while the original case is still ongoing. The SEC claims that this is a special case and should be treated differently, that is, to stop the normal litigation process until the appeal is completed. In contrast, Ripple advocates that no exceptions should be made, even if the court allows the SEC to appeal, the case should proceed simultaneously.
People familiar with the matter: US SEC may approve multiple Ethereum futures ETF applications at the same time
Citing people familiar with the matter, the U.S. Securities and Exchange Commission (SEC) may approve multiple Ethereum futures exchange-traded fund (ETF) applications at the same time. Since July, regulatory agencies have received a large number of applications from investment companies, including requests combining futures Bitcoin (BTC) and Ethereum strategies.
As of now, the U.S. Securities and Exchange Commission has not instructed these companies to withdraw their applications, which is different from similar applications being instructed to withdraw by companies in 2021. According to sources from The Wall Street Journal, this indicates that regulatory agencies will not prevent the launch of the fund within a few weeks. At least 16 Ethereum or Bitcoin-Ethereum futures ETF applications are waiting for regulatory approval.
Gemini Has Filed a Defense To Dismiss the SEC’s Lawsuit Regarding the Gemini Earn Project
August 19th, cryptocurrency trading platform Gemini submitted a reply supporting the dismissal of the lawsuit filed by the US Securities and Exchange Commission (SEC) regarding the Gemini Earn project. The SEC claims that by establishing the Gemini Earn program and providing users with the opportunity to lend digital assets to Genesis based on specific loan agreements, Gemini participated in the illegal sale of unregistered securities. This means that the SEC must prove two things: (1) the existence of securities and (2) the sale of "such securities".
Ripple Must Submit a Response to the SEC’s Latest Motion by September 1
According to The Block report, the US Securities and Exchange Commission (SEC) submitted a motion to the US District Court for the Southern District of New York on Friday, requesting an intermediate appeal on its legal dispute with Ripple Labs. Yesterday, a New York judge approved the SEC's request for an intermediate appeal.
SEC's Approval of Ethereum Futures ETF Suggests Recognition of Ethereum as Non-Security
Crypto analyst Adam Cochran recently highlighted that the US Securities and Exchange Commission (SEC) approving an Ethereum futures exchange-traded fund (ETF) implies the acknowledgment that Ethereum itself is not a security. Cochran argued that the SEC cannot simultaneously argue that ETH is an unregistered "crypto asset security" and approve an ETH Futures ETF.
SEC Files Motion to Appeal Ruling XRP Is Not a Security
the US Securities and Exchange Commission (SEC) has proposed a motion to appeal the ruling that XRP is not a security.
