Cathie Wood predicts SEC will approve multiple spot Bitcoin ETFs at once
Cathie Wood, founder and CEO of ARK Investment Management, has suggested that the SEC will approve multiple spot Bitcoin ETFs at the same time. In an interview with Bloomberg, Wood predicted that if the SEC moves forward with any application currently under consideration, it will approve "more than one [ETF] at once." Grayscale has also proposed that all proposed spot Bitcoin ETFs be approved at the same time to avoid one having an advantage over another. The SEC has received crypto ETF applications from Invesco, BlackRock, Valkyrie, VanEck, Wisdom, Fidelity, and ARK Invest.
CoinGecko Launches Index Tracking SEC-Deemed Securities Tokens, Binance Coin Tops List
CoinGecko has launched a new index that tracks the top crypto tokens viewed as securities by the SEC. The 'Top Alleged Securities Coins' page lists the tokens by market capitalization, with Binance Coin at the top of the list, followed by Cardano, Solana, and TRON. The index was created by compiling a selection of the most notable tokens that have been deemed securities by the SEC in past lawsuits.
Flare CEO highlights setback in Ripple's product development due to XRP lawsuit uncertainty
Hugo Philion, founder of Flare Network, has commented on the impact of the ongoing XRP lawsuit between Ripple Labs and the SEC. Philion believes that the legal uncertainty surrounding XRP's regulatory status has hindered Ripple's ability to focus on product development, causing a delay of around 2.5 years. This diversion of time and resources has allowed stablecoin issuers to establish themselves as viable alternatives in the market, posing a challenge to Ripple's objectives. Despite setbacks, Philion suggests that Ripple may find success in underserved corridors of the traditional financial system, but progress may be slower than anticipated due to increasing skepticism in the crypto industry.
SEC Awards $104 Million to Seven Whistleblowers for Assisting Successful Enforcement Actions
The Securities and Exchange Commission (SEC) has granted over $104 million in awards to seven individuals who provided crucial information and assistance leading to a successful SEC enforcement action and related actions. This marks the fourth largest award in the SEC's whistleblower program's history. The whistleblowers, comprising two sets of joint claimants and three single claimants, played a significant role in initiating or contributing to SEC investigations by providing supporting documents, interviews, and identifying potential witnesses.
Coinbase CEO Brian Armstrong Reveals Binance Sold Its USDC Holdings in Earnings Call
During Coinbase's Q2 earnings call, CEO Brian Armstrong unexpectedly disclosed that Binance had sold all its holdings of the stablecoin USDC, causing its market cap to increase. Armstrong's statement implied that USDC is now safer without Binance's involvement. However, USDC's market cap has been declining rapidly, dropping from $44.5 billion to $26 billion.
Hex Market Cap Drops by $500M Following SEC Lawsuit Against Founder Richard Heart
The market capitalization of HEX has decreased by almost $500 million since the SEC accused its founder, Richard Heart, of conducting an unregistered securities offering with the issuance of HEX in 2018. The lawsuit also affected the TVL of its sister layer-1 network Pulsechain, which fell by more than 50%. MetaMask and Uniswap have reportedly removed support for HEX transactions on their platforms, possibly due to the recent SEC action. However, this decision has been criticized by the HEX community and decentralization enthusiasts.
Coinbase argues SEC lacks authority to pursue enforcement action in latest filing
Coinbase has filed a motion to dismiss the US Securities and Exchange Commission's (SEC) case against the company, arguing that the SEC has "violated due process, abused its discretion and abandoned its own earlier interpretations of the securities laws." Coinbase claims that the "subject matter falls outside of the agency's delegated authority" and that the SEC can only pursue enforcement action if the relevant transactions are "investment contracts" and therefore "securities" under the Securities Act of 1933 and the Securities Exchange Act of 1934. Coinbase also argues that the SEC cannot "retroactively" regulate digital asset exchanges and that the Major Questions Doctrine would require dismissal of the complaint. The SEC sued Coinbase in June for allegedly operating as an unregistered exchange and offering unregistered securities.
11 Ether Futures ETFs Filed with SEC in One Week, ProShares Leads with Four Applications
The SEC has received a surge of applications for Ether futures ETFs, with a total of 11 filings submitted in less than a week. ProShares has filed four separate applications for Ether-based ETFs, including a dual Bitcoin and Ether futures strategy ETF. All of the Ether-related ETF filings have been for futures ETFs, and if approved, they will launch 75 days from their respective filing dates. The difference between futures and spot ETF products is that the former tracks the price of futures contracts while the latter involves purchasing the underlying asset.
Bitcoin and Ether Stable in Asian Trading, Coinbase Bullish on Q2 Earnings Amid SEC Legal Battle
Bitcoin and Ether held steady while other top 10 non-stablecoin cryptocurrencies experienced losses due to unfavorable macroeconomic conditions. Litecoin saw the biggest losses despite its halving event. Coinbase Global reported bullish Q2 earnings and expressed confidence in winning its legal battle with the SEC. The Forkast 500 NFT Index decreased while U.S. equity futures gained, with traders awaiting the release of U.S. jobs data later on Friday.
SEC Chair Gary Gensler Shifts Focus to AI, Citing Potential Risks and Rewards
The chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, is shifting his focus from cryptocurrency to artificial intelligence (AI), a technology he believes is the most transformative of this generation. Gensler warns of the dangers of unchecked AI automation in finance, which could have cascading implications for trillions of dollars in assets overseen by the SEC. Gensler has proposed regulatory frameworks for AI, requiring trading houses and money managers to evaluate whether their use of AI or predictive data could lead to conflicts of interest. However, Gensler's shift in focus toward AI does not indicate the SEC loosening its grip on cryptocurrencies, as several lawsuits involving major crypto firms are still pending.
