Grayscale Bitcoin Trust Discount Shrinks to 28% Amid Push for Spot Bitcoin ETF
The Grayscale Bitcoin Trust (GBTC) has faced uncertainty due to fluctuations in the crypto market, triggered by the bankruptcy of Genesis Trading, a company under the same umbrella as GBTC. However, the trust has seen improvement as the market has moved on and the discount has started to shrink.
US Senators Lummis and Gillibrand to Unveil Crypto Regulation Proposal on July 12
US Senators Cynthia Lummis and Kirsten Gillibrand are set to introduce a revamped crypto regulation proposal called the Lummis-Gillibrand Responsible Financial Innovation Act. The bill aims to bridge the regulatory divide between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) and provide clarity for the crypto industry.
The Court has issued LBRY Liable for Violating Section 5 of the Securities Act of 1933
According to the Court file, On November 7, 2022, the Court granted Plaintiff Securities and Exchange Commission’s Motion for Summary Judgment (Doc. 55) and found Defendant LBRY, Inc. (“LBRY”) liable for violating Section 5 of the Securities Act of 1933. See Doc. 86. The Commission has moved this Court for entry of Final Judgment.
Coinbase and SEC to Meet in Court for First Time in Lawsuit Alleging Unregistered Securities
Coinbase and the SEC will have their first court meeting this week regarding the SEC's lawsuit against the crypto exchange. The hearing will provide insight into how the judge is approaching the case and what issues may be prominent. The case could last for years if the parties do not settle. The SEC alleges that Coinbase was operating as a broker, exchange, and clearinghouse for unregistered securities, while Coinbase argues that there is not enough regulatory clarity for crypto industry participants to know if they are violating federal securities laws.
Grayscale to Provide Documentation in Lawsuit Settlement with Fir Tree Capital Management
Fir Tree Capital Management and Grayscale Investments have settled a lawsuit filed by the hedge fund against the crypto asset management firm. The lawsuit, filed in December, sought information to investigate potential mismanagement and conflicts of interest. As part of the agreement, Grayscale will provide documentation around its flagship product, GBTC, which offers exposure to bitcoin in the form of a security. Fir Tree's original complaint alleged that Grayscale investors have been harmed by "shareholder-unfriendly actions" and called for redemptions of GBTC. Grayscale is committed to converting GBTC to an ETF and is suing the SEC to pave the way for the agency to greenlight its proposal.
Why the Legal Battle Between Ripple and SEC Has Taken So Long: Insights from Attorney John E Deaton
The Ripple vs. SEC legal battle has been ongoing for 931 days, with the community eagerly awaiting a ruling. Attorney John E Deaton, representing XRP holders, recently took to Twitter to shed light on the prolonged timeline and dispel speculations surrounding the case.
Crypto Exchanges Battle for Dominance in US Market Amid Regulatory Crackdown
Crypto exchanges Coinbase and Binance.US have lost market share in the United States following regulatory crackdowns and lawsuits by the SEC. Rivals Kraken, Bitstamp, and LMAX Digital have seen their market shares increase, with Kraken now holding around 29% of the market share.
Crypto Investment Firm Paradigm Files Amicus Brief in SEC Case Against Bittrex, Claims Regulator is Overstepping Jurisdiction
Crypto investment firm Paradigm has submitted an amicus brief in support of exchange Bittrex, arguing that the SEC is exceeding its jurisdiction. Paradigm claims that the SEC has wrongfully attempted to regulate crypto secondary markets, which it says is an undue extension of the Howey test.
Grayscale Argues SEC’s Inconsistency After Approval of Leveraged Bitcoin Futures ETF
Investors are eagerly anticipating the approval of the first exchange traded fund (ETF) for spot markets, following the approval of 2X Volatility Shares to start trading the first ETF in leveraged Bitcoin futures.
Pro Ripple Lawyer Criticizes SEC's Regulatory Environment, Highlights Ethereum's Role in XRP Lawsuit
John Deaton, a prominent Ripple supporter and founder of Crypto-Law.US, criticized the regulatory environment provided by the US Securities and Exchange Commission (SEC) for crypto companies in a recent Twitter exchange. The XRP community, along with Attorney Bill Morgan and Deaton, expressed concerns about the delay in Judge Torres' ruling, according to CoinGape.
