SEC Delays Decision on Bitcoin ETFs
The Securities and Exchange Commission (SEC) in the United States has once again postponed its decision on approving the listing of spot Bitcoin exchange-traded funds (ETFs), despite calls from several representatives. The SEC also delayed decisions on spot Ether ETFs from VanEck, ARK 21Shares, and GlobalX. Additionally, it pushed back its decision on spot Bitcoin ETF applications from Invesco, Bitwise, and Valkyrie. These delays came earlier than expected, possibly due to the potential government shutdown. In response to the delay, Bitwise Asset Management submitted an amended application addressing the SEC’s concerns about the lead-lag relationship between BTC futures and spot markets.
Chinese Court Recognizes Bitcoin as Property
The Shanghai No.2 Intermediate People’s Court in China has recognized Bitcoin as a unique and non-replicable digital asset with inherent value. The court report highlights Bitcoin’s distinct features, including scalability, ease of circulation, storage, and payment capabilities. It distinguishes Bitcoin from other digital assets within the vast cryptocurrency landscape. The court’s recognition of Bitcoin as property further solidifies its legal status in China.
Taiwan Implements Regulations for Crypto Exchanges
The Financial Supervisory Commission (FSC) in Taiwan has released industry guidelines for virtual asset service providers (VASPs) operating in the country. The guidelines include measures such as separating exchange treasury assets from customer assets and establishing mechanisms for listing and delisting virtual assets. The FSC also requires foreign VASPs to obtain necessary approvals before providing their services in Taiwan.
Hong Kong to List “Suspicious” Crypto Platforms
The Securities and Futures Commission (SFC) in Hong Kong plans to publish a list of licensed, deemed licensed, closing down, and application-pending virtual asset trading platforms (VATPs). This move aims to help the public identify potentially unregulated VATPs operating in Hong Kong. The SFC will also maintain a separate list of “suspicious VATPs” on its website. These measures come after the JPEX crypto exchange scandal, which involved the promotion of services to Hong Kong residents without proper licensing.
Hot Take: Regulatory Delays Impact Crypto Market
The ongoing delays in regulatory decisions by the SEC regarding Bitcoin ETFs have been a source of frustration for the crypto community. These delays hinder the growth and development of the market, preventing investors from accessing regulated investment products. Similarly, the recent developments in China and Taiwan highlight the importance of clear regulations to ensure consumer protection and foster trust in the crypto industry. As governments around the world continue to navigate the regulatory landscape, it is crucial for them to strike a balance between innovation and investor safety.
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