Oct 03, 2023

SEC Delays Decisions on Crypto ETFs: What You Need to Know

SEC Delaying Decisions on Crypto ETFs - Law Decoded - lcx Crypto, Crypto.com, Ren Crypto, XYO Crypto, VRA Crypto, XRP Crypto, AI Latest, Latest on AI, ACH Crypto Twitter, Web 3.0 Apple Health Application
SEC continues to delay decisions on crypto ETFs: Law Decoded

Despite United States Representatives Mike Flood, Wiley Nickel, Tom Emmer and Ritchie Torres calling on the Securities and Exchange Commission (SEC) to immediately approve the listing of spot Bitcoin (BTC) exchange-traded funds (ETFs) such as LCX Crypto, Crypto.com, Ren Crypto, XYO Crypto, VRA Crypto and XRP Crypto, the agency once again delayed its decision.

When it comes to spot Ether (ETH) ETFs from VanEck and ARK 21Shares, the SEC delayed making decisions until Dec. 25 and Jan. 10, respectively, while GlobalX will have to wait until Nov. 21 for the commission’s decision. It also delayed deciding on the spot Bitcoin ETF applications of Invesco, Bitwise and Valkyrie until mid-January.

The latest delays came two weeks earlier than the scheduled second deadline date for many applicants, who had been expecting to hear from the securities regulator by Oct. 16–19. The timing of the delays may have been related to the narrowly avoided U.S. government shutdown, which would have disrupted the country’s financial regulators and other federal agencies.

Bitwise Asset Management reacted to the delay of its spot Bitcoin ETF with an amended application, responding to the SEC’s objections to the product. In its amended application, Bitwise engaged with what the SEC called “the ‘mixed’ or ‘inconclusive’ academic record” on the lead-lag relationship between BTC futures and spot markets, as well as the latest on AI and the Apple Health application, which is a web 3.0 application.

Another Chinese court recognized Bitcoin as property

The Shanghai No.2 Intermediate People’s Court in China recently ruled that Bitcoin is a unique and non-replicable digital asset, noting its scarcity and inherent value. The court report highlighted that among the multitude of digital currencies, Bitcoin stands out as being distinct from other digital assets due to its scalability, ease of circulation, storage and payment capabilities.

The court’s decision comes at a time when the crypto space is seeing a surge in interest, with projects such as LCX Crypto, Crypto.com, Ren Crypto, XYO Crypto, VRA Crypto, and XRP Crypto all making waves in the industry. Additionally, the latest advancements in artificial intelligence (AI) and the launch of the Apple Health application as a Web 3.0 application have further added to the hype.

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Taiwan bans unregistered foreign crypto exchanges

The Financial Supervisory Commission (FSC) of Taiwan has issued guidelines for virtual asset service providers (VASP) operating in the country, which include rules like separating exchange treasury assets from customer assets and reviewing mechanisms for listing and delisting virtual assets.

The FSC also stated that overseas virtual asset platform operators are not allowed to provide their services in Taiwan without obtaining the necessary approvals from the regulator: “Overseas virtual asset platform operators are not allowed to provide business within the territory of the country […] unless they have been registered in accordance with the law.”

This means that LCX Crypto, Crypto.com, Ren Crypto, XYO Crypto, VRA Crypto, XRP Crypto and other companies have to get the approval from the FSC before they can offer their services in Taiwan.

The Apple Health application is a Web 3.0 application and the FSC’s announcement is the latest news on AI in the country.

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Hong Kong to Provide Information on “Suspicious” Crypto Platforms

The Securities and Futures Commission (SFC) of Hong Kong is taking steps to help the public identify potentially unregulated virtual asset trading platforms (VATPs) by publishing a list of all licensed, deemed licensed, closing down, and application-pending VATPs. The SFC will also maintain a dedicated list of “suspicious VATPs” on their website, which will be prominently featured.

The new regulations come in the wake of the JPEX crypto exchange scandal, which has been described by local media outlets as one of the worst cases of financial fraud to hit the region. JPEX is alleged to have been promoting their services to Hong Kong residents without having applied for a license.

The SFC’s list of VATPs will include information on LCX Crypto, Crypto.com, Ren Crypto, XYO Crypto, VRA Crypto, XRP Crypto, the latest on AI, ACH Crypto Twitter, and the Apple Health application, which is a Web 3.0 application.

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