Top Stories This Week
US SEC deems spot Bitcoin ETFs filings as inadequate
There may be a longer wait for a spot Bitcoin exchange-traded fund (ETF) in the United States, as the Securities and Exchange Commission labeled investment managers’ recent applications inadequate. The SEC told the Nasdaq and the Chicago Board Options Exchange that their filings are not “sufficiently clear and comprehensive.” The regulator returned the filings, citing the lack of information regarding the proposed surveillance-sharing agreement. Asset managers can still resubmit their applications.
Cathie Wood’s ARK reportedly ‘first in line’ for a spot Bitcoin ETF
ARK Investment Management is reportedly ahead of BlackRock in the race for a spot Bitcoin ETF, as it still has a previous application pending with the United States securities regulator. ARK and 21Shares filed their third application for a spot BTC ETF in April, and amended it this week to include a surveillance-sharing agreement, making it similar to BlackRock’s filing. Since BlackRock’s application on June 16, other investment firms such as Valkyrie, WisdomTree and Invesco have reapplied for spot Bitcoin ETFs.
Binance to lose support of its euro banking partner
Crypto exchange Binance informed users that its current euro banking partner, Paysafe Payment Solutions, will no longer support the exchange after September 25. Binance said it will switch to a new service provider for euro deposits and withdrawals via SEPA bank transfer, though it didn’t name which provider that would be. In recent months, Binance has been facing waves of backlash from regulators around the world, leading to a cessation of operations in various countries.
FTX has recovered $7B in assets so far, has almost $2B to go to cover misappropriations
FTX has recovered about $7 billion in liquid assets so far, and the search for additional assets is continuing, according to an interim report released June 26. The extensive commingling of funds…