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VanEck, the New York-based asset management firm, has submitted an amended application for a spot Bitcoin ETF to the United States SEC. Taking a unique approach that sets it apart from other applicants in the spot Bitcoin ETF market, VanEck submitted revised filings concerning its fund seeding on Oct. 27. Andddddd @vaneck_us joins the amendment filings for spot #bitcoin ETF issuers. h/t @NateGeraci pic.twitter.com/zdYuUTAaE6 — James Seyffart (@JSeyff) October 29, 2023 Notably, VanEck faced its third rejection from the U.S. SEC on March 10 for its proposal to list and trade shares of its Bitcoin Trust, further stalling its efforts to launch a spot Bitcoin ETF. These rejections are part of a broader pattern where the SEC has consistently turned down various digital asset ETFs, citing concerns over potential market manipulation. You might also like: JPMorgan foresees lawsuits for SEC on spot Bitcoin ETF rejections VanEck’s Bitcoin ETF application introduces B...

The crypto world is at a crossroads. Discover why tech leaders believe the SEC might be on the wrong path. The world of finance is changing fast, especially with the rise of cryptocurrencies. The U.S. Securities and Exchange Commission (SEC) is in charge of making sure things run smoothly and fairly for everyone. But, as new tech like crypto becomes popular, some big names in the business world think the SEC isn’t handling things quite right.  Let’s dive into what they have to say about the SEC’s approach. Musk, Cuban, and the SEC As the constant debate over what constitutes “fair play” in the financial world continues, Elon Musk and Mark Cuban emerge as two defiant figures challenging the conventions set by the SEC.  Elon Musk  Known for his ventures like Tesla, SpaceX, and his recent rebranding of Twitter to X, Musk is frequently at odds with regulators, including the SEC. His history with the agency is notable, especially the incident in...

The U.S. Securities and Exchange Commission (SEC) and Ripple have agreed to a “dismissal with prejudice,” potentially averting an upcoming trial. The U.S. Securities and Exchange Commission (SEC) has informed the U.S. District Court for the Southern District of New York that the parties in its ongoing case against Ripple have agreed upon a “dismissal with prejudice.” This implies that there will be no need for the previously scheduled trial. However, the announcement does not mean that the SEC’s civil case against Ripple, initiated in 2020, has been dropped altogether. The exact nature and outcome of this dismissal remain to be seen. Both parties will discuss the appropriate remedies for Ripple’s alleged Section 5 violations regarding its Institutional Sales of XRP. They have until Nov. 9, 2023, to agree upon a briefing schedule, or they will seek a plan from the court. Today was an even better day. Ripple: 3 SEC: 0 In all seriousness, Chris and...

FTX founder Sam Bankman-Fried’s criminal trial for fraud resumed at 10 a.m. New York time, as Federal Judge Lewis A. Kaplan moved to conclude jury selection and hear opening statements from attorneys on both sides. Senior District Judge Lewis A. Kaplan is presiding over the case, and Assistant U.S. Attorney Nicolas Roos is leading the prosecution. The defense is being led by Mark Cohen. Here are the latest live updates from inside the courtroom on day 2:  Judge Kaplan wrapped up initial juror picks around 11:20 a.m. ET, with 12 jurors and 6 alternates selected. Opening statements begin with 40 minutes for the defendant, and 25 minutes for the prosecutors.  Opening statement from the prosecutor Assistant U.S. Attorney says Bankman-Fried lied to the world as he built his crypto empire at FTX. Only his close friends and girlfriend knew the truth about what was happening.  Prosecutor says the defendant opened bank accounts with fake records and stole FTX customer depos...

Decentralized file-sharing network LBRY (LBC) filed a declaration of intent to challenge the accusations that the SEC had moved against it. In a Sept. 7 filing, LBRY’s legal counsel appealed to the United States Court of Appeals for the First Circuit. This Court’s final judgment was issued in July. The judge then declined to rule whether the sale of LBRY’s LBC tokens constituted an unregistered security offering. LBRY, a decentralized content platform, has been embroiled in a legal battle with the US Securities and Exchange Commission (SEC). The regulator filed a civil lawsuit against LBRY in March 2021, alleging that the platform’s unregistered sales of LBRY Credits (LBC) constituted securities offerings. The SEC sought a $22 million disgorgement request and an injunction to halt any further LBC sales by LBRY. In November 2022, the SEC emerged victorious in the case, with the court ruling that LBC qualified as a security. LBRY, however, criticized the SEC’...

The US Securities and Exchange Commission (SEC) has accepted BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF). The SEC’s official calendar now shows BlackRock’s application will be published in the Federal Register, starting a 21-day public comment period. On the docket BlackRock’s application to launch a spot Bitcoin exchange-traded fund (ETF) has been added to the SEC docket as part of the proposed rule change process.  This latest development, recorded on July 13, represents a significant milestone for the Bitcoin-related proposal currently being screened by the SEC. BlackRock initially submitted its filing in June. However, it recently caught the attention of the SEC, prompting an update. The revised application featured a provision for “surveillance-sharing,” specifically with Coinbase. You might also like: SEC accepts bitcoin ETF applications from BlackRock, Fidelity, Galaxy Digital Before the announcemen...

Regulatory uncertainty and the lack of transparency on stablecoins caused crypto markets to trade at its lowest levels in 3 months. The cryptocurrency total market capitalization fell to $1.02 trillion on June 15, its lowest level in three months. But while the derivatives market's resilience and end-of-week price gains amid uncertainty in stablecoins' reserves provides hope for bulls, it might be too soon to celebrate. Crypto regulatory conditions deteriorate The past few week have seen a bearish trend fueled by regulatory uncertainty. Last week, Bitcoin (BTC) and BNB saw 2.5% gains, but XRP dropped 5.2%, and Ether (ETH) traded down 0.7%. Total crypto market cap in USD, 1-day. Source: TradingView Notice that the 10 -week long pattern has tested the support level in multiple instances, signaling that bulls will have a hard time breaking from the bearish trend while regulatory conditions have worsened across the globe. For starters, New York-based derivatives exchange Bakkt is...

Gün Sirer says the U.S. “won the first wave of the internet revolution” because it enabled responsible innovation. Now, it must do the same with blockchain. Ava Labs CEO Emin Gün Sirer will be calling on United States officials to “nurture” and “support” responsible blockchain innovation, warning that they face “ disastrous consequences ” if they don't. Gün Sirer’s comments in defense of what he describes as a “revolutionary technology” is part of a testimony that he is scheduled to give to the U.S. House Financial Services Committee on June 13 — the audience will include Chair Patrick McHenry, Ranking Member Maxine Waters and other members in the House Committee. Gün Sirer’s testimony aims to explain how blockchain can “transform society” by making digital services “more efficient, reliable and accessible to all.” My written testimony for the House Financial Services Committee hearing on blockchains and the future of digital assets is now public. You can read it to preview wh...

Deaton believes Hinman’s docs will be made public despite recent settlement rumors.  CryptoLaw founder attorney John E. Deaton has joined XRP community members to comment on the joint request filed by the SEC and Ripple regarding the filing of public, redacted versions of summary judgment materials and accompanying exhibits, including the drafts of William Hinman’s 2018 speech.  For context, the parties  filed a joint letter yesterday asking for a one-week extension to enable them to file public, redacted versions of the cross-motion for summary judgment and other exhibits like Hinman’s documents.  Although the request covers the cross-motion for summary judgment, XRP community members were more concerned about the drafts of Hinman’s speech.  Defense lawyer and former federal prosecutor James K. Filan previously  disclosed  that Hinman’s docs would be released publicly on June 6, 2023. However, the request for an extension has now shifted the deadline to June 13, 2023...

A U.S. Representative has declared he will introduce legislation to have SEC boss Gary Gensler removed from his role. Securities and Exchange Commission (SEC) chair Gary Gensler could be facing unemployment after United States Representative Warren Davidson declared he would introduce legislation to fire the SEC boss. In an April 15 tweet responding to Coinbase’s legal chief, Paul Grewal, the crypto-friendly Representative announced his intention to have Gensler removed from his role after the SEC's latest announcement about revisiting the proposed redefinition of an "exchange." "To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the role with an Executive Director that reports to the Board (where authority resides)," Davidson tweeted. Yep. To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commiss...

In mid-2022, crypto broker Voyager Digital filed for bankruptcy, citing market conditions. A host of companies lined up to throw Voyager a life jacket and help it avoid insolvency. At the time, FTX was a top contender. Post its collapse, the planned acquisition failed. In January 2023, Binance.US managed to garner the court’s approval for the same. Binance.US was supposed to acquire the crypto assets and customer deposits of  Voyager Digital via a $1.02 billion deal. Also Read: Binance garners court approval to acquire bankrupt firm Voyager Digital At press time, the SEC has now opposed Binance.US’s deal to purchase Voyager’s assets. The regulatory agency, via its recent court filing, said that the deal could end up being unlawful and discriminatory. Additionally, other proposed tangents in the Binance.US Voyager  deal might also be non-compliant with the law. The SEC indicated that the means of repaying back Voyager ’s former customers was one such aspect. Ela...

Security vs. not a security has always been an ongoing debate in the crypto ecosystem. With the multi-billion dollar crypto market growing, investors have been waiting on how various financial regulatory agencies will regulate it. In fact, at the heart of SEC’s lawsuit against Ripple, the matter of dispute remains to be the same. The agency filed a lawsuit against the blockchain payments firm back in December 2020. They argued that its native XRP tokens fell under the “ security ” category and not the “currency” category. On Tuesday, Gene Hoffman, the CCO of blockchain project Chia took to Twitter to state that PoW assets like Bitcoin, Litecoin, and Dogecoin are not sec urities, while the likes of Ethereum, XRP, Solana , and Cardano are. he explicitly tweeted, “BTC, LTC, DOGE, XCH not securities. ETH, XRP, FTT, SOL, AVAX, ADA always have been.” In fact, a couple of days back, when Ethereum founder Vitalik Buterin opined on what he...