NFT News by Thebittimes.Com

The US Securities and Exchange Commission (SEC) Chairman Gary Gensler has said that the arrival of the recently approved Spot Ethereum ETF will “take some time.” Gensler noted to CNBC Wednesday morning that the agency is still working on various disclosure measures. The ETH ETF approval last week was a surprise to the digital asset market as a whole. The SEC had long resisted the approval of the crypto-based exchange-trade product, despite the success of a Spot Bitcoin ETF following its January approval. Conversely, Gensler discussed the need for patience as the process is still ongoing. Also Read: JPMorgan Predicts ‘Negative’ Market Response to Ethereum ETFs SEC Chair Says Ethereum ETF Could Still Take Time With the midpoint of 2024 fast approaching, crypto-based ETFs have dominated the finance sec tor. Both Bitcoin and Ethereum have received approval for the investment vehicle, as the cryptocurrency market could be set to face a surge in investor interes...

Financial products provider Direxion has filed to register five Bitcoin (BTC) ETFs. Bloomberg analyst James Seyffart reported that on Jan. 18, Direxion filed to register five leverage d Bitcoin ETFs with the U.S. Securities and Exchange Commission (SEC). UPDATE: @DirexionLETFs joins the leveraged #bitcoin ETF filings with 5 funds. 2x, -2x, 1.5x, -1.5x, and -1x. Rex Shares, ProShares and Direxion all filed now. pic.twitter.com/ZKhM4rhRtT — James Seyffart (@JSeyff) January 18, 2024 Direxion’s documents show plans to create Bitcoin funds with long leverage of 1x, 1.5x, and 2x, and one for each fund with short leverage . Leveraged ETFs are exchange-traded funds structured to mirror the daily returns of an underlying index. Bloomberg ETF analyst Eric Balchunas also noted in a commentary that leveraged Bitcoin ETFs could soon outnumber long-only positions. Direxion became the third company last month to file for a leverage d ETF, joining ProShares, which filed f...

The Coinbase vs. SEC case takes center stage as the leading exchange is set to argue why its traded tokens are not unregistered securities.  In June 2023, the SEC sued Coinbase, alleging the exchange traded 13 unregistered securities . The case is being heard by Judge Katherine Polk Failla today in the Southern District of New York. Insider reports from the hearing have revealed arguments and questions being asked by Judge Katherine Polk Failla. The judge scrutinized the Securities Act of 1933 as outdated by quoting pro-Bitcoin Senator Cynthia Lummis’ statement that the 90-year- old law does not consider new technologies like Bitcoin. The Securities Act of 1933 has been the SEC’s go-to guideline for most crypto cases.  *EDITING FOR CLARITY* Failla just asked the @SECGov why she shouldn’t listen to @SenLummis who says Failla should dismiss the case. “She’s not just a random Senator, she’s someone deeply involved in the space. Why is she wrong?” SEC lawyer says a Senator’s opinion… ...

The Securities and Exchange Commission (SEC) has denied the rulemaking petition filed by Coinbase. SEC Chair Gary Gensler says current laws enough for investor proections. Commissioners Hester Peirce and Mark Uyeda have released a statement disagreeing with the Commission’s decision. The Securities and Exchange Commission (SEC) has denied a crypto rulemaking petition filed by US-based crypto exchange Coinbase. SEC Chair Gary Gensler said in a statement published on Friday that he supports the Commission’s decision. He cited three reasons for his outlook on the agency’s latest course of action in relation to the quest for clear regulatory rules. “ I was pleased to support the Commission’s decision for three reasons ,” Gensler stated.  “ First, existing laws and regulations apply to the crypto securities markets. Second, the SEC addresses the crypto securities markets through rulemaking as well. Third, it is impo...

$4.5 trillion asset manager Fidelity has officially filed for a Spot Ethereum ETF . The move follows asset manager BlackRock, who filed their Ethereum ETF application last week. The official SEC filing recognizes Fidelity as responsible for the Trust’s Ether, while Delaware Trust company is the Trustee. If approved, Fidelity will provide Spot Ethereum ETF services to its clients. Thus, new institutional clients can open the gates to the cryptocurrency market. JUST IN: $4.5 trillion asset manager Fidelity files for Spot Ethereum ETF . — Watcher.Guru (@WatcherGuru) November 17, 2023 According to the Registration Statement, each Share will represent a fractional undivided beneficial interest in the Fidelity ETH Fund’s net assets. The Trust’s assets will consist of ETH held by the New York Department of Financial Services on behalf of the Fidelity Ethereum Fund. Spot ETFs dramatically broaden access to crypto for average investors, which has ...

Bloomberg ETF analyst Eric Balchunas doubts the SEC will deny ETFs after XRP’s price spiked on a faked BlackRock XRP trust filing, but it is a “bad look.” The Nov. 13 XRP (XRP) price action stemming from a falsified BlackRock XRP trust filing shouldn’t sway the United States securities regulator’s decision to approve or delay spot Bitcoin (BTC) exchange-traded funds (ETFs) — but it isn’t a good look, say industry observers. The Securities and Exchange Commission has previously claimed the Bitcoin market can be manipulated and has knocked back spot Bitcoin ETFs, citing a lack of market manipulation controls. Bloomberg ETF analyst Eric Balchunas told Cointelegraph the fake XRP filing should have little to no impact on the SEC’s final decision. “We doubt this will impact the situation with spot Bitcoin ETFs,” Balchunas said. However, he added the incident could validate the SEC’s beliefs. “There’s no doubt it is a bad look that arguably validates the ‘fraud and manipulation’ that the SEC...

The price of BTC rose sharply and fell almost as fast over the past three days amid two recent events impacting pending applications for spot Bitcoin ETFs. In less than a day, Bitcoin (BTC) has shed nearly all the gains it made from Grayscale Investment's court victory against the United States Securities regulator. On Aug. 29 Bitcoin popped to a two-week high after a judge ruled that the Securities and Exchange Commission was “arbitrary and capricious” when it rejected Grayscale’s spot Bitcoin ETF application. However, the SEC’s recent delay to seven pending spot Bitcoin ETF applications has sent Bitcoin’s price downwards, falling nearly 5% in the last 24 hours. Cointelegraph Markets Pro data shows Bitcoin’s price is currently around $26,000, falling steeply from around the $27,300 level it had been sustaining since the Grayscale win. BTC's seven-day price chart shows its gains erased. Source: Cointelegraph Markets Pro BlackRock, WisdomTree, VanEck, Bitwise, Valkyrie and Fid...

Tether’s reported new partnership with Britannia Bank makes it the third Bahamas-based bank to join forces with the stablecoin issuer. Tether, the stablecoin issuer behind USDT, has reportedly added Britannia Bank & Trust, a private bank based in The Bahamas to process dollar transfers on its platform. It is understood Tether has instructed clients to send money to Britannia’s bank account over the last few months, according to an Aug. 29 report by Bloomberg, citing people familiar with the matter. However, it isn’t clear when Tether’s banking relationship with Britannia Bank started, but its other reported banking partners include Deltec Bank and Capital Union Bank. In recent months, United States- based cryptocurrency firms have had to increasingly look offshore for banking partners amid increased scrutiny by U.S. regulators following the shock collapse of FTX in November. Tether’s unwillingness to publicly disclose the full extent of its balance sheet and banking relationsh...

Oscar Franklin Tan, the chief legal officer of NFT platform Enjin, told Cointelegraph that it’s very problematic to imply that all NFTs are securities, as it could hold back creators. The United States Securities and Exchange Commission’s (SEC) first enforcement action on a nonfungible token (NFT) project triggered responses from community members, who pointed out how the decision could be “problematic” for many NFT projects that fit the description and might be next on the SEC’s hit list.  On Aug. 28, the SEC charged the entertainment company Impact Theory for allegedly conducting the sales of unregistered securities . According to the SEC, the NFTs called “Founder’s Keys” were sold as an “investment into the business.” The company allegedly raised around $30 million through the sales. The SEC believes that the NFTs sold were investment contracts and qualified as securities. The filing noted that the firm violated the Securities Act of 1933 for selling the NFTs without registration. ...

The group sent a detailed letter to the U.S. House Financial Services Committee accusing the crypto market of seeking favorable legislation under the guise of crypto innovation. An alliance of industry watchdogs based in the United States has united to express opposition to a proposed draft bill on the crypto market structure by the United States House Financial Services Committee. In detailed correspondence addressed to the committee, groups, including Americans for Financial Reform and the Center for Responsible Lending, claimed that stakeholders in the crypto industry had actively lobbied in support of the committee’s draft proposal, known as the Digital Asset Market Structure Discussion Draft bill. The watchdogs asserted that the crypto industry failed to demonstrate any practical use cases beyond speculative investment. The letter accused the crypto market of seeking favorable legislation under the guise of crypto innovation: “Of particular concern is the proposed bill’s provi...

Exploring the conflict between the SEC and major cryptocurrency corporations and the fight for investor protection in digital currency markets. Bitcoin, Coinbase, Binance and more are all fighting for their lives as the United States Securities and Exchange Commission does everything in its power to eradicate the current cryptocurrency system in the United States and replace it with one it deems more “fair” to the American public. Since its start in 2009, cryptocurrency, or digital currency, has taken the world by storm and caught the attention of millions of investors who have an interest in digitizing their assets. At first glance, this seems convenient to many, but as SEC chairman Gary Gensler has been arguing, the system is so deeply flawed that the American public doesn’t even realize the risks it is taking. This argument is not to say that the burden of responsibility is largely on the public and their ability to understand and invest their money wisely, but more so to point ou...

Brad Garlinghouse hinted that the eagerly-awaited Hinman documents could tip the balance in Ripple’s favor. With just one day until the Hinman documents are due to be unsealed, Ripple CEO Brad Garlinghouse suggests the documents will be “well worth the wait." In a June 12 Twitter reply to a question raised by crypto YouTuber Jungle Inc, Garlinghouse said that while he did not want to “overstep,” both he and Ripple's chief legal officer Stuart Alderoty see the documents as being worth the 18-month fight to get them unsealed.  Wish I could go in depth now, but we've waited this long (18+ months), I don't want to overstep… suffice it to say @s_alderoty and I believe they were well worth the wait. — Brad Garlinghouse (@bgarlinghouse) June 12, 2023 The Hinman documents refer to internal SEC messages concerning a 2018 speech given by former SEC Director William Hinman. In the speech, Hinman said that while cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) may star...

Last month, Coinbase sued the SEC claiming that the agency hasn’t been prompt or reasonable in providing a response. Furthermore, the exchange is seeking a formal notice-and-comment process that would allow the public to weigh in. advertisement In its court filing on Monday, May 15, the SEC called Coinbase’s allegations “baseless”. In its filing, the Commission’s lawyers wrote: “Coinbase’s preference for faster or different regulatory action by the commission does not entitle it to extraordinary relief from this court. The petition should be denied.” SEC chief Gary Gensler has been repeatedly stating that most of the digital assets in the market are securities as per the existing rules. However, crypto players have responded by stating that the SEC should not use the same rulebook in dealing with digital assets, as it uses for traditional assets. Trending Stories Cardano Pr...

The SEC Chairman has been accused of leading the Commission with his regulation by enforcement tactics, a system that has been called out by both lawmakers and leaders in the cryptocurrency ecosystem. Despite these criticisms, Gensler is unfazed, and maintains that the current SEC urities laws in the US are sufficient to guide the nascent Web3.0 world. advertisement Clarifying the misconception about most crypto assets receiving the tag of securities, Gensler said the definition of securities as given by Congress features 30 different things including stocks and investment contracts. The Investment Contract entails putting funds in a common enterprise with a reasonable expectation of profits derived from the efforts of others. Intermediaries for investment contracts are required to comply with securities laws & register with @SECGov. Instead, many crypto platforms are contending that their investment contracts are something else. Trendi...

SEC vs. Ripple is a well-known dispute that has been going on for more than two years. The SEC charged Ripple with marketing XRP as a sec urity, burdening XRP’s potential for long-term price growth. It is one of the most well-known court battles in the history of cryptocurrencies and a crucial development for industry regulatory worries. A crucial summary decision in the case of Ripple v. SEC is imminent because of fresh developments that could change the outcome. Also read: MetaMask Resolves Privacy Flaw That Allowed Account Linking CryptoLaw’s founder and attorney recently stated in a tweet that Ripple could reach the US Supreme Court before it reaches Congress . I’ve said for 2 years: Clarity comes from the Courts – not Congress – and not the SEC. It’s not the way it should be but it’s the way it is and the way it’s going to be. Hell, the Ripple case could be heard by the Supreme Court before Congress acts. We must fight in the Courts. https://t.co/9KZxhI7IFN — Jo...

Elon Musk’s tweets have always been unfiltered and unadulterated. Right from opining under various threads and participating in banter to revealing his political inclination and randomly tweeting about dogs, the Tesla executive has time and again proven to be just like any normal Twitter user. A couple of years ago, the SEC flagged Elon Musk ’s behavior. In October 2018, the executive and the regulatory agency agreed to a deal saying Musk needed to get prior permission from a sec urities lawyer to tweet any information “material to the company” that could move Tesla’s stock. In an April Fool’s prank, Musk once proclaimed that Tesla had gone bankrupt. Then, time and again, he tweeted about the financial health, potential mergers, forecasts/projections, expansion details, earnings estimates of the company, etc. His tweets have frequently influenced the price of TSLA, and as a result, the regulatory agency pushed the “permission” deal. Wh...