New US bill to require firms to report off-chain transactions to CFTC

September 29, 2023 Coin Telegraph

CFTC

The new legislation aims to protect crypto investors from disputes, manipulation or fraud potentially stemming from transactions occurring off-chain.

A new bill in the United States aims to require cryptocurrency service providers to report all blockchain transactions to a government repository.

On Sept. 28, U.S. Representative Don Beyer introduced the “Off-Chain Digital Commodity Transaction Reporting Act,” requiring trading platforms to report all transactions to a repository registered with the Commodity Futures Trading Commission.

The new legislation aims to protect cryptocurrency investors from disputes, manipulation or fraud potentially stemming from transactions occurring off-chain or transactions that take place beyond the blockchain network. Unlike on-chain transactions, off-chain crypto transactions are not instantly logged on a blockchain but are processed through secondary layers, thus creating some difficulties in being tracked.

With the emergence of trading platforms and a desire to increase transaction times and lower costs, thousands of transactions occur “off-chain” and are unrecorded on the publicly viewable blockchain, the announcement notes.

“Unfortunately, internal record keeping among these private entities can vary wildly, and this can leave investors and consumers vulnerable to fraud and manipulation,” Beyer wrote, adding:

“This bill is a common-sense measure to restore some transparency and confidence to the digital asset market.”

According to the bill, crypto service providers will be required to report all off-chain transactions within 24 hours to a CFTC-registered trade repository. The announcement notes that the requirements are similar to the rules for “virtually all securities and swaps transactions.”

U.S. lawmakers have been closely focused on cryptocurrency regulations recently. In mid-September, nine U.S. senators added their support to Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act. Reintroduced in July 2023, the legislation in its current form intends to crack down on noncustodial digital wallets and extend Bank Secrecy Act responsibilities, among other legal measures, to fight the illicit use of digital money.

Magazine: Magazine: Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis

SEC delays spot Bitcoin ETF decision for BlackRock, Invesco and Bitwise

September 28, 2023 Coin Telegraph

Bitcoin

Invesco, Bitwise and Valkyrie were also hit with delays by the U.S. Securities and Exchange Commission.

The United States Securities and Exchange Commission has delayed its decision on several proposals for spot Bitcoin (BTC) exchange-traded funds (ETFs), including BlackRock, ahead of an anticipated government shutdown.

The spot Bitcoin ETF applications of Invesco, Bitwise and Valkyrie were also delayed by the SEC, according to separate Sept. 28 filings, while Bloomberg ETF analyst James Seyffart is expecting the applications from Fidelity, VanEck and WidsomTree to also be pushed back by the securities regulator.

ANOTHER: @BlackRock joins the party on spot #Bitcoin ETF delays. Three out of seven down. https://t.co/Cn9DSibqf8 pic.twitter.com/eJTzDNInCi
— James Seyffart (@JSeyff) September 28, 2023

Seyffart expected the delays due to a U.S. government “shutdown” potentially taking place on Oct. 1.

Both chambers of Congress — the House and Senate — haven’t agreed on various funding bills to finance government operations, which has put the short-term future of the U.S. government in jeopardy.

Congress needs to pass 12 separate full-year funding bills by Oct. 1 to avoid a shutdown.

The latest delays came two weeks earlier than the scheduled second deadline date for many applicants, many of whom were expecting to hear from the securities regulator by Oct. 16–19.

The SEC delayed a bundle of spot Bitcoin ETF applicants in early September, when the first deadline was approaching.

Meanwhile, the third set of deadlines for the seven firms is around mid-January, and they could also be delayed. The SEC will have to make a final decision by mid-March at the very latest.

In late August, Bloomberg ETF analyst Eric Balchunas estimated that the probability of a spot Bitcoin ETF being approved by the end of 2023 had increased to 75% (from an earlier 65%).

He cited the unanimity and decisiveness at which the U.S. Court of Appeals Circuit reached its decision in Grayscale’s court win over the SEC as the main reason behind the odds increasing.

Balchunas further raised those odds to 95% by the end of 2024.

Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in

Ripple pulls back from Fortress acquisition 20 days after announcement

September 28, 2023 Coin Telegraph

Coin Telegraph

Ripple’s CEO Brad Garlinghouse shared the news on X, saying it will remain an investor in Fortress Trust.

Within 20 days of announcing the acquisition of Fortress Trust to allegedly expand its pool of licenses in the United States, financial technology firm Ripple is pulling out of the deal.

Ripple’s CEO Brad Garlinghouse made the announcement on X (formerly Twitter) on Sept. 28, saying that “we’ve since made the decision not to move forward with an outright acquisition,” although Ripple will remain a shareholder in Fortress Trust’s parent company Fortress Blockchain Technologies.

Ripple first announced the acquisition on Sept. 8, surprising even company insiders with the news, Cointelegraph has learned. At the time, Ripple revealed plans to invest in other companies in the Fortress' group, including an affiliated firm, FortressPay.

A few days later, Fortress Trust acknowledged that the acquisition was rushed by a security incident involving a third-party analytics vendor. In an interview with Fortune, Fortress CEO Scott Purcell said the company lost $12 million to $15 million in the attack. A majority of the funds were Bitcoin (BTC), along with small amounts of USD Coin (USDC) and Tether (USDT). Ripple, an investor in Fortress since its seed round in 2022, had to step in to make customers whole.

A few weeks ago, we signed a letter of intent to acquire Fortress Trust – we’ve since made the decision not to move forward with an outright acquisition, though Ripple will remain an investor in @Fortress_io.
— Brad Garlinghouse (@bgarlinghouse) September 28, 2023

In comments to Cointelegraph, Purcell said the merging cancelation “is not a big deal". According to him, the plan change is unrelated to the security incident. "They are an investor in Fortress and a great partner, nothing changes there," he noted.

Cointelegraph reached out to Ripple, but the company declined to comment beyond its CEO's post.

As Ripple continues its high-profile legal battle with the United States Securities and Exchange Commission, the deal failure could benefit other companies linked to Fortress.

Swan Bitcoin, for example, is working on a joint venture with BitGo to create a Bitcoin-only trust company in the U.S., which is pending regulatory approval. Fortress Trust provides custody of records for Swan. As the deal collapsed, Swan will no longer be involved in Ripple's business in the country.

Magazine: Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis

SEC pushes deadlines for ARK 21Shares, VanEck spot Ether ETF applications

September 27, 2023 Coin Telegraph

Coin Telegraph

The commission also designated a longer period to reach a decision on spot Bitcoin ETF applications from ARK 21Shares and GlobalX on Sept. 26.

The United States Securities and Exchange Commission (SEC) has delayed reaching a decision on whether to approve or disapprove of spot Ether (ETH) exchange-traded fund applications from ARK 21Shares and VanEck.

In separate notices filed Sept. 27, the SEC said it would designate a longer period on whether to approve or disapprove of a proposed rule change that would allow listings of spot ETH ETFs from VanEck and ARK 21Shares on the Cboe BZX Exchange. The commission said it had received no public comments on either proposal and would push the deadlines for another delay or decision to Dec. 25 and Dec. 26, respectively.

“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” said the SEC.

The delay came the same day the Nasdaq Stock Market filed a proposed rule change with the SEC for listing its mixed ETH ETF — a combination of spot Ether holdings and futures contracts. Proposed rule changes with the New York Stock Exchange Arca for the Grayscale Ethereum Futures Trust and Hashdex Bitcoin Futures ETF, and the Cboe BZX Exchange for the Franklin Bitcoin ETF were also filed on Sept. 27.

The SEC announced on Sept. 26 it would designate a longer period to reach a decision on spot Bitcoin (BTC) ETF applications from ARK 21Shares and GlobalX. The commission filed the notice weeks ahead of the next deadlines for both investment vehicles, pushing a final decision on ARK 21Shares’ ETF to January.

And here's @vaneck_us' delay as expected https://t.co/uloOidbfd1 pic.twitter.com/i4Hhv5yhiR
— James Seyffart (@JSeyff) September 27, 2023

In August, ARK Investment Management founder and CEO Cathie Wood speculated that should the SEC move forward with spot ETF approvals, it could allow multiple listings simultaneously to avoid giving any single company an advantage over another in the market. Her remarks came prior to Grayscale Investments winning a court battle with the SEC over its spot Bitcoin ETF application, which will likely be reviewed.

To date, the SEC has never approved a spot crypto ETF in the U.S. but has allowed the listing of crypto-linked futures ETFs as well as a leveraged Bitcoin futures ETF. The next deadlines for spot crypto ETF applications from firms including BlackRock, WisdomTree, Invesco Galaxy, Valkyrie, Bitwise and Fidelity are scheduled for October.

Magazine: Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis

SEC’s Gensler taken to task over crypto custody guidance again in House hearing

September 27, 2023 Coin Telegraph

Coin Telegraph

The SEC’s controversial Staff Accounting Bulletin 121 has received a steady flow of criticism since its publication in March 2022.

Gary Gensler, chairman of the United States Securities and Exchange Commission, told the House Financial Services Committee hearing on Sept. 27 that he enjoys testifying before the committee. He had well over four hours of that pleasure that day, much of which was devoted to criticism of his agency’s policies and actions.

Among the long list of discontents, one of the most narrowly focused was Representative Mike Flood’s questioning regarding the SEC’s Staff Accounting Bulletin (SAB) 121, issued in March 2022. The SAB concerned accounting and disclosure of crypto assets in the custody of public companies such as banks and platforms like Robinhood and Coinbase.

Flood confirmed Gensler’s previous testimony to the committee that the SEC did not confer with prudential regulators before publishing the SAB. Nor had the Financial Accounting Standards Board (FASB), a private body that issues standards relating to Generally Accepted Accounting Principles (GAAP), issued anything related to digital asset custody, Flood continued. Rather, the FASB added digital assets accounting standards to its agenda in May 2022, after the publication of SAB 121.

*SEC chair Gary Gensler testifying before the House Financial Services Committee. Source: GOPFinancial Services YouTube channel*

Gensler said in a previous hearing that SAB 121 provides guidance on applying existing requirements under SEC rules, Flood reminded him. What requirements were there, Flood asked. Gensler replied that there is a rule from 2009 on the custody of digital assets by investment advisers, and the agency had “finalized something around special purpose broker-dealers,” Gensler replied. He was apparently referring to an SEC rule made in April 2021.

“There were no SEC rules on the books that directly addressed the topic of custody of digital assets,” Flood replied. A rulemaking on custody, including digital asset custody, was proposed in February 2023 and has not yet been finalized, he added, concluding:

“At the time when the bulletin was issued, there was no action by FASB, nor rulemaking by the SEC on this topic. […] The SEC’s justification for issuing the bulletin is based on accounting guidelines that did not exist when the bulletin was issued.”

Either the SEC knew there was no “strong” justification for issuing the guidance in the bulletin and did so any way, or it did so in error, Flood said.

SAB 121 requires the disclosure of technological, legal and regulatory risks associated with custodying digital assets. It met with opposition from the start. SEC commissioner Hester Peirce released a critical response on the day it was issued. Five senators, including crypto advocate Cynthia Lummis, sent a letter Gensler in June calling the SAB “regulation disguised as staff guidance.” Lummis and committee chair Patrick McHenry sent another letter to prudential regulators in March arguing that the SAB places the interests of crypto holders at greater risk than before it was issued.

Four Financial Services Committee members - Flood, Wiley Nickel, Tom Emmer and Ritchie Torres - sent Gensler a letter a day earlier calling for him to approve spot Bitcoin exchange-traded funds. That topic was not pursued very closely in the hearing.

Summary of the 3 hr+ @FinancialCmte Oversight of the SEC hearing w/ @GaryGensler: (paraphrasing)
- I don't answer Yes / No questions
- I'll get back to you following my staff's guidance
- We're protecting the American public
- We're not changing anything for crypto; current laws… pic.twitter.com/R7Yj4SBNHL
— William Mougayar (@wmougayar) September 27, 2023

Gensler told Nickel that the SEC is “still under advisement” on Grayscale case after the company won an appeal against the SEC’s decision to reject its Bitcoin ETF application. Committee member Warren Davidson expressed his concern that the SEC would not approve spot Bitcoin applications in the order they were received, in light of the Grayscale decision. Gensler replied that the applications were still under “active consideration.”

Emmer criticized Gensler alleging he was not impartial within the financial industry. Torres engaged Gensler over the interpretation of the Howey test.

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

SEC’s Gensler is loyal to banks, not an impartial regulator — Rep. Tom Emmer

September 27, 2023 Coin Telegraph

Coin Telegraph

During a hearing on Sept. 27, Emmer hinted that Gary Gensler's Wall Street background limits his impartiality as an industry regulator.

United States Rep. Tom Emmer has spoken out against Securities and Exchange Commission chairman Gary Gensler during a hearing at the House Financial Services Committee on Sept. 27. According to the lawmaker, Gensler has been loyal to Wall Street "at the clear expense of innovation, competition, and everyday Americans."

Over the course of a 4-minute questioning, Emmer hinted at Gensler's background in finance, which included 18 years with Goldman Sachs, where he was a partner and co-head of finance. As per Emmer's view, Gensler's ties to the financial industry limit his ability to be an impartial regulator. Emmer said:

"But given your 18-year career at one of the biggest banks in the world and the personal financial fortune you amassed there, do you think it’s possible for you to serve as an impartial regulator and not favor large financial intermediaries?"

According to a transcript of the hearing, Emmer went on to say:

"And to be clear sir, this perspective has nothing to do with a concern you noted in a speech last year where you said, quote, “Over the past year, several bank executives have shared their concerns with me about the sheer number of depositors who have moved money from their bank accounts into crypto-related exchanges and wallets,” end quote, right?"

Gensler was asked to answer all questions with a yes or no response without being allowed to make further comments. In response to the first question about being able to regulate impartially, Gensler said, "Absolutely, sir." In response to the second question, Gensler tried to contextualize his quote but was not allowed to proceed.

Congressman Emmer has been positioning himself as a crypto advocate, pushing for regulatory clarity in the United States during the SEC crackdown on crypto firms that began in 2022 following the collapse of crypto exchange FTX. A look at Emmer's top financial contributors between 2021-2022 reveals venture capital firm Andreessen Horowitz, a leading investor in the crypto space. According to data available on Open Secrets, donations to Emmer from the securities and investment industries stood at $418,020.

Also during the hearing, Rep. Patrick McHenry suggested the SEC could be subpoenaed over documents related to former FTX CEO Sam Bankman-Fried. According to McHenry, Gensler made efforts to “choke off the digital asset ecosystem” in addition to “refus[ing] to be transparent with Congress” in connections between the commission, FTX and Bankman-Fried.

Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?

IBM, Microsoft, others form post-quantum cryptography coalition

September 27, 2023 Coin Telegraph

Coin Telegraph

The coalition includes Google sibling company SandboxAQ and the University of Waterloo.

IBM Quantum and Microsoft have formed a coalition to tackle post-quantum cryptography alongside not-for-profit research tank MITRE, U.K.-based cryptography firm PQShield, Google sibling company SandboxAQ, and the University of Waterloo.

We’re proud to be a part of a new community of cybersecurity organizations to accelerate adoption of post-quantum cryptography in commercial & open-source technologies.

Learn more about the #PQC Coalition.

https://t.co/pSrFX1qPPB | #QWC2023 #UWaterloo pic.twitter.com/vXG6CilQVx
— University of Waterloo (@UWaterloo) September 26, 2023

Post-quantum cryptography (PQC) addresses the potential threat posed by quantum computers of the future. Current cryptography schemes rely on mathematical problems to stymie decryption attempts.

Cracking or bypassing such encryption with a classical computer would be close to impossible. Some experts estimate that it would take a binary computer system roughly 300 trillion years to break a 1,024-bit or 2,048-bit RSA key.

RSA, named for the computer scientists who first discussed it, is largely considered the standard for encryption.

Theoretically speaking, however, a quantum computer with sufficient hardware and architecture should be able to break RSA and similar encryption schemes within a matter of weeks, days, or even hours.

According to a press release from MITRE:

“Preparing for a PQC transition includes developing standards for the algorithms; creating secure, reliable, and efficient implementations of those algorithms; and integrating the new post-quantum algorithms into cryptographic libraries and protocols.”

Technologies such as blockchain and cryptocurrency, which rely on mathematical encryption, could be particularly vulnerable to decryption attacks by the theoretical quantum computers of the future. However it's currently unclear how long it could be before such threats could come to fruition.

One study, conducted in 2022, determined that it would take a quantum computer with 300 million qubits (a very generalized measure of the potential processing power of a quantum system) to crack the Bitcoin blockchain fast enough to do any damage. By comparison, today’s most advanced quantum computers average a little over 100 qubits.

However, per the architecture described in that paper, it’s possible that more advanced qubit arrangements, chipsets, and optimization algorithms could significantly change the calculus involved and drop the theoretical 300-million-qubit requirement exponentially. For this reason, the global technology community is turning to quantum-safe encryption.

The National Institute of Standards and Technology chose four proposed post-quantum encryption algorithms in 2022, CRYSTALS-Kyber, CRYSTALS-Dilithium, SPHINCS+, and Falcon as candidates for a PQC-safe encryption standard.

On Aug. 24, 2023, NIST announced that three of the algorithms had been accepted for standardization with the fourth, Falcon, expected to follow suit in 2024.

Now that the algorithms have been accepted and (mostly) standardized, the coalition is set to begin its mission of using the deep knowledge and hands-on experience amassed by its members to ensure key institutions, such as government, banking, telecommunications, and transportation services are able to transition from current to post-quantum encryption.

US House committee leadership threatens to subpoena SEC over FTX docs

September 27, 2023 Coin Telegraph

Coin Telegraph

Patrick McHenry led efforts starting in February to obtain communication records between SEC and Justice Department staff over the arrest of Sam Bankman-Fried.

Rep. Patrick McHenry, who chairs the United States House Financial Services Committee, has suggested that he may try to subpoena the Securities and Exchange Commission (SEC) over documents related to former FTX CEO Sam Bankman-Fried, or SBF.

In a Sept. 27 hearing on oversight of the commission, McHenry claimed chair SEC Gary Gensler had made efforts to “choke off the digital asset ecosystem” in addition to “refus[ing] to be transparent with Congress” in aconnections between the commission, FTX and SBF. The committee chair said the government body had “made multiple requests” for documents regarding the timing of SBF’s arrest given a previously scheduled appearance before Congress.

“Seven months later, the committee has not received a single non-public document that was not part of a [Freedom of Information Act] production,” said McHenry. “As I said, our patience is wearing thin [...] I do not want to be the first chairman of this committee to issue a subpoena to the Securities and Exchange Commission.”

In February, the committee leadership under McHenry requested the SEC provide documents related to communications between its staff as well as the Justice Department regarding charges filed against Bankman-Fried. McHenry renewed the request in April and May, after claiming the SEC had only provided publicly available information.

While McHenry’s opening statement at the hearing focused on digital assets and oversight, ranking member Maxine Waters expressed concerns about how a potential shutdown of the U.S. government could affect the SEC’s capabilities. Gensler said that if U.S. lawmakers were unable to reach an agreement on government spending by Sept. 30, roughly 92-93% of SEC staff would be furloughed.

Upon questioning from McHenry, Gensler said Bitcoin (BTC) was “not a security” as it didn’t meet the Howie test over what qualifies as an investment contract. The SEC chair comments seemed to affirm the same position on BTC he took during his time as professor with the Massachusetts Institute of Technology in 2018.

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

Ethereum OFAC compliance dips to 45% post-Merge upgrade

September 27, 2023 Coin Telegraph

Binance

The list of top censorship offenders is populated by popular platforms such as Binance, Celsius Network, Bitfinex, Ledger Live, Huobi (HTX) and Coinbase.

The historic Merge upgrade from Sept. 2022 — which marked Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) — resulted in the overall decline in compliance with standards laid down by the Office of Foreign Assets Control (OFAC).

Ethereum blocks adhering to OFAC compliance censor certain transactions, which has a negative impact on the neutrality of the Ethereum ecosystem. In early August 2022, OFAC sanctioned Tornado Cash and several Ether (ETH) addresses associated with it due to its ability to mask and anonymize transactions.

Before the Merge upgrade, Ethereum’s OFAC compliance increased exponentially as entities such as crypto exchanges opted to run censoring MEV-Boost relays on their validators. The list of top censorship offenders is populated by popular platforms such as Binance, Celsius Network, Bitfinex, Ledger Live, Huobi (HTX) and Coinbase, according to MEV Watch data.

*List of entities running censoring MEV relays on their validators are actively harming Ethereum’s credible neutrality. Source: MEV Watch*

However, the overall OFAC compliance of Ethereum blocks has declined significantly. In November 2022, 78% of the total Ethereum blocks complied with OFAC regulations. As of today, Sept. 27, Ethereum’s OFAC compliance dropped to 30%, recording an overall reduction of 57%.

*Post-Merge daily OFAC-compliant Ethereum blocks. Source: MEV Watch*

Countering OFAC compliance requires operators to use relays that do not censor according to OFAC compliance requirements. There are seven major MEV-boost relays that are most commonly used: Flashbots, BloXroute Max Profit, BloXroute Ethical, BloXroute Regulated, BlockNative, Manifold and Eden. However, not all systems adhere to OFAC compliance, according to MEV Watch:

“Of the 7 available major relays only 3 do not censor according to OFAC compliance requirements.”

It is also important to note that not all blocks built by OFAC-compliant relays are censoring; however, all blocks built by OFAC-compliant relays will censor when non-compliant transactions are broadcast to the network.

While OFAC regulations primarily target United States-based organizations, validators outside the U.S. must consider running non-censoring relays for the benefit of the network.

Amid Ethereum’s reduced OFAC compliance, Grayscale made the decision to abandon all the rights to PoW Ethereum tokens (ETHPoW). However, the decision was attributed to lack of liquidity in the market. According to an official announcement:

“As such, it is not possible to exercise the rights to acquire and sell the ETHPoW tokens, and on behalf of the record date shareholders, Grayscale is abandoning the rights to these assets.”

On the other hand, some cryptocurrency investment firms like ETC Group have attempted to launch dedicated EthereumPoW exchange-traded products (ETPs).

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US lawmakers call on SEC chair to approve spot Bitcoin ETFs ‘immediately’

September 26, 2023 Coin Telegraph

Coin Telegraph

The members of the House Financial Services Committee are expected to question Gary Gensler during a Sept. 27 hearing on SEC oversight.

Four members of the United States Congress are requesting Securities and Exchange Commission (SEC) chair Gary Gensler “immediately” approve the listing of spot Bitcoin (BTC) exchange-traded funds, or ETFs.

In a Sept. 26 letter to Gensler, U.S. Representatives Mike Flood, Wiley Nickel, Tom Emmer and Ritchie Torres claimed the SEC was “discriminat[ing] against spot bitcoin exchange traded products”, citing the legal precedent set by Grayscale Investments in winning a review of its own ETF offering. The four lawmakers told Gensler there was “no reason to continue to deny” spot crypto ETF applications following the Grayscale court decision, which ruled the SEC's reasoning was "arbitrary and capricious" in having already approved investment vehicles tied to Bitcoin futures.

"A regulated spot bitcoin ETP would provide increased protection for investors by making access to bitcoin safer and more transparent,” said the letter. “Congress has a duty to ensure the SEC approves investment products that meet the requirements set out by Congress.”

The lawmakers added:

"[W]e urge you to approve the listing of spot-bitcoin ETPs immediately.”

Bipartisan letter from @USRepMikeFlood @RepWileyNickel @GOPMajorityWhip and @RitchieTorres to SEC Chair Gensler on not approving a bitcoin spot ETF: “there is no reason to continue to deny such applications under inconsistent and discriminatory standards.” https://t.co/6x5XaUsUqT
— Ron Hammond (@RonwHammond) September 26, 2023

The request came ahead of Gensler’s scheduled appearance before the House Financial Services Committee on oversight of the SEC. All four lawmakers are members of the committee and could address the matter in the Sept. 27 hearing. The proceeding will likely not be affected by the looming threat of a government shutdown with lawmakers unable to reach an agreement on spending as of the time of publication.

To date, the SEC has not approved the listing of any spot BTC ETF. Many had expected the commission to reconsider pending ETF applications following the SEC’s loss to Grayscale in court in August. However, the regulator subsequently delayed decisions on ETFs from 7 major firms — BlackRock, WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck and Fidelity.

Magazine: SEC calls ETF filings inadequate, Binance loses euro partner and other news: Hodler’s Digest, June 25 – July 1

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