Grayscale scores win against SEC
Crypto asset manager Grayscale Investments has won a significant victory against the United States Securities and Exchange Commission (SEC) in its bid to convert its Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin exchange-traded fund (ETF). The U.S. Court of Appeals Circuit Judge Neomi Rao ordered the SEC’s order to deny the GBTC listing application be vacated. However, the court's decision has its limits, and experts warn of continued challenges ahead.
SEC delays Bitcoin ETF decisions
The SEC has postponed its decisions on six applications for spot Bitcoin ETFs. The regulator has designated a longer period to review applications from various companies, including WisdomTree, VanEck, and Invesco Galaxy. The SEC will have until October to approve, deny, or further delay its decision on these applications.
Travel Rule comes into effect in the UK
The UK has implemented the Travel Rule for crypto, which requires crypto asset businesses to withhold certain transfers. If an inbound payment is received from an overseas jurisdiction that hasn't implemented the Travel Rule, the service provider must make a risk assessment before making the crypto assets available to the beneficiary. The same rule applies to outbound payments from Brits.
First unregistered securities claim against NFT offering in the US
The SEC has accused media and entertainment company Impact Theory of engaging in unregistered securities transactions by selling nonfungible tokens (NFTs) to investors. The company allegedly raised nearly $30 million through the sales of NFTs called Founder's Keys. The SEC claims that Impact Theory encouraged investors to view the purchase of these NFTs as an investment.
Crypto declared as property by Chinese court
A People's Court in China has recognized virtual assets as legal property protected by law. Although China has banned all foreign digital assets, the court's report argues that virtual assets held by individuals should be considered legal and protected by the current policy framework.
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