Spot Bitcoin (BTC) ETFs facing more delays
Despite calls from United States Representatives, the Securities and Exchange Commission (SEC) has once again postponed its decision on approving spot Bitcoin exchange-traded funds (ETFs). This comes after Representatives Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres urged the agency to take immediate action. The SEC has also delayed decisions on spot Ether (ETH) ETFs from VanEck, ARK 21Shares, and GlobalX.
Delays cause frustration for applicants
The latest delays were unexpected and came earlier than the scheduled deadline of October 16–19. Many applicants, who were eagerly awaiting a response from the SEC, were left disappointed. It is believed that the timing of the delays may be linked to the recent threat of a U.S. government shutdown, which could have disrupted financial regulators and federal agencies.
Bitwise reacts to delay with amended application
Bitwise Asset Management, one of the ETF applicants, has responded to the delay by submitting an amended application. The company addressed the SEC's objections to their product and engaged in a discussion regarding the academic research on the lead-lag relationship between BTC futures and spot markets.
Chinese court recognizes Bitcoin as property
The Shanghai No.2 Intermediate People’s Court in China has officially recognized Bitcoin as a unique and non-replicable digital asset. In its report, the court acknowledges the scarcity and inherent value of Bitcoin, describing it as a unique internet technology product. The report highlights Bitcoin's key currency features such as scalability, ease of circulation, storage, and payment.
Taiwan tightens regulations on foreign crypto exchanges
Taiwan's Financial Supervisory Commission (FSC) has released industry guidelines for virtual asset service providers (VASPs) operating in the country. The FSC emphasizes the need for standard industry-wide rules, including the separation of exchange treasury assets from customer assets and proper mechanisms for listing and delisting virtual assets. The FSC also prohibits unregistered foreign VASPs from operating in Taiwan without obtaining necessary approvals from the regulator.
Hong Kong takes action against unregulated crypto platforms
In response to the recent JPEX crypto exchange scandal, the Securities and Futures Commission (SFC) of Hong Kong will publish a list of licensed, closing down, and application-pending virtual asset trading platforms (VATPs). The SFC aims to help the public identify potentially unregulated VATPs operating in Hong Kong. Additionally, a separate list of "suspicious VATPs" will be made available on the regulator's website.
