SEC Delays Decision on Bitcoin, Ether ETFs; Bitcoin Recognized by Chinese Court
Summary:
The U.S. Securities and Exchange Commission (SEC) has delayed decision on spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) applications from various firms. Bitwise Asset Management responded with an amended application addressing SEC’s concerns. Meanwhile, Bitcoin has been recognized as a unique digital asset by a Chinese court. Taiwan’s Financial Supervisory Commission unveiled guidelines for Virtual Asset Service Providers (VASPs). Additionally, Hong Kong's Securities and Futures Commission (SFC) is set to publish a list of all virtual asset trading platforms, including a separate list for suspicious platforms.
Spot Bitcoin Exchange-Traded Funds (ETF) listing approval by the Securities and Exchange Commission (SEC) is still underway. This comes despite appeals for immediate sanctioning from US Representatives Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres. The SEC further postponed its verdict on the spot Ether (ETH) ETFs applications of VanEck and ARK 21Shares till Dec 25 and Jan 10 respectively. GlobalX also anxiously awaits the commission’s verdict, set for Nov 21. Moreover, the SEC put off ruling on spot Bitcoin ETF submissions of Invesco, Bitwise, and Valkyrie until mid-January. The recent deferrals, arriving prematurely of the October 16–19 deadline, may have been impacted by the narrowly dodged US government shutdown.
In response to the delay of its Spot Bitcoin ETFs verdict, Bitwise Asset Management revised its application, addressing the SEC’s reservations about the product. In the updated application, Bitwise addressed the SEC’s concerns about the "unclear" academic record on the BTC futures and spot markets relations.
In China, the Shanghai No.2 Intermediate People’s Court recognized Bitcoin as an exclusive and inimitable digital asset, highlighting its scarcity and inherent valuation. The court's report identifies Bitcoin as a distinctive digital currency, characterized by scalability, circulation ease, storage, and payment convenience.
In Taiwan, the Financial Supervisory Commission (FSC) laid down new regulations for the country's cryptocurrency market, introducing guidelines for Virtual Asset Service Providers (VASP) operating within the country. Among the regulations, the FSC urged foreign VASPs to avoid offering their services in Taiwan without the necessary regulator approvals.
In Hong Kong, the Securities and Futures Commission (SFC) plans to publicize a list of regulated, licensed, phasing out, and license-awaiting virtual asset trading platforms (VATPs). This comes in the wake of the recent JPEX crypto exchange incident, considered one of the worst financial fraud cases in the region. Furthermore, the SFC will maintain a dedicated list of "suspicious VATPs," which will be easily accessible on the regulator's website.
Published At
10/2/2023 7:00:00 PM
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