SFC Receives First Spot Bitcoin ETF Application as Jupiter Takes Crypto Lead and Binance Battles SEC
Summary:
Hong Kong's Securities and Futures Commission (SFC) gets its first spot Bitcoin exchange-traded fund (ETF) application from Harvest Hong Kong. Solana-based Jupiter surpasses Uniswap in trading volumes amid a rush for meme coin airdrops and increased stablecoin swaps. In the meantime, the SEC and Binance continue their behind-the-scenes legal struggle. Cantor Fitzgerald warns that a significant Bitcoin price rise is necessary for miners to remain profitable post-halving.
In a significant development in crypto-regulation, the Hong Kong Securities and Futures Commission (SFC) has been presented with its inaugural spot Bitcoin exchange-traded fund (ETF) proposal. In other crypto news, the Solana-oriented decentralized exchange, Jupiter, recorded the highest transaction volumes in the past day, even as the United States Securities and Exchange Commission (SEC) and Binance are locked in ongoing disputes. Simultaneously, Cantor Fitzgerald sends out a note of caution to Bitcoin miners, emphasizing the need for a significant Bitcoin price increase post-halving to maintain profitable mining operations.
Reportedly, Harvest Hong Kong, one of China's dominant fund houses, tendered a spot Bitcoin ETF application to the SFC of Hong Kong on January 26th. Further reports inform that the regulatory body is expeditiously working to facilitate the approval procedure for ETFs in order to inaugurate Hong Kong's premier spot Bitcoin ETF post the Chinese New Year, observed on February 10th.
Several crypto-establishments that earlier introduced futures-based crypto ETFs in Hong Kong are likely to file for spot Bitcoin ETFs. Notably, Samsung Asset Management, which initiated the Samsung Bitcoin Futures ETF in 2023, has not ruled out the possibility of launching a spot ETF.
Jupiter, the decentralized exchange bred on Solana, outclasses Uniswap in trade volumes, reaching $480 million in recent 24 hours due to a surge in stablecoin swaps and a fresh memecoin airdrop. Jupiter even surpassed the combined trading volume of Uniswap's V2 and V3 protocols by $10 million, according to CoinGecko data.
The majority of trading volumes on Jupiter in the recent day were dominated by the trading of Solana into Circle's USD Coin and Tether, approximately $191 million of the total volume. However, a substantial portion, close to $50 million, of Jupiter's daily trading came from the buying and selling of "Wen," a memecoin claimable by any Solana user who interacted with Jupiter or owned Solana's Saga phone in the past six months.
Legal tussles between SEC and Binance continue in secrecy as court documents reveal the persisting dispute over Binance's document submissions to the regulator. The SEC has sought plentiful documentation inclusive of custody and asset liquidity details from Binance.
In November, Binance acquiesced to pay a hefty $4.3 billion as part of a settlement with the SEC. As part of the settlement, CEO Changpeng Zhao agreed to relinquish his position and is currently awaiting possible sentencing of up to 18 months in prison. This news does not include any investment advice or suggestions. Investments and trading moves carry inherent risks, and it is essential for investors to perform their research before making a decision.
Published At
1/29/2024 1:38:58 PM
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