US Approves Bitcoin ETFs; Google Blocks Crypto Apps in India; SEC Trial Delayed
Summary:
The crypto industry celebrated as the U.S. greenlit spot Bitcoin exchange-traded funds. In Honduras, Bitcoin was acknowledged as a unit of account in a special economic zone. On the other hand, Google Play Store removed Binance and OKX crypto exchange apps in India following a government's noncompliance notice. Additionally, Terraform Labs co-founder sought the postponement of his SEC trial, citing extradition issues.
After a lengthy process spanning over a decade, the US has finally granted approval to establish spot Bitcoin (BTC) exchange-traded funds, a significant landmark for the crypto community. Approval arrived on January 10 from the U.S. Securities and Exchange Commission (SEC) for Bitcoin ETF applications submitted by ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton. The journey began back in 2013 when Gemini co-founders, Cameron and Tyler Winklevoss, initiated the first application for a spot Bitcoin ETF in the US. SEC's sanction, however, invited questions regarding the views of the commission's chair, Gary Gensler, considering his frequent expressions of concern about crypto investments' risks. Gensler was one of the three commissioners whose vote led to the approval. The decision boosted speculations that the expansion of the crypto domain would invite significant investors. Despite this, not all stakeholders welcomed the SEC's move. SEC Commissioner Caroline Crenshaw, one of the two members against the approval, stated the decision was "unsound and ahistorical." Meanwhile, Bitcoin received acknowledgment as a unit of account in Próspera, Roatan, Honduras's special economic zone. In the Binance and OKX case, Google Play Store removed the crypto trading apps for noncompliance in India, following the Indian government's notice. This action trailed Apple's App Store's removal of these apps in India the previous month. The Indian authorities demanded these exchanges get registered as "reporting entities" and submit income tax information. Lastly, Terraform Labs co-founder Do Kwon requested a postponement of his SEC trial until March, attributing the delay to extradition challenges in Montenegro. The trial is related to allegations of involvement in a multibillion-dollar crypto securities fraud.
Published At
1/15/2024 11:00:00 PM
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