Bitcoin Price: US$ 27,299.99 (-1.50%)
Ethereum Price: US$ 1,705.23 (-1.40%)
Gemini, a crypto exchange, and the Fair Deal Group, a set of ad hoc creditors, have both opposed the proposed bankruptcy resolution for Genesis, arguing that it lacks sufficient detail and does not provide assurances to Genesis’ largest debtors. They express concerns about the lack of economic consideration and the failure to secure all owed debts. Grayscale’s recent favourable ruling against the SEC could render Alameda Research’s lawsuit unnecessary, as it opens the possibility of Grayscale becoming the first U.S. spot bitcoin ETF, allowing redemptions of fund shares. StarkWare, the company behind Starknet blockchain, agreed to restore crypto access to users whose wallets were cleared due to a tech upgrade, following complaints on social media.
Following a federal court ruling that ordered the SEC to review its rejection of Grayscale Investments’ attempt to convert the Grayscale Bitcoin Trust (GBTC) into an ETF, the average trade size for Bitcoin on various exchanges, including Kraken, surged to its highest level since June. This increase, with Bitcoin’s price briefly surpassing $28,000, indicates heightened activity among large traders. Meanwhile, Robinhood expanded its crypto wallet support to include Bitcoin and Dogecoin, extending beyond the Ethereum ecosystem, and introduced swap features for select users. In Europe, German MEP Stefan Berger, known for his role in passing crypto regulations, will lead the legislation for a digital euro, a move aimed at increasing the EU’s independence and trust in digital currency, though it faces skepticism from some MEPs. The European Central Bank is still evaluating the issuance of a digital euro.
Switzerland-based crypto bank Seba has received approval-in-principle (AIP) from Hong Kong’s Securities and Futures Commission (SFC) for its regional subsidiary, marking the initial step towards obtaining a full license for Seba Hong Kong to engage in cryptocurrency-related products and traditional securities. This comes as Hong Kong introduced a new regulatory regime to attract firms to the region. Seba, already holding licenses in Switzerland and Abu Dhabi, sees this approval as a significant extension of its global regulatory reach. Meanwhile, EOS Network’s token has received approval for trading on Japanese exchanges, gaining whitelist approval from the Japan Virtual and Crypto Asset Exchange Association (JVCEA), allowing it to be traded against the Japanese yen. Additionally, Bloomberg analysts have increased the likelihood of an approved spot Bitcoin exchange-traded fund (ETF) by the end of 2023 to 75% following Grayscale’s legal victory against the SEC, with some predicting a 95% chance by Q4 2024. Seven Bitcoin spot ETF applications are pending decisions by the SEC in the coming days.
Rhode Island’s regulators have granted Twitter’s X a currency transmitter license, a crucial step in the company’s expansion into the financial services sector. This license allows X to conduct financial activities related to sending and receiving money, encompassing both fiat and cryptocurrency assets. While initial reports suggest X’s upcoming payments feature will primarily support fiat currencies, Elon Musk has instructed developers to build the platform so that crypto functionality can be integrated in the future. This approval follows X securing money transmitter licenses in several other states, indicating its growing presence in the financial services industry. In a separate development, Tether has reportedly partnered with Bahamas-based private bank Britannia Bank & Trust to process dollar transfers on its platform, highlighting the increasing need for cryptocurrency firms to seek offshore banking partners due to regulatory scrutiny in the United States.
Source:
https://coindesk.com
https://cointelegraph.com
Disclaimer: The following summaries are provided for informational purposes only and are not intended to infringe upon any copyrights. All rights to the original content belong to their respective owners, and the summaries are intended to provide a brief overview of the content. If you are the owner of any of the content summarised here and have concerns about its use, please contact us to discuss the matter further.
