Monthly Archives: June 2022

SEC Rejects Grayscale’s Spot Bitcoin ETF Application

Grayscale Investments’ application to convert its $13.5 billion Grayscale Bitcoin Trust (GBTC) into a spot-based bitcoin ETF was denied by the SEC on Wednesday despite the company’s extensive efforts to win approval (Grayscale is owned by Digital Currency Group, which is also the parent company of CoinDesk). The SEC stated in its filing that the application failed to answer the…

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FCA Says the Crypto Industry Doesn’t Want Them to regulate DeFi

Crypto advocates told the Financial Conduct Authority (FCA), the U.K.’s financial watchdog, that decentralized finance (DeFi) shouldn’t be regulated because it is too difficult to do so. In May, the FCA hosted its first two-day CryptoSprint, where 184 industry participants from the U.K. and other countries gathered to hear the FCA’s thoughts on how the industry should be regulated. Suggestions…

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SEC rejects Grayscale’s bid to convert GBTC to a Bitcoin ETF

The Securities and Exchange Commission (SEC) has denied Grayscale’s proposal to convert its flagship product into a spot-bitcoin exchange-traded fund (ETF). The securities regulator issued a rejection order for the conversion of Grayscale’s Bitcoin Trust (GBTC) today after repeated extensions on the application. The SEC has yet to allow a spot-bitcoin ETF to list, though it’s green-lit multiple futures-based products.…

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Crypto Litigation May Grow In Absence Of Regulatory Scheme – Law360

Despite its recent thrashing, the cryptocurrency market is still valued at a little over $915 billion. That high market capitalization, alongside widely discussed regulatory uncertainty, has created fertile ground for litigation and enforcement to grow. If recent trends are any indication, they are doing just that. Three recent cases illustrate how uncertainty has led to novel applications of existing law…

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SEC Includes Novel Probe Into Lawyers’ Actions in EY Settlement – WSJ

Wall Street’s top cop is putting the screws to one of the world’s biggest audit firms—and going after its lawyers, too. As part of a $100 million enforcement action announced Tuesday against Ernst & Young, the Securities and Exchange Commission demanded the firm undertake a separate, follow-up investigation into the actions of its own lawyers and managers. The SEC accused…

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