SEC calls ETF filings inadequate, Binance loses euro partner and other news: Hodler’s Digest, June 25 – July 1

Top Stories This Week

US SEC deems spot Bitcoin ETFs filings arsenic inadequate

There whitethorn beryllium a longer hold for a spot Bitcoin exchange-traded money (ETF) successful the United States, arsenic the Securities and Exchange Commission labeled concern managers’ caller applications inadequate. The SEC told the Nasdaq and the Chicago Board Options Exchange that their filings are not “sufficiently wide and comprehensive.” The regulator returned the filings, citing the deficiency of accusation regarding the projected surveillance-sharing agreement. Asset managers tin inactive resubmit their applications.

Cathie Wood’s ARK reportedly ‘first successful line’ for a spot Bitcoin ETF

ARK Investment Management is reportedly up of BlackRock successful the contention for a spot Bitcoin ETF, arsenic it inactive has a erstwhile exertion pending with the United States securities regulator. ARK and 21Shares filed their 3rd exertion for a spot BTC ETF successful April, and amended it this week to see a surveillance-sharing agreement, making it akin to BlackRock’s filing. Since BlackRock’s exertion connected June 16, different concern firms specified arsenic Valkyrie, WisdomTree and Invesco person reapplied for spot Bitcoin ETFs.

Binance to suffer enactment of its euro banking partner

Crypto speech Binance informed users that its existent euro banking partner, Paysafe Payment Solutions, volition nary longer enactment the speech aft September 25. Binance said it volition power to a caller work supplier for euro deposits and withdrawals via SEPA slope transfer, though it didn’t sanction which supplier that would be. In caller months, Binance has been facing waves of backlash from regulators astir the world, starring to a cessation of operations successful assorted countries.

FTX has recovered $7B successful assets truthful far, has astir $2B to spell to screen misappropriations

FTX has recovered astir $7 cardinal successful liquid assets truthful far, and the hunt for further assets is continuing, according to an interim study released June 26. The extended commingling of funds complicates their efforts, however. The FTX Debtors, made up of FTX and affiliates, presently estimation the magnitude of misappropriated lawsuit assets astatine $8.7 billion. Most of that money, astir $6.4 billion, was successful fiat and stablecoins. The erstwhile FTX enactment “did not commingle and misuse lawsuit deposits by accident,” the study alleged.

3AC liquidators look to recoup $1.3B from founders

Teneo, the liquidator down bankrupt hedge money Three Arrows Capital (3AC) is seeking to retrieve astir $1.3 cardinal successful funds from its founders Su Zhu and Kyle Davies. The indebtedness reportedly incurred erstwhile 3AC was already insolvent, adding to creditors’ losses. The institution owed creditors $3.5 billion, making the founders’ imaginable liability much than a 3rd of the full debt. Davies and Zhu person maintained progressive societal media profiles, but their carnal whereabouts are unknown, delaying the liquidation process. Both 3AC founders person received integer subpoenas during the bankruptcy proceedings. To date, they person not cooperated.

Winners and Losers

At the extremity of the week, Bitcoin (BTC) is astatine $30,418, Ether (ETH) astatine $1,928 and XRP astatine $0.47. The full marketplace headdress is astatine $1.19 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the apical 3 altcoin gainers of the week are Compound (COMP) at 84.33%, Bitcoin Cash (BCH) at 63.16% and eCash (XEC) at 44.59%. 

Most Memorable Quotations

“One of the things that I deliberation radical request to halt doing is going, ‘What’s the eventual blockchain?’ […] It doesn’t beryllium successful my caput due to the fact that it truly depends.”

Mel McCann, vice president of engineering astatine the Cardano Foundation

“Crypto presents [the SEC] an accidental to rethink however we attack innovation. […] I truly deliberation we’ve been taking an attack that is not appropriate.”

Hester Peirce, commissioner of the U.S. Securities and Exchange Commission

“Many of the largest fiscal institutions successful the US are actively moving to supply entree to Bitcoin and more.”

Meltem Demirors, main strategy serviceman astatine CoinShares

“I deliberation that our NFTs are a neat mode to amusement that we bash person a spot astatine the array and that we’re truly invested successful crypto and the probe of integer assets.”

Andrew Frey, forensic fiscal expert successful the U.S. Secret Service

“Once successful a while, thing comes on that makes mediocre radical affluent due to the fact that they got it really, truly cheap. This [Bitcoin] was 1 of them.”

Davinci Jeremie, crypto advocate

“Regulation by enforcement is the equivalent of having a hammer and seeing everything arsenic a nail.”

Simon Callaghan, CEO of Blockchain Australia

Prediction of the Week 

Bitcoin speculators nonstop 35K BTC to exchanges successful caller ‘elation inflow’

Bitcoin short-term holders (STHs) are feeling the request to merchantability BTC astatine $30,000, according to a caller study from analytics steadfast Glassnode flagging tens of thousands of coins being sent to exchanges.

This indicates that speculative involvement successful Bitcoin remains fickle and highly delicate to adjacent smaller terms movements.

Historical information has shown that erstwhile STH profitability reaches an aggregate 20%, selling begins, and against their existent $26,500 breakeven point, thing overmuch supra $33,000 could spark a important displacement successful hodler composition. Current information shows STH profitability astatine astir 10%, with their realized terms — the terms astatine which STH coins past moved — present supra $27,000.

FUD of the Week 

FTX alleges erstwhile exec utilized ‘hush money’ to soundlessness whistleblowers

FTX has filed a suit against a erstwhile regulatory and compliance enforcement astatine the exchange, alleging helium made a bid of payments attempting to forestall unit from blowing the whistle astir the exchange’s issues. Daniel Friedberg, who held aggregate enactment roles astatine the exchange, is accused of making “hush money” payments to 2 imaginable whistleblowers to halt them from leaking accusation astir “regulatory issues” and the adjacent ties betwixt FTX and Alameda.

Over $204M was mislaid successful Q2 DeFi hacks and scams

Over $204 cardinal was mislaid successful decentralized concern (DeFi) hacks and scams successful the 2nd 4th of 2023, according to a caller report. A full of $208.5 cardinal was initially mislaid during the quarter, but $4.5 cardinal was recovered done prosecutions, deals with hackers and different betterment methods. The fig of DeFi hacks successful Q2 roseate by “almost 7 times” year-over-year, with 117 incidents during the period, compared with lone 17 successful the aforesaid 4th of 2022. A full of implicit $665 cardinal was mislaid during the archetypal fractional of 2023.

Revolut US to delist ADA, MATIC and SOL successful September

Crypto-friendly neobank Revolut is adjacent to delist a batch of integer assets connected its level successful the United States amid the ongoing regulatory developments successful the country, including the implicit delist of tokens similar Cardano (ADA), Polygon (MATIC) and Solana (SOL). The firm, however, inactive supports the tokens successful different jurisdictions extracurricular the country. ADA, MATIC and SOL were labeled arsenic unregistered securities by the SEC successful aboriginal June.

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