SEC Delays Decisions on Bitcoin and Ether ETFs

Despite strong calls from U.S. Representatives Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres to speed up the approval of Bitcoin spot exchange-traded funds (ETFs), the Securities and Exchange Commission (SEC) has officially delayed its decision once again. Investors were left hanging as the SEC postponed its announcements regarding several ETF applications, including those for spot Ether (ETH) ETFs from VanEck and ARK 21Shares, pushing deadlines to December 25 and January 10, respectively. GlobalX is holding its breath for a decision by November 21.

For Bitcoin ETFs, Invesco, Bitwise, and Valkyrie will have to wait until mid-January. The SEC’s latest round of delays came as a surprise, occurring two weeks ahead of the anticipated deadlines, which had everyone buzzing with expectations. Could this push have anything to do with the narrowly avoided U.S. government shutdown? We may never know, but the timing feels suspicious for those itching to trade.

Bitwise Responds with an Amended Application

In a bid to stay in the game, Bitwise Asset Management swiftly reacted to the delay of its Bitcoin ETF by submitting an amended application. They tackled the SEC’s concerns regarding what the regulator described as the ‘mixed’ or ‘inconclusive’ academic records surrounding the relationships between BTC futures and spot markets. Who says compliance isn’t entertaining?

A Legal Perspective: Bitcoin Recognized as Property in China

On the other side of the world, some positivity is emanating from the Shanghai No. 2 Intermediate People’s Court in China, which has officially recognized Bitcoin as a unique digital asset with property status. This ruling highlights Bitcoin’s scarcity and unique qualities compared to other digital currencies, suggesting a growing acknowledgment of its value and distinct features. So, at least someone out there thinks Bitcoin is worth more than just a colorful trend, right?

Taiwan Takes Stricter Measures Against Unregistered Exchanges

On the regulatory front, Taiwan is stepping its game up by banning unregistered foreign cryptocurrency exchanges from operating in the country. The Financial Supervisory Commission (FSC) has released guidelines detailing critical points for regulating the cryptocurrency market. Among these points, they’ve mandated that overseas virtual asset service providers (VASPs) cannot operate within their borders without proper registration.

This clear stance means that those dreary days of unregulated chaos might soon be behind the island’s crypto market. Thank you, Taiwan, for putting structure in a space that can seem more disorganized than a toddler’s playroom!

Hong Kong’s New Initiative in the Wake of Fraud

In an effort to combat the rising tide of financial fraud linked to crypto exchanges, Hong Kong’s Securities and Futures Commission (SFC) has decided to compile a watchlist. They will list all licensed and “suspicious” virtual asset trading platforms as part of a public initiative to protect residents from unregulated services following the shady JPEX crypto exchange scandal.

With local media branding JPEX as one of the worst scams ever seen in Hong Kong, this move seems crucial for restoring some faith in the region’s cryptocurrency environment. Better late than never, right?