Paxos Digital Singapore, a branch of Paxos, has received In-Principle Approval from the Monetary Authority of Singapore (MAS) to launch a US dollar-backed stablecoin in Singapore. This approval allows Paxos to issue stablecoins in the country by partnering with enterprise clients. The expansion into Singapore is driven by the global demand for the US dollar, […]
Bloomberg analyst Eric Balchunas has reported that the Securities and Exchange Commission (SEC) is instructing spot Bitcoin ETF applicants to incorporate cash creates. This means that instead of delivering Bitcoin assets in exchange for shares of the ETF, participants would deliver cash. Balchunas explains that cash creation may be preferred because broker-dealers cannot deal in […]
The U.S. Securities and Exchange Commission (SEC) has extended the decision period for two spot Bitcoin Exchange Traded Funds (ETFs). The first filing is for GlobalX’s spot Bitcoin ETF, which was submitted on August 4 and published for comment on August 23. The SEC will now have until February 2024 to approve or reject the […]
Fidelity Investments has filed for a spot Ethereum exchange-traded fund (ETF), following in the footsteps of its main competitor, BlackRock. The filing with the Securities and Exchange Commission (SEC) outlines Fidelity’s plan to list and trade shares of the proposed fund on Cboe BZX. This move comes after Fidelity submitted a similar proposal for a […]
Stablecoins, a type of digital currency pegged to a fiat currency like the USD, are facing challenges in maintaining stability and regulatory control, according to a study by the Bank for International Settlements (BIS). The study highlights the weaknesses of stablecoin settlement mechanisms, drawing parallels with the Eurodollar and foreign exchange markets. Unlike fiat currencies, […]
United States Senator Elizabeth Warren has raised concerns about the increasing number of cryptocurrency scams targeting senior citizens. During a Senate hearing, Warren highlighted a 350% rise in crypto investment scams aimed at elderly Americans, resulting in over $1 billion in losses. Cybersecurity expert Steve Weisman supported Warren’s proposed legislation on digital assets, emphasizing the […]
Asset manager WisdomTree has submitted an amended Form S-1 prospectus to the SEC for a spot bitcoin exchange-traded fund (ETF). The proposed WisdomTree Bitcoin Trust would trade on the CBOE BZX Exchange under the ticker BTCW, with Coinbase Custody Trust serving as the custodian. Despite ongoing discussions with the SEC, WisdomTree remains committed to launching […]
Three individuals have been accused of defrauding New York banks of over $10 million in a complex crypto scam. Zhong Shi Gao, Naifeng Xu, and Fei Jiang are alleged to have exploited the financial system between 2018 and 2022, aiming to convert stolen funds into cryptocurrency and channel them through foreign crypto exchanges. The scam […]
In a high-profile case in South Korea’s cryptocurrency market, prosecutors have requested an eight-year prison term for Lee Jung-hoon, the former chairman of Bithumb, the country’s second-largest crypto exchange. The appeal hearing, presided over by Judge Seo Seung-ryeol of the Seoul High Court, focuses on allegations of an $85 million fraud related to the failed […]
Global securities regulators are advocating for increased oversight of digital assets worldwide. The International Organization of Securities Commissions (IOSCO) has put forth 18 new policy recommendations aimed at protecting investors and ensuring market integrity in the crypto markets. These recommendations mirror the approach taken by the U.S. Securities and Exchange Commission (SEC). The goal is […]
