Saturday, 30 September 2023

Crypto News

Crypto futures and ETFs are knocking at the door: Law Decoded, Aug. 13–20.

Crypto futures and ETFs are knocking at the door: Law Decoded, Aug. 13–20.

Cryptocurrency exchange Coinbase has received approval from the United States National Futures Association to offer investments in crypto futures to eligible customers. The approval enables Coinbase to introduce Bitcoin (BTC) and Ether (ETH) futures contracts through its Commodity Futures Trading Commission-regulated derivatives exchange. 

Meanwhile, citing sources familiar with the matter, The Wall Street Journal reported that the U.S. Securities and Exchange Commission (SEC) is likely to approve multiple applications for Ether futures exchange-traded funds (ETFs) simultaneously. So far, the SEC has not instructed the firms to withdraw their applications, unlike in 2021. This suggests the regulator won’t block the fund’s launch within a few weeks. The SEC’s decision on Bitcoin ETFs could also come in early 2024.

This could be why asset management firm Valkyrie has joined the list of companies filing for crypto ETFs. As per its application, the fund will not directly invest in Ether but will seek to purchase several ETH futures contracts. The ETF investment in Ether futures contracts will be limited to 8,000 contracts per month in compliance with position limits established by the Chicago Mercantile Exchange.

SEC is allowed to appeal in the Ripple case

U.S. Judge Analisa Torres has granted a request from the SEC to file a motion for leave to file an interlocutory appeal in its case against Ripple Labs. According to U.S. law, an interlocutory appeal occurs when a ruling by a trial court is appealed while other aspects of the case are still proceeding.

The decision came just a few hours after Ripple Labs voiced opposition to a potential appeal in the case. Ripple’s lawyers argued that an appeal requires a pure question of law and that the SEC’s request raises no new legal issues needing review. They also insisted that the regulator’s claim of an incorrect court ruling is insufficient and that an immediate appeal will not advance the termination litigation proceedings.

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Singapore gets its regulatory framework for stablecoins

Singapore’s central bank has released a revised regulatory framework to ensure stability for single-currency stablecoins regulated in the city-state. The framework outlines several requirements for stablecoin issuers, including redemption timelines, disclosures, reserve management and capital requirement. The Monetary Authority of Singapore noted only stablecoin issuers that fulfill the new framework’s…

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