Friday, 19 July 2024

Crypto News

Hodler’s Digest, Aug 27 – Sept 2 – Cointelegraph Magazine

Ben Simpson

Top Stories This Week

Grayscale wins SEC lawsuit for Bitcoin ETF review

Crypto asset manager Grayscale Investments recently scored a big win in its battle against the United States Securities and Exchange Commission.

In an ongoing effort to convert its Grayscale Bitcoin Trust (GBTC) into a Bitcoin exchange-traded fund (ETF), the U.S. appeals court judge accepted Grayscale’s argument that the SEC’s rejection of its recent ETF application was unfair.

The SEC had alleged that the GBTC didn’t have enough safe practices and fraud protection in place.

Judge Neomi Rao gave the green light to Grayscale’s request for a second review. 

Previously, Rao said that the SEC did not “offer any explanation” as to why Grayscale was in the wrong. 

However, the victory doesn’t automatically mean Grayscale’s Bitcoin ETF is a done deal. There’s still more to come…

BitBoy Crypto brand will no longer include YouTuber Ben Armstrong

The parent company of Hit Network, the folks behind the “BitBoy Crypto” brand, just gave the boot to their public face, Ben Armstrong.

The company alleged issues of substance abuse and financial damage as reasons behind the decision. 

In a YouTube and social media announcement, Hit Network revealed that despite efforts their efforts to support Armstrong during his struggle with addiction, they have decided to part ways.

This follows Armstrong facing a series of lawsuits in recent times.

He was in a class-action lawsuit where investors accused him and other influencers of promoting FTX without disclosing how much they were getting paid by the exchange. 

Furthermore, during the lawsuit, there were claims that Armstrong threatened the plaintiff’s lawyers and even blew off a federal judge’s orders to show up in court. The case was put on hold in June.

SEC delays decision on 6 spot Bitcoin ETF applications

The SEC has chosen to postpone delivering a decision on six applications for spot Bitcoin ETFs in the United States. The commission has opted to extend its review period by an additional, pushing the decision further into October on the calendar.

Shortly after the news broke, the SEC also put BlackRock, the biggest asset manager in the world, in the same delayed decision boat.

Bitwise withdraws Bitcoin and Ether Market Cap ETF application

In a surprising twist following the U.S. SEC’s announcement of delays, Bitwise has submitted a request

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