The first window for the approval of all 12 spot Bitcoin ETFs by SEC starts today

The first window for the approval of all 12 spot Bitcoin ETFs by SEC starts today

Key Points

  • US SEC is now approaching the climax of deciding on the ongoing spot Bitcoin approval race by TradFi institutions.
  • Today is the start of the first window for the commission to approve all of the 12 filed spot Bitcoin ETFs.

The US SEC has just entered an eight-day window that starts between Nov. 9 and Nov. 17, where it can approve all 12 spot Bitcoin ETF filings. Bloomberg analysts believe there is a 90% chance all 12 ETFs will be approved by Jan 10.

Will we see an approval of a spot Bitcoin ETF anytime soon? 

Since Q2 this year, major TradFi institutions in the US have been racing against each other to bring spot Bitcoin and Ethereum ETFs to their customers first. However, to make the ground fair, the US SEC is expected to be approving all BTC and ETH ETFs at ago to avoid giving any institution a market advantage over the other.

The question of whether we will see any spot Bitcoin ETF approved this year has been pondered by multiple analysts and founders in the crypto space. According to an post by Bloomberg ETF analyst James Seyffart, the US SEC just entered an eight-day window where it can approve all the twelve spot Bitcoin ETFs.

 Seyffart said that he still believes in a “90% chance by Jan 10 for spot Bitcoin ETF approvals.” however, there is still a chance that in this first window “, a wave of approval orders for all the current applicants *COULD* occur.”

The US SEC had issued delay orders on spot Bitcoin ETFs at the same time to allow all the 12 applicants to review their applications and be ready for launch. The commission further pointed out that Nov. 8 would be the last day to receive comments on the applications. 

However, according to Seyffart, it is still not going to happen that in this window, all the applicants will get their ETFs approved. The reason behind it is that the US SEC has set Nov. 17 as a recommencing period for 3 ETFs, including Hashdex Bitcoin ETF, Franklin Bitcoin ETF and Global X Bitcoin Trust. That means these three applications can only be approved as of Nov 23 at the earliest.

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Sam Bankman-Fried will be “Skinned alive”: Anthony Scaramucci

Sam Bankman-Fried will be “Skinned alive”: Anthony Scaramucci

Key Points

  • SkyBridge founder Anthony Scaramucci has criticized the decision by Sam Bankman-Fried’s defense to allow him to take the stand.
  • He says that the prosecutors will exploit weaknesses in his story and end up with a longer sentencing.

Anthony Scaramucci, the SkyBridge Capital founder, has voiced his opinions on the ongoing FTX case, saying Sam Bankman-Fried has run out of means to “out-fox” regulators. He added that the ex-CEO of the fallen exchange will be “skinned alive by the regulators.

Sam Bankman-Fried to take the stand in his trial case

In an Oct. 25 interview with CNBC, Anthony Scaramucci voiced his opinions on the ongoing case against FTX founder and EX-CEO Sam Bankman-Fried, saying that the Department of Justice will refer to all the contradictions he made, adding years to his eventual sentence.

He stated that the move by his defense to allow him to take the stand in his criminal trial is a “very bad move” as the prosecutors will have the chance to skin him alive without much resistance.

“He’s going to get skinned alive; there’s no way to escape. He thinks he will out-fox the prosecutors, but they’re very well experienced with this stuff.”

He added that he believes that Sam Bankman-Fried’s failed ambitions and excessive urge to out-trade everyone is the end of him. FTX Ventures had acquired a stake of 30% in SkyBridge, which the company is now trying to buy back from the now-bankrupt exchange. 

However, only a little development has happened, as the exchange might be re-launched. Keep watching Fintech Express for more updates on this and other Fintech-related developments.

U.K. considers blanket ban on crypto investment cold calls

U.K. considers blanket ban on crypto investment cold calls

Key Points

  • The United Kingdom Treasury has released a consultation paper seeking to understand the effects of a blanket ban on crypto-related cold calls.
  • The new fieldwork seeks to understand the impacts such a crypto regulation would have on businesses and the economy at this time.

The U.K. has continued to push its limits regarding crypto regulation after His Majesty’s Treasury released a consultation paper that seeks to gauge what the impacts of a blanket crypto cold calls ban would have on the economy.

U.K. crypto regulatory efforts continue

The United Kingdom government is increasing its oversight on crypto assets as it considers the industry risky to its citizens. Some of its regulators have been issuing tighter restrictions, like the UK FCA and advertising boards, to control what it considers a ‘mayhem’ in the industry.

On May 3, it announced an ambitious fraud strategy that created new jobs in a push to review policies around emerging technologies sectors. The country’s National Crime Agency estimates that fraud costs are approximately $8.7 billion annually, an arrangement the government will not “tolerate.”

Now, the Treasury’s Economic Secretary, Andrew Griffith, has said that an increasing number of cold calls, often used to target vulnerable members of society, leads to fraudulent activities. As a result, the Treasury is now weighing whether to impose a blanket ban on crypto related cold calls.

In the consultation paper, the Treasury highlighted numerous cold calls being responsible for significant loses of monetary value from citizens via crypto assets. Though it has imposed several prohibitions, scammers are finding new ways of bypassing the law an arrangement the U.K. government won’t tolerate anymore.

Chinese real estate developer Country Garden to be removed from Hang Seng Index on Sept 4

Chinese real estate developer Country Garden to be removed from Hang Seng Index on Sept 4

Key Points

  • China’s Country Garden, a real estate developer, is set to be removed from Hang Seng Index on Sept 4 and be replaced by Sinopharm.
  • Country Garden Services will also be removed from the Hang Seng China Enterprises Index and be replaced by following reports that the real estate company is struggling financially.

China’s real estate sector continues experiencing challenges as big companies like Country Garden and EverGrande remain distressed. The two companies, once the largest in the country, are now nearing their end as EverGrande files for bankruptcy and Country Garden shows displeasing business prospects.

Chinese real estate sector continues being hammered as Country Garden and EverGrande go down

Country Garden, once China’s leading property developer, has been struggling to keep afloat in the ongoing economic drawbacks, with its shares plunging 70% YTD (year-to-date). 

This company is not struggling alone in the real estate sector, as its competitor, EverGrande, has also filed for bankruptcy in the US. The ongoing meltdown in the Chinese real estate sector comes as the economy is stalling, proving not as strong as the world expected it to be following the post-Covid 19 open up.

As a result, productivity is decreasing in the country, which is a bad factor as the US and EU are rising against their global supply chains as their economic ties with them sour. In August, Country Garden failed to meet its bond coupon payments, which prompted issuing of a profit warning and suspending the trading of its 11 mainland China bonds.

It also has under 30 days to make the missed coupon payments on two dollar bonds coupons worth $22.5 million. As a result of this dismal performance and displeasing business prospects, the company has been replaced in Chinese Indexes, with bankruptcy remaining in sight.

Keep watching Fintech Express for more updates on this and other fintech-related developments.

Central Bank of Singapore releases stablecoin regulatory framework

Central Bank of Singapore releases stablecoin regulatory framework

Key points

  • The Monetary Authority of Singapore, in conjunction with the Central Bank of Singapore, has released a new regulatory framework for stablecoins.
  • The new framework requires stablecoin issuers to be regulated by the Monetary Authority of Singapore for their assets to be used there.

The Central Bank of Singapore has introduced a new crypto regulatory framework targeting the stablecoin industry. The new framework requires stablecoin issuers to register with the MAS.

Central Bank of Singapore continues to increase oversight of crypto regulation

The Central Bank of Singapore released a revised regulatory framework that aims at ensuring stability for single-currency stablecoins (SCS) regulated in the state. 

The MAS announced the new framework on August 15, which aims at streamlining the use of the Singaporean dollar or the G10 pegged currencies like Euro, USD and the British pound. The target assets should also have exceeded 5 million Singaporean dollars in circulation ($3.7 million).

Central Bank of Singapore supervision deputy managing director Ho Hern Shin, said the framework is set to facilitate stablecoin use as a “credible digital medium of exchange” and as a “bridge” between fiat and digital assets. Shin encouraged stablecoin issuers to be ready to comply with the new regulatory framework if they wanted to be branded as MAS-regulated entities. 

The MAS has been proactive in regulating and adopting crypto assets for a long time. It recently pulled joint efforts with the UK FCA and has also committed $150 million in fintech markets, aiming to welcome more users in Web 3. While the new stablecoin framework has already been announced, the MAS needs to have the parliament pass it into law to enforce it.

Keep watching Fintech Express for updates on regulations and other fintech-related developments.