{"id":12481,"date":"2023-07-02T07:21:41","date_gmt":"2023-07-02T07:21:41","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12481"},"modified":"2023-07-02T07:21:44","modified_gmt":"2023-07-02T07:21:44","slug":"sec-calls-etf-filings-inadequate-binance-loses-euro-partner","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12481","title":{"rendered":"SEC calls ETF filings inadequate, Binance loses euro partner&#8230;"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<h2 id=\"h-top-stories-this-week\"><strong>Top Stories This Week<\/strong><\/h2>\n<h2 id=\"h-us-sec-deems-spot-bitcoin-etfs-filings-as-inadequate\"><strong>US SEC deems spot Bitcoin ETFs filings as inadequate<\/strong><\/h2>\n<p>There may be a longer wait for a spot Bitcoin exchange-traded fund (ETF) in the United States, as the Securities and Exchange Commission labeled investment managers\u2019 recent applications inadequate. The SEC told the Nasdaq and the Chicago Board Options Exchange that their filings are not \u201csufficiently clear and comprehensive.\u201d The regulator returned the filings, citing the lack of information regarding the proposed surveillance-sharing agreement. Asset managers can still resubmit their applications.<\/p>\n<h2 id=\"h-cathie-wood-s-ark-reportedly-first-in-line-for-a-spot-bitcoin-etf\"><strong>Cathie Wood\u2019s ARK reportedly \u2018first in line\u2019 for a spot Bitcoin ETF<\/strong><\/h2>\n<p>ARK Investment Management is reportedly ahead of BlackRock in the race for a spot Bitcoin ETF, as it still has a previous application pending with the United States securities regulator. ARK and 21Shares filed their third application for a spot BTC ETF in April, and amended it this week to include a surveillance-sharing agreement, making it similar to BlackRock\u2019s filing. Since BlackRock\u2019s application on June 16, other investment firms such as Valkyrie, WisdomTree and Invesco have reapplied for spot Bitcoin ETFs.<\/p>\n<h2 id=\"h-binance-to-lose-support-of-its-euro-banking-partner\"><strong><strong>Binance to lose support of its euro banking partner<\/strong><\/strong><\/h2>\n<p>Crypto exchange Binance informed users that its current euro banking partner, Paysafe Payment Solutions, will no longer support the exchange after September 25. Binance said it will switch to a new service provider for euro deposits and withdrawals via SEPA bank transfer, though it didn\u2019t name which provider that would be. In recent months, Binance has been facing waves of backlash from regulators around the world, leading to a cessation of operations in various countries.<\/p>\n<h2 id=\"h-ftx-has-recovered-7b-in-assets-so-far-has-almost-2b-to-go-to-cover-misappropriations\"><strong>FTX has recovered $7B in assets so far, has almost $2B to go to cover misappropriations<\/strong><\/h2>\n<p>FTX has recovered about $7 billion in liquid assets so far, and the search for additional assets is continuing, according to an interim report released June 26. The extensive commingling of funds complicates their efforts, however. The FTX Debtors, made up of FTX and affiliates, currently estimate the amount of misappropriated customer assets at $8.7 billion. Most of that money, about $6.4 billion, was in fiat and stablecoins. The former FTX leadership \u201cdid not commingle and misuse customer deposits by accident,\u201d the report alleged.<\/p>\n<h2 id=\"h-3ac-liquidators-look-to-recoup-1-3b-from-founders\"><strong>3AC liquidators look to recoup $1.3B from founders<\/strong><\/h2>\n<p>Teneo, the liquidator behind bankrupt hedge fund Three Arrows Capital (3AC) is seeking to recover roughly $1.3 billion in funds from its founders Su Zhu and Kyle Davies. The debt reportedly incurred when 3AC was already insolvent, adding to creditors\u2019 losses. The company owed creditors $3.5 billion, making the founders\u2019 potential liability more than a third of the total debt. Davies and Zhu have maintained active social media profiles, but their physical whereabouts are unknown, delaying the liquidation process. Both 3AC founders have received digital subpoenas during the bankruptcy proceedings. To date, they have not cooperated.<\/p>\n<h2 id=\"h-winners-and-losers\"><strong>Winners and Losers<\/strong><\/h2>\n<p>At the end of the week, Bitcoin <strong>(<\/strong><strong>BTC<\/strong><strong>)<\/strong> is at <strong>$30,418<\/strong>, Ether <strong>(<\/strong><strong>ETH<\/strong><strong>)<\/strong> at <strong>$1,928<\/strong> and <strong>XRP<\/strong> at <strong>$0.47<\/strong>. The total market cap is at <strong>$1.19<\/strong> trillion, according to CoinMarketCap.<\/p>\n<p>Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Compound <strong>(COMP) <\/strong>at 84.33%, Bitcoin Cash <strong>(BCH) <\/strong>at 63.16% and eCash <strong>(XEC) <\/strong>at 44.59%.\u00a0<\/p>\n<p>The top three altcoin losers of the week are Conflux <strong>(CFX) <\/strong>at -22.38%, Sui <strong>(SUI)<\/strong> at -15.41% and Stacks <strong>(STX) <\/strong>at -14.81%.<\/p>\n<p>For more info on crypto prices, make sure to read Cointelegraph\u2019s market analysis.<\/p>\n<p>Read also<\/p>\n<p>                            Asia Express<\/p>\n<p>Asia Express: China\u2019s NFT market, Moutai metaverse popular but buggy\u2026<\/p>\n<p>                            Features<\/p>\n<p>Forced Creativity: Why Bitcoin Thrives in Former Socialist States<\/p>\n<h2 id=\"h-most-memorable-quotations\"><strong>Most Memorable Quotations<\/strong><br \/><\/h2>\n<p>\u201cOne of the things that I think people need to stop doing is going, \u2018What\u2019s the ultimate blockchain?\u2019 [\u2026] It doesn\u2019t exist in my mind because it really depends.\u201d<\/p>\n<p><strong>Mel McCann<\/strong><strong>, vice president of engineering at the Cardano Foundation<\/strong><\/p>\n<p>\u201cCrypto presents [the SEC] an opportunity to rethink how we approach innovation. [\u2026] I really think we\u2019ve been taking an approach that is not appropriate.\u201d<\/p>\n<p><strong>Hester Peirce<\/strong><strong>, commissioner of the U.S. Securities and Exchange Commission<\/strong><\/p>\n<p>\u201cMany of the largest financial institutions in the US are actively working to provide access to Bitcoin and more.\u201d<\/p>\n<p><strong>Meltem Demirors<\/strong><strong>, chief strategy officer at CoinShares<\/strong><\/p>\n<p>\u201cI think that our NFTs are a neat way to show that we do have a seat at the table and that we\u2019re really invested in crypto and the investigation of digital assets.\u201d<\/p>\n<p><strong>Andrew Frey<\/strong><strong>, forensic financial analyst in the U.S. Secret Service<\/strong><\/p>\n<p>\u201cOnce in a while, something comes along that makes poor people rich because they got it really, really cheap. This [Bitcoin] was one of them.\u201d<\/p>\n<p><strong>Davinci Jeremie<\/strong><strong>, crypto advocate<\/strong><\/p>\n<p>\u201cRegulation by enforcement is the equivalent of having a hammer and seeing everything as a nail.\u201d<\/p>\n<p><strong>Simon Callaghan<\/strong><strong>, CEO of Blockchain Australia<\/strong><\/p>\n<h2 id=\"h-prediction-of-the-week\"><strong>Prediction of the Week\u00a0<\/strong><\/h2>\n<p><strong>Bitcoin speculators send 35K BTC to exchanges in new \u2018elation inflow\u2019<\/strong><\/p>\n<p>Bitcoin short-term holders (STHs) are feeling the need to sell BTC at $30,000, according to a recent report from analytics firm Glassnode flagging tens of thousands of coins being sent to exchanges.<\/p>\n<p>This indicates that speculative interest in Bitcoin remains fickle and highly sensitive to even smaller price movements.<\/p>\n<p>Historical data has shown that once STH profitability reaches an aggregate 20%, selling begins, and against their current $26,500 breakeven point, anything much above $33,000 could spark a significant shift in hodler composition. Current data shows STH profitability at around 10%, with their realized price \u2014 the price at which STH coins last moved \u2014 now above $27,000.<\/p>\n<h2 id=\"h-fud-of-the-week\"><strong>FUD of the Week\u00a0<\/strong><\/h2>\n<h3 id=\"h-\"><\/h3>\n<h2 id=\"h-ftx-alleges-former-exec-used-hush-money-to-silence-whistleblowers\"><strong>FTX alleges former exec used \u2018hush money\u2019 to silence whistleblowers<\/strong><\/h2>\n<p>FTX has filed a lawsuit against a former regulatory and compliance executive at the exchange, alleging he made a series of payments attempting to prevent staff from blowing the whistle about the exchange\u2019s issues. Daniel Friedberg, who held multiple leadership roles at the exchange, is accused of making \u201chush money\u201d payments to two potential whistleblowers to stop them from leaking information about \u201cregulatory issues\u201d and the close ties between FTX and Alameda.<\/p>\n<h2 id=\"h-over-204m-was-lost-in-q2-defi-hacks-and-scams\"><strong><strong><strong><strong>Over $204M was lost in Q2 DeFi hacks and scams<\/strong><\/strong><\/strong><\/strong><\/h2>\n<p>Over $204 million was lost in decentralized finance (DeFi) hacks and scams in the second quarter of 2023, according to a recent report. A total of $208.5 million was initially lost during the quarter, but $4.5 million was recovered through prosecutions, deals with hackers and other recovery methods. The number of DeFi hacks in Q2 rose by \u201calmost 7 times\u201d year-over-year, with 117 incidents during the period, compared with only 17 in the same quarter of 2022. A total of over $665 million was lost during the first half of 2023.<\/p>\n<h2 id=\"h-revolut-us-to-delist-ada-matic-and-sol-in-september\"><strong>Revolut US to delist ADA, MATIC and SOL in September<\/strong><\/h2>\n<p>Crypto-friendly neobank Revolut is next to delist a batch of digital assets on its platform in the United States amid the ongoing regulatory developments in the country, including the complete delist of tokens like Cardano (ADA), Polygon (MATIC) and Solana (SOL). The firm, however, still supports the tokens in other jurisdictions outside the country. ADA, MATIC and SOL were labeled as unregistered securities by the SEC in early June.<\/p>\n<h2 id=\"h-best-cointelegraph-features\"><strong>Best Cointelegraph Features<\/strong><\/h2>\n<h2 id=\"h-how-smart-people-invest-in-dumb-memecoins-3-point-plan-for-success\"><strong>How smart people invest in dumb memecoins: 3-point plan for success<\/strong><\/h2>\n<p>If you can make money out of it, then it\u2019s a smart investment. That\u2019s the playbook of smart investors making bank from dumb memecoins.<\/p>\n<h2 id=\"h-ai-eye-ai-travel-booking-hilariously-bad-3-weird-uses-for-chatgpt-crypto-plugins\"><strong><strong>AI Eye: AI travel booking hilariously bad, 3 weird uses for ChatGPT, crypto plugins<\/strong><\/strong><\/h2>\n<p>ChatGPT and Bard can help you book fictional hotels and awful 29-hour flights, 3 bizarre uses for AI, and do crypto plugins actually work?<\/p>\n<h2 id=\"h-nft-collector-snoop-s-nft-nostalgia-the-goose-draws-gen-y-to-sotheby-s\"><strong><strong><strong>NFT Collector: Snoop\u2019s NFT nostalgia, The Goose draws Gen Y to Sotheby\u2019s<\/strong><\/strong><\/strong><\/h2>\n<p>Snoop Dogg\u2019s NFT passport is a blueprint for concert merch of the future, Sotheby\u2019s NFT VP says. The Goose drew Millennials to auction house.<\/p>\n<p>Subscribe<\/p>\n<p>The most engaging reads in blockchain. Delivered once a<br \/>\n        week.<\/p>\n<h2 class=\"author__name\">Editorial Staff<\/h2>\n<p>Cointelegraph Magazine writers and reporters contributed to this article.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/magazine\/sec-calls-etf-filings-inadequate-binance-loses-euro-partner-and-other-news-hodlers-digest-june-25-july-1\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Top Stories This Week US SEC deems spot Bitcoin ETFs filings as inadequate There may be a longer wait for a spot Bitcoin exchange-traded fund (ETF) in the United States, as the Securities and Exchange Commission labeled investment managers\u2019 recent applications inadequate. The SEC told the Nasdaq and the Chicago Board Options Exchange that their [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12481"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12481\/revisions"}],"predecessor-version":[{"id":12483,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12481\/revisions\/12483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12482"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}