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Despite U.S. Representatives Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres urging the Securities and Exchange Commission (SEC) to promptly approve the listing of spot Bitcoin (BTC) exchange-traded funds (ETFs), the agency has once again postponed its decision.
Regarding spot Ether (ETH) ETFs from VanEck and ARK 21Shares, the SEC has deferred its decisions until Dec. 25 and Jan. 10, respectively, while GlobalX will have to wait until Nov. 21 for the commission’s ruling. Additionally, the SEC has delayed its decisions on the spot Bitcoin ETF applications from Invesco, Bitwise, and Valkyrie until mid-January.
The recent delays occurred two weeks prior to the anticipated second deadline for many applicants, who had expected to receive updates from the securities regulator between Oct. 16 and 19. The timing of these delays may have been influenced by the narrowly averted U.S. government shutdown, which could have disrupted the operations of the country’s financial regulators and other federal agencies.
Bitwise Asset Management responded to the postponement of its spot Bitcoin ETF by submitting an amended application, addressing the SEC’s concerns regarding the product. In its revised application, Bitwise engaged with what the SEC referred to as “the ‘mixed’ or ‘inconclusive’ academic record” concerning the lead-lag relationship between BTC futures and spot markets.
Another Chinese court recognized Bitcoin as property
The Shanghai No.2 Intermediate People’s Court in China has acknowledged Bitcoin as a distinct and non-replicable digital asset, recognizing its scarcity and intrinsic value. According to the court’s report, digital currencies like Bitcoin are distinguished as unique and non-replicable internet technology products. The report emphasizes that among numerous digital currencies, Bitcoin stands apart from other digital assets. It possesses essential currency characteristics such as scalability, ease of circulation, storage, and payment.
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Taiwan bans unregistered foreign crypto exchanges
Taiwan’s Financial Supervisory Commission (FSC) has established key points for regulating the cryptocurrency market in Taiwan, issuing industry guidelines for virtual asset service providers (VASP) operating within the country. In these guidelines, the authority outlined standard industry-wide regulations, including the separation of exchange treasury assets from customer assets and the review mechanisms for listing and delisting virtual assets.
The FSC also mandated that foreign VASPs must not offer their services in Taiwan without securing the necessary approvals from the regulator: Overseas virtual asset platform operators are prohibited from conducting business within the country’s territory […] unless they have registered in compliance with the law.”
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Hong Kong will list “suspicious” crypto platforms
The Securities and Futures Commission (SFC) of Hong Kong plans to release a list of all licensed, deemed licensed, closing down, and application-pending virtual asset trading platforms (VATPs) to assist the public in identifying potentially unregulated VATPs operating in Hong Kong. The SFC stated it will also maintain a dedicated list of “suspicious VATPs,” prominently displayed on the regulators’ website for easy access.
The new regulations follow the ongoing JPEX crypto exchange scandal, which local media outlets describe as one of the most significant financial fraud cases to impact the region. JPEX is accused of marketing its services to Hong Kong residents without having applied for a license in the territory.
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