Spot Bitcoin ETFs Approved by SEC in the United States

After more than a decade of waiting, the crypto industry has finally achieved a significant milestone with the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). The SEC approved applications from various companies, including ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton. This decision marks a historic moment for the crypto industry, although the path to approval was not without challenges.

SEC Chair’s Decision Raises Questions

The approval of a spot cryptocurrency ETF in the U.S. for the first time has raised questions about the intentions of SEC Chair Gary Gensler. Gensler has previously expressed concerns about the risks associated with crypto investments, linking digital assets to fraud and scams. However, he was one of the three commissioners who voted in favor of approving the ETF offerings. Speculation has arisen regarding Gensler’s motives, with some suggesting that he may have voted in favor to attract investor funds.

Not Everyone Supports the SEC’s Decision

While the approval of spot Bitcoin ETFs has been celebrated by many, not everyone is pleased with the SEC’s decision. SEC Commissioner Caroline Crenshaw, along with another commissioner, voted against the approval, stating that it was “unsound and ahistorical.” Nonprofit organization Better Markets also criticized the decision, describing the asset as inherently worthless and without purpose. Bitcoin critic Peter Schiff added his voice to the dissent, claiming that the approvals only provide new avenues for speculators to gamble on Bitcoin.

Honduras Special Zone Recognizes Bitcoin as a Unit of Account

Próspera, a special economic zone in Roatan, Honduras, has officially recognized Bitcoin as a unit of account. This means that Bitcoin can now be used to measure the market value of goods and services within the zone. Initially, tax liabilities for entities electing to use Bitcoin will be determined in reference to BTC for internal accounting purposes but reported to Próspera Zone for Employment and Economic Development (ZEDE) in United States dollars or the Honduras lempira. Once the necessary issues are resolved, entities will report and pay tax liabilities to Próspera ZEDE in BTC.

Google Play Store Blocks Binance and OKX in India

Following a noncompliance notice issued by the Indian government, Google’s Play Store in India has removed the Binance and OKX crypto exchange apps. This decision follows a similar move by Apple’s App Store in India in December 2023. The Indian Ministry of Finance’s Financial Intelligence Unit (FIU) had previously issued a notice to several exchanges, including Binance, for operating illegally in India. The FIU required these exchanges to register as “reporting entities” and submit statements to the income tax department. Non-compliance led to the proposal of blocking the websites of these exchanges.

Terraform Labs Co-Founder Requests Trial Postponement

Do Kwon, co-founder of Terraform Labs, has requested a postponement of his trial date in the United States District Court for the Southern District of New York. Kwon cited extradition challenges in Montenegro as the reason for seeking the delay. The SEC had filed fraud charges against Kwon in February 2023, accusing him of involvement in a multibillion-dollar crypto securities fraud related to the collapse of Terraform Labs’ stablecoin TerraUSD (USTC) and its associated Terra (LUNA) token. Kwon’s legal team emphasized his desire to attend the trial personally but stated that the current trial date would not be feasible for him.

Overall, the approval of spot Bitcoin ETFs in the U.S., the recognition of Bitcoin as a unit of account in Honduras, the removal of Binance and OKX apps from the Google Play Store in India, and the trial postponement request by Do Kwon are significant developments in the crypto industry. These events highlight the growing acceptance and regulation of cryptocurrencies, while also raising questions and concerns among various stakeholders.

This News Article was automatically generated by Bob the Bot (AI)

Information Details
Geography North America
Countries 🇺🇸
Sentiment neutral
Relevance Score 1
People Peter Schiff, Gary Gensler, Caroline Crenshaw, Cameron Winklevoss, Tyler Winklevoss
Companies Gary Gensler, Franklin Templeton, Better Markets,, ARK 21Shares, Gemini, Próspera Zone for Employment and Economic Development (ZEDE), Bitfinex, Terraform Labs, VanEck, OKX, Apple’s App Store, Caroline Crenshaw, Hashdex, Bittrex, SEC, Huobi, KuCoin, United States District Court for the Southern District of New York, Judge Jed Rakoff, Ministry of Electronics and Information Technology, Grayscale, Binance, Valkyrie, Invesco Galaxy, Bitwise, Fidelity, Kraken, WisdomTree, BlackRock, Google Play Store, Indian Ministry of Finance’s Financial Intelligence Unit (FIU), Bitstamp, MEXC Global
Currencies honduras lempira, united states dollars, Bitcoin
Securities None

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