Pennsylvania Senator Pat Toomey, one of the ranking members of the Senate Banking Committee, has suggested Congress step in with legislation should the Securities and Exchange Commission (SEC) be unable to provide sufficient guidance on cryptocurrencies. In a Friday announcement from the Senate Banking Committee, Toomey said he was dissatisfied with the answers SEC chair Gary Gensler had provided on the differences between securities and commodities in regards to token projects and stablecoins. The senator questioned some of the SEC’s seeming disparities in enforcement actions between crypto firms and advisory services companies, including Glass Lewis for similar allegations of providing …

The United States Securities and Exchange Commission, or SEC, has officially disapproved asset manager WisdomTree’s spot Bitcoin (BTC) exchange-traded fund (ETF) after deferring on a decision several times this year. According to a Wednesday filing, the SEC rejected a proposed rule change from the Cboe BZX Exchange to list and trade shares of WisdomTree’s Bitcoin Trust. Specifically, the SEC said any rule change in favor of approving the ETF would not be “‘designed to prevent fraudulent and manipulative acts and practices” nor “protect investors and the public interest.” The SEC concluded that BZX had not met the requirements of listing …

It's been a bumpy ride for Bitcoin (BTC) investors. While waiting on the United States Securities and Exchange Commission (SEC) to make their decision about whether or not they will approve a spot Bitcoin exchange-traded fund (ETF), U.S-based investment firm Fidelity Investments is reportedly launching a spot ETF in Canada subject to regulatory approval. According to a tweet shared by Bloomberg senior ETF analyst Erick Balchunas, the fund "Fidelity Advantage Bitcoin ETF" is currently pending listing on a Canadian exchange. Balchunas also pointed out that if the new fund succeeds, it would become the largest asset management firm that offers …

Denver-based investment firm Kelly Strategic Management has filed for an exchange-traded fund (ETF) offering exposure to Ethereum (ETH) futures contracts. The move comes just three months after VanEck and ProShares suddenly withdrew their ETH futures ETF applications on the same day in August. According to a Nov. 29 filing with the U.S. Securities and Exchange Commission (SEC), the Kelly Ethereum Ether Strategy ETF will invest in cash-settled Ether futures contracts traded on the Chicago Mercantile Exchange (CME). Bloomberg’s Senior ETF analyst Eric Balchunas noted on Twitter today that Kelly’s Ether ETF may have a slim 20% chance of getting approval, …

Soon after dropping a filing for a Bitcoin (BTC) futures exchange-traded fund (ETF) in the United States, asset manager Invesco is launching a spot BTC exchange-traded note (ETN) in Europe. On Nov. 29, German stock market operator Deutsche Boerse officially announced the listing of the Invesco Physical Bitcoin ETN on its digital stock exchange, Xetra. The new product will trade under the ticker symbol BTIC. Admitted to the regulated market of the Frankfurt Stock Exchange, the new ETN product is physically backed by Bitcoin and is centrally cleared via Eurex Clearing. “Through central clearing, investors benefit from significantly reduced risks …

Ether (ETH) investors have no reason to complain after the 344% gains accumulated in 2021 until Nov. 24. Still, analysts fear that the $4,000 resistance test on Nov. 19 is forming a descending channel that aims at $3,600 by mid-December, an 18% correction from the current $4,400 price. Despite outperforming Bitcoin (BTC) by 16% in the past month alone and the ETH/BTC pair climbing to 10-week highs, Ether seems to be struggling with its own success. Users continue to complain about Ethereum gas fees, averaging over $45 over the past three weeks. However problematic that can be, it leaves no …

Bitcoin’s (BTC) price action hasn’t been bullish despite the $69,000 all-time high on Nov. 10. Some argue that that descending channel formed 40 days ago is the dominant trend, and $56,000 marks its current resistance. Such bearishness follows scrutiny from United States regulators, after a Nov. 1 report from the President’s Working Group on Financial Markets suggested that stablecoin issuers in the U.S. should be subject to “appropriate federal oversight,” similar to banks and savings associations. On Nov. 12, the Bitcoin-backed exchange-traded fund (ETF) request was rejected by the U.S. Securities and Exchange Commission. To justify the denial, the regulator …

The U.S. Securities and Exchange Commission, or SEC, announced Nov 24 the title of the upcoming crypto panel for its Dec 2 Investor Advisory Meeting will be “Helping to Ensure Investor Protection and Market Integrity in the Face of New Technologies”. Previously on Nov 15, the Commission announced the meeting would be open to the public. Panelists and moderators will attend remotely. The crypto panel discussion agenda will focus on the regulatory framework covering digital assets, market structure issues, and defining risk in emerging technologies. Additional topics are expected to include blockchain technologies, crypto-based EFTs, and stablecoins. Half of the …

The long-standing feud between distributed ledger technology firm Ripple and the United States Securities and Exchange Commission (SEC) is nearing its end, according to Ripple’s CEO. Brad Garlinghouse highlighted the progress made in the case “despite a slow-moving judicial process.” Speaking to CNBC, he predicted that the Ripple case would likely conclude in 2022. “Clearly, we’re seeing good questions asked by the judge,” Garlinghouse said, adding his belief that “The judge realizes this is not just about Ripple, this will have broader implications.” Last year, the SEC charged Ripple with allegations of selling unlicensed securities in the form of XRP …

Looking at the past 7-days of winners and losers might give one the impression that cryptocurrency markets are net positive. Still, total market capitalization actually fell by 6.7% to $2.72 trillion as Bitcoin's (BTC) price retraced 8.3% to $58,425. The only connection between this week's top gainers seems to be the Metaverse and gaming sector, which has been on a bull run since Facebook rebranded to Meta on Oct. 28, signaling its new focus on that segment. Further bullish news backing the current surge in Metaverse-related tokens is Gemini exchange raising $400 million on Nov. 19 to build a decentralized …

After dropping a filing for a Bitcoin (BTC) futures exchange-traded fund (ETF) in October, the United States’ $1.6 trillion asset manager, Invesco, has disclosed the reasons behind the decision. Anna Paglia, Invesco’s global head of ETFs and indexed strategies, said that the biggest reason for dropping the filing was that the U.S. Securities and Exchange Commission (SEC) only approved Bitcoin ETFs with 100% exposure to Bitcoin futures. The Invesco Bitcoin Strategy ETF was designed to ideally be a mix of futures swaps, physical Bitcoin and private funds in the Bitcoin industry, Paglia said in a Sunday interview with The Financial …

The U.S. Securities and Exchange Commission has ordered crypto mining firm Marathon Digital Holdings to produce documents and communications for one of its mining facilities in Montana. According to a Nov. 15 filing with the SEC, Marathon Digital received a subpoena concerning an investigation concerning possible violations of the federal securities law related to its Hardin, Montana data center. In the third quarter of 2021, the SEC ordered the mining firm to produce documents and communications for the 100 megawatt facility, which it made arrangements to develop and stock with Bitcoin (BTC) miners in October 2020. Marathon Digital said it …