- Grayscale Investments wins a major victory against the SEC in its efforts to convert its Grayscale Bitcoin Trust into a listed Bitcoin ETF.
- The SEC postpones decisions on six applications for spot Bitcoin ETFs, allowing more time for review.
- The UK’s Travel Rule for crypto assets comes into effect.
- The SEC charges Impact Theory with engaging in unregistered securities transactions through NFT sales.
- A Chinese court declares crypto assets to be legal property protected by law.
On Aug. 29, Grayscale Investments scored a major victory against the United States Securities and Exchange Commission (SEC) in its efforts to convert its over-the-counter Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin exchange-traded fund (ETF). The U.S. Court of Appeals Circuit Judge Neomi Rao ordered Grayscale’s petition for review to be granted and the SEC’s order to deny the GBTC listing application to be vacated.
The SEC has postponed its decisions on six applications for spot Bitcoin ETFs. This allows more time for review of the applications from WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie, and the Wise Origin Bitcoin Trust proposed by Fidelity. The SEC will have another 45 days to consider the proposed rule changes, giving the regulator until October to approve, deny, or delay a decision.
The UK’s Travel Rule for crypto assets has come into effect. Crypto asset businesses in the UK may now begin withholding certain crypto transfers to comply with the new rule. If an inbound payment is received from a person or entity in an overseas jurisdiction that hasn’t implemented the Travel Rule, the virtual asset service provider must make a risk-based assessment as to whether to make the crypto assets available to the beneficiary.
The SEC has charged Impact Theory, a media and entertainment company, with engaging in unregistered securities transactions by selling nonfungible tokens (NFTs) to investors. Allegedly, it raised almost $30 million through the sales of NFTs called Founder’s Keys. Impact Theory encouraged potential investors to view the purchase of a Founder’s Key as an investment into the business.
A Chinese court has declared crypto assets to be legal property protected by law. Despite China’s blanket ban on foreign digital assets, the court’s report argues that virtual assets held by individuals should be considered legal and protected under the current policy framework.
Sources:
– [Grayscale wins SEC lawsuit](https://coinpostman.com/news/grayscale-wins-sec-lawsuit)
– [Crypto community jubilant over Grayscale SEC decision, uncertainty remains](https://coinpostman.com/news/crypto-community-jubilant-over-grayscale-sec-decision-uncertainty-remains)
– [SEC delays decision on WisdomTree’s spot Bitcoin ETF](https://coinpostman.com/news/sec-delays-decision-on-wisdomtree-s-spot-bitcoin-etf)
– [UK crypto Travel Rule comes into effect](https://coinpostman.com/news/uk-crypto-travel-rule-comes-into-effect)
– [SEC charges Impact Theory with unregistered securities sales claim against NFT offering](https://coinpostman.com/news/sec-charges-podcaster-first-unregistered-securities-sales-claim-against-nft-offering)
– [China court declares virtual assets as legal properties protected by law](https://coinpostman.com/news/china-court-declares-virtual-assets-as-legal-properties-protected-by-law-report)
