![Grayscale victory, SEC delays decision on Bitcoin ETFs: Law Decoded Grayscale victory, SEC delays decision on Bitcoin ETFs: Law Decoded](https://i0.wp.com/images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvNGQyZTU1OWItYWFlMS00ZTY3LWIxZGMtMWI1MGFiNDljYzE3LmpwZw==.jpg?fit=%2C&ssl=1)
Crypto asset manager Grayscale Investments scored a major victory in its battle with the U.S. Securities and Exchange Commission (SEC) on Aug. 29 in an attempt to convert its over-the-counter Grayscale Bitcoin Trust (GBTC) into a publicly traded Bitcoin Trust (GBTC). Bitcoin Exchange Traded Fund (ETF). U.S. Court of Appeals Circuit Judge Neomi Rao ordered Grayscale’s application for review to be granted and reversed the SEC’s order denying GBTC’s listing application. Previously, Rao said the SEC had not “provided any explanation” for why Grayscale was wrong.
The cryptocurrency community’s initial enthusiasm for the victory was tempered by an understanding of the limitations of the court’s decision. Gabriel Shapiro, general counsel at Delphi Labs, said: “So far, every time they lose a case in court, they shamelessly say the judge got it wrong and pursue more shenanigans. “For many companies, it’s extremely expensive to fight back (you win, but you go bankrupt when you fight back), or you’re a financial conglomerate, U.S. securities The Trading Commission can screw up other companies while your business is in the works. Gangster behaviour.”
Meanwhile, the SEC has delayed decisions on six spot bitcoin ETF applications. It specified longer deadlines to review applications for the Wise Origin Bitcoin Trust from WisdomTree, VanEck, Invesco Galaxy, Bitwise and Valkyrie, as well as Fidelity. After publication in the Federal Register, the SEC will have an additional 45 days to consider a proposed rule change allowing investment vehicles to go public, with the regulator until October to approve, deny or delay a decision.
Travel rules come into force in the UK
Crypto asset businesses in the United Kingdom can now start withholding certain cryptocurrency transfers to comply with new cryptocurrency travel rules that came into effect last week. From now on, virtual asset service providers must conduct a “risk-based assessment” of whether to use cryptocurrencies for cryptocurrencies if receiving inbound payments from individuals or entities in overseas jurisdictions that have not implemented the travel rule. Assets available to beneficiaries. The same rules apply to Brits wishing to send money outside the UK.
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First U.S. Claim for Unregistered Securities Sales Against NFT Offerings
The SEC charged Los Angeles-based media and entertainment company Impact Theory with engaging in unregistered securities transactions by selling non-fungible tokens (NFTs) to investors between October and December 2021. The company is said to have raised nearly $30 million by selling NFTs it calls the Founder’s Keys, which come in three tiers. According to the SEC, the company “encourages potential investors to view the purchase of Founders Keys as an investment in the business.”
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Chinese Court Declares Cryptocurrency Property
A People’s Court in China released a report on the legality of virtual assets, analyzing the criminal law attributes of these digital assets. The court pointed out in the report that under the current legal policy framework, virtual assets are still legal property and are protected by law.
The report of “Identification of Property Attributes of Virtual Currency and Disposal of Property Involved in the Case” admits that virtual assets have economic attributes and can be classified as property. Although China considers all foreign digital assets illegal through a blanket ban, the report argues that under the current policy framework, virtual assets held by individuals should be considered legal and protected by law.
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further reading
Kentucky Regulator Denies Plan to Subsidize Cryptocurrency Mining Facility
Binance Australia MD ‘very confident’ regulators will support cryptocurrencies
MiCA: The good, bad and ugly of EU cryptocurrency rules
Pioneering the Future with Full-Chain Solutions: XGo ID and TapiocaDAO Share Insights
Will Evergrande’s collapse offer a glimmer of hope for cryptocurrencies?
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