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SEC delays ruling on Cathie Wood’s spot Bitcoin ETF, as senator and lobbyists seek dismissal of Coinbase case

SEC delays ruling on Cathie Wood’s spot Bitcoin ETF, as senator and lobbyists seek dismissal of Coinbase case
Cathie Wood sees SEC delay: Hugo Amaral/SOPA Images/Shutterstock

Saturday at last!

The US Securities and Exchange Commission is once again in the spotlight as it postpones an August 13 deadline for a decision on Cathie Wood’s spot Bitcoin ETF, is asked by a senator and lobbyists to dismiss a lawsuit against crypto exchange Coinbase, and settles a case with Bittrex for $24 million. Read on!

Here are some stories we’re looking at right now:

Spot Bitcoin ETF ruling delayed

The SEC postponed a decision on the Ark 21Shares Bitcoin ETF, it said in a filing.

The deadline had been set for August 13, with the crypto industry awaiting the agency’s decision on the institutional use of Bitcoin. Still, founder of ARK Invest Cathie Wood had said that she anticipated a delay for the company’s proposed spot Bitcoin ETF, CoinMarketCap reported earlier.

SEC’s Coinbase lawsuit dismissal sought

US Republican Senator Cynthia Lummis of Wyoming and several crypto lobbying groups filed briefs asking a federal court to dismiss a June SEC lawsuit against crypto exchange Coinbase.

They argued that the SEC was exceeding its authority in alleging Coinbase was an unregistered exchange trading securities in the form of crypto assets, CoinDesk reported.

Bittrex to settle SEC case

Bankrupt crypto trading platform Bittrex agreed to pay $24 million to settle an SEC lawsuit alleging it operated an unlicensed exchange, brokerage, and clearing agency, Investopedia reported.

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Bittrex and ex-CEO William Shihara settled the case, pending court approval, without admitting the SEC charges.

Boyaa budgets $5m for crypto

Hong Kong-based e-gaming developer Boyaa Interactive International said in a statement that it has budgeted $5 million to purchase cryptocurrencies.

Boyaa plans to buy mostly Bitcoin and Ether on licensed trading platforms, it said. Purchases will be funded with cash reserves generated from operations in Hong Kong and overseas, in accordance with market conditions.

California updates crypto political rules

The California Fair Political Practices Commission updated its rules for making and reporting cryptocurrency contributions, Cointelegraph reported.

Political committees may not accept crypto contributions from foreign principals, lobbyists or anonymous sources, among other requirements.

What we’re reading around the web:

Cameron Winklevoss to DCG Amid Their Crypto Lending Fight: ‘Good Luck’ Convincing a JuryCoinDesk

How crypto scammers are embracing new AI technologyDL News

Huobi seeks update of crypto holdings across data platforms, amid market talk of insolvency woesForkast