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Bitcoin ETFs may be approved next week following eleventh-hour document updates

Bitcoin ETFs may be approved next week following eleventh-hour document updates
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Gary Gensler's SEC may approve spot Bitcoin ETFs next week. Credit: Rita Fortunato/DL News

Happy Saturday!

US spot Bitcoin ETFs may be approved next week after last-minute document updates, Coinbase plans EU acquisition for crypto derivatives trading, and South Korea may ban buying crypto with credit cards. Read on!

Bitcoin ETF applications get late updates

The US Securities and Exchange Commission and applicants for spot Bitcoin ETFs on Friday discussed what were described as minor changes in their filings, which may portend their approval by mid-week, sources familiar with the matter told Reuters.

SEC officials and issuers consulted on the S-1 documents required for every ETF, representatives of five companies who declined to be identified told the news agency.

Several issuers told Reuters they anticipated approval of their filings by late Tuesday or Wednesday.

Stock exchanges were also completing 19b-4 filings concerning SEC rule changes for listing spot Bitcoin ETFs, the report said.

Coinbase plans EU crypto derivatives trading

Coinbase is making preparations to offer crypto-linked derivatives in the EU after acquiring a company already licenced to do so, CNBC reported.

The crypto exchange said it has agreed to buy an unidentified holding company with an MiFID II licence, pending regulatory approval. Coinbase expects the deal to close later this year, enabling it to begin trading crypto derivatives in the EU.

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South Korea may ban credit card crypto

South Korea’s Financial Services Commission has proposed a ban on buying crypto with credit cards, CoinMarketCap reported.

The FSC said such a ban would curtail South Korean purchases of crypto through foreign exchanges and help address concerns about the illegal outflow of domestic funds as well as money laundering.

North Korea steals $600m crypto, TRM says

North Korean hackers stole at least $600 million in crypto in 2023, TRM Labs said in a research report. Other attacks, if confirmed to be North Korean, may increase that total to $700 million.

DPRK hackers accounted for a third of the funds stolen in crypto attacks last year, and have looted about $3 billion since 2017.

Logan Paul buying back NFTs

YouTube personality Logan Paul is buying back NFTs from investors who lost money on his failed CryptoZoo game, the BBC reported.

Paul introduced the game in 2021 and his fans spent millions on its tokens, but CryptoZoo was never actually developed. Paul said he will buy back tokens if those who accept his offer agree not to sue him. Still, purchasers will probably not get all of their money back, the report said.

What we’re reading around the web

‘It’s done,’ says Scaramucci as Bitcoin ETF hopes fly highDL News

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How Grayscale paved the way for a Bitcoin ETF only to get bigfooted by BlackRock and Cathie WoodDL News