Autor Cointelegraph By Editorial Staff

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Larry Fink, the CEO of BlackRock, has recently delivered pro-crypto remarks, claiming “Bitcoin is an international asset” and suggesting U.S. regulators consider how an ETF directly linked to Bitcoin could democratize finance in the country. Under Fink, BlackRock has attempted to launch a spot BTC ETF with crypto exchange Coinbase acting as a surveillance partner. It’s unclear if the U.S. Securities and Exchange Commission (SEC) will approve the investment vehicle, given its track record of rejecting all previously filed spot BTC ETF applications to date.

Gemini files lawsuit against Digital Currency Group and Barry Silbert over Genesis and Earn program

Gemini has announced legal action against the conglomerate Digital Currency Group (DCG) and its CEO, Barry Silbert, claiming “fraud against creditors.” Genesis, a DCG subsidiary, had been the crypto lender responsible for operating an Earn program in partnership with the crypto exchange. The suit follows an open letter published by Gemini co-founder Cameron Winklevoss, which slammed Silbert for allegedly trying to play the victim card while owing over a billion dollars to Earn’s investors. “Not even Sam Bankman-Fried was capable of such delusion,” Winklevoss wrote in the letter.

Bitcoin bull run incoming: Binance CEO Changpeng Zhao reveals when

Binance CEO Changpeng “CZ” Zhao has delivered his prediction for the next Bitcoin bull market. In a July 5 “ask me anything” session on Twitter, CZ gave his thoughts on the next bull run, explaining that the price of Bitcoin has historically moved in four-year bull cycles, and his best bet was that this would continue to occur. While admitting he couldn’t predict the future, Zhao emphasized the upcoming Bitcoin halving event in 2024 and declared 2025 to be the most likely year for the next bull market, stating: “The year after Bitcoin halving is usually the bull year.“

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US SEC deems spot Bitcoin ETFs filings as inadequate

There may be a longer wait for a spot Bitcoin exchange-traded fund (ETF) in the United States, as the Securities and Exchange Commission labeled investment managers’ recent applications inadequate. The SEC told the Nasdaq and the Chicago Board Options Exchange that their filings are not “sufficiently clear and comprehensive.” The regulator returned the filings, citing the lack of information regarding the proposed surveillance-sharing agreement. Asset managers can still resubmit their applications.

Cathie Wood’s ARK reportedly ‘first in line’ for a spot Bitcoin ETF

ARK Investment Management is reportedly ahead of BlackRock in the race for a spot Bitcoin ETF, as it still has a previous application pending with the United States securities regulator. ARK and 21Shares filed their third application for a spot BTC ETF in April, and amended it this week to include a surveillance-sharing agreement, making it similar to BlackRock’s filing. Since BlackRock’s application on June 16, other investment firms such as Valkyrie, WisdomTree and Invesco have reapplied for spot Bitcoin ETFs.

Binance to lose support of its euro banking partner

Crypto exchange Binance informed users that its current euro banking partner, Paysafe Payment Solutions, will no longer support the exchange after September 25. Binance said it will switch to a new service provider for euro deposits and withdrawals via SEPA bank transfer, though it didn’t name which provider that would be. In recent months, Binance has been facing waves of backlash from regulators around the world, leading to a cessation of operations in various countries.

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‘The Great Accumulation’ of Bitcoin has begun, says Gemini’s Winklevoss

Recently renewed optimism for an approved Bitcoin spot exchange-traded fund (ETF) is igniting “The Great Accumulation Race” for Bitcoin, according to industry pundits. Over the past week, Fidelity, Invesco, WisdomTree and Valkyrie have followed investment giant BlackRock in applying for a Bitcoin spot ETF with the United States Securities Exchange Commission, which some analysts believe is the reason for Bitcoin’s price surge in the past days.

Binance.US solves USD withdrawal issues but warns it won’t last long

Crypto exchange Binance.US informed customers that it has resolved U.S. dollar withdrawal issues after working with its banking partners, though it warned the relief may not last. The exchange suspended dollar deposits and notified its customers of an incoming pause to fiat withdrawal channels on June 9, amid its ongoing battle with the SEC. Binance.US has encouraged customers that have a failed withdrawal attempt to resubmit their requests. Any remaining USD balances held in customer accounts will be converted into Tether at a future date.

Atomic Wallet gives major update on hack but questions remain unanswered

Atomic Wallet users have been left wanting more answers, despite the decentralized wallet provider finally releasing a full “event statement” about the June exploit — which some estimate has run up to $100 million in losses. In the statement, Atomic didn’t point to what exactly led to the exploit, only laying out the four most “probable” causes, including a virus on user devices, an infrastructure breach, a man-in-the-middle attack or malware code injection. According to the company, “less than 0.1%” of app users were affected, but the figure is still rebuffed by many online.

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US lawmakers file ‘SEC Stabilization Act’ to fire Gary Gensler

United States Representative Warren Davidson has introduced the “SEC Stabilization Act” into the House of Representatives. One of the bill’s main provisions is to fire Securities and Exchange Commission (SEC) Chair Gary Gensler. The bill would remove Gensler from office and redistribute power between the SEC chair and commissioners. It would also add a sixth commissioner to the agency, disallow any party from holding a majority on the commission and create an executive director position. The SEC declined to comment on the matter.

BlackRock applies for spot Bitcoin ETF — a US first if approved

BlackRock, the world’s largest investment company, has filed an application for a Bitcoin spot exchange traded fund (ETF). It would be the first crypto spot ETF in the United States, if it receives approval. According to the filing, Coinbase Custody Trust Company would be the custodian of the fund and Bank of New York Mellon would custody its fiat. The SEC has not approved a spot Bitcoin ETF so far despite numerous applicants. The world’s first spot traded Bitcoin ETF was Canada’s Purpose Bitcoin ETF, set up in early 2021.

Binance CEO Changpeng Zhao denies rumors of selling Bitcoin to bolster BNB

Binance CEO Changpeng “CZ” Zhao has refuted accusations that Binance has been secretly selling Bitcoin (BTC) to artificially stabilize the price of its BNB token. The rumors have come from several market commentators in the past days, accusing the exchange of intentionally manipulating the market to artificially inflate the value of BNB. CZ said that Binance had not sold any of its BTC or BNB, adding that the crypto exchange still held “a bag” of FTX Token — the native token of the now-defunct crypto exchange FTX.

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U.S. SEC sues Binance and Coinbase amidst crypto crackdown

Binance and Coinbase have been targeted in a new round of lawsuits by the U.S. Securities and Exchange Commission (SEC) against crypto businesses. The regulator pressed 13 charges against Binance on June 5, including those involving unregistered offerings and sales of tokens, and failing to register as an exchange or broker-dealer. The commission also went after Coinbase on similar grounds, alleging that popular cryptocurrencies offered by the exchange are securities. Trading volume across the major decentralized exchanges jumped 444% in the hours following the legal actions. In the six months after FTX’s bankruptcy, SEC crypto-related enforcement actions rose 183%.

SEC lawsuits: 67 cryptocurrencies are now seen as securities by the SEC

The total number of cryptocurrencies the United States securities regulator has labeled as a “security” has now reached an estimated 67, after adding a few more to the list in its lawsuit against crypto exchanges Binance and Coinbase. In its case against Binance, the SEC introduced 10 cryptocurrencies into the securities classification, while it named 13 cryptocurrencies in its Coinbase suit. The “security” label now applies to over $100 billion worth of the market, or around 10% of the $1.09 trillion total crypto market capitalization.

Coinbase CEO’s stock sale was probably not planned to occur a day ahead of SEC suit

Coinbase CEO Brian Armstrong sold company shares the day before the SEC lawsuit against the exchange. The transaction caused a minor stir in the Twitter cryptoverse, as Armstrong avoided a sharp loss by doing so. SEC records show that Armstrong sold 29,730 shares of the company on June 5, the day before the SEC suit. Armstrong has been selling Coinbase stock regularly since November under a 10b5-1 plan adopted in August, which determines the timing and size of transactions in advance. The net worths of Armstrong and Binance CEO Changpeng Zhao have suffered heavy blows due to the suits. Within 30 hours, Armstrong’s net worth plummeted by $289 million and Zhao’s by $1.33 billion.