News Roundup — SEC Inaction on Spot Bitcoin ETF a 'Complete and Utter Disaster'

Major news stories this week;

1. SEC Inaction on Spot Bitcoin ETF a ‘Complete and Utter Disaster,’ Says Cameron Winklevoss
2. Bitfinex launches peer-to-peer exchange in Argentina, Colombia and Venezuela
3. UK Crypto, Stablecoin Rules Receive Royal Assent, Passing Into Law
4. Speculation mounts BlackRock bitcoin ETF will get green light
5. Crypto Custody Firm Ledger Introduces Institutional-Grade Trading Network

Story Summaries;

1. Cameron Winklevoss slammed the Securities and Exchange Commission (SEC) for a history of failure on Saturday, noting that it has been ten years since the agency received what he called the first Bitcoin ETF application — and killed it. The Winklevoss twins, who cofounded crypto exchange Gemini, first filed for a spot Bitcoin ETF-like trust in July 2013, moving early to establish an investment vehicle that tracks the price of Bitcoin and trades similarly to stock on exchanges like the Nasdaq.
2. Bitfinex has launched a peer-to-peer exchange servicing clients in Argentina, Venezuela and Colombia, the company said in a statement. Users can buy and sell bitcoin, ether, USDT, EURT and Tether Gold. “By offering a reliable and efficient platform for P2P token trading, we are empowering our customers to engage with the marketplace in a way that affords maximum convenience based on their needs and preferences,” Bitfinex CTO Paolo Ardoino said in the statement.
3. A U.K. bill giving regulators the power to supervise crypto and stablecoins was approved by King Charles Thursday, marking the last formal stage that makes the bill law. Royal assent, a purely procedural step following agreement from lawmakers, makes the Financial Services and Markets Bill an Act, and includes measures to bring crypto and stablecoins into the scope of regulation. The bill was last week approved by the upper chamber of Parliament.
4. Optimism among crypto traders has soared in the two weeks since the world’s largest money manager filed an application to run the first publicly traded spot bitcoin ETF in the US. Bitcoin, the most popular digital token, has soared by a fifth to more than $30,000. BlackRock’s application has pitted a group with a substantial record of ETF approvals against the Securities and Exchange Commission, which has repeatedly rejected industry efforts for an ETF based on trading in the underlying bitcoin asset.
5. Ledger, best known for cryptocurrency hardware storage devices, is targeting institutions with an open, enterprise-grade trading platform designed to meet their risk management and regulatory requirements. The Ledger Enterprise Tradelink network, announced Wednesday, has signed up a number of crypto exchange and broker partners including Crypto.com, Bitstamp, Huobi, Uphold, CEX.IO, Wintermute, Coinsquare, NDAX, Damex, Bitazza, Flowdesk and YouHodler.

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And that’s all for last week’s news! Wishing you a great week ahead!

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