• Fidelity, VanEck, and more refiled spot Bitcoin ETF applications after reports of SEC rejections.
• South Korea passed new crypto legislation focusing on investor protections.
• Recent spot Bitcoin ETF applications fall short of SEC’s expectations on a technicality, but are not out of the running yet.
Fidelity and Other Companies Refile Spot Bitcoin ETF Applications
After reports of potential rejection from the U.S Securities and Exchange Commission (SEC) over language concerning surveillance agreements, several asset managers have resubmitted applications for their spot Bitcoin exchange-traded funds (ETFs). The Wall Street Journal reported that Fidelity, WisdomTree, VanEck, Invesco, and BlackRock’s applications did not meet the SEC’s standards due to insufficient clarity in the sharing agreements between those asset managers and exchanges such as Cboe Global Markets or Nasdaq.
South Korean Crypto Legislation Passes
South Korea has recently passed new crypto legislation with a focus on investor protection. This new law seeks to ensure that investors are aware of the risks associated with investing in digital currencies as well as creating a framework for more transparent trading practices. Additionally, it seeks to regulate initial coin offerings (ICOs) by introducing disclosure requirements for ICOs that seek to raise funds from South Korean citizens.
Spot Bitcoin ETF Applications Fall Short of Expectations
The most recent spot Bitcoin ETF applications fell short of meeting the SEC’s expectations due to technicalities regarding surveillance-sharing agreements. Despite this setback, however, they are still hoping for approval once they refine their application materials regarding the SSA issue.
BNY Mellon Experiences Setback with Crypto Custody Venture
BNY Mellon’s cryptocurrency custody venture ran into issues with SEC rules when they attempted to set up an independent trust company which would provide services related to digital assets like cryptocurrencies and stablecoins. The plan was ultimately rejected by regulators who cited various concerns related to customer protection and anti-money laundering compliance provisions in particular.
Vodafone Announces Cardano NFT Plans
Telecommunications giant Vodafone has confirmed rumors that they will be issuing non-fungible tokens (NFTs) based off Cardano technology in order to bring transparency into how mobile operators manage their network resources. The NFT system will allow mobile operators to track usage patterns across different networks as well as helping them optimize performance while reducing costs at scale by automating certain processes related to network maintenance.