🌙 ETF Hopes, Terrorism Funding Concerns

Author

Mike Gavela
October 20, 2023

Crypto Roundup - Oct 20

Recent reports and regulations reveal the dynamism of the cryptocurrency landscape. JPMorgan's research points to a hopeful horizon for cryptocurrency enthusiasts, predicting potential SEC approval of spot bitcoin ETFs in the coming months. While the investment world remains optimistic, the Treasury Department's FinCEN issues stern warnings against the misuse of virtual currencies for financing terrorist activities, emphasizing the risk of exploitation by organizations like Hamas. Meanwhile, over in Europe, upcoming MiCA regulations outline robust requirements for shareholders of crypto firms, mirroring traditional banking regulations to ensure the legitimacy and reputation of those operating in the digital assets realm.

Top Stories:

  • Bitcoin ETF Optimism: JPMorgan anticipates SEC approval for spot bitcoin ETFs, possibly before January 10, marking a significant step for mainstream crypto adoption.

  • Terrorism Financing Alert: FinCEN warns of virtual currencies being used for financing terrorist organizations, emphasizing the importance of vigilance in the financial sector.

  • EU Crypto Regulations: New MiCA regulations by EU banking regulators introduce vetting and bonus limitations, aiming to ensure the integrity of crypto company ownership and curb excessive risk.

SEC Likely to Approve Spot Bitcoin ETF in Next Few Months: JPMorgan

Approval is likely before Jan. 10, which is the final deadline for the Ark 21Shares applications, the report said.

www.coindesk.com/policy/2023/10/20/sec-likely-to-approve-spot-bitcoin-etf-in-next-few-months-jpmorgan

FinCEN issues warning about virtual currency being used to finance terrorist organizations

Financial institutions need to be on the lookout for suspicious activity connected to financing terrorist organizations, officials said.

www.theblock.co/post/258785/fincen-issues-warning-about-virtual-currency-being-used-to-finance-terrorist-organizations

Crypto Shareholder Requirements Set Out by EU Banking Regulators

Controls on staff bonuses at crypto exchanges and wallet providers are also planned as the bloc prepares for its landmark crypto law, MiCA.

www.coindesk.com/policy/2023/10/20/crypto-shareholder-requirements-set-out-by-eu-banking-regulators

Uniswap Labs’ fee switch yields $120K in opening days

Uniswap Labs activated a fee switch for select frontends, and the results are big business

blockworks.co/news/uniswap-labs-fee-yield

FBI Charges 6 for Allegedly Running $30M Money Transmitting Business Using Crypto

The filing alleges that the accused knowingly conducted an illegal business by using the darknet to convert bitcoin or other cryptocurrencies into cash.

www.coindesk.com/policy/2023/10/20/fbi-charges-6-for-allegedly-running-30m-money-transmitting-business-using-crypto

Solana Rallies 26% in a Week Despite FTX Sale Fears; What's Behind the Move?

Alameda FUD turned out to be less severe than anticipated, one analyst noted.

www.coindesk.com/markets/2023/10/20/solana-rallies-26-in-a-week-despite-ftx-sale-fears-whats-behind-the-move

Hong Kong regulator updates policy for virtual asset activities

Hong Kong regulator updates policy for intermediaries interested in providing virtual asset-related products.

www.theblock.co/post/258733/hong-kong-regulator-updates-policy-for-virtual-asset-activities

Ethereum co-founder Joseph Lubin faces new legal fight over employee equity

Several former Consensys employees have sued co-founder Joseph Lubin, alleging he deprived them of their stock awards' value.

blockworks.co/news/consensys-lawsuit-joe-lubin

Tether Will Publish Reserve Data in Real Time in 2024: Report

Tether had a $3.3 billion excess in reserves at the end of Q2.

www.coindesk.com/business/2023/10/20/tether-will-publish-reserve-data-in-real-time-in-2024-report

XRP Registers Biggest Single-Day Gain in 3 Months After SEC Drops Charges Against Ripple's Leaders

XRP gained 6.5%, the biggest single-day percentage rise since July 13.

www.coindesk.com/markets/2023/10/20/xrp-registers-biggest-single-day-gain-in-3-months-after-sec-drops-charges-against-ripples-leaders