SEC Calls Recent Spot Bitcoin ETF Filings Inadequate [ Crypto Espresso 7.3.23 ]

Happy Monday everyone did we all have a Great weekend no too bad I'm your host Andrew and this is crypto espresso your Teeny tiny daily shot of caffeinated Crypto headlines and open that gullet Because I'm pouring this scolding hot Liquid down your throat whether you like It or not first up the SEC has deemed Recent filings for spot Bitcoin ETFs in The US as inadequate according to the Wall Street Journal the SEC has notified NASDAQ and the Chicago Board options Exchange that their filings were not Sufficiently clear and comprehensive the Exchanges represent asset managers on The filings of the ETF according to the SEC the exchanges should have named the Specific Bitcoin exchange with whom they Would have a surveillance sharing Agreement or should have supplied enough Information regarding the specifics of That surveillance Arrangement after Correcting the data the asset managers Can resubmit their filings the Chicago Board options exchange would refile While naming coinbase as the crypto Exchange it would enter a surveillance Sharing agreement with BlackRock then Joined the group of firms vying to Launch the first Bitcoin ETF on Wall Street by announcing eight surveillance Sharing agreement this led other asset Managers like Arc invest and 21 shares Invesco Wisdom Tree Valkyrie and

Fidelity to resubmit or modify their Spot Bitcoin ETF applications South Korea has passed a new crypto bill Called the virtual asset user protection Legislation which is designed to Regulate unfair Trade Practices and Protect crypto investors the law Combines 19 crypto-related acts creating A single bill that defines digital Assets and imposes fines for illegal Trading methods such as exploiting Undisclosed information manipulating the Market and other unfair trading methods In the cryptocurrency industry the Market Capital Act is first applied to Virtual assets with a Securities nature Under the new regulations the ACT also Attempts to create a foundation for Imposing fines and accountability for Losses brought on by unfair Cryptocurrency trading in South Korea Virtual asset service providers are now Required to take responsibility for Customers deposits and to offer Insurance to Shield investors from risks Like hacking and computer failure a Fixed term prison sentence of at least One year or a significant fine may be Imposed for breaking the new guidelines For gains made by unfair trade the Financial Services Commission has the Authority to Olivia fine that is twice That amount the SEC will respond to Coinbase's First legal defense on July

13th according to a court order on Thursday this earlier than expected Hearing is a result of a creative Defense strategy by coinbase who filed Its first response 40 days before the Deadline of August 7th prompting the SEC To file a response by July 3rd due to The July 4th holiday weekend the court Granted the SEC an extension of three Business days the pre-trial meeting was Also Changed by the court into a Pre-motion conference and it was moved Up from August 24th to July 13th Coinbase has argued that many of the Tokens highlighted in the sec's case Fall outside of the commission's Jurisdiction in response to the sec's Complaint judge Catherine pokefaya will Decide if coinbase can move forward with This motion during the court appearance On July 13th poly Network and Interoperability platform was hacked Over the weekend with the attacker using A vulnerability in the cross Chain Bridge protocol to create billions of Tokens from nothing the hackers minted 24 billion busd and a B on B on Matisse 999 trillion sheep on the heko Blockchain and millions on other chains The attacker's wallet held nearly 43 Billion dollars worth of cryptocurrency At one point however due to low Liquidity most of these tokens are not Able to be sold to realize gains thus

Far the estimated gains from the hack Are between four hundred thousand Dollars to four million dollars Following the hack poly Network Announced please remain calm we are Committed to safeguarding your assets The platform suspended its services and Is assessing the scope of the attack and Impacted assets which so far impacts 57 Assets across 10 blockchains and finally Crypto exchange Kraken has been ordered By a federal court to provide the IRS With account and transaction information Of customers according to the court Order anyone who transacted in Cryptocurrencies between 2016 and 2020 May have tax liabilities Kraken must Provide complete paperwork which Includes name taxpayer identity number Physical address phone number email Address and The transactional Ledger for Each user who purchased sold or traded At least twenty thousand dollars worth Of cryptocurrency within that time Period the IRS had also requested Information on money laundering Activities clients net worth and the Source of their wealth among others but These requests were denied by the judge The IRS and Kraken have been at odds for A while with Kraken consistently Rejecting the irs's earlier information Demands as well as additional summonses Earlier this week Kraken had agreed to

Pay a 30 million dollar fine to the SEC For violating Securities Law and its Staking offerings and halted its staking Services for U.S clients and your host Andrew is here to issue a 20 bajillion Dollar fine to you dear viewer for not Liking this video subscribing to our YouTube channel or clicking on that Little bell icon to get buzzed whenever A new crypto espresso video goes live But I guess I can let you go with just a Warning this time thoughts on today's Episode drop me a line in that comment Because you know I'm good for it I Always read those comments And they really really really hurt a lot Questions about our headlines or crypto In general take the plunge and ask Alex In that description below Alex is always A great resource for all things web 3 And the metaverse end that about does it For today as always I've been your host Andrew these have been your headlines And we'll see all of your beautiful Shining faces shining like a firework Tomorrow on the 4th of July