Yellow Capital Blog/Weekly Crypto Digest/Weekly Crypto Digest for September 25 - October 01, 2023.

Weekly Crypto Digest for September 25 - October 01, 2023.

Monday, October 02, 2023

The SEC postponed a decision on Bitcoin ETFs, US congressmen threatened Gary Gensler with a lawsuit, MicroStrategy acquired 5,445 BTC, and more news.

The SEC postponed a decision on applications for Bitcoin ETFs

On September 26, the US Securities and Exchange Commission (SEC) delayed a decision on several spot bitcoin ETF applications from ARK Invest and 21Shares until January 10, 2024.
On September 28, the Commission postponed the decision on applications from BlackRock, Invesco, Bitwise, and Valkyrie. The companies expected to hear the regulator's response by October 16-19, but the new date is set for mid-January 2024.
This week, the SEC also postponed requests by 21Shares and VanEck to launch an Ethereum-based spot ETF. Invesco and Galaxy Digital submitted a joint application for a similar instrument to the Commission.

US congressmen threatened the chairman of the SEC with a lawsuit

The head of the US Securities and Exchange Commission (SEC) Gary Gensler spoke before the House of Representatives, facing harsh criticism from congressmen.
Politicians asked the official about the SEC's policy regarding digital assets and clarified the terms of approval of bitcoin ETFs.
Financial Services Committee Chairman Patrick McHenry began by asking whether Bitcoin is a security. The head of the Commission replied that Bitcoin is not considered as such, as it does not meet the Howey test.
Earlier, Gensler stated that all digital assets, except Bitcoin, can be classified as securities.
McHenry also threatened the official with a summons to court for his "non-transparency" in front of other agencies and alleged connections with the collapsed FTX and its ex-CEO Sam Bankman-Fried.
Republican Tom Emmer criticized Gary Gensler for his "bullying" approach to regulating the cryptocurrency industry. In his opinion, the agency prefers to consolidate power in its hands instead of thinking about ordinary Americans and the future of the country.
Congressman Richie Torres asked Gensler whether the purchase of Pokemon trading cards could be a secured transaction and therefore subject to securities laws. The opponent answered negatively.
Torres then asked how a similar transaction made through the blockchain would be classified. The head of the Commission thought about it and asked for more introductory data.
Members of Congress were also unhappy with the delay in approving the spot bitcoin ETF. On the eve of the hearing, the SEC postponed the adoption of decisions on exchange-traded funds based on Bitcoin and Ethereum.

Binance announced its withdrawal from the Russia. The business will be transferred to CommEX

Cryptocurrency exchange Binance will leave the Russian market. The business will be sold to the CommEX company, the parties have already concluded a corresponding agreement.
The complete process of transferring users to the new platform will take up to one year. Binance emphasized that all assets of existing Russian clients are reliably protected.
Binance CEO Changpeng Zhao said BNB holders will have a 25% discount for trading on CommEX. Experts assumed that the latter was a technical company, and Binance simply "changed the sign under pressure from the regulator."

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MicroStrategy acquired 5,445 BTC for $147 million

Analytics software provider MicroStrategy additionally acquired 5,445 BTC worth $147.3 million at an average price of $27,053.
The company owns 158,245 BTC worth approximately $4.68 billion (average price $29,582).

A Chinese court recognized Bitcoin as a digital currency

The Second Intermediate People's Court of Shanghai recognized Bitcoin as a "unique and non-reproducible" digital asset and confirmed its legal value.
The report notes that Bitcoin has inherited the key characteristics of currencies, including scalability, ease of circulation, storage, and payment. At the same time, the coin continues to be used all over the world, despite its decentralized nature, the judge emphasized.

Mixin Network was hacked for $200 million

On September 23, an unknown person hacked the cloud service provider Mixin Network and withdrew about $200 million in digital assets.
After the report of Slow Mist analysts, protocol representatives also confirmed the incident.
According to the statement, the network database was exploited. The developers temporarily suspended the input and withdrawal of funds.

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