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Coinbase’s chief legal officer, Paul Grewal, has criticized the U.S. Securities and Exchange Commission (SEC) for its minimalistic legal response regarding the exchange’s request for clearer cryptocurrency regulations. In a Jan. 30 X post, Grewal highlighted the inadequacy of the SEC’s documentation, which formed the basis of its decision to reject Coinbase’s petition for digital asset rulemaking. Below is the administrative record of @SECGov's decision rejecting our petition for digital assets rules. See for yourself whether it's even close to complete or sufficient to justify their decision. Our brief is due 3/11; the SEC brief is due 4/10, and our reply is due 5/1. 1/3 — paulgrewal.eth (@iampaulgrewal) January 30, 2024 The saga began in June 2022 when Coinbase submitted a petition urging the SEC to establish more transparent rules for the burgeoning crypto industry. However, the SEC dismissed this request in December 2023, maintaining that...

Spot Bitcoin ETF fever spread outside the U.S., with Hong Kong regulators open to the product and local firms racing to become the first movers on the scene.  Value Partners Group and Venture Smart Financial Holdings (VSFG), two Hong Kong-based asset s managers , reached a memorandum of understanding to collaborate on offering traditional investment vehicles underpinned by digital asset s to local retail and institutional investors. Top of the list for both firms is the possible introduction of ETFs that track spot Bitcoin (BTC) ETFs, per a statement shared with crypto.news.  Value Partners CEO June Wong said the asset managers hope to capitalize on Hong Kong’s crypto-friendly regulatory approach, drawing on a combined experience and expertise spanning decades to provide transparent and liquid access to Bitcoin as an asset class. The pair also plan to capture first-mover advantages in what Lawrence Chu, Chairman at VSFG, described as a rapid financial evolution in Hong Kong and...

According to CoinShares, digital asset investment products saw outflows totaling $54 million last week. On May 15, European cryptocurrency investment firm CoinShares published its latest “Digital Asset Fund Flows Report,” which revealed that digital asset investment products experienced another week of consecutive outflow s, with a total of $54 million exiting the market . This brings “the total outflow to US$200m, representing 0.6% of total asset s under management (AuM),” CoinShares reported.  Weekly crypto asset flows. Source: CoinShares According to the report, Bitcoin (BTC) funds witnessed outflows of $38 million. Over the past four weeks, total BTC outflows amounted to $160 million, accounting for 80% of all outflows. Furthermore, when combining the outflows from short positions on Bitcoin, the total value of outflows related to this asset alone reached $201 million. These numbers strongly highlight that recent investor activity has been overwhelmingly focused on Bitcoin. The...